Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
CU discusses smartphone risks in IWall Street JournalI
NEW YORK (5/29/08)--What would happen if a credit union member lost a smartphone that was filled with personal and financial information? That’s a question that Miriam Neal, vice president of information systems for South Western FCU, La Habra, Calif., is afraid to answer. Neal was interviewed for a May 28 article in a Wall Street Journal that addressed the risks smartphones can pose to companies or financial institutions. Smartphones allow users to check their e-mails and surf the Internet, among other tasks. Many financial institutions, including credit unions, offer their members mobile banking options--which means that some smartphone users are performing financial transactions on their phones. Some risks include malware, which infects phones through text messages and e-mail. Malware can be used by hackers to eavesdrop, and to look at call histories or text messages. There are about 300 to 500 versions of malicious software circulating, the Journal said. Third-party applications such as downloading games and ringtones also can put a smartphone at risk, the newspaper said. To prevent problems, some companies are limiting the access smartphones have to internal networks to protect important data. Neal told the Journal that her credit union is committed to protecting member data. “We need to protect the privacy of our members,” she said.
Other Resources

RSS print
News Now LiveWire
.@RepDennyHeck to @NWCUA Amplify conference audience: "More often than not, CUs are part of the solution"
12 hours ago
LA Laker and NBA Legend Earvin "Magic" Johnson was the keynote speaker Tuesday @CCULReach, hosted by the Cal/Nev #CreditUnion Leagues
13 hours ago
.@growfinancial's #salsa sensation spices up seed giveaway #NewsNow http://t.co/rKmWVwwzot
13 hours ago
.@TheNCUA Office of Small CU Initiatives soon--maybe Nov.--will launch website for #CUs 2 research #creditunion vendors or service providers
13 hours ago
.@TheNCUA says late 2Q Call Report filers 2 pay total of $17,111 in penalties.Individual penalty range is $52 to $1,824;median is $256. 2of2
14 hours ago