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FDIC Report on Mobile Payment Risks

In December, the Federal Deposit Insurance Corporation (FDIC) released a report regarding mobile payment risks in its Supervisory Highlights (Winter 2012 Edition).  The report discusses the current mobile payments landscape, mobile payment risks, and the existing legal and regulatory framework.  Financial institutions and their third-party providers should manage the different risks associated with mobile payment transactions, including fraud, compliance, Bank Secrecy Act/ Anti-Money Laundering, and reputational risks.