PORT NECHES, Texas-Mobile banking risk can be minimized: members should be reminded to use strong passwords on their mobile devices; refrain from leaving mobile devices and passwords unguarded; and be aware of the relative security of the network they use to transfer data, said Jason Duplant, marketing director at $286-million Neches FCU.
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CUs should establish setup procedures for their mobile banking applications and limit transaction amounts and capabilities, added Cindy Gribben, CEO at Natco CU. Make sure the mobile banking platform provides encrypted communications and strong authentication, such as multi-factor authentication that incorporates biometrics or a feature of the mobile device, said CUs interviewed for this story.
