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State Bank of Southern Utah Hosts Fraud Prevention Q&A, Seminar – St George News

CONTRIBUTED CONTENT — From a mom-and-pop store to a Fortune 500 corporation, every business faces the risk of cyberattacks. Learn how to protect your business from fraud and financial loss with a free seminar presented by State Bank of Southern Utah.

Tyson Oliver Presents Fraud Seminar at Southwest Technical College in Cedar City, Utah, September 21, 2022 | Photo courtesy of State Bank of Southern Utah, St. George News/Cedar City News

The most valuable thing business owners have is their time, which is why State Bank of Southern Utah included as much information as possible in the 90-minute seminar. A panel of risk management experts – Corporate Trainer Tyson Oliver, Chief Risk Officer Brooke Hampton and Information Security Officer Silas Aitchison – will discuss the most prevalent threats in today’s business world and provide tips, tricks and resources. tools.

“All business owners are invited,” Oliver said. “Whether you have three or 3,000 employees, the information we review is relevant to everyone. You should be able to walk away with a game plan developed to protect your business.”

The seminar will be held at Utah Tech University’s Atwood Innovation Plaza on Tuesday, November 15. There is no cost to attend, but RSVP is required. Click here to secure your spot. Lunch will also be provided.

According to data from the Federal Trade Commission, Utah experienced one of the largest increases in fraud in the United States during the COVID-19 pandemic – an increase of 157% between 2019 and 2020. Fraud losses cost the Beehive State $882 million in 2020 alone.

Modern scammers are aggressive and relentless. Fraud used to be easier to avoid, Oliver said, but numerous payment options and communication methods now provide a variety of creative avenues to trick unsuspecting victims. Forbes recently reported that small businesses are three times more likely to be targeted by cyberattacks than larger businesses due to a typical lack of high-level security resources.

Click to enlarge | Image courtesy of State Bank of Southern Utah, St. George News/Cedar City News

The most common types of fraud involve an employee’s email account being compromised or business owners being tricked into entering their personal information where fraudsters can steal it. One of the most convincing and dangerous schemes is phishing fraud, in which scammers pose as the business owner’s bank or a vendor they work with to gain their trust. Meanwhile, his victims think they’re just doing business as usual.

“What’s crazy is that they can jump right into a conversation like they’re the one you’ve been contacting all along,” said Tyler Brown, senior vice president of community relations for State Bank of Southern Utah. “No one is immune.”

There is also the issue of embezzlement within companies. Brown said a small business won’t necessarily think about installing controls within its accounting system and monitoring who has access to what. Fortunately, those features are built into State Bank of Southern Utah’s online banking system, and the bank will help customers set them up as needed.

“We see ourselves as a partner to our business customers,” he added. “We see a very real need to help our customers protect themselves, so we want to share what we know and hopefully prevent businesses in our community from financial harm.”

Serving the community since 1957, State Bank of Southern Utah is the only financial institution owned, operated and headquartered in southern Utah. It has more than $2.2 billion in assets and operates 16 branches in 14 cities and towns: Cedar City, Circleville, Delta, Escalante, Fillmore, Gunnison, Hurricane, Kanab, Orderville, Parowan, Richfield, Santa Clara, St. George and Tropic.

For more information about State Bank of Southern Utah, visit their website. The bank is a fair housing lender and a member of the FDIC.

event details

  • What: Business Fraud Prevention Lunch and Learn.
  • When: Tuesday, November 15, from 11:30 a.m. to 1:00 p.m.
  • Where: Atwood Innovation Plaza, 453 S. 600 East, St. George.
  • Free tickets.
  • Resources: Eventbrite.

Written by ALEXA MORGAN for St. George News.


Copyright St. George News, SaintGeorgeUtah.com LLC, 2022, all rights reserved.

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