GRBblog

With New York’s SHIELD Act taking effect on March 21, 2020, it’s important for small businesses to continue building on their cyber security knowledge to safeguard customer information and prevent losses from fraud.

Fraud and cyber security threats are some of the leading sources of risk for businesses and individuals today. It’s challenging to stay on top of all the scams and schemes, but regular awareness and education can help reduce the chance that a business suffers financial losses at the hands of criminals.

The following sources provide a range of free materials (toolkits, posters, videos, newsletters, etc.) that businesses can use to stay up to speed on fraud and cyber security issues, and help train their employees to avoid behaviors that put the business, and even their personal finances, at risk.

Education

• HS&E Checklist – GRB, in association with the law firm of Harter Secrest & Emery LLP, offers a checklist resource for businesses to verify that they are following the components of the SHIELD Act.
• CISA – The federal Cybersecurity and Infrastructure Security Agency provides free toolkits to help businesses prevent common cyber threats such as phishing, email compromise and more. Other toolkits are available for law enforcement, parents and teachers, too.
• SBA – The Small Business Administration offers materials to help small businesses protect themselves. Free assessment tools for Cyber Resilience and Cyber Hygiene Vulnerability Scanning are also available.
• American Bankers Association– The ABA provides educational materials designed to help individuals and businesses protect themselves from cyber crime, identity theft and many other types of financial fraud.

Monitoring

• Krebs on Security – Brian Krebs is a leading computer security investigator. He offers a free email newsletter and RSS, Twitter and Facebook feeds.
• The SANS Institute newsletters – The SANS Institute is run by security practitioners and designed to help the entire information security community. They offer free e-newsletters to help executives, information security specialists and everyday online users spot cyber threats.
• Threatpost – An independent security news site, Threatpost offers articles, podcasts and videos. If it’s about security (or any lack thereof), it’s on Threatpost.

There are many ways to get information about cyber security and fraud threats. Read through the above suggestions – and others – and find a few sources that provide the kind of information you need to help keep your business safe.

We’re proud to have GRB President and CEO Philip Pecora interviewed in the Rochester Beacon about the competitiveness of community banks.

Of particular note, the article points out that smaller banks are actually outpacing the growth of larger institutions:

“Despite the size differential, the smaller banks—which make up 92 percent of FDIC-insured institutions—continue to do well as a group. As of Sept. 30, community banks nationwide reported a total net income of $6.9 billion, a 7.2 percent increase from the same point in the previous year. By contrast, all FDIC-insured institutions reported a 7.3 percent decline in income during that period.”

“Our competitive advantage is that we’re local, and that we have a keen interest and knowledge of our local markets,” says Philip Pecora, president and CEO of Genesee Regional Bank. “Within that, we just feel that we can provide a higher level of service, both on the commercial banking side and on the residential mortgage side, and also retail banking.”

Read the whole article >

GRB is pleased to announce it has once again been named to the “Best Companies to Work for in New York” state awards. This is the sixth consecutive year that GRB has made the list. The awards are decided based in large part on responses from employee surveys and is sponsored by the New York State Society for Human Resource Management (NYS-SHRM).

We’re pleased to recognize GRB’s Chief Operating Officer Allana Lazeroff as a contributor to a recent article on banking technology in the Rochester Business Journal. Nice job, Allana!

With Small Business Saturday just around the corner, the U.S. Small Business Administration has provided a list of 10 tips to help business owners take full advantage of the opportunity to connect with local shoppers.

More than two-thirds of every dollar spent at local small businesses stays in the local economy, so Small Business Saturday makes a real impact. Last year’s Small Business Saturday sales reached an all-time high of $17.8 billion.

Use these last few days before Nov. 30 to make sure your business is prepared to capture the attention of shoppers and turn them into repeat customers with these SBA tips:

1. Give yourself a digital makeover. Check your website, social media accounts, and review sites to make sure all online information about your small business is accurate and up to date. Focus on what you offer, where you’re located, and how customers can contact you.
    
2. Show what sets you apart. As a small business, it’s tough to compete with big box stores. In your marketing efforts, make sure customers know what makes your small business special. This can be a unique product or service or simply creating an inviting space for shoppers. Whatever that may be, communicate it to customers.
    
3. Get social on social media. Promote Small Business Saturday deals and share how you’re preparing your store. Use #ShopSmall on your social media posts to join the overall conversation. Encourage shoppers to snap a selfie and tag your business. This can increase engagement of your posts, potentially reaching new customers.
    
4. Plan an event. Organize a Small Business Saturday kickoff with food, drinks, and promotional items to draw shoppers in. Consider special discounts or free offerings for loyal customers. Set up an in-store activity that demonstrates your products or services.
    
5. Partner up. Contact other small businesses in your area and see how you can team up to provide special offers. Consider highlighting a local charity at your business. It’s a great way to embrace the spirit of the season and give back.
    
6. Leverage local events. Identify other holiday events and determine how your business can participate. This could lead to repeat customers and help you become a bigger part of the community.
    
7. Promote gift cards. Many holiday shoppers buy gift cards or gift certificates for family and friends, representing a huge opportunity for your small business.
    
8. Stay open longer. Small Business Saturday will most likely be your busiest day of the year. Extending your hours by opening earlier and closing later could have a big impact on sales.
    
9. Chat with staff. Before Small Business Saturday, have a meeting with your staff. Reminding them to greet each shopper when they enter and exit your business. Thank them and show appreciation for their work. Making Small Business Saturday a win for your business is a total team effort!
    
10. Track success. Take a few moments after Small Business Saturday to analyze what worked and what didn’t. This could help shape your strategy for next year.

Make a big splash this year as more people look to #ShopSmall! Good luck!

We all know where we were when we saw the events that would change our world forever. Our shared experience brought terrible, terrible grief. But it also brought us a collective strength that we use to remember this day with something positive.

The Wall Street Journal recently noted that a window has opened for homeowners who may wish to refinance higher-rate home mortgage loans.  This follows an unexpected dip to below 4 percent in 30-year mortgage rates that started in May and has continued through the summer.  The end result is mortgage rates that are at their lowest level in three years. 

“Refinancing a mortgage can offer a number of benefits including reducing monthly payments, shortening the loan term (and the total interest paid over the life of the loan), and even taking cash out for other purposes like college tuition or home improvements,” said Mike Pulver, GRB’s SVP, Residential Mortgage Manager.

The difference of one percentage point between your current interest rate and today’s lower rates can make it worthwhile to refinance.  It pays to run the numbers and see if – or when – it may make sense to look refinancing your home loan.  The analysis only takes a few minutes and can help ensure you are getting the most from your home investment.

Find out more by using our free online mortgage calculator or reach out to someone on our team.

GRB’s President and CEO Philip Pecora was featured in the Rochester Business Journal’s recent article on financial technology, and how community banks are able to keep pace with larger financial institutions.

Pecora noted that partnerships are important to community banks and GRB is always vetting new platforms and services to provide customers with technology solutions, while still maintaining a personal relationship with its client base.

“Twenty years ago, people used to think advanced technology would mean the end for community banks, but instead it’s been an enabler for community banks to keep pace with larger institutions,”said Pecora.

The full article can be seen in the RBJ’s July 19 edition.

Employee Education and Awareness Keys to Prevention 

Fraud is on the rise and growing at an alarming rate among the small business community.  As scammers change their techniques, businesses need to raise their level of vigilance. 

According to the Financial Crimes Enforcement Network (FinCEN), the number of suspicious activity reports (SARs) describing Business Email Compromise (BEC) incidents reported monthly has grown rapidly. They now average more than 1,100 per month in 2018 — that’s twice the amount reported in 2016.  The total value of attempted BEC thefts, as reported in SARs, climbed to an average of $301 million per month last year. 

Scammers are branching out, targeting construction and manufacturing companies, which typically deal in larger transaction amounts.  The average loss for these companies is more than $50,000 per incident. 

But This Doesn’t Happen in Rochester…Actually, it Does

“It’s tempting to look at the numbers above as a ‘national’ problem, and not one we’re having here in Rochester, but I can tell you first-hand that is absolutely not the case,” explains GRB’s Vice President, Risk Management Officer Brandon Beardsley.  “Rochester companies are being targeted and scammers are being successful.” 

Beardsley, who is part of a number of local security and risk management professional organizations, notes the following scams reported by local companies and financial institutions in just the last few months:

• CEO Fraud – A fraudster impersonates an executive of a business and requests an urgent wire transfer or ACH transaction
• Vendor Fraud – A fraudster intercepts communications between a business and one of its vendors and requests that in invoice be sent to a fraudulent account
• Business Email Compromise – Targets employee direct deposit accounts, wires and ACH transactions, and IOLA accounts
• Stolen checks/check fraud

“What we see is fewer scams targeting financial institutions. Instead, they are targeting the businesses directly,” says Beardsley.

Employees are Key

Beardsley also notes that technology, like enhanced firewalls and stronger passwords alone aren’t the answer to preventing fraud. He emphasizes that technical defenses need to align with employee awareness.

“Employees need to be trained to be suspicious of unusual requests and follow all verification procedures for any transaction.  Even everyday requests can be compromised, like Human Resources receiving a request to change an employee’s direct deposit account number.  There needs to  be a process for verifying requests that could allow for fraud to occur – preferably using a communication channel different from the one used to make the request,” says Beardsley.  “While technology is certainly helpful in fraud prevention, employees are still the most important factor in making sure a scammer cannot complete a fraudulent transaction.”

He also strongly encourages businesses to develop a comprehensive plan for raising fraud awareness. This should include employee training programs, and implementing additional tools for transaction verification.  GRB provides the Positive Pay solution as an additional protection against ACH and check fraud.

In addition, the Federal Trade Commission, the Small Business Administration and the Federal Bureau of Investigation provide resources that businesses can use to help create their own strategies for preventing financial losses from fraud.

“Financial fraud is a serious risk for businesses,” said Beardsley. “Everyone in the organization needs to be included in the prevention process.”

(more Fraud Prevention information is available on the GRB website)