Mobile Banking – 4 Ways To Stay On Top Of Your Finances While On The Go

Closeup of person's thumb over mobile banking app displayed on mobile deviceMost people have a checklist they go through before they leave the house. Is the stove turned off? Are the doors locked? Do I have my wallet, my keys and my cellphone? The only thing that has changed about that process in the last few years has been the addition of that last item on the list.

Today, 92% of Americans have cellphones and 68% of them have smartphones. This is a remarkable change from just a few years ago. More than half of the people you see every day are carrying a computer that dwarfs the most powerful computing technology that was available a decade ago. It’s also connected to all of the world’s information, literally at our fingertips. What do we use it for? Drawing mustaches on our selfies and tossing wingless birds at shoddily made pig housing.

If you’d like to use your smartphone for more sophisticated purposes, plus add a ton of convenience and peace of mind to your life, consider mobile banking. With a couple of taps, you can access a whole suite of financial information. Let’s look at four scenarios where mobile banking can save you some time … and even some money.

1.) Say goodbye to security woes
Despite all of the data breaches that have been in the public eye over the past few years, no one has figured out how to compromise mobile devices as a platform. Security leaks have affected PCs, Macs and point of sale terminals, but no widespread security vulnerability has compromised mobile banking. Despite the fear, mobile banking is actually a fundamentally secure platform.

The first reason for this is the plurality of platforms. You and your neighbor may not be able to share cellphone chargers, much less apps or other experiences. This diversity makes it difficult for a single vulnerability to affect many users. Since there’s less possibility of large scale attacks, hackers have very little incentive to dedicate time toward trying to compromise mobile platforms.

The second reason for this is the tight control placed on mobile devices. Because these devices have to send regular usage information back to your mobile provider, they tend to be far less prone to modification. There’s just not as much you can do to an iPhone or an Android as you can to a PC. While some users might override those protections, such modifications are not widespread enough to justify attempted infiltration.

Mobile banking is secure and safe. Data transmitted from your cellphone to your provider is heavily encrypted. If you lose your phone, it can be remotely deactivated and passwords usually aren’t stored on the device.

2.) You can check your balance any time
Rather than waiting for your statement every month or booting up that slow PC for checking your account balances online, you can view transactions while waiting for a bus or in line at a restaurant. You can stay vigilant against illegal account access any time you’ve got your phone and a spare few seconds.

The convenience of mobile banking can also keep you from making costly mistakes. If you know funds may be running tight, check your account balance while in the checkout line to make sure you can cover the cost of your purchases. You can see if your monthly rent check has been withdrawn from your account to avoid the costly fees associated with overdrafting. It’s easier than ever to keep track of your finances.

You can also help to prevent errors with mobile banking. Accidental overpayment, duplicate payments and other errors are a regrettable reality of the modern high-speed economy. By regularly checking your account statement, you can catch these pesky problems before they turn into big issues.

3.) It’s where you’ll find the next big thing
Mobile payments and mobile check depositing are becoming more widely available and are already being used in many places. As technology gets better, these functions will become cheaper, faster and even more widespread. Getting involved in mobile banking on the ground floor will help you stay up to speed with this rapidly evolving world.

Imagine getting turn-by-turn walking directions to your nearest ATM. You could get alerts when new houses are listed for sale along your daily commute. You might pay for your breakfast by signing a receipt on your phone. These and other changes are coming and they are only the beginning. If mobile banking doesn’t do something you need, wait six months. Someone will probably find an app for that.

4.) 24-hour-a-day instant access
Do you ever wake up in the middle of the night in a panic because you can’t remember if you paid your electric bill? Ever have a tiny freakout on the bus because you suspect someone may have accessed your account? Are money worries preventing you from enjoying your vacation? If you have these concerns and are nowhere near your computer, you could just suffer through them.

As an alternative, though, you could use a mobile app to check your balance and transaction history. See if your monthly bills have cleared. Make sure your balance is safe. You can do all of this any time you’ve got your phone, day or night.

Mobile banking won’t replace traditional, face-to-face interaction. There will always be a place in the credit union service standards for the human interaction. What mobile banking apps offer is a wonderful supplement to those high-quality services. Space-age convenience, top-level security, and blissful peace of mind are all available from your pocket, anywhere in the world.

Sources:

http://mauconline.net/2013/03/07/advantages-and-disadvantages-of-mobile-banking/

http://marketingland.com/pew-61-percent-in-us-now-have-smartphones-46966

http://www.bankrate.com/finance/savings/5-reasons-to-use-mobile-banking-1.aspx

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Five Things That Will Help Your Future

Group of multi-gender, multi-ethnic students studying together.Your primary reason for attending college is to jump start your career, of course. But, did you know there are many other things you can do now to help secure your future?

Here are just 5 things you can do today that will improve your after-college life:

1. Be careful with your internet presence
You aren’t thinking about terms like “personal brand” just yet, but you’ll be applying for that first after-college job in just a few short years. In our digital age, employers tend to check out prospective employees’ internet presences to get a feel for what kind of person they might be hiring. Be careful to cultivate the online image you’d be comfortable sharing with your future boss.

2. Master the art of negotiating
Whether you’re a skilled debater or love to keep a low profile, you need to learn how to negotiate to earn your true worth. And you’ll need to know how to do that as soon as you’re applying for your very first real job.

Master the art of negotiating now by practicing on your friends whenever you disagree on something. You can find lots of tips and techniques online; research and then try them. See what works and what will never fly. By the time you graduate, you’ll be equipped to politely and firmly negotiate for a better salary, an improved benefits package and more!

3. Stick to a budget
Sure, you’ve got a mountain of student debt to pay off, but that doesn’t mean you should let your budget go to pot. Learn how to stick to a spending plan now, while life is still relatively cheap. Better yet, see if you can cut down on your monthly spending and start paying back your student loan before you’ve graduated!

If you need help managing your money, be sure to call, click, or stop by [credit union] today for free financial advice.

4. Sign up for a class that’s not related to your major
Take the time to explore educational pursuits that are not directly related to your chosen major. It’s always a good idea to broaden your knowledge base, and you never know which class or area of study can be super-handy at a later time. Consider subjects like finances, computer science and accounting, all of which will likely be useful to you one day.

5. Develop healthy habits
Now that you’re living on your own and responsible for your daily schedule, take the time and effort to establish healthy habits on every level. Find a healthful diet that you can stick to, adapt a responsible sleeping pattern and establish a study and work routine that shows maturity, perseverance and forethought. It might be more fun to let loose for another few years, but developing healthy habits now shows that you’re growing up and ready to join the world of adults.

Remember: The choices you make today will help to ensure your brighter tomorrow.

Your Turn:
How do you plan for your future today? Share your own best tips with us in the comments!

SOURCES:

https://www.google.com/amp/s/amp.businessinsider.com/best-advice-college-students-never-hear-2017-5

https://bigfuture.collegeboard.org/get-started/know-yourself/5-ways-to-find-career-ideas

Ransomware And Mobile Devices

Three bad guys planning ransom demandsOne moment, you’re surfing the internet. A minute later, a pop-up shows your files have been taken hostage and that you’re required to pay a $300 ransom to have them released back to you. You stare at the screen in disbelief. How is this possible, especially considering you are on your mobile device?

Ransomware – malware that accesses your computer system and blocks access to your files until a ransom is paid to restore access all while stealing your payment information – has been becoming more prevalent among PC users. While these attacks typically focused solely on PCs, they are now adapting to include mobile devices. That’s right, the very same mobile devices you use to access your credit union accounts for checking balances, transfer funds and make payments.

An example of a Russian-based mobile device ransomware is called “Svpeng.” It focuses on tactics for infecting mobile phones and mobile banking applications. It infects the device with a phishing window when the application is opened. This overlay attack is used to steal online banking information as the malware pretends to be the application’s login screen. The user enters login and password information, which is then stolen by the hackers. Once they have access to the account, they can control the account. Svpeng also phishes through Google Play if that is on the mobile device.

This tactic also involves SMS messages being sent to two Russian banks to determine if the phone number of the device is connected to any payment cards. If a card is indeed connected to a number, the hackers use commands through the device to transfer the victim’s money into their own accounts. While Svpeng has currently been seen only in Russia, it is expected to expand into other countries; one of the features of the ransomware checks the mobile device’s language settings to determine the appropriate language to use for the attack.

As time goes on, other PC-based ransomware programs may also be adapted for mobile devices, or more ransomware programs that are specifically designed for mobile devices may be created. Hackers are always looking for ways to evolve their tactics in hopes of stealing more information and making immediate profits. Svpeng, for example, had 50 modifications to its malware within a three-month period.

How does this type of malware get onto a PC or a mobile device? It could be through a “drive-by download” where malicious software is downloaded without the user even knowing about it. This happens as the user surfs the internet without a care, yet comes across a compromised webpage or clicks to a website through an HTML-based email. It could have been downloaded through a phishing email, which appears to be from a credit union, yet is a fake email linking to a compromised webpage. The ransomware could also come through an email attachment that is malicious.

After the infection occurs on the mobile device or PC, the overlay or ransomware tactics are used as was described with Svpeng. That way the hackers can either directly steal the login and password information when the credit union account is accessed, or the user is blackmailed by a direct ransomware attack to send money to unlock the mobile device.

Many of the ways ransomware can be prevented from infecting a PC are the same for prevention on a mobile device. Make sure data on a mobile device is regularly backed up. This will help with recovering information if the device is hijacked. Make sure an antivirus program is running on the mobile device. Follow safe web browsing habits. Block suspicious emails.

Don’t download data or apps from questionable sources. Don’t “jailbreak” a device where built-in controls and security features are overridden; this removes an additional layer of protection against ransomware attacks.

If you think your mobile device has become a victim of ransomware, you can try to remove it by running a virus scan through mobile antivirus software. Don’t pay any ransom because it won’t guarantee the release of your data and you are giving additional payment information to the hackers. If none of these work, talk with your mobile device or cellular provider or their tech support. Of course, notify your credit union to monitor your accounts for any potentially fraudulent activity.

Protecting Yourself Against Card Cracking Scams

Person in front of screen selecting fraud  prevention iconIn a recent scam targeting cash-strapped millennials, fraudsters are once again cashing in on people’s naivety and goodwill. Only this time they’re using social media to make it happen.

What makes the scam especially cruel is that fraudsters specifically look for victims who are short on funds, such as students with large loans hanging over their heads, struggling single parents or young professionals searching for a job. People who are desperate for cash also prove to be desperate enough to believe almost anything that will help them earn them a quick buck. Unfortunately, this vulnerability, coupled with the broad reach and easy plundering that scammers are granted by using social media, has made card cracking more successful in luring victims than many other scams.

Card cracking scams start with an innocent-looking social media post that appears like the dozens you scroll through every day. The post may show up on the victim’s Twitter feed, Facebook page or on Instagram, and it will always showcase some form of quick cash. It might be an easy-to-win contest with a huge reward for the winner. It can be a dream job that will instantly be yours – as soon as you follow the instructions. It may even be a complete giveaway, such as a cash bonus or a gift card that you’ll be granted just for sharing some information. If you click on the embedded link, you’ll be asked for your checking account information, your PIN or your online banking credentials.

Once the scammers have this information, they can do any number of things with their prize, from withdrawing large sums of cash from your account to using your debit card number for a massive shopping spree. They may even help themselves to funds you have in your account, such as a paycheck or student loan.

In another iteration of card cracking, scammers will tug on victims’ heartstrings, claiming their personal accounts are frozen and they have no access to money. They’ll ask the victim to allow them to access the victim’s account for simple transactions such as depositing checks. Once the checks are in, the scammer will cash in on the amount, and a few days later, when the check bounces, the scammer will be long gone. This variation is sometimes played out in person, on college campuses.

In yet a third scheme, card crackers promise victims a cut of fraudulent funds if the victim allows them to use their account. Victims often rationalize this crime by assuring themselves that they’re not actually playing a part in the fraud. Of course, they will still be held accountable when the scammers are busted.

Sadly, falling victim to a scam can be especially harmful for a millennial who is just beginning to build their credit history.

Don’t be the next victim. Here’s how to protect yourself from card cracking:

1.) Never share personal information with a stranger
You’ve heard it a thousand times, but this rule cannot be overstated. Never share sensitive information with a correspondent whose identity you can not verify with absolute certainty. You wouldn’t think of giving your checking account number to a solicitor you met on the street; why would you share it with a stranger online?

Of course, victims of card cracking and similar schemes believe the scammers are legitimate. That’s why it’s important to authenticate a web address, company or offer by asking for a street address or phone number. Additionally, by educating yourself about these scams, you’ll be able to spot one immediately.

2.) When it’s too good to be true, it usually is
Remembering this rule of thumb will go a long way toward helping you recognize scammers. Free or easy money exists only in fairy tales. Don’t believe the Facebook post that promises you’ll land that dream job you’ve been searching for if you only hand over your account passwords. Ignore the offer for a free gift card and don’t believe the sob story about frozen accounts leaving people penniless.

3.) Never cash a check for someone else
You are not a credit union or a check-cashing business. If someone approaches you in person or online and asks you to cash a check for them, politely refuse. Unless you would trust this person with your life, there is no reason to believe their tale is legitimate or that their check will be honored.

4.) Report suspicious activity
If you notice any suspicious activity on your account, report it immediately. You may have fallen prey to a card cracking scam and you don’t even know it!

Scammers may be smart, but you can be smarter. When you’re educated, alert and aware, you’ll be able to spot most scams before it’s too late.

Your Turn:
Have you recently spotted any card cracking scams on your social media platforms? Share what tipped you off in the comments!

SOURCES:

http://info.rippleshot.com/blog/what-you-need-to-know-about-card-cracking
https://www.google.com/search?q=card+cracking+scam&rlz=1CDGOYI_enUS753US753&oq=card+cracking&aqs=chrome.1.69i57j0l3.10532j0j7&hl=en-US&sourceid=chrome-mobile&ie=UTF-8
https://www.nextadvisor.com/blog/2016/07/18/know-about-card-cracking-scams/

Security Warning Signs When Shopping Online

Remove the stress from shopping online by following these key shopping safety tips

Young woman shopping on a laptop while holding a credit card It’s an undeniable fact that many people shop online, either for personal shopping or gift giving. Companies like Amazon and Etsy have built modern empires out of their online operations. With each passing year, more and more brick and mortar stores close their doors. With all of these shopping venues shutting down, the variety of online shopping sites has only grown more diverse.

But for every trusted online retailer out there, there is a different website that is certainly not as safe or secure. Online security is always something to be concerned about, and this is even truer when money is involved. Keep an eye out for these warning signs and how to respond to them in an appropriate way.

Warning signs to check for
With the growing number of online shopping websites, there are guaranteed to be some bad eggs in the bunch. Shoppers might find themselves deceived and robbed if they aren’t careful. Even though the venue is online, most reputable online websites have both a physical address and a phone number according to Norton Security’s Mary O. Foley. If a site lacks either of these, then it might be one to avoid.

Pop-up ads are another red flag for shoppers. Not only are they annoying, they might also indicate that a particular site is not the best in terms of online security. Another sign of a scam would be extremely low prices. If the prices on a certain website seem too good to be true, the BBC’s website warns that they probably are. The easiest way to make sure that a website is safe, however, is to use the internet itself. A simple web search might yield the answer as to whether or not a shopping venue is legitimate.

Ways to pay safely
Even with these warning signs in mind, it can still be easy for online shoppers to fall prey to a trap on the internet. As important as preparation leading up to a purchase is, how someone actually goes about shopping and paying online is just as critical, if not more so. It might be tempting to purchase a product while out and about, relying upon a Wi-Fi hotspot for an internet connection. However, Elizabeth Weise of USA Today warns that hackers often monitor public connections, meaning that waiting to shop until you get home is the safer bet.

As is the case for all online activities, you will want to make sure that your passwords are rigorous without being complicated. That way hackers won’t be able to guess your password, but you won’t forget what it is, either. Similar to certain transactions offline, using a credit card is more advisable than using a debit card when it comes to shopping online. Paying with a debit card can lead hackers straight to a banking account, putting your money at greater risk.

After a purchase is made, it is vital to still practice your due diligence when it comes to protecting your cash. Eric Griffith of PC Magazine states that shoppers should not wait until their monthly bank statement arrives to check and see if something is amiss. Instead, they should check their banking accounts online on a consistent basis.

Shopping online can be a very enjoyable activity. With these tips in mind, you can remove a lot of stress from the entire online experience.

Used with Permission. Published by IMN Bank Adviser Includes copyrighted material of IMakeNews, Inc. and its suppliers.

5 Best Money-Sending Apps

picture of person sending funds electronicallySend money easily with these convenient phone apps
In the modern economy, most financial transactions are entirely digital, which makes sharing money between individuals something of a dilemma. Luckily, there are a number of convenient phone apps available that facilitate this process with no physical cash required.

Facebook Messenger
One of the most prolific mediums of communication available is social media. Digital Trends and Quicken point out that Facebook Messenger allows its users to send money by simply asking users to link a debit card. To complete a transaction, the money sender just needs to tap the dollar sign and enter the amount being sent, which turns into a hyperlink that the receiver can click. Payments can take up to five days to process, but the app makes up for that time with its convenience compared to other methods like finding an ATM.

Google Wallet
Recommended by both Digital Trends and Quicken, Google Wallet acts, as the name implies, as a virtual wallet. Money can be sent and received within the United States via an email or a phone number. Once the money is in the Google Wallet account, it can then be used at retail stores that accept tap-to-pay or debit Mastercards.

PayPal
As one of the oldest names in the digital financial industry, PayPal offers the ability to transfer funds to other users. PayPal is one of the few apps to allow transfer of funds to people outside of the United States. While PayPal tends to take between five and 10 days to process, it also offers the ability to pay for purchases at a variety of establishments.

Square Cash
Gizmodo recommends Square Cash as one of the easiest-to-use money-transfer apps available. Square Cash doesn’t require the recipient have an account; instead, users just need an email address. It is free to use for most individuals, though businesses and those using a credit card must pay a fee. Standard deposits typically appear the next day; same-day deposits are available with Square Cash, but require a small fee.

Venmo
Venmo is recommended unanimously by Quicken, Digital Trends and Gizmodo, with Digital Trends even calling it the best money-sending app on the market. This app is intended for easy money transfers to and from friends and family, and although it requires that both parties have the app, debit transactions are free. Venmo is structured like a social media network for payments (including the ability to like and comment on specific payments) and is becoming well-known enough to have created the phrase, “Venmo me.”

Using these apps, sending money digitally has become easier and more accessible than ever before.

Used with Permission. Published by IMN Bank Adviser Includes copyrighted material of IMakeNews, Inc. and its suppliers.

Should You Save Your Credit Card Information Online?

How to protect your information when shopping on the internet
Woman using a tablet to make an online purchase using a credit card
It seems all too common these days to hear about major breaches at retailers that leave consumers’ credit card numbers and personal information vulnerable to identity thieves. In perilous times, it feels tenuous enough using a credit card to complete purchases in-store, let alone online. If you shop online frequently, the question of whether it is safe to store credit card information online for the purposes of faster and easier check outs is a valid one that can be approached a number of ways.

Assume the worst
In an April 2014 article on NerdWallet entitled “Should I Save My Credit Card Payment Information on Retail Websites?”, website contributor Lindsay Konsko states the obvious in a blunt fashion: “[Y]ou must understand that anything you put on the internet should be considered completely unsafe and available to the public. No matter how much a website boasts about its security, it may still be vulnerable.”

You can save your credit card information with retailers if you shop there frequently enough that it might warrant it, but you should only do so fully understanding the level of risk involved. Some retail outlets like Amazon.com provide two-step authentication to protect your information and help you spot when someone might be attempting to access your account, but even then, it is not entirely protected from the possibility of data breaches.

Consider the alternatives
CNET Senior Editor Lexy Savvides recommends protecting yourself from the possibility of having your credit card information stolen from an online retailer by considering instead the option of shopping online with a prepaid card. According to Savvides, prepaid credit cards are advantageous in that they can help curb impulse shopping and can easily be reloaded (for a small fee), but arguably the biggest advantage that they provide online shoppers is that “even if the card’s details are compromised somewhere along the chain, there is a limit to the amount of money that can be taken.”

Be proactive
The reality, as unfortunate as it may be, is that there can be no guarantee of the complete safety of your credit card information. Having said that, it is within your power to determine how much risk you face. Savvides notes that you should only enter credit card information when checking out online if the website has an https connection and “a padlock or another digital security certificate to ensure that you are only entering your details on a site that encrypts the transaction end-to-end.”

Savvides also recommends being attentive when it comes to monitoring transactions. Konsko notes that most credit card companies offer fraud protection and low or zero liability for fraudulent charges, but it is not always guaranteed that a credit card company will notify you when a charge goes through even if it is unusual. As such, frequent or even daily monitoring of your balances and transactions can be key to shutting down identity thieves before they have an opportunity to do any major damage.

Savvides notes that credit card companies like MasterCard and Visa offer secondary levels of security to protect your credit card information by requiring a private code or password before completing a purchase. Before deciding whether you feel comfortable storing your credit card information with a retailer online, make sure that your credit provider will protect you in the event of having that information compromised. When it comes to credit, it is always better to be safe than sorry.

Used with Permission. Published by IMN Bank Adviser Includes copyrighted material of IMakeNews, Inc. and its suppliers.