ICFE eNEWS #15-21 - June 25th 2015
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Is Your Company's Mobile App Putting Your Customers At Risk For Fraud?
New Forms Of Malware Make Bank And Retail Apps Vulnerable, Says Cyber Security Expert

By Ginny Grimsley
National Print Campaign Manager
News and Experts
3748 Turman Loop #101
Wesley Chapel, FL 33544
Tel: 727-443-7115, Extension 207
Twitter: @PrintcessGinny

Mobile apps are becoming big business for businesses.

Many bank customers now check their account balances or transfer funds through an app on their cell phones. Savvy retail shoppers can use a favorite store's apps to learn about discounts, access coupons and find daily deals.

"The apps for financial institutions and retailers are getting greater use and that can be wonderful for business," says Gary Miliefsky, CEO of SnoopWall, a company that specializes in cyber security.

But as with so many things in the cyber world, caveats are connected. Even as companies provide additional services through those apps, they may be putting their customers at risk for fraud.

"Most companies don't realize just how vulnerable their apps are and what the potential is for leaking their customers' personal information," Miliefsky says. "And when that happens, it's bad for business."

He suggests a few reasons why most companies need better protection for their mobile apps: "Businesses have become great at creating useful apps that their customers eventually feel they can't live without," Miliefsky says. "But the failure to secure that app is going to come back to haunt the business over the long haul."

About Gary S. Miliefsky
Gary S. Miliefsky is CEO of SnoopWall and the inventor of SnoopWall spyware-blocking technology. His company produces AppCrusher, which gives companies a detailed analysis of any vulnerabilities or risks in their mobile apps. Miliefsky is a founding member of the U.S. Department of Homeland Security and serves on the advisory board of MITRE on the CVE Program, and is a founding board member of the National Information Security Group. He's also the original inventor of the NetBeat NAC product line which was recently acquired by SnoopWall to protect networks from the inside and against bring your own device (BYOD) mobile threats.

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Sent by:

Paul S. Richard
President - Executive Director
Institute of Consumer Financial Education (ICFE)

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