Amoco

Online Safety and Security 

Mobile Application Security Information

In this new age of mobile information technology, scammers, fraudsters, and hackers are increasingly looking for new ways to get information from these sources. No longer is our personal information on our personal computer, for many of us now it is on our phones. With the ever increasing smartphone technologies such as the Blackberry, iPhone, and Android all the information we want and need is right at our fingertips through mobile applications. However, criminals and fraudsters keep up with technology too, and as long as technology continues to advance criminals will continue to find ways to use it for their benefit. As mobile-banking applications continue to increase in popularity so will the risk of downloading and installing a fraudulent app that could draw your account information and, potentially, any other data stored in your mobile device.

AMOCO has heard reports of fraudulent mobile banking applications showing up since late 2009. These applications ask you to provide your account credentials or financial account information in an attempt to retrieve customers/members account information (both online login credentials as well as credit/debit card information). Please be aware of such fraudulent applications when downloading apps to your smartphone.If you want to download an application from your financial institution, please contact your institution to verify the validity of the app prior to downloading and attempting to access your account. AMOCO Federal Credit Union does not offer mobile applications at this time, however if they become available we will let you know. 

Among the fraudulent applications report thus far, most have been reported on the Android smartphone. Although there have been a few fraudulent applications reported on both Blackberry's and iPhone's these have been minimal due to the increased security and lack of openness in the application market for these two companies. Apple has a strict vetting practice of every application that comes through prior to it being available on the iPhone market, while Android apps are open for just about anyone to place an application for download. The Android market relies on users to report any fraudulent applications before removing them, in a self-policing format. 

Mobile applications will probably continue to evolve over the next few years, and so will the amount of unsuspecting fraudulent applications. Any application containing some sort of malware, whether it asks for personal or financial information or not, will become more prevalent as a way to steal personal/financial information stored on or accessed by the mobile device. Much like a virus, malware, or spyware on a personal computer can track your activity and gather your information, mobile applications will begin to take on the same form.

Here are a few ways you can protect yourself from this growing threat:

• Don't make assumptions: Confirm the validity of all applications and text messages, especially when it comes to mobile banking applications. Just because they "look" legitimate does not mean that they are.
• Ensure Physical Safety: Keep your phone with you or in a safe place at all times. Do not leave it lying around on a desk or at the gym. A skilled person can install malicious software in moments without you ever realizing it, thus compromising any and all information in your phone. 
• Protect your PIN: Make sure you use and protect your phone and your voicemail PINs in the same way that you would protect you debit card PIN. 
• Be mindful of Malware: Be wary of texts, system messages or events on your phone that you did not ask for, initiate, or expect. If your phone is acting unusual consider installing some sort of antivirus/antimalware software. Always turn off Bluetooth if you are not using it.

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