Trusted News for Credit Union Leaders
Credit Union Times
SEPTEMBER 26, 2018 | VOL. 29 | NO. 33 | CUTIMES.COM
Must Reads
CYBERSECURITY
Five Threats to Business
In today’s increasingly digital
world, the primary threats that
aim to disrupt your business and
your clients’ business can come
from a variety of sources and ma-
licious applications. Below are
the five biggest cyber threats I’ve
identified from my work on Rela-
tivityOne that could impact your
business along with how you can
protect yourself from each.
Agencies
Attempt
to Rein In
Guidance
REGULATIONS
DAVID BAUMANN
dbaumann@cutimes.com
1. Phishing
Phishing is arguably the most
important threat vector to worry
about. Your people are already
inside your perimeter, behind
your firewall and have access to
your resources and protected
assets. This is why phishing attacks are the way most malware
gets into organizations – through
a download because an internal
user clicked on a link or attachment in a phishing email. Wombat Security has said that 76% of
businesses have been a victim of
a phishing attack within the last
year and SANS Institute reported
that 95% of all attacks on enterprise networks are the result of
successful spear phishing.
FOCUSREPORT: MORTGAGE LENDING The dream of homeownership has eluded many Americans, especially since the Great Recession. Learn how one credit union is making that dream come true for low-income members in one of the nation’s most expensive housing markets in this Focus Report. Y6
rule is a rule and guid- ance is, well … not a rule. That’s the word
from the federal financial regulatory agencies, who this month are
pledging that they will not treat
guidance as if it were a rule.
“Unlike a law or regulation, supervisory guidance does not have
the force and effect of law, and
the agencies do not take enforcement actions based on supervisory guidance,” the CFPB and five
prudential agencies, including the
NCUA, said in a statement issued
on Sept. 11.
MOBILE BANKING
Members Positive About Texting
ROY URRICO
rurrico@cutimes.com
Training on how to detect a
phishing email remains the best
defense but it isn’t a one-and-done approach. Training needs
to be repeated multiple times
per year, and it is recommended
that you phish your own people
at regular intervals to spot check
and provide constructive feedback. Verizon has reported that
30% of phishing mes- Y 14
igital challenges for
credit unions include
boosting online engagement, helping
visitors evaluate offerings and
driving qualified leads to their
connected applications – all while
satisfying member expectations
for a better experience.
service tech solutions built to enhance the digital experience with
credit unions: Lead-Gen Bots,
interactive tools that track and
engage consumers shopping for
loans; and the Elle text messaging
platform, an end-to-end member
engagement vehicle that integrates with new membership and
loan applications, and provides
live chat for tracking.
banking IT infrastructure, helping
provide a smooth omnichannel
integration across
the web, mobile,
SMS, email and
Facebook.
Joseariel Gomez,
CEO at Shastic, said,
“When it comes to
credit unions, we
consider ourselves
specialists. As a
trusted technology vendor, Shastic
has worked with hundreds
Gomez
The agencies are seeking to assure financial institutions that
they do not take enforcement actions based on guidance that they
issue.
Credit unions and members of
Congress have criticized agencies
for regulating through guidance
that does not have to go through
the regulatory process, which includes public comment.
The Berkeley, Calif.-based
Shastic has two software-as-a-
Many credit unions use both
products because they connect
with one another and into existing
Y 16
In one celebrated case, the
CFPB issued auto sales guidance,
which the Government Accountability Office said, in an opinion
requested by Sen. Pat Toomey
(R-Pa.), should have gone through
the regulatory process. That Y 17
Mortgage
Missteps
Protect your
CU with MI
insurance. Y 10
Finding Your
Niche
Two small CUs talk
strategy. Y 12
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