OFFICIAL PUBLICATION OF THE COLORADO BANKERS ASSOCIATION

Pub. 11 2021-2022 Issue 2

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Chairman’s Message: Banks and Trust

It goes without saying that our customers know the safest place for their money is in a bank. But they also know that the safest place for their personal information is under the watchful eye of their banker.

More than any other industry or entity – even health care – Americans trust their banks and bankers to safeguard their personal information. A survey conducted late last year by Morning Consult in collaboration with the American Bankers Association, found for the seventh consecutive time that banks topped the trustworthy list of entities with access to, and expected protection of, Americans’ information

The financial services industry is the gold standard of cybersecurity, not just because we have the highest level of security among critical U.S. industries – including energy and telecommunications – and the most stringent regulatory requirements.

The financial services industry is the gold standard of cybersecurity, not just because we have the highest level of security among critical U.S. industries – including energy and telecommunications – and the most stringent regulatory requirements.

We are the gold standard because we have a track record of staying one step ahead of would-be fraudsters and criminals, consistently innovating and advancing on behalf of our customers. Bankers across the country are dedicated to shielding their customers from fraud or risk. The most recent Deposit Account Fraud Survey shows that banks stopped $22.8 billion in fraud in 2018 alone.

Our customers and clients are our families, our friends and our neighbors. They know that we have a personal interest in seeing them succeed and succeed safely.

This spring, I was heartened by an anecdote The Colorado Bankers Association shared on its social media pages, in which the City of Brighton was protected from $348,000 in potential fraud, thanks to its banker.

In late August, bankers across Colorado will convene for CBA’s 2021 cybersecurity conference, during which they will gather the most up-to-date information and resources to reinforce their already strong cybersecurity systems. It is imperative we remain hyper-vigilant, as criminals are always developing new ways to attempt fraud.

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In addition, we can help our customers protect themselves. A number of resources are available to arm and educate consumers about identity theft and fraud and I encourage you to share them. Visit CBA’s consumer information website: Financialinfo.org; ABA’s “Banks never ask that” campaign at banksneveraskthat.com; or the Colorado Attorney General’s anti-fraud page: stopfraudcolorado.gov.

Protecting consumers’ money is a joint effort because customers are their own best first line of defense for cybersecurity and fraud. Customers should monitor their accounts often and alert their bank right away if they believe they have been victimized.

That said, bank customers can always rest assured that their bank is in their corner and will cover the loss and take measures to protect accounts should their information be compromised by unauthorized activity.