Credit unions and social media seem to be made for each other, which is both a good thing and maybe not so much.
The affinity that members feel for their credit union make Facebook and Twitter natural channels for communication for them, but it also creates a level of trust that hackers can exploit in ways that could have financial and regulatory consequences alike, an industry stakeholder says.
"Just a tweet to a member saying thanks for coming in today can be a compliance problem," said Sarah Carter, vice president at Actiance Inc. in Belmont, Calif. Perhaps worse, there have been documented instances, she says, of a credit union losing control of a Twitter password in a social engineering attack to hackers who then used it to send out spam porn with malicious links.
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