Independent Banker - June 2020 - 55

Signs of pandemic-related fraud
In times of crisis, there are always opportunists looking
to profit off the confusion. Community bankers must be
diligent in educating customers about potential fraud.
Here are some examples of COVID-related scams:
Q Social media scams fraudulently seeking donations or
claiming to provide stimulus funds
Q Sales of counterfeit or fake testing kits, cures,
immunity pills and protective equipment
Q Fraudulent offers for free COVID-19 testing in
exchange for Medicare beneficiary information
Q Malicious websites and apps that appear to share
virus-related information only to gain and lock access
to devices until payment is received
Q Phishing scams, including texts and emails claiming
to offer access to government
assistance or even free gift
cards
Q Identity theft from websites
offering assistance for
those filing for PPP loans or
emergency relief
Q Fraudulent charities or
individuals seeking donations
Resources for bankers to learn more about current
fraud schemes include the Department of Justice
(justice.gov/coronavirus) and the Federal Trade
Commission (consumer.ftc.gov).
up to help customers long term, " says Aleesha Webb,
president and vice chairwoman at $306 million-asset
Village Bank in St. Francis, Minn.
The SBA 504 loan program is available to borrowers with
fixed assets, such as real estate or equipment. The SBA
portions of those loans are fixed for 20 to 25 years, and
the current rates are historically low, Webb says. SBA 7(a)
loans also are available for business owners for accessing
capital to fund operations.
" I understand there is this media frenzy around these
PPP loans, " she says, " but we have got to be talking to our
clients about their options for cash flow and other SBAbacked
options that are fantastic today. "
In addition to disruption for customers, the pandemic
has forced banks to adapt to their own new normal.
" We're a bank, but we also have a business to run. So, we
had to make good decisions for our customers and our
employees, " Webb says. " We're using technology and
electronics wherever possible but not forgetting the human
touch or human side of it. "
Village Bank has limited lobby hours, with many
employees working from home. The bank is now
relying on video calls for both internal discussions and
customer contact.
A time to shine
Perhaps never before has the importance of relationship
banking been more in the spotlight, as people long for
stability and for their stories to be heard. Community
banks have long prided themselves on relationships where
neighbors are helping neighbors, and that is especially true
in a time of fear and uncertainty. It ranges from donating to
local food shelves to serving as a sounding board for clients
who need to vent frustrations or fears.
For example, Community Spirit Bank has produced
several videos for its social media channels on topics like
how customers can continue to access bank services.
This community service hasn't gone unnoticed by local
and national media. This community service hasn't gone
unnoticed by local and national media. Community banks
and ICBA have received positive coverage in some of the
most popular media outlets across the country.
" These are scary and uncertain times, " Bolton says, " and
we want to remind them that no matter what happens,
their local community bank will be there. "
Beth Mattson-Teig is a writer in Minnesota.
Get up-to-the-minute information
ICBA's COVID-19 resource page offers the
latest news, updates from president and CEO
Rebeca Romero Rainey and other resources
to help your community bank respond to the
pandemic. icba.org/covid19
independentbanker.org Q 55
http://www.justice.gov/coronavirus http://consumer.ftc.gov http://www.icba.org/covid19 http://www.independentbanker.org
Independent Banker - June 2020

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