Regulatory scrutiny is growing in the financial sector. As smartphones begin to exceed the number of PC’s in the world, the pressure to enable eDiscovery and provide security for mobile financial communication is increasing dramatically.
Failure to meet electronic messaging compliance obligations was the No. 1 source of FINRA fines in 2013. While the number of cases related to electronic communications was up by only 5 percent, the total amount of fines increased by 132 percent, making noncompliance an increasingly expensive proposition. In many cases, the firm was unable to produce messages or prove appropriate supervision.*
CellTrust TRACK is a robust, flexible mobile communication solution engineered to provide financial services with traceability and security. TRACK features the CellTrust SecureLine™ Mobile Collaboration Suite which includes SMS Archiving, Voice Archiving, Secure Messaging, Critical Messaging and Secure Voice. CellTrust is one of the only viable mobile security providers that offers an SMS archiving solution for both Android and iOS users. Without the need for an app on the client’s device, all communications provisioned by TRACK are time stamped, tracked, and logged with integration support for 3rd party archives to comply regulatory agencies and guidelines.
In addition, CellTrust SecureLine offers a Mobile Business Number (MBN) which creates an automatic dual phone number persona to keep personal and professional communication separate and allows organizations to track and trace all employee SMS and voice communication with clients outside of the organization. The MBN can also be redirected as employees leave.
CellTrust TRACK includes access to the CellTrust Standard SMS Gateway, for affordable client account alerts and notifications.
Regardless, of the organization’s device strategy (BYOD or corporate liable), the portal administrator will control who receives the clients’ SMS text via the secure, user-friendly, web-based, interactive Operator Portals. TRACK administrators or compliance officers have the ability to manage and control the secure mobile communication network via user-friendly, web-based, interactive portals. Policy based administrator control of network includes remote wipe, inactivity time-outs and lifespan control for messages residing on devices.
* Sutherland (2014) “Annual Sutherland Analysis of FINRA Sanctions Shows 27% Decrease in Fines; Number of Cases Nearly Identical” [Press Release]. Retrieved from http://www.sutherland.com/NewsCommentary/Press-Releases/161244/Annual-Sutherland-Analysis-of-FINRA-Sanctions-Shows-27-Decrease-in-Fines-Number-of-Cases-Nearly-Identical