Take steps now to protect your members from the Equifax breach

first_imgVisit Equifax’s data breach response site, which contains up-to-date information about how this data breach.Access Equifax’s newly created “hack-checker” tool to find out if they were among those impacted by this breach.Visit the FTC’s page on the Equifax breach to learn about what happened and what to do.Visit the FTC’s identity theft website to learn what steps to take in response to proven identity theft.Make sure all of your accounts are safeguarded by complex passwords and security questions.If your accounts do not require a security question, you may want to consider asking for this to be added to your account for better protection. Sign up for free credit monitoring services, to monitor and report unauthorized activity.Place a freeze on all three credit bureau accounts to prevent fraudsters from opening new accounts.Sign up for email/text alerts with live card activity through the financial institution and through the card issuer’s website:VisaMasterCard Verify you have up-to-date contact information for all of your members’ accounts, including consumer cards and online accounts.Set up a website with information regarding how you plan to communicate with your account holders about updates related to the Equifax cybersecurity breach.Post and share contact resources and information for consumers so they know where to go for to have their questions or concerns addressed.Share educational resources and tools with your account holders that aim to help them prevent and manage identity theft and fraud.Train staff on fraud warning signs and job-relevant fraud prevention/response procedures Proactively build a response plan, so you can swiftly implement the plan should any fraud exposures occur. See our Data Breach Preparedness Checklist for recommendations on building a strong plan.Monitor likely points of entry for fraud, such as:New membership requestsNew products or services requestsChange of account holder information for existing members, such as change of address The enormity of the Equifax® data breach has left a wake of fear and frustration among businesses and consumers alike. Names, social security numbers, birth dates, addresses, driver’s license numbers, and other information were among the types of data stolen from an estimated 143 million American consumers earlier this year. To make matters worse, Deloitte and Sonic have also recently announced data breaches. It is safe to assume that the majority of your consumers have had their information stolen from one or a number of these breaches.If you want to protect your business and account holders from identity fraud, you need to take action fast. Below are a number of steps you should take to better protect your business and consumers from potential fraud exposures in the wake of these massive data breaches.Risk mitigation measures to protect your business:Take swift measures to defuse the impact of an attack if you identify an uptick in identity fraud.When authenticating an account user, require personal information (i.e. high school crush, best friend from childhood, pet’s name) along with identifying information for access to the account to help prevent the identity theft of your consumers:Require that the account holders have a password or passcode to access their account.Use multi-factor authentication:Who you are: Inherence factors, such as biometric methods What you have: Possession factors, such as ATM card numbersWhat you know: Knowledge factors, such as password, pin or secret question As you work to mitigate the impact of the Equifax breach, we strongly urge you to also share breach information and updates with your consumers, while also educating them about how they can prevent and manage the risk of identity theft. Risk mitigation recommendations to share with your members:  Closely monitor all credit accounts and loans, to catch and report any suspicious activity on any one of those accounts.Immediately report any suspicious credit or loan account activity – no matter how remote the suspicion – to the financial institution and/or lending institution.  Sign up for the fraud alerting services offered by the three credit bureaus to receive notifications about potentially fraudulent activity: Equifax TransUnionExperian Purchase institutional coverage that insures your financial institution should a cyberattack occur.Consider partnering with an identity theft vendor that offers “deeper” fraud monitoring services for consumers, namely:Dark web monitoringSocial security monitoringAddress change monitoring Don’t just rely on SSNs, birth dates, home addresses or driver’s license numbers for granting account access.Adopt advanced tools, like biometric authentication, for verifying the identity of accountholders.   23SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr,Ann Davidson Ann assists credit unions in identifying areas of risk in their operations and recommends sound loss control measures to help reduce loss exposures.Davidson has over 40 years working with … Web: www.alliedsolutions.net Details Reach out right away to Allied Solutions’ risk consulting team if you are experiencing an uptick in identity fraud, so we can help you to minimize the fraud exposure.Sign up to receive Allied’s Risk Alert newsletter to receive updates regarding the Equifax breach, as well as other updates, education and insights related to cybercrime and fraud.Register for our October 10 webinar on the Equifax data breach, prevented through NAFCU Services. last_img read more

How to solve your indirect lending woes

first_img 12SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr,Foster Kelly Foster serves as the Director of Business Development and Sales, CU RateReset, a CUNA Strategic Services alliance provider. Web: https://www.curatereset.com Details Credit unions might be the biggest players in the indirect auto game. The overall margins on indirect auto loans have shrunk— one of the reasons why credit unions are still a major component in the industry. Credit unions are not-for-profit, which means they can make the rates very low to beat competitors down the street. This is all great but, at what cost? After speaking with hundreds of credit unions, we have found there are three major issues with indirect lending.The first is the accounting issue if the loan pays off early. Second, on average, 25% of your indirect auto loan portfolio will payoff early. In other words, how do you stop the runoff? And third, you now have a member that often is not even aware they are a member of a credit union. How do you get the member to utilize more products offered by the credit union? In this article, we will share with you how the credit unions we have spoken to have solved these issues. Issue One: Accounting In order to solve the first issue, we needed to research what was happening at the credit union level. CU RateReset conducted a survey in partnership with the Credit Union National Association (CUNA) –we’ll reference it throughout this article. The study found out that many organizations amortize the dealer fee over the life of the loan. If this loan pays off early or is refinanced within your own institution, you will be hit with that dealer fee. On average this will happen to over 25% of your indirect auto loan portfolio. We believe in order to solve this first issue with indirect lending, credit unions need a solution that effectively mitigates this account issue. We’ve found that the best solution is a loan modification. However, many institutions have a manual modification process that is clunky and time-consuming for the member and back office staff. Reset Auto on the KNOCK KNOCK Platform at CU RateReset is a fully automated loan mod solution. There are very minimal back office resources needed to implement Reset Auto and it eliminates the dealer fee accounting issue.   Issue Two: Stop RunoffThe second issue with indirect lending can also be associated with direct lending. With indirect and direct lending, runoff will occur but, how are you stopping it? Big data tells us that auto loan consumers will refinance their auto loans between months 18 and 32. Looking at our own data with our credit union clients, we have found that members will refi their loans between months 20 and 30. These members are not buying a new car they are refinancing with a big refi shop or a competitor down the street. The best way to beat runoff is to be both proactive and reactive. Get ahead of competitors with a digitally-frictionless way to extend the term of the loan to lower the member’s monthly payment, before your competitors can beat you to the punch. When you receive a payoff, can you get an offer to that member in less than 60 seconds? If the answer is no, then it’s very likely that the loan will be lost to another lender. Sending a Reset Auto offer not only retains that loan, but also increases the total yield and extends the term adding additional benefits to a portfolio with low margins to begin with.Issue Three: Indirect Membership AwarenessDid you know that over half of all credit unions have an indirect lending program? And over 90% of credit unions with $500 million in assets have indirect lending programs. We can confidently say that many credit unions are working to solve this “mere” member issue. We’ve heard the solution to this problem referred to as “a magical, illusive unicorn.” Credit unions across the board have struggled to find the solution, and no one has been able to develop an answer that facilitates a multi-level relationship with the indirect member, until now. Before I dive into the case study about a credit union who solved this issue, allow me to list a few more stats: Only 6% of all indirect members begin using two or more products within the first year; less than 14% of credit unions offer incentives or special pre-approved offers to indirect members, however, 74% of credit unions offer personal loan offers and 69% offer credit card offers to their members. Clearly, the products are there for the members to benefit from, but why are so few taking advantage of them? We have found that it has to do with how and when the product offers are delivered. In the new, digital age of banking, members are looking for electronic offers, not another piece of paper for the recycling bin. A member-centric focus on a digital experience is key when it comes to engaging the member on multiple levels. A credit union in Washington state figured this out. They offered their indirect members a Reset Auto opportunity. The straight-forward, digitized simplicity of the offer showed their indirect members how easy Reset Auto makes it to lower monthly auto payments. From start-to-finish, members complete the Reset auto process in less than 60 seconds. That “wow” experience becomes multi-level member engagement with a pre-approval credit card offer through the KNOCK KNOCK platform where there is no-application process, the member chooses their credit limit and transfers a balance all in less than 90 seconds. We tracked the success of this method and found that over 75% of the members who opened the offer also accepted the credit card. The magical unicorn has been found. Reset Auto through the KNOCK KNOCK platform offers the solution to three major issues credit unions and their members face. By providing an opportunity to refinance auto loans in a streamlined, digitally-frictionless environment, members save and credit unions mitigate member runoff. The KNOCK KNOCK platform also allows credit unions to more effectively engage their indirect members by providing credit card offers and more using the same easy, paperless process. CU RateReset is committed to working to provide these services to streamline your credit union’s operation and save your members time and money. To learn more about the Auto Reset on the KNOCK KNOCK platform, contact me at [email protected] last_img read more

Another Victory of B&H Mauntain Climbers

first_imgThe Sarajevo Mountain Climbers, Ismar Handžić and Davor Ciganović yesterday successfully reached Douforspitze the Swiss-Italian Alps. Together with the brave people of Sarajevo, the top was reached by Nikola Radivojević PK Železničar Belgrade.On the first day of this campaign the group visited the museum dedicated to Materrhornu and to the mountain climbing, and after an initial acclimatization they reached the first peak, Oberrothorn which is located at 3415 m above the sea level. After that they continued and reached the station Rotenboten and then Gornerand Monterosa.Brave mountain climbers began the final march to the top Douforspitze which is located at 4634 m above the sea level and successfully conquered it.(Source: Radiosarajevo.ba)last_img read more

James Baldwin and Chinua Achebe’s Forgotten Conversation About Beauty, Morality, and the Political Power…

first_img“Art,” Jeanette Winterson told an interviewer, “can make a difference because it pulls people up short. It says, ‘don’t accept things for their face value; you don’t have to go along with any of this; you can think for yourself.’”On April 9, 1980, exactly a decade after his legendary conversation with Margaret Mead, James Baldwin (August 2, 1924–December 1, 1987) sat down with Chinua Achebe (November 16, 1930–March 21, 2013) for a dialogue about beauty, morality, and the political duties of art and the artist — a dialogue that continues to pull us up short with its sobering wisdom. Later included in the 1989 anthology Conversations with James Baldwin (public library), this meeting of titanic minds touches on a great many of our own cultural challenges and friction points, and radiates timeless, timely insight into how we might begin to stop accepting a deeply flawed status quo at face value. Achebe begins by defining an aesthetic as “those qualities of excellence which culture discerns from its works of art” and argues that our standards for this excellence are mutable — constantly changing, in a dynamic interaction with our social, cultural, and political needs:Aesthetic cannot be fixed, immutable. It has to change as the occasion demands because in our understanding, art is made by man* for man, and, therefore, according to the needs of man, his qualities of excellence. What he looks for in art will also change… We are not simply receivers of aesthetics … we are makers of aesthetics.Art, Achebe argues, arises out of its social context and must always be in dialogue with that social element:Art has a social purpose [and] art belongs to the people. It’s not something that is hanging out there that has no connection with the needs of man. And art is unashamedly, un-embarrassingly, if there is such a word, social. It is political; it is economic. The total life of man is reflected in his art.In a sentiment evocative of what Adrienne Rich has called “the long, erotic, un-ended wrestling” of art and politics, Achebe considers those who chastise artists for making their art political. All art is inherently political, he notes, but what such critics consider the artist’s objectionable “politics” is simply opposition to their politics and their comfortable alignment with the status quo:Those who tell you “Do not put too much politics in your art” are not being honest. If you look very carefully you will see that they are the same people who are quite happy with the situation as it is.And what they are saying is not don’t introduce politics. What they are saying is don’t upset the system. They are just as political as any of us. It’s only that they are on the other side.Most art, Achebe argues, arises out of the status quo because — and perhaps this is a version of civilizational confirmation bias, with undertones of the backfire effect — we like to be affirmed in our values:If you look at our aesthetics you will find … that art is in the service of man. Art was not created to dominate and destroy man. Art is made by man for his own comfort.He turns to African art — particularly the tradition of his own heritage, the Ibo people — to illustrate the central concern of all art:Our art is based on morality. Perhaps this sounds old-fashioned to you, but it is not to us. The earth goddess among the Ibo people is the goddess of morality. An abomination is called an abomination against the arts. So you see in our aesthetic you cannot run away from morality. Morality is basic to the nature of art.Using, as he tended to, the word “poet” in the larger sense of any artist, any person of poetic orientation, Baldwin responds by affirming this core moral function of art and enlarges its human dimension:When Chinua talks about aesthetic, beneath that world sleeps — think of it — the word morality. And beneath that word we are confronted with the way we treat each other. That is the key to any morality.Invariably, this question of how we treat each other turns to race relations. But then, as if to illustrate the urgency of Baldwin’s point, the conversation is interrupted by a voice that had somehow hijacked the auditorium speaker system. The hostile male voice comes pouring out of Baldwin’s own microphone: “You gonna have to cut it out Mr. Baldwin. We can’t stand for thiskind of going on.” At this point, a riled but composed Baldwin speaks authoritatively into the microphone before a shocked audience:Mr. Baldwin is nevertheless going to finish his statement. And I will tell you now, whoever you are, that if you assassinate me in the next two minutes, I’m telling you this: it no longer matters what you think. The doctrine of white supremacy on which the Western world is based has had its hour — has had its day! It’s over!As the audience enthusiastically applauds Baldwin, the moderator — a Sri Lankan-American professor of Ethnic Studies named Ernest Champion — rises and makes the perfect remark to restore order:It is quite obvious that we are in the eye of the hurricane. But having this dialogue is quite important so all of us in this room will take it seriously.With this, the anonymous antagonist vanishes just as he had appeared and the conversation continues, returning to the central duty of art. Achebe observes:An artist is committed to art which is committed to people.Baldwin nods in agreement:The poet is produced by the people because the people need him.Echoing his earlier thoughts on how the artist’s struggle for integrity illuminates the human struggle, he adds:I know the price an artist pays… I know the price a man pays. And I am here to try to say something which perhaps only a poet can attempt to say… We are trying to make you see something. And maybe this moment we can only try to make you see it. But there ain’t no money in it.In answering an audience question, Achebe builds on what that “something” is:There is something we [black artists] are committed to of fundamental importance, something everybody should be committed to. We are committed to the process of changing our position in the world… We have followed your way and it seems there is a little problem at this point. And so we are offering a new aesthetic. There is nothing wrong with that… Picasso did that. In 1904 he saw that Western art had run out of breath so he went to the Congo — the despised Congo — and brought out a new art… He borrowed something which saved his art. And we are telling you what we think will save your art. We think we are right, but even if we are wrong it doesn’t matter. It couldn’t be worse than it is now.Considering the implications of the latter statement, Baldwin makes an observation of chilling resonance today:We are in trouble. But there are two ways to be in trouble. One of them is to know you’re in trouble. If you know you’re in trouble you may be able to figure out the road.This country is in trouble. Everybody is in trouble — not only the people who apparently know they are in trouble, not only the people who know they are not white. The white people in this country … think they are white: because “white is a state of mind.” I’m quoting my friend Malcolm X … white is a moral choice… I can write if you can live. And you can live if I can write.Responding to another audience question about the notion that “there can be no great art without great prejudice,” using Joseph Conrad as an example, Achebe echoes his central conviction about the role of the artist and readjusts the moral compass of art:Great art flourishes on problems or anguish or prejudice. But the role of the writer must be very clear. The writer must not be on the side of oppression. In other words there must be no confusion. I write about prejudice; I write about wickedness; I write about murder; I write about rape: but I must not be caught on the side of murder or rape. It is as simple as that.Quoting the Ibo proverb that “where something stands, something else will stand beside it,” Achebe argues that great art is built on pluralism and comes from the artist’s ability to embrace — to borrow Walt Whitman’s wonderful phrase — her or his multitudes:Single-mindedness … leads to totalitarianism of all kinds, to fanaticism of all kinds. And I can’t help the feeling that somehow at the base, art and fanaticism are not loggerheads.[…]Wherever something is, something else also is. And I think it is important that whatever the regimes are saying — that the artist keeps himself ready to enter the other plea. Perhaps it’s not tidy — perhaps we are contradicting ourselves. But one of your poets has said, “Do I contradict myself? Very well.”Conversations with James Baldwin abounds with abiding wisdom on art and life from one of the fiercest minds of the past century and a number of his venerated peers. Complement it with Baldwin on the creative process, freedom and how we imprison ourselves, his advice to aspiring writers, and his forgotten conversation with Nikki Giovanni about what it means to be truly empowered, then revisit Achebe on the writer’s responsibility to the world.* 1980 was still well within the era in which every writer, every artist, every human being was, as Ursula K. Le Guin noted in her timelessly brilliant commentary on gendered language, “a man.”Share this:Click to share on Twitter (Opens in new window)Click to share on Facebook (Opens in new window)last_img read more

The five most wanted Serie A players set to spark Premier League bidding war

first_img 5 5 2. Mohamed Salah – Salah had a great season at Roma, with his 15 Serie A goals and 11 assists putting him on many club radars. Liverpool are said to be in pole position to land him and the thought of him and Sadio Mane tearing down the flanks is a frightening thought. Liverpool have reportedly had a £28m bid rejected and may fear they are priced out of a move for the 24-year-old, with reports suggesting the Reds could end up paying a massive £35m for the winger. 3. Gianluigi Donnarumma – David De Gea appears to be Real Madrid’s top choice of goalkeeper, but they have also been linked with the 18-year-old Milan goalkeeper in addition to Chelsea’s Thibaut Courtois. If Man United do lose De Gea then they will be in the market for a top quality replacement and Donnarumma fits the bill. Inter’s Samir Handanovic has also been mentioned. 5 5 5 1. Andrea Belotti: Goal scoring Torino and Italy striker – Torino say they want to keep Belotti? What a surprise. The striker scored 26 goals in 35 Serie A games in the 2016/17 season and is very much in demand, but his release clause is said to be around the £87m mark meaning it will just take a bit of shrewd negotiating from interested clubs. Man United are said to be interested, so maybe Ed Woodward can make an offer where on top of a shed load of money, Torino can call themselves the official Italian club of Man United or something equally ridiculous. WHEN ARSENAL PAID CLUB RECORD FEE FOR TORINO STRIKER 5. Ivan Perisic – While Samir Handanovic is an option in goal for United, another wanted Inter player in Perisic. Jose Mourinho and Antonio Conte are said to be fans of the winger, but Inter claim they do not want to sell him, which could be one way for them to drive the price up as any club keen to sign him will have to reportedly pay in excess of £35m. However, there is a rumour that Inter need to raise £26m by the end of June in order to comply with Financial Fair Play regulations. Serie A clubs will do well to hold onto their key players when the summer transfer window opens on 1 July.Here, talkSPORT looks at the five most in demand players beginning with Torino’s Andrea Belotti, who has been scoring goals for fun and been linked with Arsenal, Man United and Chelsea in the Premier League.WHEN ARSENAL PAID CLUB RECORD FEE FOR TORINO STRIKERRemain up to date with all transfer rumours here.REVEALED: All the Premier League done deals so far. 4. Leonardo Bonucci – Chelsea and Man City have both been heavily linked with Juventus and Italy defender Bonucci, 30. There are reports from Italy claiming the player is open to a move away from a club where he has won six league titles, three Italian Cups and played in two Champions League finals. Chelsea are on the lookout for a new defender and could cost as much as £48m. Will Juventus finally cash in on one of their star defenders? last_img read more