Assessing the risks of remote deposits

By Dan Rafter

Published September 29, 2014

The numbers are clear: Consumers are becoming ever more willing to snap photos of their checks with their smartphones and send those images to their banks. And why not? Remote deposit capture — the name for this technology — can save consumers a trip to their bank or ATM.

But with new technology can come new security risks — or at least perceived risks. Is it possible, for example, for hackers to intercept the transmissions customers send to their banks?

Andrew Tilbury, chief marketing officer with Henderson, Nevada-based Bluepoint Solutions, another provider of mobile banking tech, compares the acceptance of mobile deposit to the steady growth of ATMs.

“The same way you can’t imagine a financial institution in 2014 not having an ATM, you won’t be able to imagine a bank or credit union in 2018 not having mobile banking with remote deposit,” Tilbury says.