Study On CUs & Big Data
MADISON, Wis.-The Filene Research Institute published a new study, "Big Data and Credit Unions: Machine Learning in Member Transactions." Big data is the analysis of huge data sets, and while "individual credit unions may not have the resources of a corporate giant, advances in data storage and software tools mean that credit unions can start using similar tools and deriving similar value," Filene said. Five CUs proffered their members' anonymous profile information and transaction details to the researcher, which used variables as diverse as gender, product balances, credit score, income and transaction amounts to search for revealing correlations. For info: www.filene.org.
SIM Cards A Threat To Mobile?
BERLIN, Germany-A vulnerability discovered in the SIM cards used in some smartphones could be exploited by fraudsters to steal consumers' mobile and online bank account information, according to Security Research Labs in Berlin. SIM cards are small, removable plastic chips that store information such as the user's phone number, security data and billing information.
But KnowYourMobile.com also reported that SIM cards can also act as gateways to the apps on smartphones, including mobile banking apps. "SIM cards are the de-facto trust anchor of mobile devices worldwide," the company said in a blog post. "The cards protect the mobile identity of subscribers, associate devices with phone numbers, and increasingly store payment credentials, for example in NFC-enabled phones with mobile wallets."
An attacker, Security Research Labs explained, begins by sending an unrecognizable, binary text message usually meant to carry user logs and telephone settings to a victim's phone.
The cellphone then responds by sending back an error message carrying a signature that can be distilled to reveal a 56-bit data encryption standard key. DES is an old encryption standard used by about one in eight phones around the world, the company says.
The cracked key can then allow a criminal to download software onto the SIM card that can, among other tricks, change voicemail numbers and find out exactly where a phone is at any time.
Guardian CU Upgrades Mobile
WEST MILWAUKEE, Wis.-Guardian CU has launched Guardian Mobile 2.0. New enhancements to the product include the ability to check rates, connect to social media sites and get additional information.
