Holiday Threats - Social Media and Mobile Risks

  • Identity Fraud


Holiday season is in full swing and that means consumers and businesses are more vulnerable than ever for identity fraud. Between sharing wish lists and downloading apps for easy shopping, social media and mobile technology pose huge holiday threats. Not only do consumers need to protect themselves from identity theft, but companies need to take the extra initiative to guard their reputation to ensure that consumers will be return buyers.

Social Media

The world is no longer round since the upcoming of social media, it has become flat and interconnected with a the click of a mouse. People are able to connect with each other in a faster, easier way. Perhaps the most convenient part of social media is also the most dangerous. Users are able to, and often do, share every aspect of their lives via social media. This leaves little to no information private for only the user to know. Things such as full birthday, high school name, pet name, and even parents names are easily found on a social media profiles. Sound familiar? These are very traditional security questions asked when verifying an account or identity on most online platforms. Social media has made these questions not so secure when asking for proof of identification. In additional to sharing personal information, social media also poses a threat because many accounts have integrated logins with social profiles such as Facebook. So that means if you sign up for an account on xyz.com and log in using your Facebook and then link your credit card on your xyz.om account, someone with your Facebook credentials could access your bank account.

Mobile

Mobile poses very similar threats as social media. While its easy and convenient to link your credit card account to mobile apps and log ins, it turns mobile phones into walking keys into consumers bank accounts. Mobile security is still a hurdle for many companies as it is still fairly new to some industries. Even though banks have adopted mobile technology fairly quickly, mobile banking still is a threat to companies and consumers alike. As McNelley stated last year, 90% of bank risk executives say mobile banking will create the next big wave of financial fraud. The Mobile Threat Report for Q3 of 2012, also illustrates that mobile fraud is still an on going issues. It states that 71.5% of mobile fraud is in the form of a Trojan. These Trojans can attack apps that store personal account information and contract lists and then forwards the information to a remote address.


Whether its shopping the old fashioned way, or looking into fraud prevention measures, do your part this holiday season to protect yourself and company.


[Contributed by EVS Marketing]