Archive for the ‘ Mobile ’ Category

Understanding Mobile Payments


What once seemed a fanciful or even silly idea — that instead of cash or a card we’d use our phones to pay for stuff — is becoming the norm. Mobile-based payments in the U.S. are projected to reach $142 billion in 2019.

While that’s a lot of growth, mobile payments still make up a tiny fraction of retail commerce. In 2015 they accounted for only 0.2% of in-store sales in the U.S. And that might be because the technology is still somewhat new and perhaps confusing.

Here’s a quick look at mobile payment: how it works, who the major players are and how secure these transactions are.

How it works

Mobile payments really took off in 2014 with the introduction of Apple Pay®. Since then, a number of competitors have popped up, including Samsung Pay® and Google Pay®.

As their names suggest, these mobile payment services are tied to specific devices. Apple Pay works only on newer iPhones and the Apple Watch, and Samsung Pay requires later Galaxy and Note models. Google Pay requires an Android device.

With mobile payments, your smartphone acts as a proxy for your credit card, debit card, loyalty card or metro card. The card info is read into the phone either by taking its picture or by manually entering the number and expiration date.

Apple Pay, Samsung Pay and Google Pay all make use of near field communication (NFC). NFC enables two electronic devices, one of them typically mobile, to communicate via close proximity – say, by tapping the phone to a credit card/phone reader.

Samsung Pay also uses a technology called magnetic secure transmission, which makes it compatible with existing card readers that are not NFC-enabled.

What about security?

Mobile payment systems use a host of security measures to protect transactions from hackers. Each card registered on your phone is assigned a token, usually a string of numbers that represents your 16-digit credit or debit card number. This means your card number is never transmitted or revealed; the token is used to process the payment. It’s similar to how EMV or “chip” cards work, if you’ve come across those.

To complete a transaction, you will also need to input a PIN, use a fingerprint scan, or sign, depending on the particular payment service and the sophistication of the terminal at the checkout counter.

The risk with mobile payments ultimately lies with your accounts, not the payment devices. For example, some financial institutions don’t always have the best procedures to verify that the person adding a debit or credit card to a mobile payment service is the account holder. That makes it possible for thieves to use stolen account information in their own mobile payment app.

Cases of fraud have also been reported in connection with so-called peer-to-peer payment systems that were developed primarily to allow friends and family to send and receive money. In the case of Venmo, a division of eBay’s PayPal, users have reported unauthorized withdrawals that apparently took place as a result of weak authentication controls that let hackers take over accounts.

Many of us already carry our phones everywhere we go, and as more Americans embrace the technology, it’s likely more retailers will install mobile payment readers. Knowing the ins and outs is important before you jump in as well.

Source: NerdWallet, Inc.


The Visa® credit and debit cards offered by Members 1st Federal Credit Union are globally accepted and feature built-in chip (EMV) technology to provide you with an enhanced level of security. Our cards are also compatible with Apple Pay®Google Pay and Samsung Pay® on select smartphones, which means you don’t even have to pull out your Visa card when paying for purchases at the checkout terminal.

To learn more about the Members 1st Mobile Wallet, click here.

To learn more about the Members 1st Visa Credit Cards, click here


Deposits On the Go – Convenience in a Snap!


mobile-deposit-baseball

How many times have you carried a check or checks around in your wallet or purse with the intent of making a deposit?  How many times have you found yourself sitting at your child’s practice, out to dinner, lying in bed, or in the shower and had that uh-oh moment?

We have an easy solution for you – no matter where you are you can make that deposit! All you need is our free, convenient mobile app!

Follow these simple steps to make a deposit now:

• Login to our Mobile App.
• Tap the camera icon/Deposit Check.
• Tap Sign Up.
• Tap Create a Deposit and select receiving account.
• Fill in the amount of check to be deposited.
• Take a photo of the front of the check and the back of the check and tap submit.

Watch how easy it is to use Mobile Deposit*:

Get our free Mobile App now:

available on app store     get it on google play

* Certain conditions apply. Account must qualify for this service. Deposit must be less than $3,000. Mobile deposits will post the same day by 8 p.m. in most cases except on weekends and holidays. Standard Internet and data use charges will apply per your individual plan. Ask your provider for details. Mobile Deposit Anytime Anywhere is currently available only on a supported Apple™ or Android™ device. Ask an associate for details.

Apple, the Apple logo, and iPhone are trademarks of Apple Inc., registered in the U.S. and other countries.

Standard internet and data charges apply per your individual data plan. Consult your carrier for details.

Federally insured  by NCUA.

 

Mobile Malware: What You Need to Know


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Trojan horses, worms and viruses are the tools of choice for theft, fraud and other forms of malicious activity. These threats are on the rise and targeting mobile devices effectively. Most notably is the recent malware Svpeng, which specifically targets financial mobile applications and combines it with “ransomware” capabilities.

Svpeng “locks” mobile devices and requests a ransom to unlock it. Svpeng is “context aware” and checks for the following mobile banking apps (Bank of America, Citi Mobile, Amex Mobile, TD App, Chase Mobile, BB&T Mobile Banking, USAA, Wells Fargo and other U.S. bank apps) on mobile Android devices. When it detects one of these applications, it locks the device down, presents a phony FBI penalty notification and demands $200 in the form of Green Dot’s MoneyPak cards. Svpeng also captures and steals information entered on the device. It’s considered different from other ransomware because it locks the device down completely.

“If it happens to you, you can do almost nothing. The only hope for unlocking the device is to boot into ‘Safe Mode’ and erase all data on the phone only, [since] SIM and SD cards will stay untouched and uninfected.”1

What can you do to protect your mobile device?2

Mobile devices are just as susceptible to viruses and malware as desktops and laptops. Install and use mobile anti-virus software and browser protection tools.

  • Download apps only from trusted sources like the Apple® App Store or Google® Play. Beware of malicious applications.
  • Question links in emails and social media posts. Malicious links could direct you to websites or install harmful software to compromise your device.
  • If accessing the Internet through a public, unsecured or unfamiliar WiFi connection, avoid accessing sensitive services like banking and investment services on your device until you can access a trusted WiFi service.
  • Turn off unnecessary services such as Wi-Fi, Bluetooth, and location apps when you’re not using them.
  • Secure your data and photos. Back up all important documents and photos to an external storage device, such as a cloud-based server, external hard drive or flash drive.

Your financial safety and security is important to us.

We offer several ways to help you monitor your account activity. You can set up a variety of alerts through Members 1st Online to notify you via email or text of activity on your account.

To set up or manage alerts on your account(s), log into Members 1st Online > Messages > Manage Alerts and follow the prompts. You can also set up custom alerts specific to your Members 1st VISA® Credit Card to notify you of account and transaction activity. If you’re logged into Members 1st Online, click on your VISA® Credit Card > See Your Current VISA® Activity > Alerts and follow the prompts.

Not using Members 1st Online yet? It’s easy and FREE! Go to https://myonline.members1st.org and click on “Enroll  Now.”

What should I do if I see suspicious charges on my account?

Please notify TeleBranch (Customer Service) immediately if you see any unauthorized activity on your account(s) at (800) 237-7288.

—————–

1Source:  http://www.kaspersky.com/about/ news/virus/2014/

2Source: http://securityaffairs.co/wordpress/25771/malware/svpeng-android-ransomware.html

Guest Blogger: Patricia Brock, AVP/Information Security Officer (reprinted from the July/August 2014 edition of Avenues)

How to Protect Your Financial Info on Your Smartphone


smart phone

You might think that smartphone buzzing in your pocket or purse is relatively safe from hackers, because for years phones weren’t fraudsters’ main targets. But as smartphones have exploded in popularity, so has the chance that a hacker will steal your financial information. Here’s how they try to gain access to your sensitive information and what you can do to stop them.

Spam and SMS phishing – What is it?
Spam is the use of messaging systems to send unsolicited bulk emails, usually advertising. Most of it is just annoying, but some of it will be unsolicited offers or SMS phishing (arrives via text messages). In either case, you’ll receive messages pitching products or services. You may also receive messages that ask you to update a password, re-enter your credit card number or provide sensitive info that can be used to defraud you.

How can you protect yourself?
• Never open a message from a source you’re not familiar with. Booby-trapped attachments are often disguised in clever greetings.
• Don’t answer emails or texts that ask for personal information.
• Watch for red-flag statements such as “verify your account.” Legit companies don’t request sensitive information via email.
• Shop online with a retailer’s official app, not through an emailed or texted link. Shopping apps are designed to ward off scams. With browsers, malicious software can be downloaded to a phone without a user knowing it.
• Buy security software. It’s essential to use mobile security software and keep it updated. Mobile antivirus software can help spot and block malware-infection attempts.

Public Wi-Fi – What is it?
This is a wireless network you connect to in places like Starbucks. Since your traffic is public, there’s a chance that it is being captured. So if you’re browsing the Internet and go to a page that doesn’t use Secure Socket Layer (SSL) to encrypt your communication, everything you are seeing and anything you send back (like forms you fill out or usernames and passwords) can be captured and seen by anybody else on the network.

How can you protect yourself?  Most financial sites use SSL for login information (you know you’re on an SSL site when the URL starts with “https”), but it’s still safer not to send any sensitive data over an untrusted wireless network.

Theft – How bad is it?
Thieves are snatching smartphones in alarming numbers. If a thief gets ahold of your phone, he or she may get access to all of your sensitive information contained on it. How can you protect yourself?
• Keep tabs on your device. Don’t leave your smartphone by its lonesome at a cafe or bar.
• Be discreet. Use caution when pulling out your expensive new phone when you’re in big crowds, such as sporting events.
• If it gets swiped, wipe it. If your cherished device is lost or stolen, remotely wipe it. Remote wipe is a security feature that lets you send a command to your phone and delete data.

Other important steps to take
• Update the operating system. Updates usually give you enhanced functionality and features, as well as fixes to security vulnerabilities.
• Log out of financial accounts. Make sure you log out when you finish banking through your mobile phone. Don’t check the box that asks you to save your user ID or password. Sure, it’s less convenient to log in every time. But it’s worth it to protect your financial information. It’s ultimately up to you to protect your private information. Be sure to take the steps listed above to ensure the sensitive financial information on your smartphone remains safe.

Guest post provided by Tom Dunlap, NerdWallet

Why you should consider direct deposit or direct payments


lady with lap top

Are you still receiving paper checks? Do you continue to write checks to pay bills? Are those really the best, safest and reliable financial habits to have in today’s electronic world? May is Direct Deposit and Direct Payments via ACH Month. That means you can do a lot of your banking electronically  — meaning you can eliminate extra trips to your financial institution, save money on stamps and gas, and save a lot of time. It’s easy to set up and it’s convenient. It can help you avoid fees and your money is secure – it’s in your account when you need it. Payments are made on time.

Direct deposit can be used for payroll checks, Social Security payments, tax refunds and other government payments that you receive. To start direct deposit, you need to contact your employer’s payroll office or the organization from which you are receiving payments. Effective March 2013, the US Department of the Treasury requires that all federal benefits are paid electronically. For more information on this subject, visit http://www.GoDirect.org or call (800) 333-1795.

Direct payment via ACH means you make transfers or payments electronically so that you may send money where it needs to be by when it needs to be there. You never have to worry about payments getting lost or stolen in the mail. And some companies offer incentives when you sign up for automatic payments.

If you’re not banking electronically, give it some consideration. You’ll save time and be amazed at how convenient it is. Not only that, but you’ll help the environment as well by eliminating additional paper waste.

Save Money with Our FREE Online Bill Payer!


Did you know? Our Bill Payer service is now FREE for all levels of our Member Loyalty Rewards Program! Not sure if you’re eligible? Check your statement or log into Members 1st Online (home banking). You can also call TeleBranch at (800) 237-7288 to talk to a customer service representative.

Do you use Members 1st Online but haven’t tried Bill Payer yet? Log into your account and select the Bill Payer tab to get started. With Bill Payer, you can set up recurring payments, view your payment history, add or delete payees and make one-time or irregular payments. Please note that you must have a Rewards Checking account to utilize Bill Payer.

Why should you consider using Bill Payer?
1. It’s secure
2. You’re in control – pay almost anyone, at any time, day or night online or using your mobile device (be sure to download our mobile app!)
3. It’s easy to use
4. You’ll save money on stamps
5. It’s convenient & time saving
6. You can schedule payments ahead of your due date or make same day payments as long as they are scheduled before 11 am that same day. You can also set up recurring payments.

Sign up today! It’s FREE for Silver, Gold, Platinum and Titanium members!

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