2012: Year of the Skimmer

Fraud Losses to Increase; Mag-Stripe Vulnerabilities to Blame
By Tracy Kitten, January 18, 2012

Fraud losses linked to card skimming are quickly hitting epidemic proportions. Robert Siciliano, a security expert and McAfee consultant, says 2012 will be to skimming what 2011 was to the hacker and hacktivist. "2012 will be the Year of the Skimmer," he says. "Skimming fraud is an epidemic," says Mike Urban, who oversees product management for Fiserv's Financial Crimes division. "And it continues to grow every year."

Some big skimming cases have grabbed headlines in recent months. Last June, four men were charged for their alleged involvement in a $1.5 million ATM skimming scheme that targeted Citibank and JPMorgan Chase ATMs in New York, Chicago and Miami. And 28 suspects were indicted in November for their alleged connection to an organized credit-card skimming ring that recruited waiters and waitresses at high-end restaurants in Manhattan to collect card details from American Express accountholders. Card skimming itself is relatively simple. "It's very low-tech," Urban says.

To read the entire article, click here: http://www.bankinfosecurity.com/articles.php?art_id=4417&rf=2012-01-18-eb&elq=bfc58a74b5204885bb25f0936a6ba29b&elqCampaignId

Fighting high health insurance costs with qualified high deductible health plans and health savings accounts

 By Jared Balis, For the Deseret News

 The combination of health savings accounts (HSAs) and qualified high deductible health plans (QHDHPs) has proven to be a powerful weapon in the battle of rising health insurance costs. Because consumers who use this solution have an opportunity to save hundreds and even thousands of dollars on health insurance premiums, these plans have become increasingly popular with Utah residents since their introduction in 2003.

Here are four compelling points to consider using an HSA and QHDHP:

1. You may be able to significantly lower your monthly health insurance cost by switching to a qualified high deductible health plan.
2. Consider depositing a portion, or all, of your monthly premium savings into your health savings account and use the funds to pay for qualified medical expenses with tax-free money.
3. Many HSA-eligible health plans cover 100 percent of your medical expenses after you meet the deductible, leaving you with a clear knowledge of your maximum out-of-pocket expenses in a given year.
4. The balance in your health savings account rolls over from year to year, letting the balance grow. It's not a "use it or lose it" account, like a Section 125 Cafeteria Plan.

In order to take advantage of these benefits, you must participate in the two components that combine to make up the final solution.

1. In order to be eligible to use a health savings account, you must purchase a qualified high deductible health plan. “Qualified” simply means that your health plan meets the IRS guidelines to be used with a tax-advantaged health savings account. As the name suggests, these plans have high deductibles, typically ranging from $1,200 to $5,000 per year for individuals and $2,400 to $10,000 per year for families. This health plan becomes your primary and sole health insurance plan.
2. Once you’ve setup a qualified high deductible health plan, you are eligible to open a health savings account. An HSA is simply a checking account that is labeled “tax advantaged.” Most banks and credit unions offer HSAs. In addition, many health insurance companies that offer QHDHPs offer HSAs through their preferred vendors.

To read the entire article, click here: http://www.deseretnews.com/article/705394741/Fighting-high-health-insurance-costs-with-qualified-high-deductible-health-plans-and-health-savings.html