Tag Archives: Security

6 Tips For Saving Success

As the summer months quickly approach, there’s no better time to evaluate savings strategies. Whether it be for that dream summer vacation or a down payment on a home, a few small changes can have a big impact on your financial future.

Stock Yards Bank offers the following tips to put you on the path towards saving success:

  • Set a goal. The first step is to establish a realistic savings goal. Consider your expenses, make a budget and determine how much you can put away each month.
  • Track your spending. Hold yourself to the budget you’ve set by tracking your expenses. Consider using websites that segment your spending so you can easily see what areas, if any, you are going over budget then adjust accordingly.
  • Pay yourself first. Arrange to have a specific amount transferred to your savings account every pay period. If you wait till the end of the month to see what’s left over, you are less likely to save.
  • Consult a banker. Stop in to Stock Yards and speak with a banker about which package of products and services would best suit your saving needs.
  • Consider investments.For long-term goals, such as saving for a home or retirement, look into bonds, mutual funds, real estate and stocks.
  • Set up automatic bill pay.Although 97 percent of Americans pay their bills on time, some consumers find themselves paying late fees. Set up automatic bill pay so you’re never paying more than you have to.

Resource information provided by the American Bankers Association

7 Things You Didn’t Know About ITMs

Next time you are in a hurry and there is a line in the lobby, why not give one of Stock Yards’ ITMs a try? Interactive Teller Machines are located in several of our offices throughout Louisville, Cincinnati, and Indianapolis. Convenient and easy to use, ITMs can take care of your banking needs with a few simple steps. Here are 7 things you may not know about ITMs:

  1. Stock Yards’ first ITM opened in Louisville in the fall of 2014.
  2. Our three Virtual Service Associates are located out of a branch in Louisville.
  3. You can cash a check and receive exact change back – right down to the penny.
  4. You do not need a deposit ticket when using the ITM to make a deposit. There are several options to choose from, such as typing in an account or simply inserting a debit card.
  5. Stock Yards has ITMs at the following office locations:
    • 5th Street
    • Poplar Level
    • Highland Heights
    • Francis
    • Florence
    • St. Matthews
  6. All of the drive in ITM’s have dual functionality and are available to customers 24/7 as an ATM.
  7. Our virtual staff has over 25 years of combined experience at Stock Yards!

6 Financial Traps New College Graduates Should Avoid

This spring, college seniors across the nation will graduate and start their careers. Financial lifestyle should be top of mind, says the American Bankers Association. ABA has highlighted six traps new college graduates should avoid to fortify their finances as they transition from the dorm to the office.

“Now is the time for college grads to get their financial life started on the right foot,” said Corey Carlisle, executive director of the ABA Foundation. “When it comes to managing your finances in the real world, pulling an all-nighter isn’t the best strategy.  Forming positive financial habits today will set you up for lifelong success.”

According to ABA, new college graduates should avoid the following financial traps:

Not having a budget.  Don’t spend more than you make. Calculate the amount of money you’re taking home after taxes, then figure out how much money you can afford to spend each month while contributing to your savings. Be sure to factor in recurring expenses such as student loans, monthly rent, utilities, groceries, transportation expenses and car loans.

Forgoing an emergency fund.  Make it a priority to set aside the equivalent of three to six months’ worth of living expenses. Start putting some money away immediately, no matter how small the amount. A bank savings account is a smart place to stash your cash for a rainy day. Use your tax refund for this instead of an impulse buy.

Paying bills late – or not at all. Each missed payment can hurt your credit history for up to seven years, and can affect your ability to get loans, the interest rates you pay and your ability to get a job or rent an apartment. Consider setting up automatic payments for regular expenses like student loans, car payments and phone bills.

Racking up debt. Understand the responsibilities and benefits of credit.  Shop around for a card that best suits your needs, and spend only what you can afford to pay back. Credit is a great tool, but only if you use it responsibly.

Not thinking about the future.  It may seem odd since you’re just beginning your career, but now is the best time to start planning for your retirement. Contribute to your employer’s 401(k) or similar account, especially if there is a company match. Invest enough to qualify for your company’s full match – it’s free money that adds up to a significant chunk of change over the years.

Ignoring help from your bank. Most banks offer online, mobile and text banking tools to manage your account night and day.  Use these tools to check balances, pay bills, deposit checks, monitor transaction history and track budgets. To learn about the tools Stock Yards has to offer, visit our website at www.syb.com.

Resource information provided by the American Bankers Association

12 Ways to Protect Your Mobile Device from Hackers

As more and more consumers rely on their mobile devices to bank, browse and shop on the internet, it is extremely important that they exercise certain measures to protect their devices from online threats. The American Bankers Association is recommending 12 tips to help consumers safeguard their data and protect their mobile devices from fraudsters.

Mobile usage has grown tremendously in recent years and consumers are using their phones to access and transmit very sensitive information,” said Doug Johnson, ABA’s senior vice president of payments and cyber-security policy. “It’s extremely important that consumers avoid doing their banking and shopping on unsecure networks to limit their exposure to online threats.”

ABA recommends that consumers take extra precaution to protect the data on their mobile device by doing the following:
• Use the passcode lock on your smartphone and other devices. This will make it more difficult for thieves to access your information if your device is lost or stolen.
• Log out completely when you finish a mobile banking session.
• Protect your phone from viruses and malicious software, or malware, just like you do for your computer by installing mobile security software.
• Download the updates for your phone and mobile apps.
• Use caution when downloading apps. Apps can contain malicious software, worms and viruses. Beware of apps that ask for unnecessary “permissions.”
• Avoid storing sensitive information like passwords or a social security number on your mobile device.
• Tell your financial institution immediately if you change your phone number or lose your mobile device.
• Be aware of shoulder surfers. The most basic form of information theft is observation. Be aware of your surroundings especially when you’re punching in sensitive information.
• Wipe your mobile device before you donate, sell or trade it using specialized software or using the manufacturer’s recommended technique. Some software allows you to wipe your device remotely if it is lost or stolen.
• Beware of mobile phishing. Avoid opening links and attachments in emails and texts, especially from senders you don’t know. And be wary of ads (not from your security provider) claiming that your device is infected.

6 Ways to Protect Your Business from Email Compromise Scams

Companies of all sizes are being targeted by criminals through Business Email Compromise scams. In these scams, cybercriminals gain access to an employee’s legitimate business email through social engineering or computer intrusion. The criminal then impersonates the employee ¾ often a senior executive or someone who can authorize payments ¾ and instructs others to transfer funds on their behalf. Stock Yards Bank & Trust recommends the following tips to help businesses and employees avoid business email compromise attacks:

  • Educate your employees. You and your employees are the first line of defense against business email compromise. A strong security program paired with employee education about the warning signs, safe practices, and responses to a suspected takeover are essential to protecting your company and customers.
  • Protect your online environment. It is important to protect your cyber environment just as you would your cash and physical location. Do not use unprotected internet connections. Encrypt sensitive data and keep updated virus protections on your computer. Use complex passwords and change them periodically.
  • Use alternative communication channels to verify significant requests. Have multiple methods outside of email – such as phone numbers, alternate email addresses – established in advance through which you can contact the person making the request to ensure it is valid.
  • Be wary of sudden changes in business practices or contacts. If an employee, customer or vendor suddenly asks to be contacted via their personal e-mail address, verify the request through known, official and previously used correspondence as the request could be fraudulent.
  • Be wary of requests marked “urgent” or “confidential. Fraudsters will often instill a sense of urgency, fear or secrecy to compel the employee to facilitate the request without consulting others. Use an alternative communication channel outside of email to confirm the request.
  • Partner with your bank to prevent unauthorized transactions. Talk to your banker about programs that safeguard you from unauthorized transactions such as call backs, device authentication and multi-person approval processes.

If you fall victim to a business email compromise scam:

  • Contact your financial institution immediately to notify them about the fraudulent transfer and request that they contact the institution where the fraudulent transfer was sent.
  • File a complaint, regardless of dollar loss, at www.IC3.gov.

7 Ways to Prevent Cybercrime

Cybercrime continues to be a growing problem in the U.S. According to the FBI’s Internet Crime Complaint Center, in 2015 the agency received approximately 288,000 complaints from consumers who were exposed to online fraud — up from nearly 270,000 in 2014. In recognition of Cybersecurity Awareness Month, the American Bankers Association is urging online users to take simple steps to safeguard their personal information, protect their networks and stop fraud.

“Fraudsters are using the Internet to facilitate all types of scams,” said Doug Johnson, ABA’s senior vice president of payments and cybersecurity policy. “As a result, it is extremely important that online users secure their Internet connection and install the latest security software to lessen their exposure to online threats.”

ABA recommends the following tips to protect yourself while navigating the web:

  • Keep your computers and mobile devices up to date.  Having the latest security software, web browser, and operating system are the best defenses against viruses, malware, and other online threats. Turn on automatic updates so you receive the newest fixes as they become available.
  • Create complic@t3d passwords. A strong password is at least eight characters in length and includes a mix of upper and lowercase letters, numbers, and special characters.
  • Watch out for phishing scams. Phishing scams use fraudulent emails and websites to trick users into disclosing private account or login information. Do not click on links or open any attachments or pop-up screens from sources you are not familiar with. Forward phishing emails to the Federal Trade Commission (FTC) at spam@uce.gov – and to the company, bank, or organization impersonated in the email.
  • Keep personal information personal. Hackers can use social media profiles to figure out your passwords and answer those security questions in the password reset tools. Lock down your privacy settings and avoid posting things like birthdays, addresses, mother’s maiden name, etc.  Be wary of requests to connect from people you do not know.
  • Secure your internet connection. Always protect your home wireless network with a password. When connecting to public Wi-Fi networks, be cautious about what information you are sending over it.
  • Shop safely. Before shopping online, make sure the website uses secure technology. When you are at the checkout screen, verify that the web address begins with https. Also, check to see if a tiny locked padlock symbol appears on the page.
  • Read the site’s privacy policies. Though long and complex, privacy policies tell you how the site protects the personal information it collects. If you don’t see or understand a site’s privacy policy, consider doing business elsewhere.

Resource information provided by the American Bankers Association

In The News – Great Britain Leaves European Union

AMark

June 24, 2016

Dear friends and clients,

In a very close vote the citizens of Great Britain voted to formally leave the European Union. Prime Minister David Cameron has resigned and will step down in October after failing to rally support for remaining a part of the EU. Global stock markets are responding negatively and the Euro and Pound are both falling against other currencies. The U. S. stock market responded this morning with a negative opening.

What are the consequences of the vote? There is a real fear that the British vote will be the beginning of the end for the European Union by encouraging other members to leave. This would have negative implications for global trade and further weaken economic growth in both Great Britain and Europe. Markets are being negatively impacted by the uncertainty surrounding the process of leaving the EU. Strategists are also concerned about the impact on the sales and earnings of multinational companies domiciled in the United States and the rest of the world. Many of these companies gained access to European markets through Great Britain and will now be forced to contract separately with Great Britain and the EU. The rising dollar will also impact the earnings of U. S. multinational companies due to currency translation accounting rules.

The worst fears are probably being overstated. Great Britain will more than likely retain preferred trading status with the European Union. It is in the best interest of the EU to negotiate trade agreements without restrictions, penalties, or tariffs so as not to disrupt the fragile economic growth in that region. The strong dollar, stable political and economic environment, and the very low interest rates throughout the Eurozone will encourage capital flows into the United States which will support our capital markets.

What happens next? Prime Minister Cameron will travel to Brussels next week to meet with the other twenty seven member country leaders. They will begin the process of defining the new relationship between the EU and Great Britain politically and economically. His successor will then begin the formal two years of meetings required by law to negotiate Great Britain’s way out of the European Union and to renegotiate trade accords with member countries. European leaders will be focusing on the agreements necessary to regulate future trade between the EU and Great Britain, the access British companies will have to EU markets, and any banking restrictions on banks domiciled in Great Britain. The hope is Great Britain will still have access to the European mainland markets without tariffs or other barriers to trade.

In conclusion, expect continued market volatility. We advise clients to remain invested through these periods of higher than normal uncertainty. We will continue to manage risk in portfolios through the diversification and security selection process. Please contact your wealth advisor with any concerns or questions.

The Wealth Management Group

Louisville
200 South Fifth Street
Louisville, KY 40202
Phone: (502) 625-1005
Email:WealthManagement@syb.com
Indianapolis
11450 N. Meridian Street
Carmel, IN 46032
Phone (317)-238-2816
Email:WealthManagement@syb.com
Cincinnati
101 W. Fourth Street
Cincinnati, OH 45202
Phone: (513)-824-6146
Email:WealthManagement@syb.com

We provide the information in this newsletter for general guidance only. It does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, investment, legal, or other competent advisers. Before making any decision or taking any action, you should consult a professional adviser who has been provided with all pertinent facts relevant to your particular situation. The information is provided “as is,” with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, expressed or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.

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