ICFE Provides Financial Education, Continuing Education Credits, CEUs, CEs, Free Credit Repair, Bankruptcy Education and Financial Planning for All Age Groups.
Home Tell a Friend! Contact ICFE Link Exchange Search ICFE Subscribe ICFE About the ICFE
ICFE News Releases ICFE in the News Children and Money Financial Education Personal Financial Counseling with Paul S. Richard, RFC Credit Card Tips Credit File Correction Mending Spending Links and Resources Order Options
 

ICFE
ICFE eNEWS #15-21 - June 25th 2015

"Is Your Company's Mobile App Putting Your Customers At Risk For Fraud?
New Forms Of Malware Make Bank And Retail Apps Vulnerable, Says Cyber Security Expert"

By Ginny Grimsley
National Print Campaign Manager
News and Experts
3748 Turman Loop #101
Wesley Chapel, FL 33544
Tel: 727-443-7115, Extension 207
Twitter: @PrintcessGinny


Mobile apps are becoming big business for businesses.

Many bank customers now check their account balances or transfer funds through an app on their cell phones. Savvy retail shoppers can use a favorite store's apps to learn about discounts, access coupons and find daily deals.

"The apps for financial institutions and retailers are getting greater use and that can be wonderful for business," says Gary Miliefsky, CEO of SnoopWall, a company that specializes in cyber security.

But as with so many things in the cyber world, caveats are connected. Even as companies provide additional services through those apps, they may be putting their customers at risk for fraud.

"Most companies don't realize just how vulnerable their apps are and what the potential is for leaking their customers' personal information," Miliefsky says. "And when that happens, it's bad for business."

He suggests a few reasons why most companies need better protection for their mobile apps:
  • New forms of mobile malware are being widely deployed in the major app stores and can eavesdrop on a customer through a company's app. "These new forms of malware are undetected by anti-virus engines and are able to circumvent encryption, authentication and tokenization," Miliefsky says. "That makes it easy for cyber criminals to exploit the personal information of a company's customers and commit fraud."
  • The PCI Data Security Standard requires merchants to protect credit-card holder data. Likewise, mobile-commerce providers must protect any payment card information, whether it is printed, processed, transmitted or stored, Miliefsky says. "Even though a customer has the breach on their mobile device, the retailer is responsible because it was their app that allowed the eavesdropping," he says. A breach of credit-card information potentially could result in fines for the retailer, Miliefsky says.
  • The FDIC requires banks that are providing an ATM-like online or mobile-banking experience to protect access to the confidential records of the consumer, the consumer's bank account information, user name and password credentials, and bill payment and check-deposit services. Just like with retailers, it doesn't matter that the breach happened on the customer's mobile device, Miliefsky says. The bank's app caused the problem because it allowed the eavesdropping, so "the risk and the responsibility is the bank's not the consumer's, he says. And, as in the case with retailers, banks could face fines for a breach.
"Businesses have become great at creating useful apps that their customers eventually feel they can't live without," Miliefsky says. "But the failure to secure that app is going to come back to haunt the business over the long haul."

About Gary S. Miliefsky
Gary S. Miliefsky is CEO of SnoopWall and the inventor of SnoopWall spyware-blocking technology. His company produces AppCrusher, which gives companies a detailed analysis of any vulnerabilities or risks in their mobile apps. Miliefsky is a founding member of the U.S. Department of Homeland Security and serves on the advisory board of MITRE on the CVE Program, and is a founding board member of the National Information Security Group. He's also the original inventor of the NetBeat NAC product line which was recently acquired by SnoopWall to protect networks from the inside and against bring your own device (BYOD) mobile threats.


ICFE eNEWS is available FREE upon request by visiting our Web site and filling out the contact form, and selecting "Yes" for "Add to Mailing List. Please pass this eNEWS on to your peers and interested others and invite them to subscribe for free. Also, visit the ICFE's new Web site: StudentDebtHelp.org

Sent by:

Paul S. Richard
President - Executive Director
Institute of Consumer Financial Education (ICFE)

About the ICFE:

The Institute of Consumer Financial Education (ICFE) was founded in 1982 by the late Loren Dunton (creator of the Certified Financial Planner (CFP) designation).  The ICFE is dedicated to helping consumers of all ages to improve their spending, increase savings and use credit more wisely. 
The ICFE is an award winning, nonprofit, consumer education organization that has helped millions of people through its education programs and Resources. It publishes the Do-It-Yourself Credit File correction Guide, which is updated annually. The ICFE has distributed over one million Credit/Debit Card Warning Labels and Credit/Debit Card Sleeves world wide.

The ICFE became an official partner with the Department of Defense/Financial Readiness Campaign in June of 2004.The ICFE was an active partner in the California Student Debt Resource Awareness Project (CASDRAP) which resulted in a new web site: (studentdebthelp.org).  CASDRAP disbanded in 2010, shortly after the web site project was completed.  In 2011 the ICFE assumed the single sponsorship of the (studentdebthelp.org) web site and is now responsible for its content and operation.

The ICFE is also an on-line help for consumers who spend too much.  ICFE's spending help was featured in PARADE Magazine in the Intelligence Report section. The money helps and tips are from the ICFE's Money Instruction Book, our course in personal finance.

Visit the ICFE's other web sites at: www.financial-education-icfe.org and studentdebthelp.org.  Both sites helps consumers and students with mending spending, learning about the proper use of credit, budget and expense guidelines, how to set up and implement a spending-plan and also how to access financial education courses and how to teach children about money. Other ICFE services include: Ask Mr. G,  a free eNews, and an online resource center for students, parents and educators, plus financial education learning tools and a book store.

Home ] ICFE News Releases ] ICFE in the News ] Children and Money ] Financial Education ] Resource Center ] Credit Card Tips ][ Credit File Correction ] Mending Spending ] Links and Resources ]  [ Online Store ]

 

Copyright ©  1997 - by Paul S. Richard
and the Institute of Consumer Financial Education, All Rights Reserved.
View our
Privacy Policy Our Terms and Conditions

Institute of Consumer Financial Education
PO Box 34070
San Diego, Ca 92163
Paul S. Richard, Executive Director
Phone 619-239-1401

FAX 619-923-3284

Questions for www.financial-education-icfe.org Click to go to Website Contact Us or 
Website Design Donated by Desgn School Programs

Please Tell An Associate, Friend or Family Member About the ICFE

Home ] ICFE News Releases ] ICFE in the News ] Children and Money ] Financial Education ] Resource Center ] Credit Card Tips ][ Credit File Correction ] Mending Spending ] Links and Resources ]  [ Online Store ]

 

Copyright ©  1997 - by Paul S. Richard
and the Institute of Consumer Financial Education, All Rights Reserved.
View our
Privacy Policy Our Terms and Conditions

Institute of Consumer Financial Education
PO Box 34070
San Diego, Ca 92163
Paul S. Richard, Executive Director
Phone 619-239-1401

FAX 619-923-3284

Questions for www.financial-education-icfe.org Click to go to Website Contact Us or 
Website Design Donated by Desgn School Programs