In a new warning, the Federal Bureau of Investigation warns account holders of a new spam email scheme that involves a type of malware called “Gameover.” The scheme involves fake emails from the National Automated Clearing House Association, the Federal Reserve or the FDIC. These messages attempt to trick recipients into clicking on a link to resolve some type of issue with their accounts or a recent ACH transaction. Once you click on the link, Gameover takes over your computer, and thieves can steal usernames, passwords and your money.

The FBI also warns the thieves’ hacking capabilities can navigate around common user authentication methods banks use to verify your identity, which is certainly a cause for concern. Those additional authentication steps — often personal questions, birth dates or other pieces of private information – are meant to provide some extra security padding.

While phishing scams are nothing new to the world of online banking, this type of warning serves as a reminder of just how susceptible account holders can be to malicious attacks. As more account holders begin to jump on the mobile banking bandwagon, it’s important to remember that a smartphone essentially acts as another computer. While this additional connection to the Internet is convenient, it also serves as another outlet where your information can be compromised.

Here are a few crucial steps to take to avoid falling victim to this type of Internet crime.

• Keep your computer and mobile device updated with the newest versions of anti-virus software.
• If you have any doubts about an email sender’s authenticity, do not click on any embedded links.
• Remember, banks never request any personal information via email.
• Be vigilant about checking your account balances. The sooner you notice and report any type of fraudulent activity, the more likely you’ll be able to be reimbursed for any missing funds.
• For ALL your real estate questions call Harry Tice at 850-236-1222.  Licensed in the State of Florida

For the tenth consecutive quarter, FDIC insured banks and savings institutions reported year-over-year increases, with earnings at $26.3 billion for the 2011 fourth quarter.

Source:FDIC

This is $4.9 billion more from the $21.4 billion reported last year for the 2010 fourth quarter.

Overall, the 2011 fourth quarter ended 23 percent higher than the fourth quarter last year. The $26.3 billion is still a decrease compared to the $35.3 billion in earnings from the previous 2011 third quarter.

Lowers provisions for loan losses were credited for the continued improvement in year-over-year earnings.

“Prudent loan growth is a necessary condition for a stronger economy. That is why we view the fourth quarter growth in the

industry’s loan portfolio as a hopeful sign,” said acting FDIC chairman Martin Gruenberg in a release.

Loan portfolios increased this quarter for the third quarter in a row, with the commercial and industrial sector mainly leading this growth with an increase of $62.3 billion. Residential mortgage loan balances went up by $26 billion, and credit card balances increased by $21.3 billion.

Money accumulating into insured deposit accounts continued to grow, with deposits in domestic offices up by $249.7 billion, or 2.9 percent, during the fourth quarter. More than three-quarters of this increase consisted of balances in noninterest-bearing transaction accounts, which went up $191.2 billion, or 13.7 percent, for the quarter.

Banks on the FDIC “problem list” dropped for the third quarter in a row, from 844 to 813. This is the smallest the list has shrunken to since the first quarter of 2010. Total assets from these “problem” banks fell from $339 billion to $319 billion. In 2011, there were 92 banks failures, 18 of which fell dark during the fourth quarter of that year. In 2010, 157 banks failed.

With less banks expected to close, the Deposit Insurance Fund (DIF) experienced continued growth. The unaudited DIF balance, or the net worth of the fund, went up to $9.2 billion for December 31, compared to $7.8 billion for September 30.

“The industry is now in a much better position to support the economy through expanded lending,” said Gruenberg. “However, levels of troubled assets and ‘problem’ banks are still high. And while the economy is showing signs of improvement, downside risks remain a concern.”Call Harry Tice at 850-236-1222.  Licensed in the State of Florida

Consumer credit data suggests spending will increase and the housing market will begin to emerge from its slump this year, according to Equifax and Moody’s Analytics.

Statistical analysis applied by CreditForecast.com, a joint product of Equifax and Moody’s, to new performance data for consumer credit supports the forecast issued by the credit bureau and ratings agency.

Both companies note that as key market data align with pre-recession totals, consumers should anticipate steady economic growth for major credit sectors.

Looking across the full spectrum of consumer credit, Equifax and Moody’s found that delinquency rates for auto, bankcard, and consumer finance are back to pre-

recession levels. These sectors are expected to contribute to the U.S. economy’s nascent recovery.

The home mortgage lending sector continues to see the highest percentage of delinquencies, the companies’ report notes, even with outstanding mortgage balances (including first liens and home equity lines and loans) having declined by $1 trillion since 2008 and continuing to drop.

Even so, mortgage rates are at all-time lows, with refinance activity at high levels and offsetting diminished demand for new loan originations, according to Equifax and Moody’s.

The companies also note that tighter lending guidelines are reflected in loans made to the prime risk segment (those borrowers with an Equifax score of 700 or above). Consumers that fit the bill of a prime risk now account for more than 80 percent of all new mortgage originations.

“After spending recent years in the financial doldrums, U.S. consumers are poised to make a comeback in 2012,” according to Amy Crews Cutts, chief economist for Equifax.

She says the most promising indicators are showing up in consumer spending and the auto financing sector, but even the housing market is exhibiting incremental progress that points to increased traction in the coming months. Call Harry Tice at 850-236-1222.  Licensed in the State of Florida