News & Events - News for January 29, 2010

January 29
2010
Bank Account Fraud? There's An App for That

Mobile banking

Mobile banking once entailed little beyond the ability to receive a text message with your account balance. But these days, it’s finally starting to live up to its name. Virtually every large bank and many regional banks and credit unions have rolled out applications that allow their clients to use a mobile phone for fund transfers, bill payments and even depositing checks.

But with the increasing popularity and convenience of mobile-banking apps comes a big caveat: the risk of downloading and installing a fraudulent application that could draw your account information and, potentially, any other data stored on your mobile device. In other words, the next generation of “phishing” scams is about to explode – and it has the potential to do much more damage than earlier versions.

Read more: Bank Account Fraud? There's An App for That at SmartMoney.com http://www.smartmoney.com/Personal-Finance/Debt/Bank-Account-Fraud-Theres-An-App-for-That/#ixzz0e1xci9pt