Credit Union Offers Mobile Banking Security Tips
Mobile banking is essentially safe, but fraud is on the rise, so consumers need to be awareSan Jose, CA (March 23, 2010) - The widespread use of mobile banking means
more convenience for consumers and offers better ways to monitor account
activity. Unfortunately, it also means there are more opportunities for
consumer fraud, says Technology Credit Union, a Silicon Valley credit union
that has served the financial needs of high tech professionals for 50 years
and is an industry leader in online and mobile banking technology.
Credit unions and banks across the country employ multiple forms of
identification authentication, log-in procedures and encrypted
communications to make sure cyber criminals can't access confidential
banking information while consumers are using a mobile banking application.
However, the biggest threat to mobile security isn't the technology; it's
the fact that many consumers are ignorant of the many fraudulent
applications that exist online and on mobile platforms.
"Fraudsters know that the key to their success lies in the consumer," said
Victor Smilgys, Tech CU's AVP of eCommerce and a mobile banking security
expert, "so they are being very crafty in their approach to making the
consumer believe an app is harmless and, in some cases, disguising it as a
security safeguard. Better education is the key to minimizing these risks."
Though no specific data exists on the prevalence of mobile banking fraud,
The Internet Crime Complaint Center (IC3), a partnership between the FBI and
the National White Collar Crime Center (NW3C), says that cyber-crime
complaints in general have increased significantly over the past year. The
IC3 has received 22.3 percent more complaints in 2009 than in 2008 for a
total loss of $559.7 million (up from $265 million in 2008) all linked to
online fraud.
Consumers can significantly minimize the risk of fraud and help protect
their identity while using mobile banking services by following these
common-sense tips offered by Technology Credit Union.
TECH CU'S CONSUMER TIPS FOR MOBILE BANKING SECURITY
-Password-protect your mobile device and lock your device when it's not in
use. Keep your mobile device in a safe location.
-Frequently delete text messages from your financial institution on your
mobile device, especially if they contain sensitive information.
-Never disclose personal information about your accounts via a text message,
i.e. account numbers, passwords, or any combination of information that can
be used to steal your identity.
-If you change your mobile number or lose your mobile phone, immediately
contact your financial institution to change the details of your mobile
banking profile.
-Do not hack or modify your device, as this will leave it susceptible to
infection from a virus or Trojan.
-When possible, install mobile security software on your device (if it's
available). Some mobile security solutions include: AhnLab Mobile Security,
avast! PDA Edition, Kaspersky Mobile Security, and Norton Smartphone
Security.
-Be aware that malware exists and fraudulent applications will continue to
pop up. Don't download applications onto your phone without checking them
out first. Verify the legitimacy of an application with your financial
institution before downloading it to your smartphone - verify that the app
publisher or seller is your financial institution, or if possible, go
through your financial institution's web site to download the application.
-Report any banking application that appears to be malicious to your
financial institution right away.
-Monitor your financial records and accounts on a regular basis and consider
having electronic alerts on account activity sent to your email or mobile
device. Regularly review your statements with online banking. This will
enable you to spot any suspicious activity
If you have been a victim of identity theft, contact your financial
institution immediately. You should also place a fraud alert on your credit
report and continue to review your credit reports, close the accounts that
you know (or believe) have been tampered with or opened fraudulently, and
file a complaint with the Federal Trade Commission (FTC). Go to
www.ftccomplaintassistant.gov for more information.
Finally, Smilgys points out that using mobile banking can actually help
deter some fraud because it gives a person an easy way to check their
account on a regular basis and notify their credit union or bank more
quickly if they see suspicious activity.
ABOUT TECHNOLOGY CREDIT UNION
Technology Credit Union is a full-service financial institution serving and
high tech professionals and their families who work, live or study in Santa
Clara, Alameda, Contra Costa, Santa Cruz, San Mateo and San Francisco
counties. First established in 1960, Tech CU is now among the top 1 percent
of the nation's largest credit unions. It is recognized as one of the best
managed and strongest financial institutions in the country, as indicated by
Tech CU's 5-star rating from Bauer Financial, the nation's largest
independent rating service for banks and credit unions. With more than
77,000 members, over $1.3 billion in assets and 10 full-service branches
around the Bay Area, Tech CU is a leader in the credit union industry. For
more information, visit www.TechCU.com.
CONTACT INFORMATION:
Tawnya Lancaster
Public Relations
Phone: 408-205-1618
[email protected]
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