With the proliferation of smartphones and the explosion of downloadable applications, it was only matter of time before malware targeted mobile devices significant numbers.
That time has arrived. The number of malicious Android apps will hit one million in 2013, according to estimates from TrendMicro.
Malware that provides unauthorized access to mobile devices, making it possible to install other malicious programs or steal personal data, is particularly troubling for financial institutions.
So are the dangerous Trojans that capture mobile banking login credentials. The Zeus-like ZitMo malware, for example, is infecting 10,000 to 20,000 Android smartphones per week.
Your credit union must invest more in mobile malware detection and prevention to keep pace with increasing threats. Tell members about your ongoing security efforts and teach them how to protect themselves from mobile malware.
With tax season upon consumers once again, it’s also when they are most vulnerable to tax refund fraud. Since the methods for tax refund distribution generally go through financial institution, credit unions can battle tax refund fraud.