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Urgent: Beware of ongoing bank robocalling scam

The latest bank robocalling scam involves scammers impersonating bank fraud departments, bank investigators or bank security departments. These scammers will try to trick you into telling them your personal data so they can hack into your account.

The Federal Trade Commission data for 2024 states consumers reported losing more than $12.5 billion to fraud. Imposter scams were the most commonly reported, accounting for $2.95 billion in losses.

This is a real threat – it’s critical that you know how to protect yourself.

How to spot a bank phone call scam

• The scammer claims to be calling from Signature Bank and the caller ID may look like it’s coming from Signature Bank. Scammers can spoof phone numbers to look like official bank numbers!
• The scammer claims fraud on your account. It’s likely that the scammer will claim there was suspicious activity on your account or unauthorized access to your online banking account. In addition, the scammer may even manufacture a fraudulent “pending charge” to make the scam seem legitimate.
• Fraudsters know that many people will act quickly if they receive a call claiming there’s an issue with their bank account.
• The scammer asks for your personal information and password. The scammer will use their fabricated fraud claims to ask you for your online banking sign-in credentials. They might ask you for your password or security questions and answers. This is a red flag and should alert you it’s a scam.
• The scammer uses your information to take control of your account. It’s important that you never tell anyone your online or mobile banking sign-in information. Scammers can use this information to hack into your account and reset your sign-in credentials.

What to do next

• Monitor your account activity daily. It is a good idea to monitor your bank accounts on a regular basis, and even more frequently if you receive a suspicious call like this. 
• Hang up and call us directly. If you receive a suspicious or unexpected call from someone claiming to be with the bank, hang up immediately and call Signature Bank directly at 773-467-5600 as soon as you can.

We will never ask you for your password!

Know that if a Signature Bank representative calls you, we will never ask for your password. If you call the bank directly, our representatives may ask you questions necessary to verify your identity. This is to ensure that we are talking directly to our customers and not an imposter.

By Signature Bank for Milwaukee Business Journal

Benz Metal Products, Inc. understands a thing or two about seizing opportunities to build new relationships. The 53-year-old Menomonee Falls company sparked one of its most meaningful partnerships while standing on the sidelines at a children’s football game.

Back in 1972, Anthonie van der Kooy bought Benz Metal after selling his own metal fabrication facility. Now, Benz Metal is run by Anthonie’s three grandsons, Jake, Joe and Jason. The more than 50-person strong company specializes in fabrication, machining, cutting, welding and finishing of metal products for the food-processing, bottling, printing, machine-building and material-handling industries.

Benz Metal CEO Jake van der Kooy recently talked with Signature Bank’s Brad Kranich about how Benz Metal has evolved its business over three generations and what it looks for in its partners.

How does Benz Metal differentiate itself from others in the metal fabrication industry?

One of our big differentiators is our wide array of equipment and services allowing us to be a complete in-house supply chain, making us a one-stop shop for our customers’ metal fabrication needs. We also can do short-run and long-run production. Everything’s done under one roof with us, so it reduces customers’ supply chain reach. The combination of these differentiators always keeps us quite competitive.

How does Benz Metal approach its partnerships with vendors?

We’re always looking for strategic vendor relationships that allow us to change as our business ebbs and flows, and ones that will work on a custom policy for us. It’ll often start out transactional, and if the transaction works, you delve deeper into the partnership.

How has Benz Metal evolved its business over time to meet technology and customer demands?

As the customers’ needs change, we change with them. We’ve made a commitment to grow with them. The technology shifts, too, are based on customer and workplace demands. That’s where you see a lot of equipment and software upgrades. Artificial intelligence also has come into play on some tasks, which helps us get more throughput with the same headcount — whether for quoting projects or even programming machines.

After 50-plus years in business, Benz must have a solid sales team. What is Benz’s sales approach?

We’ve built our business without a dedicated sales team, relying instead on referrals. We take the approach of “sell the relationship, negotiate the order” mentality. So, the customer owns the relationship, not the salesperson — that’s our motto.

With some businesses you might feel like, “I’m just a transaction.” Once a salesperson got their sale, I might never hear from them again. Our customers get to know our whole staff. Everyone on our team plays a role in the sales process in our customer relationships.

The recent nationwide shifts in the banking landscape have left some businesses and consumers wary. What has your relationship with banks been like throughout your 53-year history?

Prior to Signature Bank, Benz Metal had only changed banks twice in our history. We didn’t step into the decision to switch to Signature Bank lightly. We wanted to be sure we made the right choice for our business needs. Once we’ve established a trusted relationship, like we’ve done with Signature Bank, we don’t change that relationship if everyone’s doing their part.

What was Benz Metal looking for in a new bank?

Dealing with a bank can often feel purely transactional. Some banks talk about partnership, but at the end of the day, it’s usually just about the numbers.

We initially chose Wisconsin’s Signature Bank in 2023 to finance our facility expansion and new equipment purchases. We had outgrown our community bank, and we were drawn to Signature Bank’s industry expertise and relationship-based approach.

Signature Bank was the first to go beyond the figures — to truly see our story and invest in it. Of course, the numbers still had to make sense, but they also considered the bigger picture and different perspectives.

How did Benz Metal first get introduced to Signature Bank?

I first connected with Signature Bank through one of their bankers — our kids played on the same football team, and we started talking casually. Later, we ran into each other at a networking group, realized the connection, and continued our conversations. That friendship came first, which is one of the things I truly value about the bank. The professional relationship with Signature Bank came a couple of years later.

What has stood out to you about Signature Bank?

A game-changer for me was how stress-free it has been to work with Signature Bank. Sure, there are reports and numbers to go over, but so much of it is handled through real conversations rather than endless emails and text messages. There was no back-and-forth overload, just a straightforward, get-it-done approach. That efficiency has allowed me to focus on the business without unnecessary stress, which has been incredibly valuable.

Signature Bank also gives us complete control over our financial decisions, allowing us to invest in our business without unnecessary hurdles. With other banks, even a simple equipment purchase can feel like a dissertation. Signature Bank, though, trusts that we know what we need to grow. Their approach — investing in the family — is incredibly innovative.

Achieve your business vision with personalized commercial banking. Contact Brad Kranich at 414-539-5694 or bkranich@signaturebank.bank.

Bradley Kranich is senior vice president, division head – Commercial Banking for the Wisconsin Market for Signature Bank. Kranich brings 20+ years of experience in commercial banking and privately held industrial businesses. He is a graduate of the University of Wisconsin, Graduate School of Banking.

Founded in 2006, Signature Bank is a privately held state-chartered bank in Illinois and Wisconsin. As a relationship-based commercial bank, we provide unmatched customer service while operating our business carefully and conservatively. Technology-driven and well-capitalized, Signature Bank is one of the fastest-growing independently owned business banks in the Midwest and has been named on American Banker’s list of “Best Banks to Work For” for seven consecutive years. Reach out to info@signaturebank.bank to learn more.

Why growing businesses are turning to Finrails AP™

As your business grows, are your financial operations keeping up? If your team is still handling payments manually, it might be time to consider automation. Streamlining payment workflows frees up your team to focus on strategic priorities, reduces errors and ensures your financial technology supports long-term growth.

The Hidden Costs of Manual Payment Systems

If your company still relies on manual payment processes, your accounts payable team may be feeling the strain—especially as transaction volumes increase. Manual systems aren’t just time-consuming; they’re more prone to errors, lack real-time visibility into cash flow and make it harder to track payments efficiently.

They’re also a security risk. Check fraud is on the rise, with alarming financial consequences. According to the 2024 AFP Payments Fraud and Control Survey, the percentage of organizations reporting fraud attempts jumped from 65% in 2022 to 80% in 2023. Checks remain the most vulnerable payment method, with 65% of businesses experiencing check fraud activity.

Cybercriminals are getting smarter, making it critical for businesses to have automated systems that can detect and prevent fraud before it happens.

The Benefits of an Automated Payment Platform

Switching to an automated payment system can significantly cut down the time and cost of processing transactions while improving accuracy and security. It also makes life easier for both employees and vendors by ensuring payments are processed quickly and reliably.

Here’s what an automated payment platform can do for your business:

1. Reduce payment errors by standardizing processes, eliminating manual data entry and flagging discrepancies in real time.
2. Gain real-time cash flow insights with centralized data, giving you instant access to payment details and analytics.
3. Ensure compliance with tax and financial regulations through built-in monitoring tools and detailed audit trails.
4. Scale seamlessly as your company grows—your payment system adapts to increased demand without causing delays.
5. Improve vendor and employee experience with faster, more accurate payments and user-friendly dashboards.
6. Detect and prevent fraud with features like Positive Pay to flag suspicious checks or unauthorized ACH transactions.

How Finrails AP™ Helped a Leading Building Materials Supplier

Burrow’s, a trusted supplier of building materials and accessories for professional contractors, faced a major payment challenge: their manual check process was time-consuming, and their banking platform didn’t allow them to send ACH transactions separately.

By implementing Finrails AP, they streamlined payments with automated ACH transactions, gained access to a virtual card option with rebate benefits and improved fraud protection with dual authorization for added security.

Why Choose Finrails AP?

Finrails AP, powered by Signature Bank, is a simple, seamless and secure automated payment platform designed to eliminate inefficiencies and improve financial control. Plus, businesses get access to Signature Bank’s treasury management experts for guidance along the way.

With Finrails AP, you can:

• Eliminate manual data entry
• End reliance on paper transactions
• Streamline workflow approvals
• Customize approval rules and routing
• Improve payment visibility
• Reduce processing time
• Improve cash flow
• Gain efficiency with seamless ERP integration
• Improve vendor relationships
• Generate revenue through virtual card payments to vendors
• Streamline AP team responsibilities
• Make digital payments for speed and increased security
• Make fast, secure payments from a single access point

Ready to move beyond manual payments? Discover how Finrails AP can simplify your accounts payable process today. Learn more here or contact Jason Chess at jchess@signaturebank.bank or 847.268.1032.

Digital banking platforms are a critical piece in an organization’s financial management success. Important features including remote banking, financial reporting, fraud protection, electronic payments and international transactions, embedded in digital banking, allow your team to operate more efficiently, improve cash flow and deliver an overall better customer experience.

At the same time, human relationships still matter when it comes to making important decisions for your business or navigating complex financial challenges. Unfortunately, many banks have taken their “digital-first” approach too far, forcing clients to spend too much time on the technology at the expense of their business. There’s nothing like having a personal contact at your bank to pick up where technology leaves off.

In this article, we’ll look at five areas where digital banking capabilities are stronger when paired with personalized service from your banker.

1. Optimizing Your Digital Banking Platform

Your bank’s digital banking platform alone will not transform the way your business manages the day-to-day finances. Your team must understand how to best use the technology to support your unique business.

For example, if you have multiple entities or subsidiaries, you may want to establish an account structure with sub-accounts or linked accounts across entities. You may want to use the platform’s reporting and analytics capabilities to monitor cash flow, analyze spending, or track financial performance against key performance indicators.

These can be complex undertakings that leverage advanced features of your banking platform. Whether it’s helping you set up automated payments to optimize cash flow or customizing reports that offer deeper insights into financial performance, personalized support from your banker can help ensure you get the most from the platform’s capabilities. For example, your bank might offer individualized training sessions or one-on-one consultations to help tailor the platform to your specific needs.

2. Fraud detection and resolution

Attempted bank fraud has become all too common – often as the result of checks stolen from mailboxes or personal information compromised online. Fortunately, the ability to detect and prevent fraud continues to improve. Advanced systems can leverage data, machine learning, and AI to detect unusual patterns in transactions and often catch fraudulent activities before they cause significant damage or loss. Real-time alerts can immediately notify businesses when something suspicious occurs.

But what happens next? Once a problem is identified, the real challenge for business owners is to understand the source of the fraud, assess the impact, and mitigate any damage. This is where it helps to have a trusted banking partner that can help navigate the situation, assist with discovery, provide advice and solutions to reduce future risk, and offer a general sense of security at a vulnerable time.

3. Merchant Processing

Merchant processing technology has become increasingly sophisticated, allowing businesses to seamlessly accept payments in multiple forms – such as credit cards, mobile payments, and online transactions. A banking partner that knows your business and has experience in your industry can help configure merchant processing capabilities and recommend optimal payment gateways, pricing models, and fraud prevention measures. Additionally, they can offer insights into trends such as mobile payment adoption rates or the best ways to reduce transaction fees, helping businesses stay ahead of the competition.

4. International transfers

Thanks to technology, international transfers happen more quickly and with lower fees than ever before, while enabling you to manage currency exchange rates and cross-border payments more effectively.

Yet, international transfers come with risks such as fluctuating exchange rates, regulatory hurdles, and security concerns. When something goes wrong, you need more than just an automated system; you need a banking partner who can help you navigate the complexities of international payments, resolve disputes, and ensure compliance with global regulations.

For instance, a bank might provide access to currency risk management specialists who can offer personalized advice on hedging strategies, or who can help explain the implications of geopolitical events on exchange rates. This level of personalized support adds real value to the technology-driven services banks offer.

5. Reporting and Analytics

Modern banking platforms offer detailed financial reporting and analytics, allowing you to track cash flow, monitor spending, and monitor performance. However, data without context can be overwhelming. You need more than just raw numbers – you need to understand what those numbers mean and how they can inform strategic decisions.

A bank that pairs cutting-edge analytics tools with expert advisory services can help you interpret your financial data in meaningful ways. For example, you might receive detailed reports on spending patterns, but a banking advisor can help identify inefficiencies, predict future financial needs, or recommend specific financial products based on your unique circumstances. This personalized guidance transforms data from a passive resource into a powerful tool for business growth.

The Perfect Pairing: Technology with a Personal Touch

While digital banking platforms offer an impressive set of ever-expanding benefits, those benefits truly come to life when combined with personalized service from your banker. Whether it’s supporting fraud detection and prevention, helping maximize your digital platform, or making sense of complex analytics, the combination of innovative technology offerings and personalized service ensures that your team is maximizing your technology investment to drive your business success.

Signature Bank is known for its tailored approach to relationship-based customer service and use of leading technology to help clients thrive in their unique industries. Signature Bank is the Midwest’s premier, boutique business bank, focused exclusively on serving the needs of privately-owned businesses and non-profit organizations. Learn more at www.signaturebank.bank or contact Penny Foust, Signature Bank’s Certified Treasury Professional at pfoust@signaturebank.bank or 773.499.7157.

While the holidays are filled with celebrations and relaxation with family and friends, they also pose cybersecurity risks from fraudsters hoping to take advantage of these distractions. Signature Bank hopes to help you avoid holiday hazards by sharing some tips for handling potential scams.

Phishing and Smishing Scams

Cybercriminals use email (phishing) and text/SMS (smishing), posing as trusted vendors, partners, or financial institutions. Typically, these messages inspire fear or panic and push for immediate action, with subjects such as the detection of “unusual activity” on your account, or the need to address an unpaid invoice or undeliverable package.

Tips to stay safe: Be sure to verify any suspicious messages independently (before clicking on links) and use tools such as spam filters as a first layer of defense against unwanted emails. Additionally, consider enabling multifactor authentication (MFA) on your banking and financial apps to add an extra layer of protection.

Holiday Charity Scams

Scammers impersonating charities can play on your goodwill during this time of year. Practice caution with unsolicited donation requests from charities with little or suspicious details.

Tips to stay safe: Always verify charities through trusted resources like the Better Business Bureau before contributing, and direct all donations through official channels.

Gift Card Scams

Gift cards are an easy, untraceable way to steal money from unsuspecting businesses. Fraudsters may impersonate company executives or business partners asking for the purchase of gift cards.

Tips to stay safe: Be wary of emails, phone calls, or texts demanding payment via gift cards. If the request appears to come from someone you know, take the time to verify the source before making the purchase. Only purchase cards from trusted retailers, and check the card’s packaging for signs of tampering.

Package Delivery Scams

Fake delivery notifications have become a popular way to trick people into sharing sensitive information. With the sheer volume of deliveries during the holiday season, these scams can catch people off guard. 

Tips to stay safe: Verify shipment details directly with carriers. 

Fake Public Wi-Fi Scams

It’s typical for many to use Wi-Fi networks while traveling. During this time of year, cybercriminalscount on people unknowingly connecting to fake public Wi-Fi networks, risking personal and business data.

Tips to stay safe: Be vigilant about checking unsecured or unusually named Wi-Fi networks in airports, hotels, or other public locations. 

Fake E-commerce Sites and Social Media Ads

Fake e-commerce sites have become more sophisticated and are now easily promoted by social media ads designed to lure shoppers to purchase. These sites then capture payment information and other personal data.

Tips to stay safe: Research online retailers thoroughly, check reviews, and verify the website’s URL for signs of authenticity. Also, be sure to use secure payment methods that offer fraud protection.

Travel Scams

With many people traveling through the holiday season scammers have become experts at exploiting fake travel deals, bogus accommodation listings, and fraudulent ticket sales.

Tips to stay safe: Always use well-known booking sites and verify the website’s URL before making any payments. Also, be suspicious of deals that seem too good to be true, and significantly cheaper than the market rate.

Overpayment scams

Overpayment has become another popular way for scammers to make money. This is when someone overpays for products or services and then requests a refund before the original payment is reversed.

Tips to stay safe: If you receive payment for more than the agreed-upon amount, send it back or cancel the order and ask for another payment in the correct amount. In case the sale has already concluded, try to cancel it, and do not agree to return any overpayment.

Heading into the new year is a great time to review passwords and password storage to avoid potential security risks. Strong passwords serve as the first line of defense against hackers gaining access to personal or work accounts. Using the same password across multiple accounts can increase vulnerability, if one password is compromised it can lead to a domino effect, enabling access to all linked accounts.

Did you know that 88% of breached passwords are 12 characters or less?

Consider using strong, unique passwords for each account and a reputable password manager with strong encryption for safe storage of your passwords. Characteristics of a secure and strong password are listed below:

• At least 12 characters long or more
• Combination of uppercase and lowercase letters, numbers, and symbols
• Not a familiar name, person, character, or product
• Is not based on your personal information
• Passwords are unique for each account you have
• Significantly different from your previously used passwords

Every day, thousands of people fall victim to fraudulent emails, texts, and calls from scammers pretending to be their bank. The Federal Trade Commission’s report on fraud estimates that American consumers lost a staggering $10 billion to phishing scams and other fraud in 2023—an increase of 13.6% over 2022!

It’s time to put scammers in their place.

Fraudsters aren’t so scary when you know what to look for. And at Signature Bank Chicago, we’re committed to helping you spot them as an extra layer of protection for your account. We’ve joined with the American Bankers Association and banks across the country in a nationwide effort to fight phishing—one scam at a time.

We want every bank customer to become a pro at spotting a phishing scam—and stop bank impostors in their tracks. It starts with these four words: Banks Never Ask That. Because when you know something sounds suspicious, you’re less likely to be fooled.

These four phishing scams are full of red flags:

• Text Message: If you receive a text message from someone claiming to be your bank asking you to sign in, or offer up your personal information, it’s a scam. Banks Never Ask That.
• Email: Watch out for emails that ask you to click a suspicious link or provide personal information. The sender may claim to be someone from your bank, but it’s a scam. Banks Never Ask That.
• Phone Call: Would your bank ever call you to verify your account number? No! Banks Never Ask That. If ever in doubt that the caller is legitimate, just hang up and call the bank directly at a number you trust.
• Payment Apps: Beware of text messages from someone claiming to be your bank saying your account has been hacked. The scammer may ask you to send money to a new account they’ve created for you, but that’s a scam! Banks Never Ask That.

You’ve probably seen some of these scams before. But that doesn’t stop a scammer from trying. For tips, videos, and an interactive quiz to help you keep phishing criminals at bay, visit www.BanksNeverAskThat.com. And be sure to share the webpage with your friends and family.

Signature Bank Chicago has been named to Crain’s Chicago Business’ list of Largest Banks in Chicago. The bank ranks as the 15th largest bank in Chicago and has the highest “Return on average equity” and second highest “Return on average assets” and “Commercial loans” percentages. This achievement marks the bank’s seventh consecutive year of record growth and profitability. See the list.