KALONA
CBI Bank & Trust takes fraud seriously because scammers “are abusing all of our customers, but commercial and business customers have a higher exposure than our personal customers,” …
This item is available in full to subscribers.
We have recently launched a new and improved website. To continue reading, you will need to either log into your subscriber account, or purchase a new subscription.
If you had a login with the previous version of our e-edition, then you already have a login here. You just need to reset your password by clicking here.
If you are a current print subscriber, you can set up a free website account by clicking here.
Otherwise, click here to view your options for subscribing.
Please log in to continue |
|
KALONA
CBI Bank & Trust takes fraud seriously because scammers “are abusing all of our customers, but commercial and business customers have a higher exposure than our personal customers,” Matt Brown, VP of Ag and Commercial Lending, told those seated before him in the Kalona Chamber of Commerce meeting room Wednesday. Fraud Awareness –Risks and Best Practices was the topic of the Business Luncheon on Jan. 10.
That ‘higher exposure’ is due to businesses having greater bank balances than individuals in general, making them vulnerable to greater losses when they are the target of a scam. In addition, there are many more channels through which to get to businesses, as they order more products and services, endure more government regulation, accept various payment methods, and pay their own employees. They also, unlike those with personal bank accounts, have only one business day to report fraudulent transactions.
Cindy Greene, VP of Treasury Management at CBI Bank & Trust, and Ashley Dekarske, Assistant VP of Treasury Management, lead the presentation remotely from their offices in Peoria and Davenport, respectively, as the midweek snowstorm kept them from traveling.
“Keep your guard up,” “trust but verify,” and “if you aren’t expecting it, don’t respond,” were some of the recommendations they made over the course of the hour. They also suggested that businesses contact their bankers and insurance companies to ask about fraud protection services, as they can help protect against financial losses.
CBI Bank offers tools, such as Positive Pay, and ACH Block and Filter, that customers can request that also help reduce the risk of fraud.
The Kalona Chamber’s business lunches are informative and open to all. The next event is scheduled for Wednesday, Feb. 7 at noon at the Chamber, 514 B Ave., Kalona. Mary Audia of Washington Economic Development Group (WEDG) will speak on the WEDG Business Labs that are available to Washington County residents free of charge through July. Attend the Business Lunch for $5; RSVP the Chamber at 319-656-2660.
