10 Ways to Protect Members from Mobile Banking Scams and Hacks

By Preston Packer |

Jan

21

 

Mobile Banking is expected to hit 3 billion users by 2021. For members, this increases convenience and efficiency. For credit unions, a larger amount of market share is available to gain a younger generation of members and to serve the under-banked. For hackers, the opportunities to steal confidential financial information are abundant! Hackers are targeting mobile phones and banking apps using malware and phishing schemes, and while security measures on smartphones are becoming more and more sophisticated, the criminals are relentless. Here are 10 reminders for members (and you) to help protect their data when using mobile banking apps:

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Two-factor Authentication for Financial Accounts — It Really is More Secure

By Preston Packer |

Jan

15

It's seemingly an everyday occurrence: You want to access your Outlook email, you have to wait for a passcode to be sent via text message. You want to check the status of a dental claim on your insurance website, you have to verify it's you after entering the password with an email confirmation. You want to place an order for a Chipotle burrito on the mobile app, you are challenged with holding your phone at a 60 degree angle while performing a preset dance routine that symbolizes your love for burrito bowls while the app scans your retina for verification that nobody else is hacking your lunch order. While the process of two-factor authentication may irritate you when in a hurry, it is quickly becoming more commonplace, accepted and part of our daily routine. But... is it really necessary?

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Threats to US Spur Finserv Industry Warnings

By Preston Packer |

Jan

07

The US is on high alert for cyber attacks as a form of retaliation from Iran, and US government agencies and experts have stressed that the financial services industry should be on particularly high alert. Prior to the recent turmoil in the mid-east, Finserv companies were already on high alert having experienced a 147% increase in phishing attacks between January and September 2019 from scammers imitating financial organizations. This new warning, however, poses a much greater threat than individual or small group attacks, having international political implications.

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The Economy of Cyber Crime and Attacks to the Financial Industry

By Preston Packer |

Aug

27

 

 


There is now a whole economy of cybercrime developing specifically targeting the financial services sector and its consumers. Phishing, Credential Stuffing and other web-based attacks have had a huge cost and impact on the industry...to the tune of nearly $3 million per minute! What can be done to protect your members and their information from a cyber attack and minimize the expense if one should happen? A combination of technology and education can be your best defense.

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July Summer Sales are Priming Credit Cards for Over Exposure

By Preston Packer |

Jul

23

The month of July is here and with it brings the mid-summer shopping frenzy. Credit cards get a work-out as consumers join the melee of sales, deals and offers too good to resist. The traditional Christmas in July sales offer consumers great deals on big ticket items like cars, laptops and electronics, among other in-store and online deals. Those sales are further boosted by vacation and travel spending (gas, hotels, car rentals, airline, and amusement park tickets) and the eventual back-to-school shopping. Adding to this mix for the last 5 years is a new consumer shopping phenomenon - Amazon Prime Days.

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The Balancing Act of API Security

By Preston Packer |

Jul

09

Credit unions who utilize core technology that offers open architecture no doubt did their research and entered into a core provider partnership with their credit union's future in mind. In doing so, they set themselves up to offer members current fintech as soon as it becomes available. Using API (Application Program interface) technology, new third-party applications can easily interact with any credit union app to provide additional services, features and added conveniences. While inviting third-party technology to work and interact with your digital banking technology is a simple and expedient solution to boost your member offerings, is it safe? Is it smart to let them have access to your member’s accounts?

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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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