Welcome to the GRBblog! Get to know GRB, Rochester's only locally owned and managed commercial bank. A commercial bank, but also a community bank, with an entrepreneurial spirit about everything we do. We're committed to Growing Rochester Business and making our community a better place to live and work.
The GRBblog is where we post bank news and information, stories about the great organizations we support, and share relevant local and national business news.
The average amount a company loses to a Business Email Compromise (BEC) attack
Business Email Compromise (BEC) is one of the most financially damaging online crimes. With losses topping more than $2.7 billion last year and a year-over-year increase in attacks of 14.5%, BEC is a significant threat.
What is BEC?
In a BEC scam, criminals send an email message that appears to come from a known source making a legitimate request, like these examples:
A vendor your company regularly deals with sends an invoice with an updated mailing address or account information.
A company CEO asks her assistant to purchase dozens of gift cards to send out as employee rewards. She asks for the serial numbers so she can email them out right away.
A homebuyer receives a message from his title company with instructions on how to wire his down payment.
Versions of these scenarios happened to real victims. All the messages were fake. And in each case, thousands—or even hundreds of thousands—of dollars were sent to criminals instead.
How BEC Works
In this graphic provided by the Federal Bureau of Investigation (FBI) a BEC attack is conducted through careful research to identify targets, groom company representatives, make the request, and finally, secure a fraudulent payment.
Scammers do their homework to make their communications sound believeable. They may research company executives’ social media accounts and reference company posts to make their demands sound more realistic.
But in most cases, breaking up a BEC attack is as simple as picking up the phone to verify instructions or reading between the lines to see if an email really “sounds like” the person you know. BEC attacks are preventable. The ABCs below provide a good start for minimizing your company’s risk.
A
Avoid
Do not use free web-based email accounts or personal email accounts for business – Don’t use free web-based email accounts for business or get in the habit of using personal email accounts to send business emails. Stick to your corporate email account, which should have more stringent security protocols.
Avoid replying to emails – Don’t REPLY, use FORWARD instead. Forwarding an email requires you to manually type the address or select a known, trusted email address from a list. This eliminates a habit BEC attackers depend on to pull off their scams.
B
Be proactive
Implement multi-factor authentication for your business email – MFA makes it much more difficult for cybercriminals to even gain access to an email account that could be used to commit fraud.
Secure your company domain – BEC attacks often use spoofed domains. Registering domain names similar to your company’s will help prevent the email spoofing at the heart of many successful BEC attacks.
C
Check and double-check
Know your customers, fellow employees, and vendors – If something seems off, it probably is. Did a trusted vendor you talked to just last week suddenly email you to say they’ve moved and to send checks to a new location? Is your normally friendly CEO suddenly sending demanding, high-pressure emails requiring money be wired within the hour? Always double-check requests that seem unusual.
Make the call – Don’t email, pick up the phone and call your customer, co-worker, or vendor to verify any unusual requests. Use a known phone number (not one from an email) to verify that a request is legit.
As is the case with most cybercrimes, it’s much easier to prevent a BEC attack than to recover from one. In addition to the financial loss, victims of a BEC attack can end up tied up in lawsuits with customers, vendors, and insurers for years. The cost in time, resources, and reputation warrants taking a few extra seconds to follow the ABCs and keep your business safe.
The Linked Deposit Program (LDP) helps existing New York State firms obtain reduced-rate financing so they can undertake additional investments in their business. GRB has completed a number of these loans successfully and it can be an option for qualifying organizations lower their interest costs and move forward on business objectives.
Businesses commonly use LDP to:
Improve their competitiveness
Expand their markets
Develop new products
Introduce new technologies
Facilitate ownership transition
Modernize their equipment, increase their capacity or capabilities
Expand their facilities, purchase real estate or make building renovations
How it works
Eligible businesses obtain loans from their bank and the New York Business Development Corporation.
New York State places a deposit for the same amount as the loan at the bank and earns less interest on the deposit, allowing the lender to transfer the interest rate savings on to the borrower. At the end of the four year term of Linked Deposit assistance, the bank returns the deposit to New York State.
For lenders, LDP provides a number of advantages that makes lending to eligible businesses more favorable.
Program limits
An eligible business can have an unlimited number of LDP loans outstanding, totaling $6 million.
The single deposit limit has been increased to $4 million; there is no minimum deposit.
Total lifetime assistance (including renewals and prior deposits) cannot exceed the legislated lifetime maximum of $6 million.
Who qualifies?
An eligible business can have an unlimited number of LDP loans outstanding, totaling $6 million.
The single deposit limit has been increased to $4 million; there is no minimum deposit.
Total lifetime assistance (including renewals and prior deposits) cannot exceed the legislated lifetime maximum of $6 million.
If interest rates have been pushing off plans for expanding your business or adding a new product or service and you qualify, LDP can be a great way to secure the funding needed to meet your goals. Contact GRB’s Commercial Banking Team for more information.
At Genesee Regional Bank, we want to recognize E. Philip Saunders for all that he does for not only for the bank, but for the community. As a founder and chairman for numerous influential organizations, including GRB, Saunders has played a pivotal role in contributing to the Finger Lakes Region as a businessman and philanthropist.
Saunders was recently acknowledged for advancing a transformative project for the Finger Lakes Region. Featured in Life in the Finger Lakes magazine, the Saunders Foundation made a generous contribution to an up-and-coming museum that will exhibit the culture and natural history of all the Finger Lakes. The museum’s exhibition hall will be expanded and officially named the Saunders Finger Lakes Museum.
The museum stands dedicated to celebrating the cultural and natural history of the area, situated on a breathtaking 30-acre campus along Keuka Lake in Branchport. The Saunders Finger Lakes Museum offers visitors an array of experiences, including wetlands, walking trails, lake views, paddling programs, a children’s natural playscape, and an outdoor exhibit showcasing the region’s 11 lakes. Construction of the new main exhibition building is set to commence after planned demolition and site preparation in the upcoming fall.
GRB is proud to announce that the bank has been recognized by the Independent Community Bankers of America (ICBA) on the 2023 list of “top-performing community banks” in the most recent edition of “Independent Banker” magazine. Ranked at no. 24 in the more than $1 billion asset category, GRB also appeared on the ICBA list in 2021 and is the only New York state bank on the nationwide 2023 list.
ICBA’s calculations aim to recognize community banks that are consistent high performers. Using FDIC data, it looks at pre-tax return-on-assets (ROA) figures from the past three years, with the most recent year weighted at 3x, second most recent year at 2x and third most recent year at 1x. ICBA divides the community banks into three broad segments based on asset size and ranks each segment based on the three-year weighted average ROA. GRB’s three-year average pre-tax ROA of 2.25% puts it among the top 1.88% of community banks in all 50 states. In the northeast, only four community banks were part of this year’s ICBA list of 75.
“Both the uncertainty of the last few years and the recent interest rate increases have taken a toll on the banking industry as a whole. At GRB, we are pleased that the Bank remains strong financially and continues to effectively serve our clients and the local community,” said GRB President and CEO Philip L. Pecora.
Pecora also credits GRB’s continuous technology investments and high-performing workforce with creating a strong culture of service that resonates with local customers.
“Our investment in technology made it possible to react quickly during the pandemic, but it is our people who continue to make sure that our customers receive the superior level of service that sets community banks, like GRB, apart,” said Pecora. “We strive to cultivate a customer-centric, relationship-driven culture at GRB, which is a key factor in the Bank’s ongoing success.”
Over the past three years, GRB was recognized for a number of other accomplishments, including earning Diamond Award status from the U.S. Small Business Administration, being named to the “Greater Rochester Chamber Top 100” list of fastest-growing privately owned companies, and being recognized as one of the “Best Companies to Work for in New York” by the Society for Human Resource Management.
Theft and fraud are problems day to day. But when you travel, the risk can increase. Follow these tips before, during, and after to make sure your money and your identity remain safe and secure while traveling.
Before you leave
Call your bank and credit card companies: Let them know your itinerary to avoid service disruptions. You can also choose to temporarily freeze any financial accounts you won’t need while traveling.
Don’t share your travel plans online: It’s exciting to talk about your upcoming vacation plans on your socials, but you could be giving fraudsters a helpful heads up. Only share your plans with people you trust.
Put your mail on hold: Nothing says, “Nobody’s home” like a stack of mail or newspapers. You can een sign up with the USPS to put your mail on hold using their online portal.
Be prepared
Eliminate unneccessary items from your wallet: Only bring cards and identification that you plan to use. All other identifying information should be removed.
Keep luggage tag info to a minimum: A phone number and last name are adequate to recover lost luggage. Don’t provide thieves with your full address, email address, or other information on your luggage tag.
Copy important documents: Keep copies of important documents in a separate, safe place when you travel. This includes passports, driver’s licenses, credit cards, etc. If anything is misplaced or stolen, these copies will be critical.
Add security options to your devices: Implement multi-factor authentication and set up recovery steps for critical apps. Take advantage of PIN code and biometric scanners on phones, tablets, and laptops. Also, consider installing an app to help locate your devices if they get lost or stolen.
While you are away
Don’t share your itinerary in real time: Again, social media accounts contain a treasure trove of information that can be used to steal your identity or even plan a theft of your home or hotel. Continue to be cautious about what you post on your socials.
Think safety first when accessing cash: When using ATMs, try to find ones that are monitored by security cameras or secured in a bank lobby. This will reduce the risk that a skimmer has been installed in the ATM or that thieves can watch your transaction.
Avoid using public WiFi for financial transactions: Be careful when using public WiFi. Identity thieves may try to hack these connections and steal your personal information.
Lock up important documents and valuables: If your vacation stay has a safe, use it. Lock up important documents, jewelry, devices, identifiable information, and extra cash and credit cards.
When you return
Review your bank and credit card account statements: Make sure you can identify all the charges and that the dates and locations match up with your itinerary. If they don’t, contact your bank or credit card company immediately. Don’t forget to let your bank and credit card companies know you’ve returned from your vacation.
Update account passwords: If you were forced to access any of your accounts from a public computer or public WiFi, change the passwords on those accounts for added security.
Shred sensitive documents: While some of your recipts may recall fond memories of your travels, they also contain important private information. Consider shredding items such as boarding passes, flight itineraries, and rental receipts.
Vacation should be a relaxing and wonderful experience, but to stay safe and secure while traveling requires special attention. For additional information on fraud and security, check our website. If you have any concern about fraud on your GRB accounts, please call us or contact us online.
Today is Senior Fraud Awareness Day. GRB has teamed up with the American Bankers Association Foundation to help older adults, families, and caregivers prevent elder financial abuse and exploitation with the Safe Banking for Seniors program. #SafeBankingForSeniors
According to the Alzheimer’s Association, 10-20% of elders 65 and older have some type of mild cognitive impairment. Mild cognitive impairment causes a slight deterioration of cognitive abilities, which may affect memory, thinking, and reasoning skills. This can make it easier for them to become victims of fraud.
Types of Fraud
Scams impacting older adults can involve lotteries, sweepstakes, identity theft, home improvement and repair, telephone donation calls, healthcare and prescription drugs, dating, and more.
Financial institutions have protections in place designed to miminize elder financial abuse. In New York state, the Office of Children and Family Services has oversight on elder abuse and provides the following resources for prevention and reporting:
If you suspect someone may be a victim of elder abuse, contact your local Department of Social Services Adult Protective Services office by searching online or calling 1.800.342.3009, press 6.
We are pleased to announce GRB has ranked no. 4 in the the medium employer (100-249 employees) category for “Best Companies to Work For New York.” We moved up a spot from 2022 and we are so proud of our employees for making GRB a great place to work for the ninth consecutive year.
“The 2023 Best Companies to Work for in New York are champions of business who know the importance of a positive, productive work environment. They support their staff members which results in success throughout the entire company,” said Suzanne Fischer-Huettner, managing director of BridgeTower Media. “The Rochester Business Journal is pleased to join the New York State Council of the Society for Human Resource Management and the Best Companies Group in recognizing the achievements of these deserving companies.”
Awards for the “Best Companies” are based on feedback provided through employee surveys, which focus on:
Leadership & Planning
Corporate Culture & Communications
Role Satisfaction
Work Environment
Relationship with Supervisor
Training, Development & Resources
Pay & Benefits
The survey process is managed by Best Companies Group (BCG) and winners are published by New York State SHRM (NYS-SHRM).
“This year’s Best Companies to Work for in New York know the importance of communication, onboarding, feedback loops, flexibility, and diversity and inclusion in a successful work environment. They make sure their staffers feel appreciated, engaged and successful,” said Suzanne Fischer-Huettner, managing director of BridgeTower Media. “Along with our partners, the New York State Council of the Society for Human Resource Management and the Best Companies Group, we are honored to recognize the accomplishments of these outstanding businesses.”
On behalf of the whole team at GRB, we want to thank our customers and partners for being part of our ongoing growth as we support individuals, families and small businesses in Western and Central New York.
Small businesses are a vital part of the American economy, and community banks play a crucial role in supporting these businesses. Genesee Regional Bank provides personalized service and a demonstrated commitment to our region. We understand the unique qualities of our community and work hard to provide products and services that support its growth and development.
This year, we celebrate Community Banking Month with a particular focus on what sets us apart and makes us a vital part of the community’s financial infrastructure.
The Impact of Community Banks
According to recent data, community banks account for a significant portion of small business lending. In fact, community banks provide over half of all small business loans, despite holding only 16% of total banking assets.
GRB provides small business lending through U.S. Small Business Administration loans and our own portfolio. Unlike larger banks, we often have more flexibility when it comes to the loans we make. We consider critical factors such as local market conditions, past experience, and the potential for growth when making our lending decisions.
In addition to providing financing, community banks also offer valuable resources and support to small businesses. Our local business networks connect small business owners with other businesses in the area. Our goal is to help each and every business succeed.
Neighbors, Businesses, Communities
Small businesses remain the backbone of our economy, and community banks support them. By providing personalized service, flexible lending options, and valuable resources, community banks play a critical role in helping small businesses grow and thrive.
If you are a small business owner in need of financing or other resources, try a community bank, like GRB. You might find that our individualized approach and local knowledge can be a valuable asset in securing the right lending and deposit options. At GRB, we are Here. For You.
Find out more about Community Banking Month by following GRB’s unique customer visits featured on our website and social channels throughout the month of April.
Stacey MichaelsMonday, February 27, 2023Uncategorized
February 27th – March 3rd marks this year’s America Saves Week, a campaign to bring awareness and education to everyday Americans about saving successfully. Each year, thousands of organizations participate, representing a diverse and impressive coalition of companies, nonprofits, educational institutions, military services, influencers, government agencies, and financial institutions. The week encourages individuals and families to assess their financial well-being, which helps them build a clear picture of how they can stay prepared for the unexpected and make progress toward their goals.
The theme for America Saves Week 2023 is, “A Financially Confident You.” But financial confidence is much more than just how much is in your bank account. Financial confidence is a combination of financial literacy, education, resources, and more. They all play a part in securing your financial future, no matter what your unique circumstances might look like.
Each day during the week has it’s own topic and with it different things to think about. How can I incorporate automatic savings into my regular habits? What major milestones am I saving for? Or how can I jumpstart a new savings journey when I’m ready to take control of my finances?
Below you’ll find the list of each day’s topic, as well as links to resources to help you learn more about how you can improve your financial well-being through saving.
America Saves Week Daily Themes:
Monday, February 27 – Saving Automatically – check out the America Saves blog post on the simplest way to save!
Tuesday, February 28 – Saving for the Unexpected – learn more about staying prepared on today’s blog post!
Wednesday, March 1 – Saving for Major Milestones – this blog post has all the tips you need on saving for the big moments!
Thursday, March 2 – Paying Down Debt is Saving – today’s America Saves blog talks how to approach dealing with debt.
Friday, March 3 – Saving at Any Age – read up on the ongoing journey of saving here!
Stacey MichaelsWednesday, February 22, 2023GRB Mortgage
Today, the Department of Housing and Urban Development’s (HUD) announced a 30 basis point reduction to the Annual Mortgage Insurance Premiums (annual MIP) it charges borrowers for Federal Housing Administration (FHA)-insured single family mortgages. Aimed at helping make homeownership more accessible and affordable for the nation’s homebuyers, the reduction in mortgage insurance will be effective for mortgages endorsed for FHA insurance on or after March 20, 2023.
According to the FHA, this reduction will benefit approximately 850,000 borrowers over the coming year, saving them $678 million in aggregate in the first year of their FHA-insured mortgage. For the average borrower purchasing a one-unit single family home with a down payment of 3.5 percent and a mortgage amount of $467,700 – the national median home price as of December 2022 – FHA’s annual MIP reduction will save them more than $1,400 in the first year of their mortgage.
Given the nationwide housing shortage, the move is seen as an encouraging one by those in the industry.
“The lower premiums will expand homeownership opportunities by lowering mortgage payments for qualified FHA borrowers, providing critical relief from the steep rise in mortgage rates and home prices just in time for the spring buying season,” said Mortgage Bankers Association President and CEO Bob Broeksmit, CMB, in a statement. “This will especially help minority homebuyers and low-and moderate-income households who are predominantly served by FHA loans.”
FHA mortgage insurance facilitates broader availability of mortgage financing to those not adequately served by the conventional mortgage market. More than 80% of FHA borrowers are first-time homebuyers.
