British credit union enters Canada

British Columbia's Prospera Credit Union says it is one of two credit unions to be the first financial institutions in Canada to allow customers to send and receive money over smart phones, reports BIV Business Today.

Through Interac's 'e-Transfer' platform, recipients of money transfers from Prospera customers now receive a secure link via email or text message on their smart phone.

The company explains; once the recipient answers a security question, money is immediately transferred between financial institutions without sharing any personal or financial information.

Zeus-style malware now beats out password phishing for the dubious honour of “the greatest threat to online banking today”, reveals Credit Union Times.

This is according to a new survey of more than 70 financial institutions from PhoneFactor, provider of phone-based multi-factor authentication.

The survey also found while banks and credit unions are aware of the threat, they're not always fully educated on what to do to protect their customers and members, PhoneFactor says.

Kerala-based Dhanalaxmi Bank unveiled its mobile banking service to offer complete access of accounts to customers through mobile phones, says My Digital FC

The service would enable the customers check account balance, transfer of funds and view transaction details. It would also enable them to request for cheque books, locate branches and ATMs and receive account alerts on their handsets.

The customers could also use the service for paying bills, booking tickets and access credit card details. "The introduction of the service is in line with our efforts to provide the customer comprehensive financial products which are both convenient and secure by using the latest technology," bank MD and CEO Amitabh Chathurvedi says.