Acceptance of online banking among U.S. consumers is accelerating at an increasingly high rate, despite long-held industry perceptions that consumers distrust online security. In an August survey conducted by the American Bankers Association that polled more than 2,000 U.S. adults, the ABA found that online banking was the preferred banking channel for a vast majority of consumers - 62 percent. That percentage, which included all age groups, skyrocketed from only 36 percent in 2010.  

The primary reason for the spike: More adoption among older users, those who fall in the 55 and up category.   In 2011, 58 percent of respondents in the 55 and up age group said they preferred online banking. In 2010, only 20 percent listed online banking as the preferred channel.   Since 2009, online banking has been ranked overall by consumers as the so-called preferred channel relative to branch, ATM, mail, telephone and mobile banking. But the significant year-over-year increase in adoption among older Americans is telling.

Phishing Alert - Email Claiming to be From NACHA

 NACHA is an acronym for National Automated Clearing House Association and they electronically process many of the transactions flowing through the banking system. 

NACHA Phishing Alert:  

Email Claiming to be From NACHA Reported

NACHA - The Electronic Payments Association has received reports that individuals and/or companies have received a fraudulent e-mail that has the appearance of having been sent from NACHA. The attacks are occurring with greater frequency and increased sophistication. Perpetrators may also be exploiting email addresses recently stolen from Epsilon.

The fraudulent emails typically make reference to an ACH transfer, payment or transaction and contain a link or attachment that infects the computer with malicious code when clicked on by the email recipient. The contents of the fraudulent emails vary with more recent examples including a counterfeit NACHA logo and the citation of NACHA's physical mailing address and telephone number. Do not click on the link or attachment as it is fraudulent. See Sample Below.

 
Be aware that phishing e-mails frequently have links to Web pages that host malicious code and software. Do not open attachments or follow Web links in unsolicited e-mails from unknown parties, from parties with whom you do not normally communicate, or that appear to be known but are suspicious or otherwise unusual.

NACHA itself does not process nor touch the ACH transactions that flow to and from organizations and financial institutions. NACHA does not send communications to persons or organizations about individual ACH transactions that they originate or receive.

If malicious code is detected or suspected on a computer, consult with a computer security or anti-virus specialist to remove malicious code or re-install a clean image of the computer system. Always use anti-virus software and ensure that the virus signatures are automatically updated. Ensure that the computer operating systems and common software applications security patches are installed and current.

Be alert for different variations of fraudulent e-mails.

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ARE YOU READY FOR A DEBIT CARD SERVICE FEE?

I have mentioned to you several times that Congress has passed the Durbin Amendment. Among the many items in the bill, was the part that banks were having to reduce the fees that they charge merchants for transactions that you use your debit card on. This was going to result in new phantom fees being charged by banks so they could recoup their lost interchange fee income. The newest phantom fee to come along is the monthly debit card fee. Beginning this fall, the largest banks are charging anywhere between $3 to $7 per month for the privilege of using a debit card. Make no mistake, this is coming and you can count on the creation of more phantom fees in the not too distant future.

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