Report: Cybercriminals to steal 146 billion records in next 5 years

A new report from Juniper Research estimates that cybercriminals will steal more than 146 billion personal and financial data records globally over the next five years. In addition, the firm expects the U.S. to become an even bigger target for data breaches, with over half of all breaches to occur in the country by 2023. Juniper said the U.S. will be targeted because consumer data is collected by various industries that are regulated differently, "making it easier to find and exploit systemic weaknesses."

Americans now have more debt than ever before as mortgage debt hits highest level in 9 years

The data comes courtesy of the Federal Reserve Bank of New York’s Center for Microeconomic Data, which just released its latest Quarterly Report on Household Debt and Credit.  The latest report, which covers the second quarter of 2018, shows that total household debt in the U.S. increased by $82 billion in the second quarter, meaning Americans now collectively carry $13.29 trillion in debt. According to the Fed report, the second quarter was the 16th consecutive quarter that saw an increase in overall household debt (as seen in the chart below). Overall debt is also now $618 billion higher than the previous peak of $12.68 trillion, which happened in the third quarter of 2008.

NEW REPORT: US Bank On Fraud-Fighting AI

DCS2018 ROOM BLOCK WILL END AUGUST 17, BOOK YOUR ROOMS TODAY!

If you haven’t reserved your room at the JW Marriott Austin, you should do it now. The room block ends August 17, 2018 and rooms are going fast for the Debt Connection Symposium and Expo 2018 conference on September 5-7, 2018, in Austin, Texas.  The conference group room rate is $239.00. Reservations can be made online at https://book.passkey.com/gt/216148021?gtid=c160937e2ab782ad0adbfac9919e9450 or call: (512) 474-4777 and use reservations code: DCS2018.  Based on first come, first served. The hotel block is for registered DCS attendees only.

RNN Announces Two Executive Hires to Growing SaaS Data Company

RNN today announced the two newest members of the executive team: Marie McManus to lead government contracts and acquisitions, and Dennis Guetterman as Executive Vice President of Sales.

AI in cybersecurity: what works and what doesn’t

Let's start by dispelling the most common misconception: There is very little if any true artificial intelligence (AI) being incorporated within enterprise security software. The fact that the term comes up frequently is largely to do with marketing, and very little to do with the technology. Pure AI is about reproducing cognitive abilities.  That said, machine learning (ML), one of many subsets of artificial intelligence, is being baked into some security software. But even the term machine learning may be employed somewhat optimistically. 

U.S. Household Debt Jumps to $13.3 Trillion While Student Loan Delinquencies Dip

U.S. household debt continued to increase in the second quarter, propelled by an advance in mortgage borrowing, according to a Federal Reserve Bank of New York report that also noted a decline in seriously delinquent student loans.  Total household debt rose 3.5 percent from a year earlier in the April-to-June period to a record $13.3 trillion, while mortgage debt rose 3.5 percent to $9 trillion. The majority of newly originated mortgages continued to go to borrowers with the highest credit scores, extending the pattern of most of the current economic expansion -- 58 percent of new mortgage loans were taken by those with scores of 760 or higher.

Over 146 billion records to be stolen over next five years

The figure represents an increase of 175% over the 12 billion records expected to be compromised in 2018, resulting in cumulative losses of more than 146 billion records over the next five years, according to research by Juniper Research. However, average levels of cyber security expenditure will remain relatively static. Spending by small businesses in 2018 will only make up 13% of the overall cyber security market in 2018, despite more than 99% of all companies being small businesses. In addition, the cost of breaches can exceed millions of dollars, dwarfing the turnover of such businesses.

How AI, Blockchain Combine to Fuel Healthcare Big Data Analytics

Every healthcare organization across the care continuum is currently racing to gain an edge over their peers by using big data analytics to provide the best solution to the puzzle of the Triple Aim.  There are countless impactful strategies to help organizations reduce costs and improve outcomes by leveraging data, but the past few months have seen two intriguing concepts rise above the rest.  Artificial intelligence and blockchain have quickly become the tools of choice for developers, providers, and payers looking to bulk up their health IT infrastructure with innovative, effective data management capabilities.

Report examines auditing agility, innovation

The Institute of American Auditors (IAA) has released a report examining the need to bolster industry agility and innovation.  Officials said the examination addresses both topics on multiple fronts, discussing everything from the shift in mindset to the mix of talent and technology that is necessary to complete the job.  “The path toward agility and innovation may be challenging, with pitfalls, dead ends, and false starts blocking the road ahead,” the report said. “Regardless, the alternative to an agile, innovative audit function is one that remains slow and traditional — and that function just won’t last in the world that’s coming.”

Why Your Approach to Cybersecurity Needs to Be Proactive Rather Than Reactive

In formulating a cybersecurity strategy, there are two principal approaches a business can take – a proactive approach or reactive approach.  A reactive approach involves responding to attacks after (or if) they happen. A proactive approach attempts to prevent incidents from taking place before they can happen, anticipating the potential risks and weaknesses within a system, and fixing them before they can be exploited.  Some businesses rely on a reactive approach to best manage cybersecurity, worrying that trying to anticipate attacks will be too expensive and mostly unnecessary. However, this is flawed thinking.

More than 1 million people default on their student loans each year

More than 1 million student loan borrowers each year go into default. Outstanding education debt in the U.S. has tripled over the last decade and now exceeds $1.5 trillion, posing a greater burden to Americans than auto or credit card debt.

CFPB Relaxes Supervision Of Military Lenders

In a move that has surprised military families, the Consumer Financial Protection Bureau (CFPB) is planning to suspend routine examinations of lenders for violations of the Military Lending Act, which was designed to protect military service members and their families from financial fraud, predatory loans and credit card gouging.

Bureau Of Consumer Financial Protection Settles With Defendants In Hydra Group Payday Lending Case

WASHINGTON, D.C. — Today a federal district court in the Western District of Missouri entered an Order effectuating a settlement between the Bureau of Consumer Financial Protection (Bureau) and Richard Moseley, Sr., Richard Moseley, Jr., and 20 interrelated corporate entities controlled by Moseley, Sr. and Moseley, Jr., in the Bureau’s lawsuit regarding the unlawful origination and servicing of short-term, small-dollar online loans to consumers nationwide.

Bureau adopts NAFCU-backed privacy notice changes

The Bureau of Consumer Financial Protection (formally the CFPB) on Friday finalized rule changes to codify 2015 Gramm-Leach-Bliley Act (GLBA) revisions on private notice requirements. Accepting many of NAFCU's recommendations, the final rule is a win for the credit union industry.

New IL Supreme Court credit card collection pleading rules have ‘potential’ to lengthen process

CHICAGO -- The Illinois Supreme Court has adopted new pleading requirements for credit card and debt collection cases, which will result in additional protection for debtors, but also has the potential to lengthen the process, according to one Chicago attorney.

Bureau of Consumer Financial Protection Updates Regulation P To Implement Legislation Amending Gramm-Leach-Bliley Act

WASHINGTON, D.C. – The Bureau of Consumer Financial Protection (Bureau) today finalized amendments to implement legislation that allows financial institutions that meet certain requirements to be exempt from sending annual privacy notices to their customers.

California Privacy Bill’s Big Implications for US Businesses – Part II

We recently provided background on the new rules and obligations of the California Consumer Privacy Act of 2018 (Privacy Act), which was adopted on June 28, 2018 and will go into effect on January 1, 2020. The bill provides California citizens with new rights and protections, while also requiring new obligations for business in California and beyond.

U.S. Department of Education Proposes Overhaul of Gainful Employment Regulations

WASHINGTON—The U.S. Department of Education today announced a Notice of Proposed Rulemaking (NPRM) that proposes to rescind Gainful Employment (GE) regulations in order to provide useful, transparent higher education data to students and treat all institutions of higher education fairly.

Goldman Sachs Will Beat Out Fintechs To Champion The Consumer Lending Boom

Since the collapse of our economy under a decade ago, banks have gotten tighter with their lending. They no longer give out significant amounts of unsecured personal loans, many of which were considered subprime. While the banks became less likely to make these loans, this opened the door for other lenders to step in. Taking this role of providing highly lucrative, but highly risky loans, is the burgeoning fintech industry.

As Auto Shopping Season Heats Up, it’s Clear that Some Consumers Refinance Their Loans within Days of Purchase

Late summer usually means big business for auto dealerships. In fact, TransUnion (NYSE: TRU) found that auto loan originations between 2015 and 2017 spiked 5.5% in the third quarter compared to the yearly quarterly average. A new analysis by the TransUnion auto business found that many consumers actually refinance their initial auto loans just a few days after securing them, often resulting in a lower monthly payment.

BillingTree appoints Jason Hiland VP Sales and Business Development for ARM and Financial Services

Phoenix, Ariz. – August 9, 2018 BillingTree®, the leading payment technology provider, today announced Jason Hiland has been appointed Vice President of Sales and Business Development for ARM and Financial Services. In this newly created position he oversees sales operations and initiatives to expand electronic payment and technology adoption to a broader audience of Banks and Credit Unions of all sizes, Auto Financers and the Accounts Receivables Management (ARM) market.

NAFCU at bureau today on fintech, importance of level playing field

NAFCU today will meet with the newly selected Bureau of Consumer Financial Protection's (formally the CFPB) Office of Innovation Director Paul Watkins for an introduction to the bureau's new office and its focus on helping fintech firms develop new products and services.

Life’s a breach – the harsh cost of a data breach for professional services firms

Data breaches are an unavoidable fact of life for all organisations, including professional services firms. It’s not a matter of ‘if’ a firm might be breached, but ‘when’. The cyber threat to the global professional services sector is significant and the number of reported incidents has increased significantly over recent years. With data breaches on the rise, cyber security should be high on the agenda of all firms. The risks should not be underestimated.  Data breaches and phishing are among the most significant cyber threats to professional services firms.

How to Improve the California Consumer Privacy Act of 2018

On June 28, California enacted the Consumer Privacy Act (A.B. 375), a well-intentioned but flawed new law that seeks to protect the data privacy of technology users and others by imposing new rules on companies that gather, use, and share personal data. There's a lot to like about the Act, but there is substantial room for improvement. Most significantly:

Federal judge rules Wyoming ban on robocalls unconstitutional

A federal judge in Wyoming has deemed a state law against the use of automated phone calls – commonly known as “robocalls”— by political operatives as unconstitutional, capping off more than a year of litigation in federal court.  In a judgement handed down Monday in U.S. District Court in Cheyenne, Judge Alan Johnson ruled that Grand Rapids, Michigan-based polling firm Victory Processing LLC was justified by gathering information and polling by way of robocalling. Johnson concluded the state’s ban was “over inclusive” in that it “completely prohibits political speech through robocalls while allowing commercial speech under certain circumstances.”

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