Florida Banking October 2023

About ABA Insurance Services ABA Insurance Services, a member of Great American Insurance Group, is a long-term, reliable and stable source of D&O, Bond, and Cyber Liability insurance for financial institutions, including trust companies and banks in formation. Our unique insurance program, co-endorsed by Florida Bankers Association’s BancServ and American Bankers Association, has been committed to serving and supporting financial institutions by providing quality insurance and excellent customer service for over 30 years. Excess insurance and surety bonds are also available. For more information on risk management, please visit abais. com/Insights or contact ABA Insurance Services’ Patricia Williams at 800-274-5222 or pwilliams@abais.com. Any discussion relating to policy language and/or coverage requirements is non-exhaustive and provided for informational purposes only. This information provides guidance and is not intended as a legal interpretation of any federal, state or local laws, rules or regulations. ABA Insurance Services Inc. (“ABAIS”) does not warrant that all potential hazards or conditions have been evaluated or can be controlled. The liability of ABAIS and its affiliates is limited to the terms, limits and conditions of the insurance policies issued by ABAIS. 082023.ST2FBA © 2023 ABA Insurance Services Inc., dba Cabins Insurance Services in CA (CA license #0G63200), ABA Insurance Services of Kentucky Inc. in KY, and ABA Insurance Agency Inc. in MI, 3401 Tuttle Rd., Suite 300, Shaker Heights, OH 44122.

It is not the same as a written agreement and will not satisfy insurance policy requirements. Best practices to follow: 1. Have a written agreement in place before the first request to transfer funds. As a standard course of action, written agreements should be executed at the time an account is opened or at some point before a transfer request is made, not when a customer is on the phone seeking to move money. 2. Train your employees to trust their gut and stick to the written agreement instructions. Fraudsters can be very convincing, and they are often great at manipulating situations in their favor. Your employees are your best defense against fraud. Give them the authority to trust their gut and stick to the instructions in the written agreement, even in the face of considerable push-back from a customer. 3. Scrutinize certain types of requests closely. Transfer requests tied to real estate transactions, HELOC accounts, and international destinations should be evaluated extremely closely as they are more prone to fraud. You should also designate all transfer requests made by elderly customers as high risk. Unfortunately, elderly people are more prone to fall victim to fraud, and instances of financial abuse against senior citizens are well-documented.

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FNBB is your trusted correspondent banking partner. With FNBB, you gain access to a financially stable provider and the assurance that we will never be your competition.

Charlie Brinkley Regional Market President cbrinkley@bankers-bank.com

Chris Alexander Correspondent Lending Officer calexander@bankers-bank.com

Lourdes Mendes Relationship Manager lmendes@bankers-bank.com

Rob Trott Relationship Manager rtrott@bankers-bank.com

800.275.4222

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FNBB Services Corp. is not a CPA firm and does not engage in the practice of public accounting. Insurance products are not insured by any Federal government agency. Not a deposit. Not FDIC insured and not guaranteed by this bank.

WWW.FLORIDABANKERS.COM OCTOBER 2023 — 17