Required Password Change

On February 14th at 8am, Citizens Bank Minnesota is enabling mandatory password changes in our NetTeller online banking product.  Passwords will be required to change every 60 days and previous passwords cannot be reused.  We realize that our customers count on us to protect their information and accounts. The benefit of regularly changing a password outweighs the difficulty of changing it. We are available to assist you with any questions this change may bring. Please contact us at 800-549-0194 or 507-354-3165.

Recent data breaches provide the best example demanding timely password changes.  Zappos.com, for example, recently had a database containing 24 million customer records that were stolen.  Several forms of fraud could potentially begin after a breach of such magnitude.  This is an important example on why requiring password changes may help keep you protected.

A few best practices:

• Change your password NOW in the “Options” menu within your Online Banking account.
• Fill out the “Password Reset Question and Answer” in the options menu. This is the question that you must answer to automatically reset your own password. Without this filled out you have to contact the bank to reset.
• Use a stronger password than required. Here is a good password primer from a trusted resource: http://krebsonsecurity.com/password-dos-and-donts/
• Never use your web browser to save a password. There are computerized password management tools, but Citizens doesn’t endorse a password management tool.
• Use a different password for online banking than any other website, or at least use a different password than your email, Facebook, or online shopping accounts.
• Consider the security of the computer you are using to access online banking. Do you own it? Is it infected? Is it on a publicly accessible wireless network? Is it a public computer? Would you be willing to type your most private secret onto the computer?

By: Jason Wieland, IT Manager

Update Your Passwords

Zappos.com has been notifying its 24MM accountholders of a data breach. This also affects its affiliate website 6pm.com and the following information may have been stolen:

Username
Customer Name
Email
Billing Address
Shipping Address
Phone Numbers
Last 4 digits of Credit Card Number
Cryptographically Scrambled Passwords

The database that contains critical credit card and payment data was not affected or breached, but this has an impact upon users of that site because they can EASILY be phished using the last 4-digits of the credit card information and the knowledge that they were a Zappos customer. Zappos is also recommending that users change their passwords in other sites that share the same login credentials.

Read more here:

http://www.bankinfosecurity.com/articles.php?art_id=4406&rf=2012-01-17-eb&elq=108a9fed1e574bf7983e83f90d12ea7b&elqCampaignId=

http://money.msn.com/saving-money-tips/post.aspx?post=a75ec255-077b-4d85-829a-086c59d82296

By: Jason Wieland, IT Manager

Balancing Your Checkbook

Balancing your checkbook is important for many reasons.  Making sure all debits & credits clear your account for the correct amount could save you money.   In addition, if you don’t balance your checkbook, you could end up becoming overdrawn, which could cause you to incur fees.   Another reason to balance your checkbook is to watch for fraud.  It is important to look through every transaction in your account and to contact the bank immediately if you notice anything suspicious.

The key to balancing your checkbook is recording all of your debits.  Some examples include automatic debits, checks, transfers, fees, debit card purchases, and ATM withdrawals.  Here is a step-by-step guide on how to balance your checkbook:

1.)    Go through your statement and check off each item in your register.  Make sure the amount on your statement matches the amount written in your register.

2.)    Look through your statement for any items that are not listed in your register.  If you find any, record and subtract or add them from your register total.

3.)    To make sure your register balances with your monthly statement, look at the ending balance on your statement and compare it to the ending balance in your register.  Here is a simple formula to see if you balance:

Ending statement balance

+     (plus) All deposits listed in your register that are not listed on your statement

-      (minus) All withdrawals listed in your register that are not listed on your statement

=     Total (this should match your ending register balance)

4.)    If your register & statement balances do not match, find the difference between the totals.  Look through the statement & register for any item that matches your difference.

If you receive a printed statement from us, the back includes instructions and an easy to use chart to assist you in your reconcilement.  If you have any questions when balancing your checkbook, please call or stop in to the bank and someone can assist you.

By: Lisa Reinarts, Assistant Operations Manager

Security research firm creates website to check for compromised accounts

Two researchers from HP Tipping Point have created a website http://www.pwnedlist.com to help determine if a username or email address has been compromised by hackers and dumped to the Internet.  The hacker term is pwned, which is a computer gaming term spoken as “owned”.  The website is a secure resource and will not give any of the account details.  It is simply a way to raise red flags so that compromised account passwords are changed, etc.  There are almost 5 million records in the database!

If anyone has a positive hit please feel free to contact me at Citizens Bank Minnesota.  It is good to let your bank know, but I am also more than willing to be an advisor: https://www.citizensmn.com

Anyone who wants to see more news about current investigations and top IT security issues can also follow these resources:

• Brian Kreb’s Blog: http://krebsonsecurity.com/
• Dell Secureworks Blog: http://www.secureworks.com/research/blog/
• HP Tipping Point DV Labs Blog: http://dvlabs.tippingpoint.com/blog/
• Trend Micro Malware Blog: http://blog.trendmicro.com/
• Sourcefire Vulnerability Research Team: http://vrt-blog.snort.org/
• Symantec Security Response Blogs: http://www.symantec.com/business/security_response/weblog/
• Juniper Networking and Security Now: http://forums.juniper.net/t5/Networking-Security-Now/bg-p/networkingnow
• Fortinet Research Blog: http://blog.fortinet.com/tag/research/
• WatchguardSecurityCenter: http://watchguardsecuritycenter.com/category/security-updates/

By: Jason Wieland, IT Manager

What you should know about Private Mortgage Insurance (PMI)

One of the most common comments that I hear from clients today in the market to purchase a home is “I can afford the monthly housing payment” or “My rent payment is higher than what my house payment will be”, but “I do not have 20% for the down payment.” For most homebuyers, the biggest hurdle is the down payment. Using private mortgage insurance or PMI is a way for you to purchase a home with less than 20% down.

Why is PMI needed? History has proven that homeowners with less then 20% invested in the cost of a home are significantly more likely to default, making low-down payment mortgages riskier for lenders. To offset the risk, lenders typically require mortgage insurance for loans with down payments of less than 20%.

Here is an example of how it works:

A borrower buys a home for $125,000.00 and has a down payment of 10%, or $12,500.00. The lender then requires the borrower to purchase PMI to reduce the risk exposure. The cost to the borrower is based on the size of the down payment, the borrower’s credit score, type of mortgage and the amount of insurance coverage needed. The borrower typically pays the PMI premium monthly when they pay their mortgage.

PMI may be cancelled once the borrower has built up enough equity in the home, typically 20%. Every PMI company has established criteria that need to be met to cancel PMI.

PMI allows a buyer to purchase a home with minimal down payment, but it also raises a borrower’s monthly payment. Planning ahead and saving for a new home can help reduce the cost of the monthly PMI premium and allow you to apply more of your monthly payment to equity.

By: Lisa Schneider, Mortgage Loan Officer

The Advantages to Direct Deposit

Do you have the option to directly deposit your paycheck at work?  You may have ignored it, thinking you don’t need it; you may want to reconsider.

Direct Deposit is faster, safer, convenient and free.  No more waiting for the postal service to arrive with your paycheck.  No need to wait in line at the bank to cash your paycheck.  Even if you are out of town, sick or unable to get to your financial institution, your paycheck is in your account the day it is issued.  No more lost or stolen checks.  The best of all is that the electronic transfer system is FREE.

Once you have automated your paycheck, consider saving even more by automating your payments as well.  As the price of a postage stamps rises, so does the cost savings of paying your bills online.

The rise of electronic payments makes excellent food for thought.

By: Kathy Drexler, Operations Manager, Asst. Cashier

Opting Out

Getting unsolicited junk mail and telemarketer calls is all too common now-a-days.  But, there are some things you can do to help eliminate some or all of these annoyances.

If you would like to opt-out of telemarketing, you can register your phone number at www.donotcall.gov or call 1-888-382-1222 from the phone number you would like to register.  This should remain in effect until you disconnect the number or you choose to remove the number from the do-not-call registry.

If you would like to receive fewer unsolicited commercial mailings you can visit www.dmachoice.org to register for 5 years.  This will stop mailings that use the Direct Marketing Association for the outgoing mailings.  You may continue to receive some bulk mailings.

If you would like to be removed from the prescreening offers for credit and insurance, you have two options.  The first option is to opt-out for 5 years; the other is to opt-out permanently.  Visit www.optoutprescreen.com to choose one of these options.  The permanent option will require you return a signed form.  You can also call 1-888-5-OPT-OUT (1-888-567-8688).

As annoying as some of this “junk” may be, we would like you to make an informed decision about opting-out.  Of course, the benefits of opting-out are that you will receive fewer phone calls and credit/insurance offers in the mail, which can also help thwart off identity theft as well.  One benefit of receiving such mailings is that you may receive special credit offers that would not be available to the general public.  This is truly a personal decision.  Please do what you think will be best for you.  The websites above can also give you more information to help with your decision.  And remember, you can opt-out using any one or all of these.

Jenn Wendorff, Client Services Rep.

Security Tip

Security research firm creates website to check for compromised accounts:

Two researchers from HP Tipping Point have created a website http://www.pwnedlist.com to help determine if a username or email address has been compromised by hackers and dumped to the Internet.  The hacker term is pwned, which is a computer gaming term spoken as “owned”.  The website is a secure resource and will not give any of the account details.  It is simply a way to raise red flags so that compromised account passwords are changed, etc.  There are almost 5 million records in the database!

If anyone has a positive hit please feel free to contact me at Citizens Bank Minnesota. It is good to let your bank know, but I am also more than willing to be an advisor: https://www.citizensmn.com

Anyone who wants to see more news about current investigations and top IT security issues can also follow these resources:

• Brian Kreb’s Blog: http://krebsonsecurity.com/
• Dell Secureworks Blog: http://www.secureworks.com/research/blog/
• HP Tipping Point DV Labs Blog: http://dvlabs.tippingpoint.com/blog/
• Trend Micro Malware Blog: http://blog.trendmicro.com/
• Sourcefire Vulnerability Research Team: http://vrt-blog.snort.org/
• Symantec Security Response Blogs: http://www.symantec.com/business/security_response/weblog/
• Juniper Networking and Security Now: http://forums.juniper.net/t5/Networking-Security-Now/bg-p/networkingnow
• Fortinet Research Blog: http://blog.fortinet.com/tag/research/
• Watchguard Security Center: http://watchguardsecuritycenter.com/category/security-updates/

By: Jason Wieland, IT Manager

What’s your net worth?

Put in the simplest form, your total assets (cash, checking, savings, etc.) minus your total liabilities (credit cards, car loans, home mortgage, etc.) = net worth. Now, more than ever, people are taking a hard look at their finances to make ends meet.  Many find themselves on a downward spiral and have a tough time getting back on track. You may be asking yourself “where do I start?”   

I feel the best way to move forward is to know where you are currently at, figuring out your net worth and putting together a personal balance sheet.  You probably have done this several times on applications for credit, but may not have kept a copy for yourself.  Once you do this, you can create a plan to make the most of your situation.  By knowing where you currently stand, you can budget to help you stay within your means and hopefully continue to build your net worth over time.

To start, you will need to collect all your financial records to input into the balance sheet.  The following link is just one quick calculator to help you figure out your net worth.  Enter your assets, then your liabilities, and click on “calculate” your net worth.

 http://cgi.money.cnn.com/tools/networth/networth.html

You may also do an internet search for personal balance sheet, business balance sheet or net worth and you will find many options to choose from. 

 By: Scott Tauer, Asst. Vice President

Personal Umbrella Policy

During certain circumstances, basic insurance is not enough. That is why a Personal Umbrella Policy (PUP) is a necessary addition to insurance protection for most people. 

If an unfortunate accident should happen that is your fault, do you have enough liability insurance from your current policies to cover your costs for negligence? Since no one can predict how much a judge may award the injured person, umbrella insurance is not just for the wealthy, but a needed protection for every policyholder. 

Umbrella insurance is designed to give added protection above and beyond the limits on homeowners, auto and watercraft personal insurance policies. With an umbrella policy, an additional $1-5 million can be added for liability protection. This protection is designed to “kick-in” when the liability on other current policies has been exhausted. 

Listed below are actual claims. These claims show the very real consequences of situations that quickly exhaust underlying liability limits and threaten the net worth of the people involved. 

Claim Scenario:

The Insured’s 18-year-old son was driving the Insured’s car on a short trip to the store with his girlfriend, the Claimant. The car left the roadway and struck a tree. The Insured’s son told the police that a vehicle cut him off, but there were no witnesses and no evidence of any impact with another car. The Claimant has no recollection of the accident. 

The Claimant, a 19-year-old college student, was hospitalized for over a month with multiple fractures and internal injuries. She was in a wheelchair, but is now able to walk with crutches and continues with physical therapy. She has a right foot drop as a result of the injuries. The Insured’s personal umbrella policy limit was paid.

 Claim Scenario:

The Insured hosted a party at his home. Among the guests was the Claimant, a family friend. The Claimant brought his wife and children, an infant and 2 year old child to the party. 

The Insured gave the Claimant a jug of spring water for him to use to mix the formula for the infant. The 2 year old child also had a drink.

Shortly thereafter, both children became ill. The family left the party, and took the children to the hospital. The hospital requested the water jug which was found to contain arsenic. An old label was found wrapped around the handle with the word “weed killer” printed on it.

The Insured had apparently mixed a solution of weed killer in a jug similar to the ones used for spring water and mistakenly given it to the Claimant.

The infant died and the 2-year-old survived after being in critical condition. The Personal Umbrella policy limits were paid out.

For more information on the Big I endorsed RLI Personal Umbrella, check it out today at www.iiaba.net/umbrella.

By: David Hirth & Deb Raschke of Citizens David Hirth Agency