FBI issues alert on mobile banking app cybersecurity threats
The FBI released an alert to warn the public about anticipated exploitation of mobile banking app platforms as in-person access to financial institutions has been limited amid the coronavirus pandemic.
“Americans are increasingly using their mobile devices to conduct banking activities such as cashing checks and transferring funds,” the FBI noted in the alert, issued last week. “US financial technology providers estimate more than 75 percent of Americans used mobile banking in some form in 2019.”
The alert warns against app-based banking trojans, which are “malicious programs that disguise themselves as other apps, such as games out tools,” and fake banking apps, which are designed to impersonate the real apps of major financial institutions.
In addition, the FBI provides tips to protect both consumers and financial institutions from these threats, including:
- obtaining apps from trusted sources only, such as a bank's website or an official app store;
- enabling two-factor authentication, which is a highly effective tool to secure accounts against compromise;
- using strong, unique passwords that are eight or more characters and contain upper case letters, lower case letters and symbols; and
- reaching out to the financial institution if their app appears suspicious, via a verified customer services number posted on its website.
As a leader in calling for national data security standards, NAFCU has many resources available to ensure credit unions can effectively identify and address cybersecurity concerns.
Subscribe to NAFCU Today to stay informed of cybersecurity initiatives.
Growth & Retention
Add to Calendar 2023-09-22 14:00:00 2023-09-22 14:00:00 Understanding Credit Card Portfolio Sales & Agent Programs Both credit union and bank credit card issuers are under intense pressure from various sources, including competitor innovation, significant internal resource commitments, increasing operating expenses, uncertain regulatory and economic environments and a variety of capital and liquidity constraints. This has led to about 80% of all banks offering credit cards under an ‘agent issuing’ model, where a third-party issues credit cards under the financial institution’s name. While hundreds of credit unions do the same, and interest in this option has increased in the last two years, the majority of credit unions still own and manage this product themselves. Deciding whether this option can meet strategic, financial and member needs can be difficult to untangle. In this webinar, Understanding Credit Card Portfolio Sales & Agent Programs, you’ll delve into the structure of such programs, the financial and risk-profile impacts of such a decision, the contractual commitments required of both parties and discover evaluation tips and processes for any credit union that would like to evaluate this path. Key Takeaways Discover the structure of the agent issuing concept and obligations of both parties Understand the financial impact of entering such a program to the balance sheet, income statement, and critical performance ratios Ascertain the impacts to members, including both positive and negative possibilities Review the accompanying contractual structures and key considerations Develop an evaluation process that best protects the credit union’s financial and other outcomes Register Now $295 Members | $395 Nonmembers(Additional $50 for USB)One registration gives your entire team access to the live webinar and on-demand recording until September 22, 2024.Go to the Online Training Center to access the webinar after purchase » Who Should Attend COOs CFOs NCCOs and compliance titles NCRMs and risk titles General counsel staff Education Credits NCCOs will receive 1.0 CEUs for participating in this webinar NCRMs will recieve 1.0 CEUs for participating in this webinar CPA credit information is below; recommended 1.0 CPE credits. CPA Certification Credit Information Reviewer: Josie Collins, Senior Associate Director of Education, NAFCU Learning Objectives: See key takeaways Program Level: Basic Prerequisites Needed: None Advance Preparation Needed: None Delivery Method: Group Internet-Based Recommended CPE Credits: 1.0 credits Recommended Field of Study: Regulatory Ethics – Technical About Our Webinars Our webinars are streamed live from NAFCU headquarters near Washington, DC. Your audio/video feed of the presenters includes presentation slides and downloadable handouts. You can easily submit your questions to the presenters at any time during the live broadcast, with no dialing over the phone! The audio and video stream directly through your computer. Web NAFCU firstname.lastname@example.org America/New_York public
Credits: NCCO, NCRM, CPE
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