Links in “Credit Unions”

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]

Construction company Tennessee Electric (TEC) was furious when its bank, TriSummit Bank, allowed 55 fraudulent transfers from its account for a total of $327,000 to Russian hackers. TEC and the bank had a security agreement in place that required that ACH transfers had to have a verbal confirmation before being processed. TEC is suing to recover its losses, plus $2 million in punitive damages and experts believe it has a strong case. [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]

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]

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]

NCUA has received approximately $5.4 million in restitution from a fraud case brought by the U. S. Attorney’s office which was won against BCTT Federal Credit Union in Binghamton, NY. The credit union was liquidated in 2011 and during the review process NCUA discovered that a member and her son obtained over $14 million in fraudulent loans. [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]