New Software Promises Safer Mobile Banking

Identity thieves cost Americans nearly $100 billion over the past four years, and many of them got to people’s data by “eavesdropping” on the apps they use for managing their finances. Some new software aims to make life more difficult for these crooks, and it’s been tested by credit unions across the country.

SnoopWall, which bills itself as “the world’s first counterveillance security software company,” has released a new product that it said help to shield your financial application from eavesdropping by malicious apps on your device — and from cybercriminals in close proximity intercepting the transmission of sensitive information.

Called PrivacyShield, this product is designed to protect against flaws in online banking applications that allow spoofing, eavesdropping and stealing of passwords, location, scanned check deposits, bank account and routing information, names and addresses.

SnoopWall said that PrivacyShield has been tested by more than 100 credit unions, who integrated PrivacyShield into www.cumobileapps.com in recent months.

According to the company, Privacy Shield can be embedded in any financial application, including mobile banking, mobile payment, or mobile wallet applications. Once there, it provides a ‘trusted connection’ so that information such as passwords or account numbers can be transmitted securely.

With identity theft on the rise, credit unions and CU members need all the help they can get in safeguarding private information. Hopefully this new product will help to do just that.