Timely Topics:
What does the future hold in store for payment technologies?
The advancement of technology, coupled with rising demand for speed and convenience, is defining the future of paytech with a new era of innovatioFrom “FinTech Magazine” Alec Clere (12/4/2023)
Social and synthetic media are spawning new fraud, feds warn
While social media fraud is a problem for all ages, younger people are particularly susceptible, reflecting their outsized use of these platforms, the FTC said.
Every time we turn around, it seems that fraud has a new face. Old school check fraud is still with us and causing grief, but fresh threats are emerging constantly. Recent reports from the Federal Trade Commission and U.S. intelligence agencies have highlighted two new sources of risk: social media and artificial intelligence “synthetic media” tools.
From “ABA Banking Journal” (12/1/2023)
Are CDs a Good Investment for 2024?
With only a few weeks left in 2023, many of these CDs look like good investments going into the new year. But are they? If you’re thinking about investing in one soon, let’s take a look at what we know.
From “the ascent” Steven Porrello (11/28/23)
FDIC: Authentication in Internet Banking: A Lesson in Risk Management
The business model that banks use to offer products and services to their customers has evolved significantly. Most banks have supplemented tellers, drive-ups, and other facilities with electronic capabilities, many of which are facilitated by the Internet. This shift to Internet-based banking and e-commerce in general is accompanied by new risks as well as an increase in existing risks. Security weaknesses in Internet-based processes create opportunities for savvy hackers to compromise systems and steal data. The Internet provides an effective and anonymous medium for thieves to advertise and sell the stolen data. In response, the bank regulatory agencies and the banking industry have sought ways to mitigate these vulnerabilities.
From “FDIC” Supervisory Insight
Do You Practice Safe Checks? It should come as easily as airline safety, so buckle up for this one. Despite the fact that check use has declined by 25%, reports of check fraud have soared. In fact, they’ve nearly doubled since 2021. Criminals are becoming more sophisticated and finding new ways to steal your financial […]
Learn More About Practice Safe ChecksProtect Yourself from Scammers According to a recent alert to banks from the Financial Crimes Enforcement Network, part of the Treasury Department, criminals have been increasingly targeting the U.S. Mail and United States Postal Service mail carriers since the COVID-19 pandemic to commit check fraud. Criminals typically steal personal checks, business checks, tax refund checks, […]
Learn More About Check Theft & FraudHabitat for Humanity of Horry County has been awarded $200,000 in Affordable Housing Program (AHP) funds from the Federal Home Loan Bank of Atlanta (FHLBank Atlanta), in partnership with South Atlantic Bank as the member bank. This funding will support Habitat’s mission to provide safe, affordable housing solutions for families in Horry County. The AHP […]
Learn More About Habitat for Humanity of Horry County Partners with South Atlantic BankEach year older Americans lose approximately $2.9 billion to fraud, but it is suspected that number is drastically underestimated because only one in 44 seniors report financial abuse. The following tips are helpful for seniors and their financial caregivers to proactively protect themselves and their loved ones from fraud. For more financial caregiver resources, visit […]
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