Welcome!

News Feed Item

Top Five Mobile Banking Security Tips From Tech CU

First Major Mobile Banking Threats Hit the U.S.; What Consumers Need Know

SAN JOSE, CA -- (Marketwired) -- 08/27/14 -- A record number of consumers today are banking on their mobile devices for everything from balance inquiries to mobile deposits. According to research group AlixPartners, mobile banking is now used by 28 percent of banking Americans, with 60 percent of smartphone/tablet users saying mobile banking capabilities are "important" or "extremely important" in their decision to switch banks. With this convenience, however, comes the potential for fraud and security breaches.

This summer, the first major mobile security threats hit the U.S. -- malware called Svpeng and HijackRAT -- signaling financial institutions to step up security. Technology, however, is less of a risk factor in mobile security than consumer behavior, according Kevin Alsup, vice president of information and administration at San Francisco Bay Area credit union Tech CU.

"We use multiple forms of identity authentication, log-in procedures and encrypted communications, and perform extensive native app and WAP security testing to prevent criminals from accessing confidential information," he explained. "The bigger threat is someone who is unmindful while online, but a few simple steps can help prevent fraudulent activity, especially for things like hacking and phishing."

Here are five things Tech CU recommends everyone do to protect against fraud while banking on their mobile device:

1. Protect Your Device

  • Password protect your mobile device with a strong PIN that's not easily associated with you, lock your device when not in use, and always keep it in a safe location.
  • Do not hack or modify your device. This may leave it susceptible to infection from a virus.
  • Whenever possible, install mobile security software on your device. Only use software from reputable providers, such as McAfee Mobile Security.
  • If you change your mobile number or lose your phone, immediately contact your financial institution to change your mobile banking profile.
  • Perform regular, automatic backups of your mobile device data, which allows for quicker data recovery when needed.

2. Verify Apps and Keep Systems Up-to-Date

  • Only download mobile apps from trusted sources. Before downloading any mobile banking app, verify that it's from your financial institution.
  • Ensure all apps and your operating system are up-to-date and know what security features, operating system components, or access controls you are granting.
  • If you think you've downloaded a fraudulent mobile app, contact your financial institution immediately.

3. Be Smart About What Information You Share and Where You Share It

  • Protect your information on public, unsecured WiFi networks. Best practice: don't conduct transactions where you need to reveal personal or private information on an open network.
  • Never disclose personal information about your accounts via a text message (i.e. account numbers or passwords) or any information that can be used to steal your identity, such as your social security or driver's license number.
  • Frequently delete text messages from your financial institution.

4. Monitor Frequently

  • Monitor your accounts regularly, and turn on alerts to stay abreast of any suspicious activity.
  • Watch for notifications from your financial institution about the dangers of malware, scams or questionable free apps.

5. Report Immediately

  • If you see fraudulent activity on your account, contact your financial institution immediately.
  • Review and consider placing a fraud alert on your credit reports. Close or change any accounts that you know, or believe, have been tampered with or opened fraudulently.

Visit www.techcu.com or contact Tawnya Lancaster for more information.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
SYS-CON Events announced today that Peak 10, Inc., a national IT infrastructure and cloud services provider, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Peak 10 provides reliable, tailored data center and network services, cloud and managed services. Its solutions are designed to scale and adapt to customers’ changing business needs, enabling them to lower costs, improve performance and focus intern...
Everywhere we turn in our industry we can find strong opinions about the direction, type and nature of cloud’s impact on computing and business. Another word that is used in every context in our industry is “hybrid.” In his session at 20th Cloud Expo, Alvaro Gonzalez, Director of Technical, Partner and Field Marketing at Peak 10, will use a combination of a few conceptual props and some research recently commissioned by Peak 10 to offer a real-world consideration of how the various categories of...
Cloud applications are seeing a deluge of requests to support the exploding advanced analytics market. “Open analytics” is the emerging strategy to deliver that data through an open data access layer, in the cloud, to be directly consumed by external analytics tools and popular programming languages. An increasing number of data engineers and data scientists use a variety of platforms and advanced analytics languages such as SAS, R, Python and Java, as well as frameworks such as Hadoop and Spark...
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm. In his Day 3 Keynote at 20th Cloud Expo, Chris Brown, a Solutions Marketing Manager at Nutanix, will explore t...
SYS-CON Events announced today that Super Micro Computer, Inc., a global leader in compute, storage and networking technologies, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Supermicro (NASDAQ: SMCI), the leading innovator in high-performance, high-efficiency server technology, is a premier provider of advanced server Building Block Solutions® for Data Center, Cloud Computing, Enterprise IT, Hadoop/...
This talk centers around how to automate best practices in a multi-/hybrid-cloud world based on our work with customers like GE, Discovery Communications and Fannie Mae. Today’s enterprises are reaping the benefits of cloud computing, but also discovering many risks and challenges. In the age of DevOps and the decentralization of IT, it’s easy to over-provision resources, forget that instances are running, or unintentionally expose vulnerabilities.
Multiple data types are pouring into IoT deployments. Data is coming in small packages as well as enormous files and data streams of many sizes. Widespread use of mobile devices adds to the total. In this power panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists will look at the tools and environments that are being put to use in IoT deployments, as well as the team skills a modern enterprise IT shop needs to keep things running, get a handle on all this data, and deli...
For financial firms, the cloud is going to increasingly become a crucial part of dealing with customers over the next five years and beyond, particularly with the growing use and acceptance of virtual currencies. There are new data storage paradigms on the horizon that will deliver secure solutions for storing and moving sensitive financial data around the world without touching terrestrial networks. In his session at 20th Cloud Expo, Cliff Beek, President of Cloud Constellation Corporation, w...
In order to meet the rapidly changing demands of today’s customers, companies are continually forced to redefine their business strategies in order to meet these needs, stay relevant and continue to see profitable growth. IoT deployment and development is integral in this transformation, and today businesses are increasingly seeing the value of investing their resources into IoT deployments. These technologies are able increase ROI through projects such as connecting supply chains or enabling sm...
In his opening keynote at 20th Cloud Expo, Michael Maximilien, Research Scientist, Architect, and Engineer at IBM, will motivate why realizing the full potential of the cloud and social data requires artificial intelligence. By mixing Cloud Foundry and the rich set of Watson services, IBM's Bluemix is the best cloud operating system for enterprises today, providing rapid development and deployment of applications that can take advantage of the rich catalog of Watson services to help drive insigh...
SYS-CON Events announced today that SoftLayer, an IBM Company, has been named “Gold Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. SoftLayer, an IBM Company, provides cloud infrastructure as a service from a growing number of data centers and network points of presence around the world. SoftLayer’s customers range from Web startups to global enterprises.
IBM helps FinTechs and financial services companies build and monetize cognitive-enabled financial services apps quickly and at scale. Hosted on IBM Bluemix, IBM’s platform builds in customer insights, regulatory compliance analytics and security to help reduce development time and testing. In his session at 20th Cloud Expo, Tom Eck, Industry Platforms CTO at IBM Cloud, will discuss how these tools simplify the time-consuming tasks of selection, mapping and data integration, allowing developers ...
Most DevOps journeys involve several phases of maturity. Research shows that the inflection point where organizations begin to see maximum value is when they implement tight integration deploying their code to their infrastructure. Success at this level is the last barrier to at-will deployment. Storage, for instance, is more capable than where we read and write data. In his session at @DevOpsSummit at 20th Cloud Expo, Josh Atwell, a Developer Advocate for NetApp, will discuss the role and value...
With major technology companies and startups seriously embracing Cloud strategies, now is the perfect time to attend @CloudExpo | @ThingsExpo, June 6-8, 2017, at the Javits Center in New York City, NY and October 31 - November 2, 2017, Santa Clara Convention Center, CA. Learn what is going on, contribute to the discussions, and ensure that your enterprise is on the right path to Digital Transformation.
You know you need the cloud, but you’re hesitant to simply dump everything at Amazon since you know that not all workloads are suitable for cloud. You know that you want the kind of ease of use and scalability that you get with public cloud, but your applications are architected in a way that makes the public cloud a non-starter. You’re looking at private cloud solutions based on hyperconverged infrastructure, but you’re concerned with the limits inherent in those technologies.