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
#FreeGasFriday courtesy of @tvfcu, TN #creditunions http://t.co/wDRFYJVlpz
13 hours ago
If you were unable to watch or attend @cuna 's @thehill Hill forum on Wed., you can now watch the archived version: http://t.co/FhUnp7HbU8
14 hours ago
Time is running out. If you haven't taken the #NewsNow readership survey, please click here now: http://t.co/4Gp6C2Wa4o
14 hours ago
African financial inclusion possible with mobile money: @IMFNews study http://t.co/0V5DTQToxY
15 hours ago
Louise Herring's birthday is Saturday. 105 years later, her legacy lives on through her kids http://t.co/oMqGADmo0d http://t.co/T3NmS9NqEY
16 hours ago