CONTRIBUTED CONTENT — From a mom-and-pop shop to a Fortune 500 corporation, every business faces the risk of cyberattacks. Learn how to protect your company against fraud and financial loss with a free seminar presented by State Bank of Southern Utah.

The most valuable thing business owners have is their time, which is why State Bank of Southern Utah packed as much information into the 90-minute seminar as possible. A panel of experts specializing in risk management – corporate trainer Tyson Oliver, chief risk officer Brooke Hampton and information security officer Silas Aitchison – will discuss the most prevalent threats in today’s business world and provide helpful tips, tricks and resources.

“All business owners are invited,” Oliver said. “Whether you have three employees or 3,000 employees, the information we’ll go over is relevant for everyone. You should be able to leave with a fleshed-out game plan to protect your business.” 

The seminar will be held at the Utah Tech University Atwood Innovation Plaza on Tuesday, Nov. 15. There’s no cost to attend, but RSVP is required. Click here to secure your spot. Lunch also will be provided.

According to data from the Federal Trade Commission, Utah experienced one of the highest increases of fraud in the United States during the COVID-19 pandemic: a 157% increase between 2019 and 2020. Fraud losses cost the Beehive State $882 million in 2020 alone. 

Modern scammers are aggressive and relentless. Fraud used to be easier to avoid, Oliver said, but numerous payment options and communication methods now provide a variety of creative avenues for tricking unsuspecting victims. Forbes recently reported that small businesses are three times more likely to be targeted by cyberattacks than larger companies due to a typical lack of high-grade security resources. 

The most prevalent types of fraud involve an employee’s email account being compromised or business owners being tricked into entering their personal information where scammers can steal it. One of the most convincing and dangerous schemes is impersonation fraud, wherein scammers pose as the business owner’s bank or a vendor they work with to gain their trust. Meanwhile, their victims think they’re just doing business as usual.

“What’s crazy is that they can jump right into a conversation as if they’re the ones you’ve been contacting all along,” said Tyler Brown, senior vice president of community relations for State Bank of Southern Utah. “No one is immune.” 

There’s also the issue of embezzlement within companies. Brown said a small business isn’t going to necessarily think about installing controls within their accounting system and monitoring who has access to what. Fortunately, those features are built into State Bank of Southern Utah’s online banking system, and the bank will help customers set them up as needed. 

“We see ourselves as a partner with our business customers,” he added. “We see a very real need to help our customers protect themselves, so we want to share what we know and hopefully prevent businesses in our community from financial harm.” 

Serving the community since 1957, State Bank of Southern Utah is the only financial institution owned, operated and headquartered in Southern Utah. It holds over $2.2 billion in assets and operates 16 branches across 14 cities and towns: Cedar City, Circleville, Delta, Escalante, Fillmore, Gunnison, Hurricane, Kanab, Orderville, Parowan, Richfield, Santa Clara, St. George and Tropic.

For more information about State Bank of Southern Utah, visit their website. The bank is an equal housing lender and member of the FDIC.

Event details

• What: Preventing Business Fraud Lunch & Learn. 
• When: Tuesday, Nov. 15, from 11:30 a.m. to 1 p.m. 
• Where: Atwood Innovation Plaza, 453 S. 600 East, St. George. 
• Tickets: Free. 
• Resources: Eventbrite. 

Written by ALEXA MORGAN for St. George News.

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