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5 Mobile Banking Security Tips

Thursday, February 16th, 2012

5 Mobile Banking Security Tips

1st Mariner Bank Mobile BankingIt wasn’t that long ago when the only way to deposit, transfer or withdraw money was to physically visit your local bank branch or ATM. Today, thanks to the wonderful world of technology, consumers have a full suite of options to choose from when conducting their financial transactions.

With online and mobile banking on the rise, it’s only natural that security be on the minds of both financial institutions and customers.

So what’s the deal? Is mobile banking a secure way to bank? In short – yes. 1st Mariner’s mobile banking solution offers the full encryption and security suite that is utilized for our traditional (desktop) online banking platform. However, as with most things, as technology gets more advanced you can never be too safe.

There are certain precautions customers should keep in mind when opting to go mobile.

1. Download the official app from your bank’s website.

It’s only natural to go to the iTunes store or Android Market when you are looking to get a new app. However, non-reputable people are putting apps out there everyday, for the purpose of phishing consumer information. It’s always better to start with your bank’s website to make sure you aren’t being scammed.

2. Don’t send personal information via SMS (text messaging).

Regardless of the situation, never EVER send personal information, (PIN, account numbers, social security number, passwords, etc.) via SMS. SMS is not encrypted, so your bank will not send personal information via SMS, and you could leave yourself vulnerable to phishing if you send sensitive information through this medium.

3. Avoid conducting your banking needs on public networks.

While enjoying your coffee at the local coffee shop might sound like a good time to check your account balances,you might want to think again. Most public Wi-Fi networks are not secure so always be sure to switch to a secure network (i.e. your phone’s 3G or 4G data plan) before logging into your account information.

4. Take advantage of your phone’s security features.

Perhaps the biggest risk associated with mobile banking is the risk of losing your phone. Almost all smart phones offer some sort of security feature that is built into the phone itself. From screen locking mechanisms to GPS locating apps (i.e. Where’s my Droid or Find My iPhone), your phone offers several different ways to prevent your personal information from getting into the wrong hands. As new phones hit the market, the security features will continue to become more and more advanced (i.e., facial and fingerprint recognition).

5. Take advantage of your bank’s mobile banking security offerings.

If you are considering a mobile banking app, look for one where data can be wiped from your cell phone, if you lose it. With 1st Mariner’s mobile banking, users can access their account from their desktop and shut down access through their mobile phones and thus eliminate the risk of fraud.

1st Mariner Bank's Mobile Banking

Still not sure if you are comfortable taking your banking mobile? That’s okay – we commend you for being overcautious when it comes to your finances. We are too! That’s why we’re here to walk you through the ins and outs of our mobile banking services and answer any questions that you have. You’ll see for yourself just how secure mobile banking really is.

Answer our Facebook Question of the Week.

Are you using a mobile banking solution? How so? Feel free to leave some commentary on our wall as to why or why not.

1st Mariner Bank Facebook

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Maryland’s 2012 Economic Outlook with Anirban Basu

Wednesday, January 18th, 2012
Anirban Basu

Anirban Basu Chairman & CEO of Sage Policy Group, Inc

Maryland Gained Momentum Late Last Year

For much of last year, Maryland’s economic performance was among the worst in the nation. For instance, year-over-year job growth in the state was in negative territory or close to zero for most of the summer. But like the balance of the nation, economic performance began to materially improve toward the tail end of the year. For the 12 months ending in November 2011, employment in the Free State expanded 0.7 percent (+18,300 jobs), ranking the state 33rd along this dimension. That may not sound like anything to crow about, but just a few months prior, Maryland ranked dead last. Maryland’s subpar performance mid-year appears to have been closely linked to the nation’s debt ceiling debacle and the impact of that episode on federal agency spending, including upon procurement.

Exhibit 1. State-by-state Job Growth, 12-month Percent Change, November 2011

1st Mariner Blog - State-by-state Job Growth, November 2011

Through it all, Maryland has managed to sustain one of the nation’s lowest unemployment rates. Statewide unemployment declined to 6.9 percent in November, the lowest level since June 2011. That is the 15th lowest unemployment rate in the country.

Other data is also largely encouraging. The most recent Maryland Survey of Business Activity conducted by the Federal Reserve Bank of Richmond indicates that business activity in Maryland increased moderately in December. The general business activity index registered a reading of 7, a meaningful increase from -3 the previous month and the first positive reading since September. The expectations index, which declined 9 points to 22, indicated that while broadly positive expectations of general business conditions six months from now have moderated slightly, survey respondents continue to predict economic growth in the near term.

All of this is consistent with the notion that some of the factors that restrained growth in 2011, including federal government gridlock, sagging home prices and issues emerging from Europe, are likely to continue to shape economic performance during the first half of 2012. However, despite these and other headwinds, the state’s economy is anticipated to continue to grind ahead for now.

Anirban Basu is Chairman & CEO of Sage Policy Group, Inc., an economic and policy consulting firm in Baltimore, Maryland. Mr. Basu is one of the Mid-Atlantic region’s most recognizable economists, in part because of his consulting work on behalf of numerous clients, including prominent developers, bankers, brokerage houses, energy suppliers and law firms. On behalf of government agencies and non-profit organizations, Mr. Basu has written several high-profile economic development strategies, including co-authoring Baltimore City’s economic growth strategy. His opinions do not necessarily reflect the opinions and beliefs of 1st Mariner Bank.

 

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5 Things We’re Thankful For This Holiday Season

Tuesday, November 22nd, 2011

1st Mariner Bank Thank YouIt’s that time of year again. The time where friends and family come together to celebrate the many things they are thankful for in their lives.

Here at 1st Mariner Bank, we consider our customers to be a part of our family and hope that you feel the same.  With that being said, we thought we’d share  a few things that we’re thankful for this holiday season.

We’re thankful to serve the Baltimore community.

For the past 16 years, we’ve had the privilege of serving what we consider the “greatest city in America”. From Canton to Dundalk, to Towson to Glen Burnie, the neighborhoods and sense of community that make up our hometown truly makes the city of Baltimore one of a kind.

We’re thankful for the flexibility that we’re able to provide our Customers.

Being a local, community bank, we’re able to provide flexibility to our customers by making accommodations that big banks may not be able to provide. Have an issue or a concern regarding your banking relationship with us? Pick up the phone and give us a call…we’re sure there is something we can do.

We’re thankful for the 24/7 service that Online Banking and Mobile Money provides our Customers.

Whether you’re sitting at home on the computer, or enjoying your first pumpkin spiced latte in Canton square, we’re proud to offer our customers numerous convenient ways to monitor and access their money.

We’re thankful to offer a Personal Financial Management tool (Mariner360) to help our Customers meet their financial goals. 

Do you have a financial goal? Mariner360 lets you personalize your goals, set alerts, and really drill-down on where you’re actually spending your money. Not to mention it aggregates all of your accounts…even accounts that aren’t with 1st Mariner.

And last, but certainly not least, we’re thankful for our Customers.

Without you we’d be nothing. Without you there wouldn’t be a 1st Mariner Bank.  Everyday we are blown away by your continued loyalty and support. Over the years we’ve developed many personal, meaningful relationships that we hold very closely to our hearts.

We’d like to sincerely thank you for affording us the privilege and opportunity to serve you.

Here’s to wishing you and your family a Happy Holiday Season!

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I’ll take “What is Check Fraud?” for 500, Alex.

Wednesday, November 9th, 2011

What is Check Fraud?
Check fraud has many ugly faces.

Check fraud does not discriminate. It doesn’t care if you’re a person or a business, wealthy or not, the customer or the Bank. Check fraud and those committing check fraud look for ways to deceive, manipulate, alter and perpetrate. Simply put, a way, any way, to illegally acquire, nay steal, funds that do not exist within an account balance or account holder’s legal ownership.

Want some stats? Of course you do.

  • According to FinanceNook, in one year, merchants take in over $13 billion dollars in bad checks. Even with more purchases being made online, this number is expected to grow annually by 18%.
  • According to the American Collectors Association, Americans write around 1.7 million bad checks each day, totaling more than $50 million in bad check losses.
  • The National Check Fraud Center has reported that check fraud and counterfeiting are the largest and fastest growing problem that the United States financial system faces today. These estimated losses produced annually are over $10 billion and are expected to continue rising.

Trust No One

To protect yourself or your business against check fraud, it is suggested by many experts to start with this basic axiom, “Trust No One”. Anyone can commit fraud. You, me, your doctor, your friend, your neighbor or even your favorite Uncle can commit fraud and there are many ways to do it. Check fraud prevention is not a simple task. There are many things to be done that, when executed together, will help to protect yourself from check fraud. While I may offer you some tips to help you fight check fraud, I do not want to lead you to believe or suggest that you can ever be 100% fraud-proof.

Forms (yes, form(S) as in plural, as in numerous) of Check Fraud

  • Forgery - Forgery usually takes place when an employee issues a check without proper authorization. Often times, criminals will steal a check, endorse it and present it for payment at a bank or a retail location using bogus identification.
  • Counterfeiting and Alteration – Counterfeiting or altering a check by using readily available desktop publishing equipment consisting of a PC, scanner or high-grade laser printer or simply duplicating a check with advanced color photocopiers.
  • Paperhanging – People who purposely write checks on closed accounts (their own or others) or who re-order checks on closed accounts (their own or others).

Great, so how do you prevent check fraud from happening to you?

Remember, trust NO ONE! (sorry to be so blunt)

  • Secure all reserve supplies of checks, deposit slips and other banking documents in a locked facility. Limit the number of people with access to your checks and keep blank checks locked up at all times. If your checks fall into possession of unscrupulous employees, you could be liable for substantial losses. Never leave checks or bank records unattended.
  • Make sure that your checks include security features that will help combat counterfeiting and alteration.
  • Assign accounts payable functions to more than one person and make each one responsible for different payment areas. This division of responsibility makes it more difficult for employees to tamper with checks and payments.
  • Limit the number of official signers. The fewer check signers you have, the lower your chances are of being defrauded.
  • Require more than one signature on large dollar check amounts. In this way, any losses you may incur will be low denominations only.
  • Check with your business banker to see if they provide products such as Positive Pay to help prevent check fraud. Basically, a business owner writes checks and if there are any discrepancies between the checks written and the checks clearing the account, the business owner has the option to either pay or return the items.
  • Separate the check writing and account reconcilement functions. Try not to have the same person who balanced the bank statement issue checks. This provides greater safeguards against an employee writing fraudulent checks and covering it up. The reconciler would be able to prevent the crime unless of course the employees are in collusion.

So what have we learned here?

Check fraud is everywhere and coming to a dishonest individual near you.

There are many different ways that check fraud is perpetrated as well as many different ways to prevent or safeguard it from happening. This blog merely scratches the surface of, check fraud underground world. Educating yourself further on this ever growing problem is an ongoing process and is strongly suggested for even the smallest of business owners (as well as individuals).

Remember, when it comes to your well earned money, “Trust No One,” and never think for a second that it can’t happen to you. As a matter of fact, it’s happening to someone right now – is it you?

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What do you think about monthly debit card fees?

Monday, October 31st, 2011

There has been a lot of recent press on the charging of monthly debit card fees by large banks, with charges ranging from $3 to $5 per month. We don’t charge a fee and, in fact, offer a number of checking accounts that are fee-free. So we’d love to hear your thoughts on these debit card fees.

For some perspective on why this is happening, here is a link to an interview with a local business professor from The Baltimore Sun.

 

 

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Are your Children Financially Savvy?

Monday, October 24th, 2011
Financial Literacy

1st Mariner Bank supporting the 2011 Financial Literacy Summit

Throughout my years working for 1st Mariner Bank and observing credit trends across the country, I’ve learned how little most young adults (and even some older adults) know about managing their finances and what affects poor management might have on their life. Because of this, I’ve spent some time working with local schools to help bring financial literacy into the classroom. There are many great programs that exist to help educate students but we may have a chance to help further this effort by making this part of the curriculum for Maryland students.

I feel strongly that our future and that of our students will be brighter by providing them with financial literacy courses. Through these courses, students will learn about saving, investing in the future, managing budgets, and how to manage credit. This will not only help them personally but will also provide an excellent foundation for our next generation of future leaders.

To find out how you can help, please visit: http://www.marylandtaxes.com/comptroller/initiatives/literacy/.

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Pace of Job Growth Remains Lackluster

Tuesday, October 18th, 2011
Anirban Basu

Anirban Basu Chairman & CEO of Sage Policy Group, Inc

This was supposed to be a decent year for job growth in Maryland.  With the nation’s economy now in recovery and adding jobs, positive base realignment effects, cyber-security, healthcare, higher education, the Port of Baltimore, BWI, retail and other industry drivers, expectations were probably higher coming into the year than at any point since 2007.

But the state’s job engine has generally sputtered.  According to the most recent data available from the Bureau of Labor Statistics, Maryland’s economy shed 2,500 jobs in August, a 0.1 percent drop from the previous month and only up 0.1 percent from one year prior.  That year-over-year performance ranks the state 43rd in terms of job growth.  During the same twelve-month period, the nation added 1.49 million jobs or 1.0 percent.

While the nation has outperformed Maryland along this dimension, data indicate that job growth has been softening nationally.  This may seem like a strange claim to make since the most recent employment report from the Bureau of Labor Statistics revealed that the nation added 103,000 nonfarm jobs in September, the best performance since July and better than August’s 57,000 net new jobs figure.

But dig into the data, and the message from September is not as clear.  The 103,000 figure includes roughly 45,000 Verizon workers who came back to work.  Strip out those jobs, and the September figure looks more like 58,000.  What’s more, those 45,000 information industry workers went missing from the August jobs data, which means that actual job creation in August was closer to 100,000.  However, approximately 22,000 State of Minnesota employees came back to work in August, meaning that the adjusted August figure is around 78,000.  Consequently, while many people are under the impression that job growth accelerated in September, it did not when one takes extraordinary items into account.

What’s more, the pace of job growth continues to fall well short of what is needed to bring down the nation’s unemployment.  For several months, the nation’s leading measure of unemployment has been stuck at 9.1 percent and the nation still has roughly 6.6 million fewer jobs than it did when the recession began in December 2007.  The industries that have suffered the largest job losses include manufacturing, construction and distribution, all key industries in the Baltimore metropolitan area.

The employment look remains cloudy.  Financial markets swooned during the third quarter, perhaps implying further economic slowing in the months ahead.  Were that to occur, job growth would remain lackluster at best.

Anirban Basu is Chairman & CEO of Sage Policy Group, Inc., an economic and policy consulting firm in Baltimore, Maryland. Mr. Basu is one of the Mid-Atlantic region’s most recognizable economists, in part because of his consulting work on behalf of numerous clients, including prominent developers, bankers, brokerage houses, energy suppliers and law firms. On behalf of government agencies and non-profit organizations, Mr. Basu has written several high-profile economic development strategies, including co-authoring Baltimore City’s economic growth strategy. His opinions do not necessarily reflect the opinions and beliefs of 1st Mariner Bank.

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Customer Service: The Mariner Way

Monday, October 17th, 2011
1st Mariner Red Carpet Customer Service

Providing Red Carpet Service the 1st Mariner Way

Everywhere you turn someone somewhere is talking about a customer service experience they’ve had.  Too often the conversation is about poor customer service and how horrible the individual felt after the experience.  Excellent customer service is not something taught over night, it comes from a team of individuals working together to come up with new and exciting ways to encourage and motivate the staff of an organization. Being one of the only local banks left in Baltimore, great customer service is crucial to the continued success of 1st Mariner Bank.  Our main focus is on providing outstanding customer service which we have dubbed “Providing Red Carpet Service the 1st Mariner Way”.  All 1st Mariner employees are required to attend “Red Carpet” training and are given assignments throughout the year to keep the material fresh in mind.

“Mariner Minute to Win It!”

The 1st Mariner Bank Training and Employee Development department works at finding unique and entertaining ways to keep employees informed, motivated and energized for work every day. As the old adage says “if Momma’s not happy (our employees), nobody is happy (our customers)” and this is true in the business world too.  This year the Training and Employee Development division celebrated Customer Service Week to say thanks to our branches and contact center staff for the invaluable job they do every day.  The first week in October, National Customer Service Week, is summed up with the tagline “Refresh, Recharge, Reconnect.”  Each day during this week a representative from each 1st Mariner branch played various games, which encouraged teamwork as well as taught customer service lessons.  Some of the games were customer service bingo, a scavenger hunt, and ring toss.  In addition to these daily games, there was a “Customer Service Street Crew” who visited each branch to play “Mariner Minute to Win It,” our version of the popular TV game show.   Throughout the week the branches were revitalized and really enjoyed coming to work, not only to play, but also to share this experience with our customers.

As the results of our recent Online Customer Survey demonstrate, 1st Mariner’s customer service is the number one thing that sets us a part from other financial institutions. Having a team of leaders who share the overall goals in providing excellent service and care to our customers is the first step in achieving outstanding customer service.   As a whole, the staff at 1st Mariner Bank will continue to constantly work to be the best local bank and the best in customer service; after all, we built this bank for you.

Check out some of the photos and videos that were taken of our Mariners as they competed in the “Mariner Minute to Win It” challenge.  Additional videos and photos can be found on our Facebook and YouTube pages.

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Mentoring Baltimore’s rising entrepreneurs one student a time.

Thursday, October 6th, 2011

NFTE & 1st Mariner BankWith the start of the school year, the folks over at the  Network for Teaching Entrepreneurship (NFTE) start their engines as well. NFTE’s mission” is to provide programs that inspire young people from low-income communities to stay in school,  recognize business opportunities and to plan for successful futures.” I, along with several other colleagues at the bank, have been involved in the program at various Baltimore City schools for the last four years. As Baltimore’s community bank,  we work with the teachers as they incorporate the NFTE curriculum into their lesson plans. We go into the classroom on a weekly basis and work with these young entrepreneurs to help them identify business ideas, develop their business plan, and get their businesses started.

These rising young entrepreneurs in waiting then compete in local business plan competitions, first in their classroom and then against other students in a city-wide competition. At these events, they present their business plans to panels of judges for cash prizes. For those who win their local competition, there are even opportunities to compete with other young entrepreneurs from around the country. A couple of the young entrepreneurs we worked with at Patterson High School were even featured in a movie, “Ten9Eight” about a national business plan competition in New York. We’ve stayed in touch with one of these students who is now a sophomore pursuing a business degree at the University of Baltimore.

NFTE is a terrific organization that can really make a difference in our community. Teaching our young people financial literacy and business insight  is extremely important to the Baltimore Community and we at 1st Mariner Bank are proud to be involved in such a meaningful organization.  If you are looking for an opportunity to work with the youth in the city, there are plenty of ways to get involved. Visit the NFTE-Baltimore website to find out more.

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How to Prevent Check Fraud Scams

Monday, October 3rd, 2011

1st Mariner Check Fraud Prevention
Positive Pay is, quite frankly, one of the best ways to prevent check fraud scams on a business checking account. Basically, a business owner writes checks and if there are any discrepancies between the checks written and the checks clearing the account, the business owner has the option to either pay or return the items. No check will clear the account without going through this process and thus limits the possibility of check fraud scams.

Most business owners understand and appreciate the security of Positive Pay, but feel the process can be too labor-intensive with entering or downloading the check information to their bank.  With one of our customers, the objection wasn’t so much about entering the information but more with having to implement the Positive Pay product on all three of their business entities. A recent incident, however, changed their opinion when Positive Pay prevented almost $2,000 in check fraud losses.

Over one weekend, several individuals came into a few 1st Mariner Bank branches, attempting to cash checks written on one of the entity accounts, and because of Positive Pay, the checks were flagged as “exceptions” (possible fraudulent checks). The basic information (date, serial number or amount) didn’t match the information provided by the business owner. This, in turn, prompted additional inquiries from our tellers. Unable to verify the checks with the business owner, the tellers refused to cash the items and, in one instance, alerted the police when one individual was unable to provide the appropriate ID, resulting in an arrest.

With advances in technology forcing business owners to be even more vigilant with their account information, Positive Pay’s check fraud prevention process provides an additional level of security in protecting the cash business owners fight so hard to earn.

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