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Your Michigan Bankers Association has gathered many resources for you to utilize regarding fraud prevention at your bank. Please check out the resources below!

Articles

• The Perfect Gel to Foil Fraudsters from MBA Service Corporation Endorsed Partner ODP.   
• Fraud Losses Among Older Adults Have Increased
• New Tools for Arresting the Rising Tide of Check Fraud Podcast
• 10 Tips For Protecting your Institution and Customers from Check Fraud from MBA Service Corporation Endorsed Partner Vericast.
• Celebrate Cyber Month from MBA Service Corporation Endorsed Partner SBS Cybersecurity.
  • Week 1: Enable Multi-Factor Authentication
  • Week 2: Strong Passwords
  • Week 3: Update Your Software
  • Week 4: Recognize and Report Phishing
• Learn about Get Smart About Credit Month and sign your bank up today! 
• FDIC Consumer News for October 2023.
• FTC: Social Media Largest Source of Fraud Losses
  
• September/October issue of mbaBanking. All about Cybersecurity and Compliance. 
• January/February issue of mbaBanking. All about Fraud.
• DIFS Reminds Consumers to Watch Out for Financial Services, Insurance Fraud Schemes During International Fraud Awareness Week.
• Access the Stop Ransomware Guide - CISA released version 3 of the Stop Ransomware Guide. The new version includes updates to prevention tips such as hardening SMB protocols, revised response steps, and added threat-hunting insights. Download the guide . 
• Check Fraud, a presentation from the FDIC. 

• BankSafe™ Trained Seal from AARP: As part of the BankSafe program, financial organizations can apply to have AARP verify that at least 80% of their frontline staff successfully passed the BankSafe training and confirm that they have a financial-exploitation escalation reporting policy. Qualifying banks can apply to receive a seal from AARP, good for one year, recognizing their commitment to fighting exploitation. Learn more.

Events

• MBA Fraud Webinar with Paul Benda: The webinar discussion covered crucial topics such as fraud in the context of COVID-19 impacts, emerging fraud trends (Ransomware, P2P Bank Impersonation, Check Fraud), and the associated risks of Artificial Intelligence (AI). To access the webinar recording click on the provided link here. For the passcode, please contact Alyssa Bouchard at abouchard@michigan.bank. 
  
  
• ElderSafe Money Management Webinar Series: The ElderSAFE™ Center is hosted a Money Management Webinar Series that focuses on preventing elder financial exploitation. The program defined elder financial abuse and exploitation and discuss cyber frauds, online dating frauds, technical support frauds, investment frauds, and mortgage closing frauds.
  • Access the slide presentation.
    
    
• Graduate School of Banking - Technology Security School: Online bank fraud has been described as epidemic, with numbers that are staggering — it’s estimated that U.S. banks lose $1.5 billion to phishing attacks annually. Consider also that mobile devices are now ubiquitous and hackers are getting ever-more sophisticated in their ability to gain access to sensitive data and it’s clear that there is a need for proactive IT security offense and defense to stop attacks including phishing, malware, coordinated denial of service attacks, hacktivist breeches and more. The threats to the banking sector are multiple and significant — both financially and reputationally. Today’s bank customer is rightfully concerned about online banking fraud and studies show that the majority of customers would change banks if they became a victim of fraud at their current institution. Security breeches not only cost significant dollars, but they also destroy erode consumer trust. Being proactive is key. Learn more.
  
  
• SBS Institute is a leading provider of cybersecurity education in the financial industry. We are uniquely dedicated to delivering quality, industry-specific education to financial institutions to empower clients to take security into their own hands. Offerings include:
  • Certifications
  • Free downloads
  • Blog posts, articles, and short videos
  • Webinars
  • Employee or customer training 
    

#BanksNeverAskThatCampaign

Products

Compliance Alliance has Fraud Resources For Your Bank 
MBA-owned company Compliance Alliance has many resources for your bank regarding fraud and many others. Check out these complimentary webinars: 

A Closer Look Into Altered Checks - 10/2023
How to Deal with Fraudulent Checks - 5/2023

For more information, please contact Jill Verscheure, SVP, MBA Service Corporation to learn more and access more tools.

SBS CyberSecurity, LLC 
SBS CyberSecurity is a premier information security products and services company that focuses exclusively on promoting good security practices for community banks. SBS can assist your bank with designing and maintaining your information security program, or test your program with an information security audit, penetration test, social engineering and other assessments.

Contact: David Edwards
Phone: (605) 923-8722
Email: david.edwards@sbscyber.com