2 minute read
App Security
from Glo - May 2023
By Lauren Caggiano
App-related scams are becoming increasingly common in today’s marketplace, which means consumers need to be on guard to protect their finances. The security team at STAR Financial Bank has words of advice for people who use these apps.
“Speaking on our end, we see all of those kinds of transactions come out of people’s accounts,” Fraud Investigation Manager David Greenwood said. “When it comes to Zelle, that’s an easy way for our customers to go in and send funds from their account. Zelle is a very secure and platform.”
Conversely, other apps with the same use aren’t as secure. That’s why there are more cases of fraud and in some cases, consumers have little recourse, depending on how quickly they noticed the fraud and when they acted.
With this in mind, Greenwood said that consumers need to be leery of scams. Oftentimes perpetrators leverage the power of social engineering to get people to act. Social engineering is a manipulation technique that exploits human error to gain private information, access, or valuables. In cybercrime, these human hacking scams can lure users to act and are not in their best interest.
While the nature of the scams can differ, there are some common threads. One red flag is marked by a sense of urgency.
“I think there used to be this idea that there was only a certain demographic, maybe [only] certain types of people that could be scammed,” said Greenwood. “I think we’re seeing [that] everybody’s a target. And the scam artists are getting good. For instance, customers might receive phone calls and it could show (it originates from their) bank, that’s being spoofed.”
Another way to safeguard your financial well-being is to monitor transactions like you would on your credit card statement and look for suspicious activity. For instance, you might pay the cleaning lady via Cash App but maybe you see a request for a payment you don’t recognize. In this case, you might be a target of a scam.
It pays to pay attention, and not just for your own sake. Tracy Hanlin, enterprise risk officer, said that helping your friends and family understand the vulnerabilities of these apps can pay dividends.
“Make sure that your family, your kids, your parents everyone knows the risks. Because once [fraud is] open and out there, it’s really
Also, know that your bank is a great resource to lean on when you have concerns about security or a potential scam. Whether it’s STAR or another institution, look to the experts for help and direction.
“We’re here to help you,” said Hanlin. “The second you find out about it, that first call should be to us to help you protect your accounts as much as we can and try and recover what we can. But we find that people wait because they’re humiliated. You shouldn’t feel that way you’re a victim it shouldn’t be something to be embarrassed about.” a
