By Joanne McDaid, CFCS – AVP, Operations Officer
Cybercriminals are getting more aggressive in targeting money through wire transfer requests. The number of attempts is on the rise and scammers are getting bolder and more sophisticated in their efforts to trick consumers into wiring funds. Criminals like to use wire transfers because the money moves fast and is difficult to get back. While you can’t always stop your customers from being victims of wire transfer scams, you can help minimize wire transfer risk to your institution by having the right controls in place.*
First and foremost is developing adequate policies and procedures. This may seem like a basic concept; however, many organizations lack the appropriate written procedures. An institution’s procedures should carefully specify how incoming and outgoing wire transfers should be processed, how entries should be posted and balanced, and employees’ responsibilities for implementing these policies. Read More.
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ACBB to Launch ‘Virtual Card’ Solution
Increase non-interest income - Differentiate your bank - Increase relevance with business customers
While you’re waiting on faster payments, why not make “better payments”
Advanced treasury and payment solutions are no longer the exclusive domain of the big banks!
Virtual Card is a way to embed credit card payment information directly into your accounts payable system so you and your customers can make more payments electronically, efficiently, securely and cost-effectively. Read More.
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Compliance Anchor Moves Forward!
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Compliance Anchor began in 2013 to answer the need for cost-effective BSA and Compliance training and resources. We launched the service by providing topic specific webinars and what are known as our “Veterans’ Venues”. These Veterans’ Venues are unique in the industry and provide all the latest news from the previous month on topics affecting your financial institution. They are collaborative sessions that enable attendees from all over the country to talk to one another online, share ideas, ask questions and conduct polls that help attendees to see what other financial institutions are doing or thinking about a specific subject.
Seven years later, we have 112 financial institutions from 11 states that are monthly subscribers and benefit from our 40 plus webinars throughout the year. Compliance Anchor continues to grow as an independent division of Atlantic Community Bankers Bank. We continue to expand our strategic partnerships and collaborations with key organizations across the country, like ECCHO and The Clearing House, to bring you the best and most effective speakers on various topics. Additionally, we have expanded our Compliance Anchor’s services with our BSA Schools, board training packages, and consulting services...Read More.
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BITS Spotlight
Welcome our latest customers, Taylor Bank out of Berlin, MD and Citizens Bank and Trust located in Trenton, GA.
Continued thank you to our existing clients, who are always willing to serve as great references.
WHY CUT ONLY ONE COST, WHEN YOU COULD CUT FIVE?
With our 5-blade scissors we can help you shred costs, cut cords, slice vendors, shear risk, and trim complexity without cutting corners on compliance, quality, support, and most importantly customer service. Contact us today to get started on your free assessment! Read More
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