intracoastal bank

A Career in Banking…It’s Still a Good Choice

https://www.intracoastalbank.net/about-us/intracoastal-bank/blog-5.html

The banking sector is going digital at increasing rates, integrating banking business with continuously advancing technology. With this new age banking and finance comes strong, stable career opportunities. 

The banking industry offers several careers within a financial institution. A career in banking is open to most individuals, with some positions only requiring a high school diploma or equivalent. There are several career paths in banking that individuals can choose to pursue. Here are some of the most common:

Bank Teller – an entry-level position that involves providing customer and basic banking service to bank customers. Some of the duties of this position include taking cash, checks and other forms of payment from customers, depositing and dispensing money from customer accounts and answering basic banking questions and concerns.

Customer Service Representative/New Accounts Representative – a position responsible for helping customers set up new accounts (checking, savings and investment). These bank employees help individuals with their personal banking needs as well as assist business owners with their commercial banking demands.

Financial Clerk/Administrator – a position responsible for financial administrative tasks such as processing invoices, managing financial records, keeping track of transactions and reviewing financial information and documents.

Accountant/Auditor – a financial professional, typically a certified public accountant (CPA), who is responsible for ensuring financial statements and records are up-to-date and the bank is abiding regulations, compliance laws and generally accepted accounting principles. Some of these duties include analyzing and documenting the institution’s financial information, creating financial reports, performing audits, resolving any discrepancies and providing pertinent and timely financial information to help management make informed decisions regarding budgets and finances.

Investment Banker – a financial professional who is responsible for working with the institution’s clients to determine their financial goals and needs and providing solutions to meet them. The duties of this position include evaluating client financial data, creating investment portfolios and performing analyses of these portfolios, overseeing client investment transactions and maintaining relationships with the bank’s investment clients.

Loan Officer – a financial professional who oversees the approval of real estate, credit and business loans. The duties of this position include meeting with loan applicants to determine eligibility and needs, assisting with the loan process from application to closing and ensuring loans comply with regulations and laws.

These are only some of the career possibilities. Yet, no matter which path you may decide to take, a career in banking offers several attractive benefits. The most prominent include:

  • Competitive salaries
  • Benefits, including medical insurance, paid time off, sick leave and disability insurance
  • An array of positions to choose from
  • Job security
  • Advancement and career development opportunities
  • Good working conditions and reliable hours

Many banks will hire individuals with no banking experience, offering on-the-job training to those who are willing to learn and accept responsibility for the duties their specific position requires. Some banks will even offer tuition reimbursement and assistance programs for job-related classes or courses for those looking to increase their abilities and the opportunity for upward mobility within the workplace.

So, if you’ve ever considered a career in the banking, now is the time to explore the possibilities and opportunities this ever-advancing industry has to offer.

Is Cash Still King?

Is cash soon to suffer the fate of the dinosaurs? There is no denying that an increasingly large number of goods and services are moving onto digital platforms that do not accept cash. This past year, due to the pandemic, and subsequently, the inundation of new online and mobile payment apps, has put a spotlight on the notion of an eventual cashless economy. In fact, the U.S. House Financial Services Committee Task Force on Financial Technology held a hearing this past January reviewing the rise of mobile payments and posing the question, “Is cash still king?”

As COVID-19 continues to impact businesses across the country, many business owners are looking for cashless options for monetary transactions like electronic and credit card payments. There has been a huge shift to online and even phone e-commerce transactions during the pandemic. A recent Federal Reserve survey revealed that cash, especially over the past two years, has had a major decrease, with cash as a percentage of the average consumer’s total payments declining from 40 percent in 2009 to 30 percent in 2019.

Interestingly, however, according to the Fed, consumers were holding more cash post pandemic. In October 2019, 43 percent of consumers has less than $25 in their wallets, compared to over 50 percent holding more than $100 in April/May 2020. This increase was most likely due to the round of stimulus payments and because there were fewer places to spend cash during the pandemic.

Cashless payments have definitely seen a surge during the pandemic, according to a new report from financial technology company Square, and it seems doubtful there will be a reversal of this trend. Square’s small business owners cited a 23 percent increase over the past year, with online spending mostly on entertainment, retail, charities, education and beauty care. According to a report from Statistica, released this past February, $130 billion is expected to be digitally spent between now and 2023, with a significant increase in mobile payments.

Anticipating sweeping technological disruption in the decade ahead, as we increasingly digitize every aspect of our day-to-day lives, from grocery shopping to taxi fares, Global Data, a leading data and analytics company, forecasts the following countries as the most likely be the leaders in moving towards a truly cashless society in the near future:

Finland

Finland ranks second to Ireland in terms of frequency of use of cards, fifth in e-commerce spending as a percentage of their gross domestic product (GDP), third in internet penetration and second in smartphone penetration.

With a population of only 5.5 million, cash in Finland, in both rural and urban areas, is increasingly irrelevant.

Sweden

Sweden’s government has very aggressive policies to rid the nation of cash. Due to these policies and increasingly higher internet banking penetration and the frequency of use of credit /debit cards, the nation is poised to be the first truly cashless society by 2023.

China

Over the last decade, China has become a serious contender to be the next dominant superpower. One area of extreme development is the rapid adoption of mobile payments. One of the most popular phone payment methods is QR code scanning. This method has been successfully adopted by both urban and rural areas. China has a leading position in e-commerce, with spending to account for 11.6 percent of its GDP by 2022.

South Korea

South Korea is considered the cashless champion of Asia, with most of the cashless infrastructure in place nationwide. With approximately 6 percent of the country’s GDP being e-commerce spending and more than 100 transactions on average per card every year, South Korea is well on its way to becoming a cashless country in the next couple of years.

United Kingdom

The UK, and specifically London, has geared up its finance technology, especially the digitization of money. The UK ranks second globally for e-commerce as a percentage of GDP. The British have become very comfortable using their phones or debit/credit cards to pay for just about everything. At this rate, the UK is expected to be predominantly a cashless society by the mid-2020s.

Australia

Australia is seriously gearing up to digitize most of its economy by 2022. It’s expected that by then most of the population will have at least one smartphone, and internet banking penetration will reach almost 70 percent of Australians.

While there is a global move towards a cashless society, most economists believe that the United States won’t follow suit anytime soon. Cash remains the most popular method of payment for Americans for transactions under $25. Cash will persist in the U.S. for the elderly, those in remote areas, and most significantly, the un-banked.

Although the growth in online and app-based goods and services significantly benefits consumers with lower costs and greater convenience, people cannot access those savings without access to low cost or free digital payment options. Currently, one in 15 households in the U.S. are un-banked, don’t have access to a bank account or debit or credit card. Without this access, these consumers often have no way to make digital payments.

Rather than a cashless society being around the corner for the U.S., the demand for cash remains strong, especially for low dollar notes. So, for now, cash is still king in the U.S.!

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Protecting Yourself From Fraud This Holiday Season

The 2020 holiday season will most certainly look very different as we try to balance celebrating and keeping our loved ones and ourselves “COVID” safe. Sadly, this unprecedented change will not deter the exploitation of our holiday habits by cybercrooks. In fact, the tremendous increase in Internet shopping this holiday season, due to the pandemic, is expected to ramp up online schemes and scams.

According to CreditCards.com, 71 percent of consumers plan to do a majority of their shopping online this holiday season, greatly due to the COVID-19 pandemic. Consequently, as the retailers roll out all their seasonal deals, it sets a fertile ground for scammers to lure in bargain hunters with fake websites and social media campaigns impersonating major brands and online outlets. These bogus sites will entice consumers to spend money for goods or services they will never receive. Some of the more recent enticements include charity scams, delivery scams, travel scams and letter from Santa Claus scams.

This season’s increased distractions and transactions, unfortunately, also increase the likelihood that your personal information will be hacked, often resulting in account takeovers, fraudulent activity and wide-ranging identity theft. Although we can’t eliminate this threat, here are several tips to help reduce your chance of becoming another holiday season, cybercrime statistic.

  • Use Apple Pay (used with an Apple device) or Google Pay (used with an Android device) or another digital wallet instead of your debit or credit card for contactless purchases in stores, apps, and on the web. Digital wallets use an encryption system, replacing your card information with a one-time digital “token” for your transaction.

  • Use a credit card for your holiday purchases. Disputing charges with a credit card is less of a hassle than with a debit card.

  • Use a virtual private network (VPN). This allows you to create a secure connection to another network over the Internet, providing online privacy and anonymity when using a public Wi-Fi connection.

  • Don’t shop or conduct any financial transactions or activities on a public Wi-Fi. Even with a VPN, it’s a good year-round practice to avoid public online transactions that could pose a threat to the security of your personal information.

  • Don’t store your debit or credit card information online. Cybercriminals will have less access to your key information in the event of a data breach.

  • Be cautious at points of sale. Skimming devices can be attached to card readers to capture your credit or debit card information.

  • Be cautious of social media ads. If the offer seems too good to be true, most likely it is. Before making a purchase, do some research on the company, including their return and refund policies, and look at the Google reviews. Drag your cursor over social media ads to display the true URL destination.

  • Beware of email phishing and social engineering scams. If an email looks suspicious or is sent from an unfamiliar address, or someone calls you seeking personal information because one of your accounts has supposedly been hacked, always go directly to the company’s website and call the support number listed.

  • Activate card security features. Set up text alerts and notifications for your card transactions. Turn your cards off when they are not in use. Use virtual cards (temporary virtual credit card numbers that stand in for your regular credit card credentials) for secure online shopping.

  • Monitor your credit and identity. Experian’s free, credit monitoring gives you access to your regularly updated credit score and report, and will alert you if there are any changes to your credit.

Although the holiday season offers more scheming opportunities for cybercrooks, being mindful of your online security is a good habit all year long. Following these safe holiday shopping tips throughout the year will go a long way toward preventing identity theft.

Remembering Jane

It’s hard to believe the holiday season is just around the corner. Where did the year go? As we, the Intracoastal Bank family, happily anticipate the first holiday of this wondrous season, Thanksgiving, we are also mourning the loss of a longtime member of our banking family, Jane Worthing. Jane, who was 57, passed away recently after a two-year battle with ovarian cancer.

Jane was born in Augusta, Maine. She earned a Bachelor of Arts degree in Spanish from the University of Massachusetts in Amherst. Prior to her 8 ½ -year tenure with Intracoastal Bank, as our Secrecy Act Officer, handling compliance issues and legal requests, and monitoring accounts for fraud issues, Jane worked for the Bank of New York.

Jane will be greatly missed by her Intracoastal Bank family as well as all the customers she assisted during her time with us. Jane was considered as one of the most selfless people – always going above and beyond to help others – by both her coworkers and managers.

When Jane wasn’t giving of herself through her duties at the bank, she spent her time traveling, especially internationally, reading and hanging out with her two, much cherished cats. Jane is survived by her parents, a brother and sister-in-law and a niece.

Ovarian cancer, which begins in the ovaries or the fallopian tubes, has been dubbed “the silent killer” because of its low survival rate (an overall 5-year survival rate of 47 percent). Also labeled as the “whispering disease” because no specific test diagnoses it, ovarian cancer’s prognosis is unfavorable due to the delay in detecting it.

The American Cancer Society estimates for ovarian cancer in the U.S. for 2019 are:

• About 22,530 women will receive a new diagnosis of ovarian cancer.
• About 13,980 women will die from ovarian cancer.

Ovarian cancer ranks fifth in cancer deaths among women and accounts for more deaths than any other cancer of the reproductive system. Ovarian cancer mostly develops in older women, about 50 percent diagnosed at age 63 or older, and is most common in white women.

Sadly, our Jane is one of these statistics.

So, this year, as our Intracoastal family sits around the Thanksgiving table, we’ll be counting our many blessings, which include our health, family, friends, and the wonderful customers we continue to serve in our community. We will also take a quiet moment to fondly remember those who are no longer with us, including our Jane.

From all of us at Intracoastal Bank, may you and your family have a safe and blessed Thanksgiving holiday!

ATM/Debit Card Safety During the Holidays and Throughout the Year

The holiday season is looming and so are the identity thieves!

With the significant rise of Internet shopping and the use of debit cards, it’s never been easier to take advantage of someone’s personal, digital information.

The holidays can be a hectic time, oftentimes leaving us distracted, providing the perfect opportunity for thieves to slip in, steal our information and slip out without being noticed.

While credit cards present the same threat, debit card theft is much more problematic for the victim.

Under the federal Fair Credit Billing Act, if a credit card user spots fraudulent charges on his/her bill, he/she can simply decline the charges. In addition, with a credit card, the victim’s liability is limited to $50 if the card issuer is notified within 60 days after the statement listing the transaction is mailed/emailed.

There’s no such protection with a debit card. With a debit card, the money is drawn directly out of the cardholder’s checking account and the $50 liability limit expires two days after the fraud and then your liability is up to $500. Due to this, even with clear-cut cases of fraud, debit card theft can cause significant hardship, often wreaking havoc on one’s finances.

Debit cards are a much bigger target for thieves because they are typically tied to someone’s bank account. While getting money from an ATM or getting cash back requires a PIN, thieves are getting more and more sophisticated, as evidenced by skimming (tampering with checkout line PIN pads to capture information) and security breaches by several major retailers in recent years.

While there is no complete safeguard against being the victim of debit card fraud, it’s important to keep in mind that most criminals, especially thieves, are opportunists – they tend to prey on those who will be the easiest, lowest-risk victims. With this said, here are a few tips to help protect yourself from identity theft this holiday season as well as throughout the year:

1. Be alert and aware of your surroundings – use ATMs in well-lit and unobstructed areas, especially at night, and in clear view of pedestrians and vehicle traffic. Minimize the time spent at the ATM, and, if you have to get out of your car to use the ATM, park your car as close to the ATM as possible.

2. Safeguard your account number and PIN. Whether you are at the ATM or the checkout line, use your body or free hand to shield the keypad entry. Memorize your PIN, and never give your number to someone else. In addition, don’t use easily recognized numbers as your PIN (e.g. birthdate, anniversary, house number, phone number, etc.), and never write your PIN on your card or anything that is kept with your card.

3. Take your receipt – always keep your receipts for your records – never leave them behind.

4. Watch for skimmers – be aware of cameras and/or skimming devices at ATMs or checkout line PIN pads. If the machine appears to have been tampered with, re-manufactured or has any loose parts or wires, don’t use the machine. Thieves can also skim your information from your debit/credit cards while they’re still in your wallet. Minimize this threat by taking only the cards you plan to use, and by keeping them in your front pocket.

5. Use a pre-paid debit card. A pre-paid debit card is very different from a bank account debit card because it is not linked to your checking account. With a pre-paid debit card, you pay in advance by loading funds, typically by transferring money from your checking account, onto the card. If this card is compromised, only the funds that have been loaded onto the card are at risk, not your entire checking account. This card also helps avoid overspending and overdrafts.

6. Use a credit card for online purchases, especially when dealing with an unfamiliar site.

7. Check your account frequently – contact the bank if you suspect fraud or find irregularities in your account/statement. Remember that the extent of your liability in fraudulent losses depend on how quickly you report the unauthorized activity/transactions.

8. Report lost or stolen cards immediately – notify the bank immediately if your card is lost or stolen and then follow-up with the bank the next day, first thing in the morning, to determine if any transactions have occurred.

These tips are just a few of the many things you can do to keep safe and protect yourself from identity theft during the holiday season…as well as all through the year. Always keep in mind, thieves are opportunists, and the more difficult you make it for them, the less likely they will bother with you.

Life in the Fast Lane – Fit Tips for the Office

Our workdays are no longer 9 to 5. Today’s technology ensures we are connected wherever we go. Although our work hours continue to stretch, for most of us, it’s the only thing that gets any stretching done.

According to a recent study, most people sit for more than nine hours a day. Due to this, lifestyle ailments and a sense of general discontent with our lives are on the rise. Nervous breakdowns, Carpal Tunnel Syndrome and Cervical Spondylitis are just a few of the medical issues that plague more and more corporate employees today. The old adage, “All work and no play, makes Jack a dull boy,” couldn’t be more applicable to today’s working culture.

With the amount of time we spend in the office and on the road, it becomes difficult to work exercise into our already jam-packed schedules. However, for our physical and mental well-being, we must find creative ways to incorporate this into our day.

We can make creative use of our sitting time, especially the time we spend in front of our desks. Although exercising while we’re sitting won’t provide us with the same health benefits as a good workout at the gym, according to health experts, it can help strengthen and tone muscles, and give us the well-deserved and much-needed break from work.

Here are a few suggestions:

Stretching – Spending long periods of time slouching over our computers/laptops does more damage than we think. We strain our eyes and our neck is bent at an unnatural position causing bad posture, which can lead to serious problems in some cases. These extended periods of time on our computers/laptops can also lead to Carpal Tunnel Syndrome, an extremely painful condition of the wrist.

Something as simple as standing up and stretching can ward off these afflictions. After every hour of continuous sitting, take a break and stand up from your seat. Intertwine your fingers and stretch with your hands towards the ceiling. Reach higher and higher until you are standing on your toes.

Come back to normal position and slowly rotate your neck, forward, backward and side-to-side, and then roll your shoulders forward and backward, stretching the shoulder muscles. Now work the wrists by slowly rotating them in a clockwise and counterclockwise direction. While doing this, close your eyes and give them their due rest.

Getting the most out of your chair –

Leg straightener – While sitting forward in your chair, away from the backrest, lift one leg at a time about 3 inches off the ground. Tighten your leg muscles for about 10 seconds. Release them and repeat. From this position, you can also rotate your feet in a clockwise and counterclockwise direction.

Pelvic Tilt – With your hands on your desk, sit in the middle of your chair with your feet flat on the floor. Arch your lower back so your butt feels like its sticking out. Make your abs do the work not your legs. Then, slowly pull your hips underneath your stomach, bringing your butt back underneath you, like you’re doing a crunch. Hold each of these positions for about four seconds. Repeat 10 to 20 times.

Arm Circles – Sit straight up in your chair, feet flat on the floor, and lift your arms out to your sides, parallel to the floor. Extend your fingers and make 20 small, tight circles in each direction. Then, make 20 large, open circles in each direction.

Do these exercises a few times a day.

Walk – It’s as easy as getting up out of your chair and moving. If you work in a multi-story building, walk up and down the stairs a few times during your workday. If your office is located above the ground floor, routinely take the stairs instead of the elevator when you come to work. If you need to discuss something with a colleague, walk over to him or her and chat in person instead of picking up the phone.

When you’re on the phone, stand in place and march or if you are on your cell, walk around the office while you chat.

Graze – Keep a ready stock of healthy munchies in your desk for in-between-meal snacks. A handful of nuts, baked snacks or fruits are great nutritious options. These snacks will keep your energy levels high as well as ward off the temptation to overeat at mealtime.

Also make sure to drink plenty of water (eight to ten 8-once glasses a day). Not only is water good for you, but by doing this, you will also up your daily step count due to increasing bathroom breaks.

The best cure for the body is a quiet mind. ~ Napoleon Bonaparte

Even though we try to fit more and more into our workday, including exercise, it’s vital we get 8-9 hours of sleep each night. A tired mind is an unproductive mind. We need to rest our bodies as well as our minds so we can think fresh the next day. Meditation and yoga are great options – they calm the mind and increase focus and concentration. Some people reach this same state of mind through an intensive workout. The goal in the end is to give your body and mind a pause for a while.

There are endless possibilities and no excuses. With a little creativity and dedication to our health, we can make it possible to incorporate fitness into our busy days with office exercise.

Smart, Smartphone Security

Smartphones today are capable of doing many things to make our lives easier… except, at least for now, making dinner. However, with its growing repertoire of capabilities, also come new security risks.

As we continue to use our smartphones for a much wider range of activities – social networking, online banking and shopping, emailing and surfing the web – we need to take sensible precautions to ensure that our phones and our information are safe.

Here are some security tips to protect your phone and your information from malware attacks and cybercriminals.

1. Keep your smartphone locked – Create a PIN or a PASSWORD and always have your phone’s lock screen on.

2. Don’t modify your smartphone’s security settings – Although it may be tempting to alter some of your security settings in order to access specific apps or services, don’t do it!

3. Protect your phone and your data – Today’s smartphones are powerful computers, and, like any laptop, PC, or Mac, should be protected by a reputable anti-malware program. You should also make sure your antivirus databases are regularly updated.

4. Backup your data – You should continually backup the data stored on your smartphone – contacts, important documents, photos, etc. These files can be stored on your computer, a storage card, or the cloud. By doing this, you can easily restore the information on your phone in the event your phone is lost, stolen or otherwise erased.

5. Only install trusted apps – Bad apps are loaded with malware that can infect your smartphone with viruses and steal your information. Before downloading an app, do some research to ensure the app is legitimate and safe. Also be cautious about granting applications access to your personal information contained on your phone. Make sure to check the apps privacy settings before installing it.

6. Update your smartphone’s software – Keep your smartphone’s operating system software up-to-date by accepting updates and enabling automatic updates when prompted by your service provider, operating system provider, device manufacturer or application provider.

7. Stay safe on public Wi-Fi networks – Even though free public Wi-Fi is a cost-effective way to surf the web on your smartphone (it doesn’t eat into your data plan), it can be dangerous. Hackers love to infiltrate these networks to snoop and steal valuable information. So, be safe, and do your online banking and shopping at home or use a mobile wireless connection.

8. Install security apps that enable remote location and wiping – Most smartphones today, either by default or as an app, have the ability to remotely locate and erase all data stored on your phone, even if the GPS is disabled. Visit www.CTIA.org for a full list of anti-theft protection apps.

9. Wipe your old smartphone before donating, selling or recycling – Your smartphone contains your personal data. So, make sure to protect your privacy by completely erasing the data off your phone and resetting the phone to its original factory settings before donating, selling or recycling. Visit www.komando.com for step-by-step instructions.

10. Report a stolen smartphone immediately – If your phone is stolen, you should immediately report the theft to your local law enforcement authorities and your wireless provider. By doing this, all of the major wireless service providers will be notified that the phone has been stolen and will not re-activate the phone without your permission.

11. Turn off your Bluetooth when you’re not using it – Switching off your Bluetooth connection reduces your smartphone’s vulnerability to cyber-attacks as well as the drain on its battery.

For more information on smartphone security, visit www.fcc.gov.

Back-to-School Shopping on a Budget

It’s hard to believe summer vacation is coming to a close and the beginning of the new school year is just around the bend.

Some kids dread the end of summer vacation while others happily anticipate the first day of school. Both, however, want to start the new school year looking their best and armed with the required school supplies. And this can put additional financial strain on many families’ already stressed-out wallets.

So, here are a few tips to keep your kids happy while saving your wallet from a complete meltdown.

1. Plan – Before you buy the first pair of jeans or notebook, make a list of what you need and estimate how much you can afford to spend overall – clothes and supplies. Make a realistic budget and explain to your children that you will only buy what’s on the list and within your budget.
2. Recycle from last year – Check your children’s closets for clothes they can still wear or their younger siblings can wear. In addition, have your kids help find school supplies around the house that were left over from last year or can be re-used this year, such as markers, pencils and binders.
3. Watch for promotions, in-store and online coupons – Comparison shop. Many stores will match a competitor’s ad or coupon. If you’re purchasing online, make sure to check the cost of shipping and include that in your budget. Look for online retailers that offer free back-to-school shipping.
4. Postpone some purchases – Don’t buy everything in one fell swoop. Spread out your purchases. Retailers typically offer sweeter deals after the back-to-school rush. Review your children’s school supply list – if there are some items on the list that won’t be needed right away, hold off buying them now while keeping your eyes peeled for sales.
5. Be frugal – Consider thrift stores, outlet malls, and discount and consignment stores to get better deals on new and gently used clothing. If school uniforms are required, find out if the school has a trading or discount program.
6. Get Creative – If you’re not planning to hand your child’s clothes down to younger siblings, sell them (gently used and in good condition) and use the money to purchase back-to-school clothes or supplies. Consider doing a clothing swap with your friends who have children.
7. Get family members in on the act – When grandparents and other family members ask what they can buy your kids for their birthdays or other holidays, encourage them to buy school clothing or clothing gift cards.
8. Involve your kids – Back-to-school shopping is a great way to teach your children about budgeting and money management. Have them make their own back-to-school lists and put them in charge of finding coupons or the best deals on these items to stay on budget. Help your kids to understand the difference between wants and needs.

With these tips in mind, make this practical back-to-school approach an annual tradition. Shop wisely and find novel ways to stretch your dollar. Above all, remember that you are the parent so take control, stay on budget and don’t let your kids dictate what you buy. Teach your children to be thrifty…they’ll thank you for it later.

The Chip Cards are Coming!

In a continual effort to reduce fraudulent credit card charges and increase security, the credit card companies are moving away from magnetic-stripe cards, which are easier to counterfeit, and towards the EMV chip card as soon as possible.

According to a recent report by Barclays, almost half of the world’s credit card fraud happens in the United States, even though only a quarter of all credit card transactions occur here. This statistic, in addition to the Target and Neiman Marcus security breaches, are the major motivators behind the changeover.

In an attempt to reduce this statistic and future breaches in security, the EMV (Europay, MasterCard and Visa) chip card is already being rolled out across the U.S., and by October of 2015 merchants will be pretty much forced (see below) to upgrade their machines.

These cards, which have been status quo for in EU and Canada for several years, are manufactured with a small integrated circuit or chip in the card. Payment data (name, billing address, phone number, etc.) is read from this chip instead of the magnetic stripe. This chip protects against fraud in two ways: making it more difficult and expensive to counterfeit and varying the way the data is transmitted each time the card is read. Consequently, while the magnetic-stripe card can be skimmed easily, chip information will be much harder to garner.

Processing device providers are promising to make the transition for their customers (merchants) as flawless and cost-effective as possible. They are also working on several solutions for their Square Stand customers.

Chip cards will not be swiped in the same way as the magnetic-stripe cards, hence the new processing equipment. The cards are inserted into the payment device and left in place for the entire transaction as the reader and the card talk back and forth.

Although this new measure goes a long way to thwart fraud, it will not provide any added protection against the card-not-present transaction, i.e. purchases online or over the phone.

Even though merchants will have the option of using their current processing technology because the new chip cards will still have the magnetic stripe as a backup, starting in October 2015, the liability for fraud will shift to the cardholder and the merchant. In other words, since the EMV terminal could have theoretically prevented the fraud, the liability now falls on the user (the customer) and the processor (the merchant/business).

The timeline for the EMV Chip Card Liability Shift in the U.S.

October 1, 2015 – Visa, MasterCard, American Express and Discover liability shift to POS terminals.

October 1, 2016 – MasterCard liability shift for ATMs.

October 1, 2017 – Visa, MasterCard, American Express and Discover liability shift to pay-at-pump gas stations, as well as for Visa and American Express at ATMs.

Bring on Summer and the Backyard Grilling Season!

June is a time of celebrations – Father’s Day and graduations – and initiations – the first official day of summer, and, of course, backyard grilling season!

To get June and the summer off to a great start, I thought I’d share a few of my favorite grilling recipes (collected over the years from many culinary sources). If you haven’t bought your new summer grill yet, now (possibly as a gift for Dad) is the time to get it.

Whether you already have your grill fired up or are planning on buying one soon, let’s get the summer grilling season started!

Grilled Spareribs with Cherry Cola Sauce
Spareribs baked in the oven until tender and then finished on the grill with a sweet and spicy cherry cola glaze.
Serves: 6

Ingredients
• 4 (12-ounce) cans cherry cola (use flat soda or pour it into a bowl and let it sit on the counter for 4 hours.)
• 2 cups cherry jam or preserves
• ⅔ cup Dijon mustard
• 1 tablespoon prepared horseradish
• 3 tablespoons soy sauce
• 2 tablespoons apple cider vinegar
• 2 teaspoons tabasco sauce
• 7 to 7½ pounds well-trimmed pork spareribs

Instructions
1. Place cola in a Dutch oven or large saucepan and boil over medium-high heat until reduced to 1½ cups, about 45 minutes.
2. Add next 6 ingredients and stir well. Reduce heat to medium and simmer until reduced to 2½ cups, stirring occasionally. This will take about 35 minutes. Remove from heat.
3. Place oven racks in top and bottom thirds of oven and heat oven to 325 degrees.
4. Season ribs with salt and pepper. Wrap each rack tightly in foil. Divide ribs between 2 baking sheets and place in oven for 2 hours. Let ribs cool slightly.
5. Heat grill to medium heat.
6. Cut racks of ribs into individual ribs. Toss with 1 cup of glaze.
7. Grill ribs, basting with extra glaze, for about 2 to 3 minutes per side.
8. Serve with extra glaze.

Grilled Asparagus with Wasabi Soy Dipping Sauce

Serves: 6

Ingredients
• 1 pound fresh asparagus
• 1 tablespoon olive oil
• salt
• 1 cup reduced fat mayonnaise
• 3 tablespoons soy sauce
• 1 tablespoon SPLENDA® Brown Sugar Blend
• 2 teaspoons wasabi paste (or wasabi powder mixed with water)
• 1 lemon, optional

Instructions
1. Cut off tough ends of asparagus and discard.
2. Heat grill to medium-high heat.
3. Toss asparagus with olive oil and sprinkle with salt. Grill for 5 minutes, or until tender.
4. In a small bowl, mix together mayonnaise, soy sauce, SPLENDA® Brown Sugar Blend, and wasabi paste.
5. If desired, squeeze fresh lemon juice over grilled asparagus.

Grilled Salmon Fillet

Serves: Makes 4 4-oz. portions

Ingredients
• 1 pound fresh wild Salmon
• olive oil
• kosher salt
• coarsely ground black pepper

Instructions
1. Prepare your grill and bring to high heat.
2. Rinse the salmon under cold water and pat dry with a paper towel. Run your fingers along the meaty surface to check for any bones and remove any of them with needle nose pliers or fish tweezers.
3. Lighty coat the meaty side with olive oil then sprinkle generously with kosher salt and lots of freshly ground coarse black pepper. You don’t want to be skimpy here.
4. Place the fish fillet on a hot grill, meat side down, and cook for 3-4 minutes or until you can easily slide your spatula under the fish without it falling apart. Don’t disturb the fish once its on the grill until you’re ready to flip it. Flip the fish and cook for another 2-3 minutes or until desired doneness. Section into preferred serving sizes with or without the skin and serve with fresh cut lemon and cucumber dill sauce.

Cucumber Dill Sauce:

The addition of blue cheese dressing gives this cucumber dill sauce a tart tang that’s perfectly paired with a sturdy fish.
Serves: Makes 1-½ cups

Ingredients
• ½ cup sour cream
• ½ cup olive oil mayonnaise
• ½ english cucumber, about ½ cup, diced
• ¼ cup blue cheese dressing
• 2 tablespoons fresh dill, chopped
• zest of 1 lemon
• 1 teaspoon lemon juice
• pinch of kosher salt

Instructions
1. Combine all ingredients in a bowl. Refrigerate until ready to serve.

Healthy Grilled Greek Chicken
Serves: 4

Ingredients
• ⅓ cup olive oil
• Juice of one lemon
• 1 tablespoon red wine vinegar
• 3 garlic cloves, minced
• 1 tablespoon chopped fresh oregano (or 1 teaspoon dried)
• 1 tablespoon chopped fresh dill
• ½ teaspoon dried thyme
• ¼ teaspoon paprika
• 1½ teaspoons salt
• 1 teaspoon pepper
• 4 boneless skinless chicken breasts

Instructions
1. Combine all ingredients except chicken in a medium bowl. Pour into a large ziptop plastic bag. Add chicken and place in refrigerator to marinate for 6 to 12 hours.
2. Remove chicken from refrigerator and place on counter. Heat grill (or grill pan) to medium-high.
3. Remove chicken from marinade and discard marinade. Place chicken on grill and grill for 5 minutes. Flip over and grill until no longer pink in the middle.

Enjoy the summer!

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