Mission Valley Bank News

Credit Card Technology is Changing. Are You Ready?

Credit Card Technology is Changing.  Are You Ready?

By Cameron Brown / VP Merchant Services Mission Valley Bank

Is your business' merchant processing system EMV (Europay, MasterCard, VISA) ready? To begin, it's important to understand the specifics of this Euro-based bankcard technology that has been in place in Europe for well over a decade. Unlike current credit and debit cards in the United States that utilize a standard magnetic strip on the back of the card to house all customer information, EMV utilizes a small chip inlay on the front of the card. Such technology drastically reduces bankcard fraud, chargebacks, and questionable purchases as the "smart chip" technology relies on integrated circuits within the chip to transmit and store consumers’ valuable personal information.…

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Here’s a Quick Summer Tip!

Here’s a Quick Summer Tip!

Recently we had a neighbor leave a quick note in our mailbox letting us know that they would be travelling for 10 days. They shared their cellphone number and also let us know that they would have a house sitter (even that the house sitter drove a white car). While I thought it was a smart thing to do, I stuck the note on the fridge and promptly forgot about it until about four days later…

Coming in from work one evening I saw a respectable stream of water coming from the same neighbor’s driveway. A quick glance told me it was rolling out from under the garage door. There was no white car (house sitter) and no answer at the door. Because they had …

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Safeguarding Your Business: Cyber Security

Safeguarding Your Business:  Cyber Security

By Marianne Cederlind – SVP / Mission Valley Bank

Small businesses are frequent targets of criminal attacks and hostile threats to systems, according to the National Institute of Standards and Technology. Owners face serious challenges in protecting their business information, as well as safeguarding their clients and employees privacy. As small businesses become increasingly dependent on online tools for day-to-day operations, protecting confidential information in cyberspace is crucial.

Cybercriminals target small businesses with sophisticated attacks. Criminals use spoofed emails, malicious software and online social networks to obtain login credentials to businesses’ accounts, transfer funds from the accounts and steal private information.

Fraud with increased sophistication like corporate account takeovers are on the rise. This type of fraud is where thieves gain access to a business’ …

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Tips for Bank Customers from the FDIC Consumer News

Tips for Bank Customers from the FDIC Consumer News

Safeguard your smartphone, tablet and similar mobile devices, especially when using them for banking or shopping. Reduce your risk of downloading "apps" (applications) that contain malware by using well-known app stores, such as those established by your phone manufacturer or cellular service provider, or from the official Web site of the bank.

Also, to ensure that you have the latest fixes to software problems affecting mobile devices, opt for automatic updates for your operating system and apps or manually download updates as soon as you receive notice that they are available. Some banks provide customers with anti-malware software that can be loaded on a smartphone. You can also purchase the software from a reputable vendor. And, don't leave your mobile device unattended. In case …

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The Nest Egg is Almost Ready to Hatch — Now What?

The Nest Egg is Almost Ready to Hatch — Now What?

Even if you've been saving your money since you started to work, that may not be enough to ensure an enjoyable and satisfying retirement. Of course having enough money put away is the number one factor as to whether or not you'll maintain your desired lifestyle once you stop working. But don't overlook the small day-to-day stuff. Do you have a plan for things to do in retirement? How will you spend your time as a retiree? Do you already know what you will do with all that free time?

You probably started thinking about your retirement savings a long time ago. Perhaps you should start thinking about how you plan on spending your time too. This is a very important aspect of your retirement …

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Banking Trends to Expect in 2015

Banking Trends to Expect in 2015

By Marianne Cederlind -- Senior Vice President and Chief Business Banking Officer Mission Valley Bank

The banking industry continues to weather the financial storm of the last decade with the ever-present increase in regulation, intense competition from non-financial institution rivals, and radical changes in customer expectations and banking delivery systems. Calm waters are not necessarily on the horizon for 2015.

Banks will need to distinguish themselves even more in today’s intensely competitive, low-growth, low-margin environment. While banks continue to operate with an eye toward trimming expenses, the expansion of services and leveraging digital technologies to elevate the customer experience will become a focused objective.

In community banking, customers can look forward to small banks implementing strategies focused on enhancing the overall client experience. For local …

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Mission Valley Announces 2014 Earnings

Mission Valley Announces 2014 Earnings

SUN VALLEY, Ca – President & CEO Tamara Gurney of Mission Valley Bancorp – (parent company of Mission Valley Bank) announced un-audited financial results for the year ended December 31, 2014, reporting net income of $1,733,000.

“As 2014 progressed, Mission Valley Bank experienced a continual pickup in quality loan demand, resulting in an increase of $20.6 million in net loans by December 31, 2014, which represents a 12.35% growth in net loans. This suggests that business owners have a growing confidence in the economy and are beginning to make capital investments and expand their businesses. There was a slight drop in total deposits at year end 2014 resulting in cash on hand (in the form of Fed Funds Sold) to be redeployed to fund this …

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FDIC Consumer News — Money and Banking Tips for the Tax Season & Beyond

FDIC Consumer News — Money and Banking Tips for the Tax Season & Beyond

Guard against tax-related frauds. Examples include scam e-mails falsely claiming to come from the IRS. Many of these are intended to trick taxpayers into revealing Social Security numbers and other personal information that can be used by criminals to steal victims' identity and money, including tax refunds. Others involve phone callers saying the taxpayer owes money to the IRS that must be paid promptly by wire transfer (that actually goes to the crook) or by loading funds onto a prepaid debit card and then sharing the number. The scammer may try to intimidate a targeted victim who refuses to cooperate, such as by threatening arrest or suspension of a business or driver's license. For information from the IRS about tax frauds targeting consumers, visit www.irs.gov/uac/Tax-Scams-Consumer-Alerts.…

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Technology drives brick & mortar changes at Mission Valley Bank

Technology drives brick & mortar changes at Mission Valley Bank

Mission Valley Bank's Centre Pointe Business Banking Center

By Jana Adkins / Editor Santa Clarita Valley Business Journal

As technology has driven changes in the way merchants and consumers conduct their banking, so too has it changed the need for larger footprints of space and multiple branches leading Mission Valley Bank to consolidate two of its Santa Clarita branches, said an executive with the bank.   “Technology has changed most industries; it’s no different in the banking world,” said Tamara Gurney, president and CEO of Mission Valley Bank. “What used to be a more branch-focused delivery channel is now more tech-driven putting banks in the palm of your hand.”…

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MISSION VALLEY BANCORP ANNOUNCES ANOTHER RECORD QUARTER

MISSION VALLEY BANCORP ANNOUNCES ANOTHER RECORD QUARTER

I am pleased to report that Mission Valley Bancorp is off to a strong start for the first quarter of 2014 having achieved net income of $360,000, up 13.4% from the record earnings reported for the same period in 2013. This follows year over year results of $1.87 million at December 31, 2013 as compared to $1.06 million for the same period in 2012.   In part, I credit our steady earnings improvement to the somewhat painful lessons learned in recent years. Like most businesses that have survived the Great Recession, the past few years have taught our team how to do more with less. We have successfully streamlined operations and reduced expenses while still supporting production and maintaining an unmatched level of client service. …

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HBA Report for Spring 2014 – “Insurance in Focus”

HBA Report for Spring 2014 – “Insurance in Focus”

With this column on “Insurance in Focus”, my team at Health Benefits Advisors is very concerned that all California employers are sensitive to the financial pitfalls for employers as part of the ACA. Most employers are not aware of the new regulations or the financial penalties associated with the Affordable Care Act.

At HBA, we have developed a “Keeping in Compliance” checklist for you. Even if you do not provide ACA qualified health care benefits, you have requirements under this law.

  • —  Evaluate the FTE (full time equivalent) count for all commonly owned companies to see if you are subject to Pay or Play penalties!
  • —  100+ must be actively counting full and part time
  • —  50 to 99 FTE’s affected in 2015
  • —  2

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Frauds Target Small Businesses: Don’t Be a Victim

Frauds Target Small Businesses: Don’t Be a Victim

While large firms may have sophisticated technology and staff dedicated to thwarting crime, many small businesses don't — and scammers know this. Here are ways to protect yourself:

Be on guard against inside jobs. This includes employee theft or misuse of cash, merchandise or equipment as well as fraud. "Minimize risks through steps such as pre-employment background checks, automated inventory tracking systems, audits, and clearly outlined policies for personal use of computers and other business equipment," said Luke W. Reynolds, Chief of the FDIC's Outreach and Program Development Section. "Also, carefully select who handles revenue from customers, pays the bills and reviews account statements. And, ensure that there are procedures in place to detect and deter fraud."

Watch out for fraudulent transactions and bills. Scams …

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New Scam – Done ‘Old School’

New Scam – Done ‘Old School’

From OnGaurdOnline.gov

In a recent twist, scam artists are using the phone to try to break into your computer. They call, claiming to be computer techs associated with well-known companies like Microsoft. They say that they’ve detected viruses or other malware on your computer to trick you into giving them remote access or paying for software you don’t need.

These scammers take advantage of your reasonable concerns about viruses and other threats. They know that computer users have heard time and again that it’s important to install security software. But the purpose behind their elaborate scheme isn’t to protect your computer; it’s to make money.…

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Equipment Acquisition – Is NOW the Time?

Equipment Acquisition – Is NOW the Time?

Businesses across all industries are increasingly optimistic about the future. For the first time in quite a while, companies are refocused on growth as opposed to survival. As this confidence continues to build, equipment acquisition will play an important role in meeting and stimulating market demand, and for many companies financing is an essential piece of the equipment acquisition process.

In fact, industry experts predict that seven out of every ten businesses (planning to purchase equipment this year) will use some form of financing to do so. This projected increase in equipment acquisition equates to businesses have a growing need for quick, convenient and smart equipment financing.…

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The Heartbleed Bug

The Heartbleed Bug

What is the Heartbleed Bug?

Heartbleed is a flaw in the programming on secure websites that could put your personal information at risk, including passwords, credit card information and e-mails. The Heartbleed Bug is a defect in encryption technology – called Open SSL – used by most Web servers to secure users’ personal or financial information. It is behind many “https” sites that collect personal or financial information. Basically, it provides a secure connection when you are conducting a transaction or sending an e-mail online. Experts discovered the bug recently and warned that cybercriminals could exploit it to access visitors' personal data or to impersonate a website and collect even more information.

Am I affected?

Most active users of the Internet have likely been exposed, …

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