Top 7 Reasons Mobile Banking Apps Aren’t Safe (Yet)
A new study produced by The Ponemon Institute and ThreatMetrix (Mobile Payments & Online Shopping – October 2011) states that only 29% of consumers use mobile banking apps on their smart phones and tablets. Of those that don’t participate, 51% cite security reasons for their lack of participation. In other words, consumers like you and I are not yet comfortable with mobile banking. And our instincts are correct! Why shouldn’t you be comfortable with mobile banking appsquite yet?
Top 7 Reasons Why Mobile Banking Apps Aren’t Yet Safe
- Because most app stores (e.g., Android Marketplace) don’t review apps for security, it is very easy for criminals to post malicious apps that steal information from your mobile device (like your bank account numbers).
- The average smartphone or tablet user has installed no security software on their mini-computer (that’s what smartphones and tablets are), meaning that they have only a fraction of the security of a laptop or desktop.
- Detected malware developed for the Android platform alone has increased by 400% in the past year.
- The technology that keeps apps separate on your smartphone or tablet doesn’t separate them out into private sandboxes, meaning that one app can read the juicy details stored in the other without much difficulty.
Facebook’s Zuckerberg Gets Hacked
While Facebook privacy issues are becoming a concern for most users, you would think that the CEO of Facebook should at least be protected. Apparently that is not the case. Mark Zuckerberg’s Facebook page was hacked last week. The founder of the social networking giant found himself to be a victim of what many users often face, and I hope it prompts him to incorporate more robust security into the fabric of Facebook. In fact, my experience is that people’s willingness to pay attention to privacy and data security goes up exponentially when they have experienced a breach first hand.
Here is what The Guardian had to say about Zuckerberg’s breach:
“Mark Zuckerberg’s Facebook page has been hacked by an unknown person who posted a status update suggesting that the site should let people invest in it rather than going to the banks. The page belonging to the 26-year-old Zuckerberg, the Facebook founder who was named Time‘s Man of the Year in 2010, was hacked some time on Tuesday.” (The Guardian)
This hacking comes at the heals of the announcement that Facebook is worth about $50 billion after investors such as Goldman Sachs and a Russian venture capital firm started to take interest in the company. Many believe that those who made Facebook what it is today, the users, should be able to invest and profit from the billion dollar company. One significant breach of Facebook’s data could reduce that valuation by about 40%, as the loss of user trust would be devastating.
Financial Speaker Sileo Shares Story on Fox & Friends
Financial Speaker John Sileo Appears on Fox & Friends
John recently appeared on Fox & Friends to debunk myths about electronic pickpocketing. After the show, Fox host Steve Doocy asked John to stick around to talk about his personal experiences with identity theft, data breach and fraud. Having experienced these crimes first hand, John became a professional financial speaker with clients including the Department of Defense, Homeland Security, Pfizer, Blue Cross Blue Shield and the Federal Trade Commission. To see John in action, visit his Financial Speaker page.
Are Your Kids Safe Online?
As a parent you are often worried about what your kids are being exposed to on the Internet. Apparently so are Facebook and the PTA. They have teamed up to teach parents and children about responsible Internet use. They plan to cover cyber-bullying, internet safety and security and “citizenship online,” according to a news release.
“Nothing is more important to us than the well-being of the people, especially the many teenagers, who use Facebook,” said Sheryl Sandberg, Facebook’s chief operating officer.
Facebook is the number one social media site with over 500 million users and a minimum age requirement of 13. Even that requirement can be easily fudged because Facebook has no way of verifying a user’s age besides asking for their birth date when they register. Parents are having trouble deciding whether to let their children join Facebook prematurely and what they should be cautious of if they do so.
Learn more on Protecting Your Children Online.
It is important to be educated when dealing with any form of social media or social networking website. Social networking is immensely powerful and is here for the long run, but we must learn to harness and control it. You should know the ins and outs, pros and cons, risks and rewards to using these online tools. Because teens and children don’t necessarily have the life experiences to recognize the risks, parents must educate themselves and pass that knowledge on with open and honest discussions on Facebook and Online Safety.
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There is no final word on how to use Facebook safely. Here’s why: social networking and the web change too quickly. The social network you use today is not the same one you will use tomorrow or next month. The privacy settings, functionality, connectability and features are constantly evolving, which means that almost no one has a handle on every aspect of this topic. Those who tell you that they have the final answer are probably selling you something you shouldn’t buy.
This Survival Guide is an evolving document that I started writing for my young daughters and my employees, and is an attempt to give you a snapshot of some of the safety and privacy issues as they exist right now. Social networking, texting, instant messaging, video messaging, blogging – these are all amazing tools that our kids and employees use natively, as part of their everyday lives. In fact, they probably understand social networking better than most adults and executives. But they don’t necessarily have the life experiences to recognize the risks. I’d like to make their online vigilance and discretion just as native, so that they learn to protect the personal information they put on the web before it becomes a problem. Social networking is immensely powerful and is here for the long run, but we must learn to harness and control it.
5 Business Survival Lessons from Google’s Spying
A few months ago, Google got caught sniffing unencrypted wireless transmissions as its Street View photography vehicles drove around neighborhoods and businesses. It had been “accidentally” listening in on transmissions for more than 3 years – potentially viewing what websites you visit, reading your emails, and browsing the documents you edit and save in the cloud.
Public opinion blames Google, because Google is big and rich and and scarily omnipotent in the world of information domination. It’s fashionable to blame Google. What Google did was, to me, unethical, and they should eliminate both the collection practice and their archive of sniffed data.
But the greater responsibility lies with the businesses and homes that plugged in a wireless network and did nothing to protect it. Don’t tell me that you don’t know better. When you beam unencrypted data outside of your building, it’s no different than putting unshredded trash on your curb – YOU NO LONGER OWN IT. In fact, when you take no steps to protect the data that flies out of your airwaves and into the public domain, you really have no claim against someone taking it. It’s like finding a $100 bill on an abandoned sidewalk – you can claim it or the next lucky person will. Tom Bradley of PC World agrees:
Identity Theft Speech at the FTC – Removing the Black Belt
How long has it been since you wore a white belt in your area of expertise?
I just had the singular honor of delivering an identity theft speech for the Federal Trade Commission in Washington, D.C. In case you don’t understand the humorous irony, let me explain.
The FTC is the arm of the U.S. Government that is responsible for educating you and me about our rights as consumer, including how to fight identity theft. In other words, they are the original identity theft experts! Those of us who are professional identity theft speakers turn to the FTC for information, guidance and materials.
So why did they pay my fee to talk about a subject they know so much about?
Perspective.
Let me use a Taekwondo metaphor to explain what I mean. In many martial arts programs, one level before achieving your black belt, the Master teacher asks the candidate to again wear their white belt to signify that the student is returning to the state of a beginner. The ritual is a symbolic reminder that we only grow and evolve when we are humble enough to admit how much we don’t know. It is related to the Zen principle of viewing life through the eyes of an ever-learning child.
The 7 Deadly Sins of Privacy Leadership: How CEOs Enable Data Breach
Technology is not the root cause of identity theft, data breach or cyber crime.
We are.
Too often, technology is our scapegoat, providing a convenient excuse to sit apathetically in our corner offices, unwilling to put our money where our profits are. Unwilling, in this case, to even gaze over at the enormous profit-sucking sound that is mass data theft. The deeper cause of this crisis festers in the boardrooms of corporate America. Like an overflowing river, poor privacy leadership flows inexorably downhill from the CEO, until at last, it undermines the very banks that contain it.
The identity theft and data breach bottom line?
Sileo In the Media
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