On Our Minds

Cryptocurrency Becoming Less Cryptic

The creation of cryptocurrencies or digital currencies such as Bitcoin has bankers, financiers and governments pondering the long-term potential economic and political ramifications for the future. While the increasing use of digital currencies demonstrates the power of a secure, secretive payment transfer system, it also has created a loophole from government control.

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Look Out for Scammers During Tax Season

When checking your inbox this time of year, you may receive an email purportedly from the Internal Revenue Service. The subject line gets your attention with words such as “coronavirus,” “COVID-19,” and "Stimulus,” and the email seems real, with the IRS logo and other official-looking text and graphics.

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Avoid Corporate Account Takeover

Cybercriminals are targeting small businesses with increasingly sophisticated attacks. “Corporate account takeover” is a form of identity theft of a business. Criminals phony emails pretending to be someone you know to trick you into clicking on links or attachments that can lead to malicious software being installed on your computer. Once this happens, they will ask you to enter credentials where they will gain access to your email account. At that point, they will send emails to the bank appearing to be from you to initiate ACH and wire transactions.

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6 Ways to Protect Your Business from Business Email Compromise Scams

Companies of all sizes are being targeted by criminals through business email compromise scams. In these scams, cybercriminals gain access to an employee’s legitimate business email through social engineering or computer intrusion. The criminal then impersonates the employee often a senior executive or someone who can authorize payments and instructs others to transfer funds on their behalf. According to the FBI’s Internet Crime Complaint Center, over $10 billion has been lost by victims in the U.S. due to these scams.

“Any business that conducts transactions overseas or regularly performs wire transfers should stay alert for these scams,” said Certified Information Security Manager Margo Leiter. “Companies can protect themselves and their employees by using alternative communication channels to verify any large transaction requests and by educating their employees on potential red flags of fraud.”

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Why should I use my debit card?

One reason is our new “Use It. Love It. Win It.” Sweepstakes.* You can earn $500 just by using your Englewood Bank & Trust Visa® Debit Card for everyday purchases. Sound good? Check out the official rules and details.

The sweepstakes is not the only reason to use your debit card. You may already be using it for dining and entertainment, groceries, gas, shopping online, and monthly bills like utilities, cell phone plans, gym membership, auto insurance, and much more.

What are some of the other advantages of using a debit card?

  • Convenience. Regular debit card users appreciate how fast and easy transactions are made.
  • Reduced dependency on cash and checks. Writing checks is time consuming and antiquated. Many vendors no longer accept personal checks, and even if they do, you have to be careful and monitor your account balance to avoid overdraft fees. It only takes a moment to complete a purchase with a debit card.
  • No debt. With a credit card, it's easy to purchase anything you want, even if you don't have the funds, which can lead to enormous credit card debt. WalletHub.com reports that Americans began 2020 owing more than $1 trillion in credit card debt.
A debit card draws on money you already have. Retailers know people usually spend more when using plastic than if they were paying cash. By using debit cards, impulsive spenders can avoid the temptation of credit and the interest, late fees, and other charges paid by those who do not pay off their credit card balances each month. With debit cards, you don't have to remember to pay the credit card bill every month.

  • No approval necessary. If you have poor credit, it can be difficult to be approved for a credit card and the interest rate will likely be sky high. Debit cards require no application or minimum credit score, and most just require you to have a checking account.
  • Fraud protection. Insert your card rather than swiping it. The introduction of chip card technology for debit and credit cards has stopped a lot of point-of-sale fraud.
Downloading the bank’s MobiMoney app allows you to manage your Visa® Debit Card from the palm of your hand. You can receive instant card usage alerts, turn your card on or off, limit the use of your card based on location or merchant, and place spending limits. Learn more and download the app.

Why choose an Englewood Bank & Trust Visa® Debit Card? Visa’s industry leadership is your assurance of capability and quality at the highest level. Here’s what sets Visa apart:

  • The Visa Network – widely accepted around the world, with over 46 million merchant locations globally.
  • A commitment to uncovering debit potential and increasing usage.
  • Sophisticated risk and fraud detection techniques to safeguard transactions.
All this, PLUS the chance to win $500! That’s a real win-win for everybody.

*No Purchase Necessary | See Official Rules at http://www.uselovewin.com.

Click here to see some recent winners.

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Staying in because of the virus? Consider these online and mobile banking solutions.

With cases of COVID-19 (Coronavirus) confirmed in all 50 states and the District of Columbia, “social distancing” has become one of the tactics designed to slow the spread of the global pandemic. Businesses across the country are taking precautionary steps in accordance with their emergency preparedness plans, and banks are no exception.

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