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(EMAILWIRE.COM, August 11, 2011 ) New York, NY -- TextGuard™, the leading provider of mobile communication compliance solutions, announced a new module which was developed to check outgoing SMS messages and phone calls against a pre-defined database to verify compliance. The application will restrict a call from being placed if the caller dials or sends a text message to a non-compliant or restricted phone number. The importance of having a Whitelist/Blacklist or restricted list appeals especially to the financial services industry. This protection of information between various areas within a a firm, sometimes referred to as ethical wall crossing, is critical to maintaining risk management and compliance. With this mobile compliance feature, TextGuard has taken an additional step for Compliance Departments in providing another layer of security for company-owned or sponsored mobile devices.
“There has been recent press lately regarding mobile communication and privileged information. As a result and upon the request of our customers, TextGuard has taken a step in helping to prevent such activities within an organization. Mobile communications play a large role in the workplace now and a company needs to manage this kind of risk.” states TextGuard founder and CEO, Todd M. Cohan.
In the financial services industry, some users are prohibited from conversing with others within a company, (i.e., employees making investment banking decisions or having access to privileged information, from speaking to other individuals within the same firm: traders, salespeople, brokers or research analysts.) This policy helps to ensure that no information is disseminated to others for personal gain. In some firms, a compliance officer must be privy to conversations taking place on desk phones between investment banking and other areas, but there is no secure way of enforcing compliance with mobile device communication.
TextGuard has created a “Virtual Mobile Wall” which enables companies to form a restricted list of people that should not be called or contacted. The SEC requires broker-dealers to maintain procedures designed to prevent the misuse of material, nonpublic information. TextGuard can provide this extra layer of protection with the Whitelist/Blacklist feature.
This kind of mobile device surveillance is convenient and practical for many other industries as well, such as pharmaceutical firms, healthcare/hospitals, governments, law firms, NCAA athletics, and more. There are many regulatory agencies that provide guidance on privileged information or correspondence between two parties and TextGuardÂ’s new feature, along with its family of compliance applications, will help a company secure its mobile devices. Additionally, the application can determine which calls should be monitored and which calls, (friends and family) can be ignored ensuring the users privacy.
About TextGuard
TextGuard is the leading provider of mobile communication monitoring, archiving, management, and compliance solutions, which ensures conformity with the rules & regulations of all relevant regulatory bodies such as FINRA and the FSA. TextGuardÂ’s mobile solutions support Blackberry, Android, Windows and iPhone devices. For SMS, Instant Message, BBM, and Voice Conversations, TextGuardÂ’s Mobile Compliance Suite is a full-service solution for your mobility team. To learn more, please visit www.textguard.com
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