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CU System
Suspected Goodwill breach, mobile threat keeps members on toes
MADISON, Wis. (7/24/14)--Goodwill Industries International apparently is the latest retailer to have fallen victim to a data breach, and with this news, it's likely no surprise that a third of global consumers don't trust retailers to protect their personal and financial data.
 
The company learned last week that an investigation was under way regarding theft of payment card numbers at select U.S. store locations, Goodwill said on its website, but cybersecurity expert Brian Krebs reported that a fraud pattern has appeared in at least 21 states ( KrebsonSecurity.com July 21).
 
Add Goodwill to breaches at Target, Neiman Marcus, Sally Beauty Supply, Michaels and P.F. Chang's, and negative consumer sentiment toward retailers is not surprising.
 
ACI Worldwide and Aite Group recently released the second part of a study on financial fraud that found 58% of global consumers think financial institutions do a better job of protecting their data than retailers, restaurants, large chain stores, government agencies or law enforcement.
 
Meanwhile, the ubiquity of mobile devices is making them a target of malware. Last month, the Trojan-type malware Svpeng made its appearance in mobile banking applications. It checks for banking apps on a user's phone, then locks it down, in effect holding it hostage until the user coughs up money on a prepaid card.
 
Security experts at FireEye recently uncovered HijackRAT--a triple threat of banking credential theft, remote access takeover and the destruction of anti-virus applications on Android devices.
 
Mobile phone users tend to value convenience over security, giving credit unions an opportunity to educate them about good mobile financial habits such as not using public Wi-Fi to access banking accounts and using authorized apps only from the credit union or financial institution ( Pittsburgh Tribune-Review June 28).
 
Regardless of where the fraud began, it's how it's handled that makes the most impression on consumers, ACI and Aite found. Twenty-three percent of respondents left their financial institutions because of how their fraud cases were handled.
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