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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.

In today’s digital age, fraud is an ever-present threat to businesses of all sizes. In addition to financial losses, fraud can lead to reputational damage, regulatory fines and legal consequences, and operational disruption. 

Unfortunately, it’s no longer a matter of “if” you’ll be affected by fraud, but “when.” According to the 2024 AFP Payments Fraud and Control Survey Report, 80% of organizations were victims of payments fraud attacks or attempted attacks in 2023, which is an astounding 15% increase from the previous year. This spans all types of businesses, from large corporations to small nonprofits, underscoring the necessity for every business to implement comprehensive fraud protection strategies.

Banks employ a variety of robust protections to fight fraud, but businesses must also invest in their own anti-fraud efforts. This dual approach is essential because vulnerabilities unique to the business’s operations can still pose significant risks that banks’ measures alone cannot fully mitigate. 

Automate electronic payments 

Check fraud affected 63% of surveyed businesses in 2024. The U.S. Postal Service has become a common target for check fraud with checks being intercepted and altered by fraudsters and then deposited via mobile apps or cashed by unsuspecting bank employees. If you can switch from checks to electronic payments, here are a couple options: 

• Automated Clearing House (ACH):  is a way to electronically move money between banks. 
• Automated Account Payable solutions: Leveraging a payment app, such as Finrails AP from Signature Bank, offering one central, secure platform where authorized users can securely manage and monitor payments of all types, including virtual card payments to reduce the use of paper checks. 

If you must use checks, ensure they are traceable. Positive Pay is a service offered by banks, which flags and reports suspicious checks before they are paid. It is alarmingly underused by businesses, thinking they have the same fraud protections as consumers, which they do not. 

Enhance digital controls 

Fraud is often a result of employees or customers sending sensitive information through unsecured channels. Ensure payments and information are secure by using digital controls such as:

• Strong passwords and secure links: Ensure that sensitive information is sent securely and passwords are strong and frequently updated
• Encryption: converting data into a secure format and ensuring it remains encrypted during transmission to prevent unauthorized access  
• Multi-factor authentication and dual controls: requiring two forms of authentication, such as a password and a one-time code sent to an email or mobile device (yes, this can be annoying, but it’s effective) 
• Biometric authentication: using biological traits, such as fingerprints or facial recognition, to verify identity 

Leverage real-time monitoring and alerts

Real-time monitoring systems can track transactions and other activities as they happen, flagging suspicious behavior immediately. These systems often use predefined rules and machine learning models to evaluate the legitimacy of each transaction. When potential fraud is detected, automated alerts are sent to the relevant personnel, enabling a quick response to mitigate any potential damage.

Educate employees 

While technology and data play a critical role in fraud prevention, human awareness remains vital. Educating staff on the latest fraud tactics and the importance of adhering to security protocols can significantly reduce the risk of insider fraud and phishing attacks. Employees should be on the lookout for fraudulent behavior and know what to do if they spot potential fraud. 

When fraud occurs, prompt action is critical. When unauthorized transactions happen, an organization’s bank should be notified immediately because liability shifts to the business after just 24 hours. This will also help prevent further fraudulent transactions.

Technology is essential for businesses to protect themselves from fraud threats 

Fraud poses a significant financial threat that businesses must proactively address. By implementing multiple layers of protection—ranging from enhanced cybersecurity and employee education to digital payment solutions and vigilant monitoring—businesses can significantly reduce their vulnerability to fraud. Preparing for the inevitability of fraud with a robust prevention plan is essential to safeguarding your business’s financial health and integrity.

About Signature Bank 

Signature Bank is Chicago’s business bank, focused exclusively on serving the needs of privately owned businesses and their owners. If you’re looking to partner with a relationship-driven bank in the fight against fraud, visit Signature Bank online at www.signaturebank.bank or contact Jason Chess at jchess@signaturebank.bank or (847) 268-1032.

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]

By: Penny Foust, First Vice President, Signature Bank 

If your business has not yet been a victim of fraud, there is a high probability it will. According to the  2023 AFP Payments Fraud and Control Survey Report, 65% of organizations experienced payment fraud attacks/attempts in 2022. This holds true for all companies regardless of size or type, from large corporations with deep pockets to the smallest, least-prepared nonprofits. 

Companies that have not experienced fraud often think it won’t happen to them; unfortunately, it is no longer “if” but “when.”  It can be daunting to consider the fallout, and overwhelming to think about establishing fraud preventative measures, but creating a business fraud prevention plan is necessary to reduce risk. 

Business owners may assume they have the same fraud protection afforded to consumers by the Federal Reserve Board, allowing 60 days to report unauthorized electronic payments. The truth is, Regulation E, which implements the Electronic Fund Transfer Act (EFTA), is only a consumer protection law that does not provide businesses with the same safety net. Businesses need to notify their banks immediately to dispute unauthorized transactions, as after 24 hours the liability shifts from the bank to the business.   

Now more than ever, it is imperative companies proactively work with their financial institutions to combat savvy, ever-evolving fraudsters. When companies sign bank documents, there are agreements to follow certain security protocols and bank disclosures that outline best practices for fraud protection. Dual control, which creates two layers of approvals for transactions by two users on two different devices, is a prime example. Businesses must accept and implement banks’ security offerings and not waive the right or ability to establish crucial checks and balances. If a company waives these options, the liability falls on them, emphasizing the need to have a plan in place to minimize losses when fraud occurs. 

The following are tips to minimize risks associated with commercial fraud: 

Keep Checks Out of the Mail and Implement Positive Pay  

Checks are one of the most vulnerable payment methods businesses still use today. In fact, the 2023 AFP Payments Fraud and Control Survey Report revealed that 63% of companies surveyed say their organization experienced fraud through check use. Check fraud often begins with paper checks being stolen from the mail, like from a postal service mailbox or mail containing checks left out for postal worker pickup. 

One way to minimize check fraud is to go digital. Fraud-conscious companies can keep paper checks out of the mail by automating payments through a trusted banking provider. For example, Signature Bank offers Finrails AP, which is a fully integrated payments platform that automates business-to-business payments in a seamless and secure online dashboard. 

If a criminal intercepts a check, there are ways to fight fraud before it’s too late. Positive Pay is a standard, time-tested tool offered by banks to catch check fraud but it has been alarmingly underutilized by businesses. Positive pay matches the account number, check number and dollar amount of each check presented for payment against a list of checks previously authorized and issued by the company. Suspicious checks are reported to the customer for a pay/no pay decision before it becomes a loss. 

Companies also should be aware of endorsement fraud, which happens when a legitimate check is intercepted and endorsed by someone other than the intended recipient. Unfortunately, positive pay does not thwart this type of fraud because nothing on the front of the check has changed. Companies can catch endorsement fraud by daily or weekly spot checking the backs of checks. 

Implement Cyber Security  

Cyber fraud is a growing threat, largely due to customers sending personal information, such as drivers licenses, social security numbers and account numbers through unsecured channels. Customers should set up strong passwords and only send confidential information via secure links banks provide. Additionally, businesses should use multi-factor authentication, such as key fobs and security tokens, and set up dual controls. 

Educate and Engage Employees   

Businesses should educate and engage their employees about fraud prevention, which could include daily monitoring and creating a plan for when fraud occurs. It also is important to ensure employees who access company finances have particularly secure systems, not just when they are in banking portals, but with all systems and applications, including social media, that they access from their work computer. 

Fraud is an ongoing financial threat that all businesses must acknowledge and anticipate. When a business does experience fraud or an email breach it is critical to notify their bank immediately, as the bank could receive fraudulent emails that appear to be from the customer. Businesses should always report fraud to FTC.gov and, in cases of cyber fraud, the Internet Crime Complaint Center (ic3.gov). 

Signature Bank highly values customer relationships and can help your business with strategies to prevent and respond to fraud and cyberthreats. Signature Bank is Chicago’s business bank, focused on serving the needs of privately-owned businesses and their owners. Learn more at www.signaturebank.bank or contact Penny Foust at 773.499.7157 or pfoust@signaturebank.bank.