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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

Aviation-related businesses face unique banking challenges due to the large amount of capital involved, potential liability issues, maintenance costs, regulations and complex ownership structures. Those on the ground operations side of the aviation business are tasked with securing funding for infrastructure and technology upgrades that create efficiencies and meet modern safety guidelines. Private planes, hangars and charter services are in high demand by successful companies and high-net-worth individuals, underscoring the need for tailored financing options. Meanwhile, airports are increasingly focused on sustainability and in need of loans that fund the progress of eco-friendly projects and modernization initiatives. 

Finding a banking partner that understands these challenges across the many facets of aviation – from air to ground operations – can feel impossible. Too often, banks or investors lack the detailed knowledge of aviation financing, regulations and trends to offer any real value. Many are simply eager to get through one transaction and on to the next. 

When seeking finance and banking solutions for an aviation venture, it is beneficial to find a relationship banker who understands your business and is committed to your success as much as its own. It’s best to look for a banking partner that offers: 

Aviation Industry Expertise

Seek out a banking partner that is acutely familiar with the regulations and obligations of your industry, that knows how to avoid industry pitfalls and that has a proven track record helping similar businesses achieve their financial goals. 

Many banks focus on aircraft financing, but few cast their net beyond that into the broader world of aviation. Businesses including airplane owners, charter operators, airports and others, are most successful with banking partners that specialize in a wide range of aviation finance offerings, including managing cash flow; financing FBOs, hangar construction and ground-based assets; financing charter operations including Part 135 aircraft; and structuring loans. 

“One of the key challenges we face in aviation is that it’s very difficult to find a lender with an in-depth understanding of our industry,” said Nick Martino, Vice President of Operations for CloudNine. “That is what makes Signature Bank so unique – I don’t have to explain aviation industry nuances, best practices or federal obligations. They know our space and we both value a successful relationship.” 

Customized Solutions for Your Needs 

Banking products and services should not be one-size-fits-all.  Whether it’s acquiring new aircraft, expanding fleet capabilities or optimizing operational efficiencies, your bank’s financial solutions should align with the unique needs and goals of your business. For example, most banks formulaically finance aircraft, allowing the rate to drive the terms. Instead, look for a lender who is looking beyond the transaction, who gets to know you as a borrower and who will tailor terms to fit your specific situation. Can they go beyond a quick, impersonal transaction and offer bespoke solutions to help you navigate this unique, high-stakes space? Boutique commercial banks can offer concierge-level service, meaning bankers are easily accessible and provide guidance and financing options that are customized to each client’s needs.

Efficient Processes and Solutions

Your time is valuable. You need a banking partner that offers streamlined processes, quick decision-making, responsive customer service and innovative digital tools. Ensure your bank can align tailored financial products and services that expedite transactions, simplify cash management and enhance liquidity with your aviation-specific needs and challenges. A mid-size bank offers efficiencies that can mean faster loan approvals, seamless payment processing, real-time access to account information and proactive risk management support.

Industry Connections

Another asset to look for in an aviation banking partner is strong industry networks and relationships. A banker who is well-connected can provide clients with access to its own national network of contacts. It’s also beneficial if the bank belongs to industry organizations, such as the National Business Aviation Association (NBAA), the National Aircraft Finance Association (NAFA) and the American Association of Airport Executives (AAAE). For instance, consider the advantages of negotiating and financing a hangar space at an airport where your banker has a personal contact or at the very least has a proven track record of financing similar projects.

The right banking partner can take your business to new heights
The aviation industry is complex, especially if you are involved with ground operations, including small non-commercial airports, hangars and FBOs. There are numerous subtleties and challenges to navigate, and it is critical to have a banker who understands the space and is experienced with taking on this role. With the right banking partner, the sky’s the limit.

About Signature Bank 

Signature Bank Chicago is focused exclusively on serving the needs of privately-owned businesses and their owners. It has expertise and products and services that focus on a variety of nationwide aviation financing needs including FBOs, aircraft, hangars and other ground-based assets, charter operators including Part 135 operators, and airport operators.  Learn more at www.signaturebank.bank or contact us for:

• Air: Ross Thomson, Senior Vice President and Division Head at rthomson@signaturebank.bank or 312.386.6910. 
• Ground: Dave Wymer, Senior Vice President, dwymer@signaturebank.bank, 847.268.0002

Why is partnering with a locally owned bank beneficial to your business? Your company is typically one of your most valuable assets, and having a close relationship with your bank is critical when it comes to making important financial decisions and driving growth. [Read more]

While it’s a given that a career as an attorney demands expertise in the practice of law, the business side of the legal industry also requires a high level of savviness and should not be overlooked or viewed as secondary. The stakes are high when large sums of money are flowing in and out of a firm, with client fees and settlements coming in, and legal team payroll, case expenses and firm overhead payments going out. It’s crucial for legal firms to have a trusted banking partner – one that knows the legal industry and its nuances and regulations – to guide and manage cash flow, particularly if they are a litigation law firm working with large settlements. 

Benefits of an Attorney-Bank Relationship

Law firms should establish a relationship with a banking partner they can trust – and it’s crucial to ensure the bank has a track record of successfully working within the legal industry. There are many advantages to a secure partnership between a law firm and bank, and following are five key areas that can benefit attorneys: 

Establishing a new practice: Whether an attorney is right out of law school or is an experienced lawyer branching out on their own, launching a business requires capital. It’s expensive to get a business up and running and a banking partner can open deposit accounts for new firms and help with items like securing letters of credit for office leases. 

Financing case expenses: Financing court cases can be challenging, and the process requires the legal team to have working capital available up front to pay for expenses such as expert witnesses, background research and creation of courtroom exhibits. Generally, the costs and expenses needed to get a case to a resolution is a fraction of the payout, but cases can take time to resolve and having the right banking partner can help a firm finance its expenses and manage cash flow.  A firm with an established banking partner has the advantage of the bank’s trust and is therefore more likely to be successful with securing a loan.  

Managing trust accounts: It’s imperative that legal firms have a trustworthy partner to manage its trust accounts so they can focus on litigating and let their bank handle the finances. A firm’s banking partner should have expertise and experience handling trusts for law firms and their clients and be sensitive to the unique needs of these accounts. There are a lot of nuances to consider, as money paid out can have strings attached, such as if a minor is to be the recipient, or if an estate is involved. These cases need to be handled carefully and expertly, and the right banking partner will be equipped to do so. 

Securing financing for onboarding new partners: For many law firms, bringing on new partners is a strategic path for growing the firm and for expanding revenue opportunities. But adding partners to the roster can be complex and expensive. Working with your bank to find financial solutions for onboarding new senior team members is a creative way to pursue the firm’s plans for growth while keeping the financial needs of your new partners in mind.

Setting up corporate credit cards: A firm may opt to work with their bank to set up a corporate credit card to finance up front expenses. A typical card has a credit line of $100,000 and offers several advantages. Firms that use a credit card, such as the Signature Bank Corporate Credit Card, rather than paper checks significantly lower their chances of fraud – they eliminate the risk of mailing paper checks to experts, witnesses and vendors. They also can have zero-liability fraud protection for unauthorized purchases, significantly reduce time for payment, and save on administration and processing costs. Furthermore, an online dashboard can provide a quick snapshot of spending patterns and status of payments.   

Find a banking partner you can trust

All law firms, but particularly those on the litigation side, should establish a relationship with a bank that has a proven track record specializing in handling the financial aspects of the legal industry. Getting a new firm up and running, financing case expenses and managing trust accounts are all ways a banking partner can help. Does your firm have a trusted banking partner?

Signature Bank is Chicago’s business bank, focused exclusively on serving the needs of privately-owned businesses and their owners. Learn more at www.signaturebank.bank or contact Nate Dinger 312-386-6904.

As a business owner you are faced with numerous decisions each day that impact your bottom line, your employees and your clients. Whether you are just starting out, or you have an established mid-sized business, one of the most important choices you will make is the selection of a commercial banking partner that will help your business grow and mature. As you evaluate your options, think about what you value in a banking relationship. Are you seeking a true partner who can help guide your financial path? Is location important? What kinds of banking services are a priority for your business?

Following are three criteria to consider when choosing a banking partner.

1. A Relationship You Can Trust: One of the most valuable assets a commercial banking partner can offer is trust. You want a partner who will be by your side as a confidential advisor, laser-focused on helping you succeed. A benefit of a mid-size bank versus a larger bank can be one-on-one service and quick, personal responses from a live person rather than an automated system or offshore call center.  It’s important to look for a banker who pays attention to the day-to-day transactions of your business and who is available to talk with you regularly – someone who will call you with ideas or if they see an issue. For some businesses, the bank’s location is a priority for easy in-person meetings or simply because the bank has a unique familiarity with the market. When was the last time you spoke directly with your banker?

2. Knowledge of Your Business and Industry: A banking partner should not only be a financial expert, but also should be an expert on your industry. To provide reliable guidance that will help you achieve your business goals, your banker should deeply understand your business’ nuances, regulations and best practices. Certain industries particularly benefit from having a partner with industry expertise, including law firms, professional service firms, manufacturing companies, technology firms and insurance agencies among others.  A banker who knows your business and industry can respond quickly to your loan requests and provide you certainty of execution so you can focus on the big picture. How well does your commercial banker know your business?

3. Offerings Catered to Your Business Needs: Every business has a unique set of needs, and your vetting process should include an evaluation of how a bank’s products and services line up with your needs. Can services be customized or are they one size fits all? Perhaps your accounting department would find efficiencies by using file formats that work seamlessly with your bank – so you can reduce the times you need to create reports or research transaction items. Or maybe you need flexible deposit limits and lending thresholds. In today’s environment it’s also important to understand how potential banking partners help you prepare for and manage fraud risks, because if attempted fraud has not yet impacted your business, it likely will at some point. Is your business bank able to offer a breadth of services that fit your needs? Does it provide the best technology combined with personal service?

Whether you are choosing your first banking partner or contemplating a change, make a list of priorities you can measure against in your search. Take time to meet with several potential partners; ask hard questions; and look for someone you can trust with your assets who knows your industry and who offers the customized, hands-on service you deserve.

Looking for a banking partner? Signature Bank highly values customer relationships and can help you reach your business and personal financial goals. Signature Bank is Chicagoland’s business bank, focused exclusively on serving the needs of privately-owned businesses and their owners. Learn more at www.signaturebank.bank or contact Pete Olsen at polsen@signaturebank.bank or 773-467-5630.

Check fraud continues to pose a significant threat to businesses of all sizes, and bad actors are getting more creative and aggressive. From check washing to email scams, these criminals have numerous tools to alter checks and it is imperative to have strategies in place to provide maximum protection. [Read more]