Links in “Banks”

Quite a lot, apparently. In addition to the lack of use of the EMV chip, this expert claims that our current two-factor authentication process is not effective as it does not require out-of-band authentication. In addition, key logger malware, which has proven to be a significant threat, can be effectively thwarted by keystroke encryption programs. [8/18/14]

Forster & Garbus, a debt collection firm in New York, has settled with the NY state attorney general who requires it to cease filing actions to collect on payday loans and to obtain written proof that loans aren't of the payday type before pursing collection. "Ignorance is no excuse," said the state's attorney general. [8/18/14]

FinCEN’s By the Numbers, a quarterly publication that tracks trends in the nation’s suspicious activity report filings, has a new name, SAR Stats. But it’s not just the name that’s changed. In this episode of Risk Watch, AdvisX Analyst Cody Knudsen walks us through what’s new in SAR Stats and how you can put its information to good use for your financial institution. [8/15/14]

It's no surprise that the media gets things wrong here and there. In this case, they're greatly exaggerating the average student debt burden by focusing on stories from the 98th percentile of all who have student debt. [8/15/14]

Wells Fargo has implemented a new strategy to reward its employees with higher commission for loans. Wells Fargo executives believe that this incentive "create[s] a lot of desire for the loan officers to go out and get that extra production.” This strategy is very timely during a period of focus on new home purchases. [8/15/14]

U.S. grocery chain Supervalu becomes the next victim on the list of 2014 data breaches. Luckily, they seem to have "no evidence of any misuse of customer data." [8/15/14]

Last month, the New York Times investigated the subprime auto lending "bubble" that has been rumored to be appearing thanks to increased lending to consumers with low credit scores who don't have the ability to repay their loans. However, their research shows that the increase is really just returning to a "normal" level after a dip during the crisis years. [8/15/14]

A lot of time and expense can go into your annual strategic planning session, but are you getting the desired results? Or is it just a mini-vacation for the volunteers and senior staff? Here are seven practical steps to take to ensure you get the maximum benefit from your efforts. [8/15/14]

A recent study reveals that consumers want to be rewarded for their business and loyalty. Whether it’s loyalty cards, cashback offers, loyalty discounts, upgrades, and free nights and flights offered by retailers and credit card providers, consumers want something more than just a good rate. [8/15/14]

An effective credit migration model that performs regression analyses and other analyses can predict credit risk issues early and can help identify business opportunities going forward. 60% to 80% of total delinquencies and charge offs result from loans that have dropped two or more credit grades from the original risk level. [8/14/14]