How the Facebook Privacy Scandal is Changing Credit Union Security

By Preston Packer |

Sep

26

Recently Facebook experienced the largest one-day drop in history when it’s stock price plummeted $41.24, which turned out to be a decrease just shy of 20%. Facebook’s stock price has proven to be volatile throughout 2018 between decreasing user engagement, the Cambridge Analytica data breach, and Zuckerberg’s highly televised testimony to Congress. However, the biggest hit came at the end of July when Facebook released its Q2 earnings report, which unsettled investors once they saw a decline in active Facebook users, new obstacles emerging from Europe’s updated privacy laws, and concerns regarding the monetization of ads on Instagram leading to an overarching concern about Facebook’s potential profitability moving forward. Despite the variety of issues that led to Facebook’s demise in the stock market, the source of these problems all stems from one place: Security.

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Are Biometrics the Future of Credit Union Security?

By Preston Packer |

Feb

28

With the increased use of mobile banking apps, cybersecurity has quickly come to the forefront as an imperative measure to guard against hacking and fraud. In a recent study, researchers predicted that smartphone subscriptions could hit six billion globally by 2020, and 81% of adults in the U.S. will be using mobile banking. As all of these members transmit their usernames, passwords and account information over the local area WiFi, there is an increasing amount of vulnerability that could lead to their information being compromised.
 
Similarly, online banking has also felt the impact and the need for more robust security measures, as credit unions now offer loan and account applications and a variety of other transactions over the internet, capitalizing on the convenience and ability to reach an account holder at home or on the go.
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We Told You So... Why The Chip Didn't Solve Credit Card Fraud

By Preston Packer |

Dec

08

We hate to be "that" person, but we told you so. As predicted, Card Not Present (CNP) credit card fraud continues to rise since the establishment of EMV technology (chip cards) last October. CNP transactions include any payment made where the card is not physically present, online, over the phone or mobile. While card present fraud experienced a 43% decrease, according to Visa, CNP fraud experienced a direct increase. The US Payments Forum 2017 report stated that the increase in security of chip cards forced fraudsters to focus their attention on an easier target: CNP transactions. The report concluded that this trend will continue into 2018 and consumers can expect fraud dollars to exceed $6 billion.

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Preventing Cyber Fraud as Black Friday Approaches

By Preston Packer |

Nov

02

Following the shopping season of 2016, the U.S. set a new record for mobile phone and tablet shopping on Black Friday with over $1.2 billion in purchases, as reported by Adobe. It was a 33% increase from the previous year, and if the trend continues, we could expect to see upwards of $1.6 billion in purchases this coming year through smartphone and tablet purchases. With all this money exchanging digital hands, you want to ensure that your members feel confident using their credit card account information while shopping online and that their private financial information is protected and secure. Be sure you are providing your members with the best credit union cybersecurity tools, such as remote control debit and credit cards.
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Credit Union Cybersecurity: What You Need to Know About TLS Changes

By Preston Packer |

Sep

13

Cybersecurity is in the forefront of all business owners' minds. As we become more interconnected, we open ourselves to more potential breaches. This concern is especially prominent in the financial sector. When you're talking about member's hard earned dollars, there's no room for error. There is an imminent deadline approaching that credit unions need to be aware of as it relates to credit union cybersecurity: An authentication protocol called TLS.

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3 Legit Ways to Prevent Check Fraud Through Remote Deposit Capture

By Preston Packer |

Jul

12

With new technology comes new risk. We see this often in our daily lives. Keyless entry and remote start for cars are convenient, but it didn't take long for thieves to come up with a device that lets them steal cars that use key fobs. Wi-Fi is essential to efficiency in our home and office, but even with complicated passwords, it can cause security nightmares. Mobile banking is a necessary offering to remain competitive, but Remote Deposit Capture (RDC) opens you up to a new kind of credit union fraud. A recent analysis of 400 FIs found that of all fraud cases involving mobile banking apps, 72 percent included remote deposit capture (RDC) and the use of fraudulent checks.

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Public Vs. Private: Which Cloud is Right for Your Credit Union?

By Preston Packer |

Apr

21

 
Before deciding to shift some of your operations to the cloud, it's important to remember that cloud adoption is an overall business strategy for your CU, not just a function of IT. For most, a credit union cloud solution is in line with the CU's overall business goals of increased efficiency and cost control, and its adoption will streamline many aspects of your operations. Once your cloud strategy is set, you have to decide what model of cloud will be best for your credit union.
 
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Credit Union Cyber Security Begins With You

By Preston Packer |

Dec

22

One cyber security breach can ruin a credit union. If member data is stolen, members will rightfully lose trust in their credit union. Today's expectations for data security are high and that includes your members' expectations. Cyber security is not just the concern of the IT department, it is a responsibility of each credit union staff member as well. A careless use of information can impact everyone. Here are some tips on ways you can help be part of your credit union's data security force. 

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3 Ways to Convince your Board to Upgrade Credit Union Technology

By Preston Packer |

Dec

06

Credit union board members are not only responsible for the financial security of their institution, but also the proper safeguarding of member sensitive information. Proper safeguards ensure a credit union's ability to serve its membership, tasks that are accomplished through the adoption of technology as member behavior changes. The best way to ensure your board of directors understands the importance of technology is to remind them of this responsibility and build the business case to make the decisions easier. Here are 3 reasons why your board should consider technology upgrades to be a major priority as you plan for 2017:

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How Screen Sharing & Remote Access Impacts Cybersecurity.

By Preston Packer |

Oct

11

With the remote workforce continuing its increase, businesses need solutions for supporting remote employees and screen sharing. Whether to troubleshoot PC issues with tech support or accessing a PC from home on a Saturday, most would agree that remote access is convenient. Credit unions also typically partner with external technology vendors to offer advanced services that are propelling credit union growth. As is the case with any technology, support is inevitable, and every vendor uses a different way for remote PC access to troubleshoot issues. This leaves many asking: How does remote access impact cybersecurity at my credit union?

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