The home equity line of credit (HELOC) has become an increasing target for fraud. Given their infrequent transaction activity, as well as the higher dollar amount available for withdrawal, HELOC accounts have had a significant increase in fraudulent activity over the past few months. It’s crucial for banks to implement the same internal controls for HELOC accounts as they have for other accounts.
Economic risks and exposures associated with mortgage portfolios have become more complex; so has protecting banks from losses. As a response to this, OneBeacon Financial Services has created a new policy to account for different types of losses that could impair mortgages, as well as certain exposures from originating and servicing loans.
These days more people are working remotely than ever before and many tasks previously done in person are happening online - including banking. Unfortunately, fraudsters are aggressively taking advantage of potential vulnerabilities that arise from this increased online activity.
We’ve settled into a new normal. Because of the coronavirus, the country has been put on hold, closing restaurants and many retail stores and malls, implementing social distancing when out and strongly encouraging people to stay home. This means most workers have opened up their home offices, changing daily routines and structure, including how we work.
Water is quiet, slow, steady and can occur for a long period of time before you even know it’s happening. Because of this, it is also expensive to repair. Carpets, walls, ceilings, electrical and often the contents of the room will need to be replaced after a water loss.
Vacations provide several benefits to both employees and employers. Employees come back from vacation refocused on the tasks at hand, while the employer benefits by having motivated and refreshed employees. Vacations are necessary for all parties involved.
As the use and sophistication of technology increases, it would stand to reason that it would be more difficult for fraudsters to gain access to bank accounts via ATMs. Unfortunately, crooks seem to be equally sophisticated, and quickly outwit many safeguards soon after they are put in place. Here are some highlights and examples of ATM frauds that are unfolding across the country.
Banks do an excellent job keeping their customers safe while on the bank’s premises. However, there has been a significant uptick in robberies of bank customers taking place after they leave the safety of the bank’s parking lot. Although you can’t control what happens beyond the premises of the bank, there are some safety tips to share with your customers to help keep them safe.
There’s no question that you face insurance risks that can’t often be seen. Cyber breaches, ransomware and employee dishonesty remain top concerns. However, some of the biggest, and often most avoidable, safety and security risks can be in plain sight. This article highlights the most frequent areas of concern that are discovered during a bank’s insurance risk management review. In addition, it addresses some of the maintenance and corrections that can be completed to help prevent accidents from occurring.
Community banks already have much to contend with in keeping up with building safety and security, phishing schemes, cyber issues and managing compliance standards. Improper and unpredictable employee behavior is an additional challenge that when not managed correctly, can cause issues in the bank that could harm employee productivity and could negatively impact the financials of the bank.
Intact Insurance Specialty Solutions is the marketing brand for the insurance company subsidiaries of Intact Insurance Group USA LLC. Coverages may be underwritten by one of the following insurance companies: Atlantic Specialty Insurance Company, a New York insurer; Homeland Insurance Company of New York, a New York insurer; Homeland Insurance Company of Delaware, a Delaware insurer; OBI America Insurance Company, a Pennsylvania insurer; OBI National Insurance Company, a Pennsylvania insurer; or The Guarantee Company of North America USA, a Michigan insurer. Each of these insurers maintains its principal place of business at 605 Highway 169 N, Plymouth, MN 55441, except The Guarantee Company of North America USA, which is located at One Towne Square, Southfield, MI 48076. This material is intended as a general description of certain types of insurance coverages and services. Coverages and availability vary by state; exclusions and deductibles may apply. Please refer to your insurance policy or consult with your independent insurance advisor for information about coverages, terms and conditions. Some coverage may be written by a surplus lines insurer through a licensed surplus lines broker. Surplus lines insurers do not generally participate in state guaranty funds and insureds are therefore not protected by such funds.