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Cape Cod 5 Quarter 3 Regional Meetings
Agenda
Introduction and Welcome
Highlights of Follow-Up from Quarterly Regional Meetings
Financial Scams and Cyber Awareness
Foundation Modernization
We want to hear from you!
Agenda
Introduction and Welcome
Highlights of Follow-Up from Quarterly Regional Meetings
Financial Scams and Cyber Awareness
Foundation Modernization
We want to hear from you!
Accessible Housing Updates & Resources on Cape Cod 5 Website Links to Housing Resources
Links to Local Housing Research Studies
2019 Impact Metrics
Workforce Development Updates & Resources on Cape Cod 5 Website
Local Resources
Links
2019 Impact Metrics
Agenda
Introduction and Welcome
Highlights of Follow-Up from Quarterly Regional Meetings
Financial Scams and Cyber Awareness
Foundation Modernization
We want to hear from you!
Discussion Agenda Part I: Protecting Yourself and Your Customers Scam Spotlight Other Online Threats How to Protect Yourself How to Recover from Fraud
Part II: Protecting Your Business Business Email Compromise and Account Takeover Cyber Attacks: the “How” How to Protect Your Business How to Recover if Compromised
Protecting Yourself And Your Customers
Scam Spotlight
Scam Spotlight According to 2018 Federal Trade Commission (FTC) data: •
Imposter scams topped their list of complaints filed
•
535,417 imposter scams were reported with a loss of $488 million
•
Wire transfer was the top payment method, followed by gift cards (26% in 2018, up from 7% in 2015)
Scam Spotlight Tax identity theft
Credit card account updaters
Other Online Threats Facebook Messenger Vulnerabilities • Malicious links • Chrome worm
Pop up Windows • Tech support • “Urgent” message from bank, others
Parked Pages • URLs with minor discrepancies from desired site (wwwcapecodfive.com)
How to Protect Yourself From Scammers Unsolicited requests for money, gift cards or personal information, or offers of large amounts of money = fraud. Slow Down. Urgency is the scammer’s best friend. Don’t believe your caller ID.
How to Protect Yourself Online Activity No shopping or online banking on public wireless network Set up bank account alerts Download Trusteer security software from CC5 website Ignore unsolicited emails with hyperlinks or attachments Back up your system Be mindful of the contests you enter Limit personal information shared on social media sites
How to Protect Yourself Secure Physical Documents Fraudsters are opportunists – don’t forget about your physical documents
Sign up for USPS Informed Delivery – before the fraudster does!
How to Protect Yourself Protect Your Credit Order your free annual credit report https://www.annualcreditreport.com/ Place a free security freeze on your credit report •
Placed with each consumer reporting agency separately
•
Parents and legal guardians can request on behalf of minors under 16
How to Recover from Fraud If you become a victim of fraud or identity theft - act immediately •
If your computer is compromised: unplug! Have professionally cleaned
•
Contact your bank and credit card issuer to freeze / open new accounts
•
Contact the credit agencies and place a fraud alert or security freeze
•
Contact police and file a police report
•
Visit identitytheft.gov for recovery plan
•
Report it to the FTC and FBI IC3
Protecting Your Business
Discussion Agenda Part II: Protecting Your Business Business Email Compromise and Account Takeover Cyber Attacks: the “How” How to Protect Your Business How to Respond if Compromised
Business Email Compromise
25000
$1,400,000,000 $1,200,000,000 $1,000,000,000
15000
$800,000,000 $600,000,000
10000
$400,000,000 5000 $200,000,000 $0
0 2014
2015
Number of Reported BEC's
2016
2017
2018
Dollar Loss from BEC
Number of BEC Reports
20000
Loss from BEC
Today: Spoofed emails from vendors, real First seen in estate 2013: lawyers, Spoofed emails suppliers from “CEO� requesting wire transfer
Trending: Payroll diversion scam
Corporate Account Takeover
Graphic credit: FBI IC3 Advisory
Cyber Attacks: The “How” Cookie harvesting Darkweb databases Credential stuffing Technical vulnerabilities
How to Protect Your Business Information Security Best Practices Krebs’s 3 rules for computer safety HTTPS – encrypt data in transit Back up data Active management of third party vendors/ security policies Document information security program and incident response plan Periodically review office information security protocols with staff • including the cost of non-compliance ($$ and reputation!)
How to Protect Your Business Online Banking Isolate machine(s) used for business/online banking from general browsing Verify any supplier payment changes with the intended recipient Review payment transfer protocols CC5 treasury management services o Business Online Banking, Positive Pay, Debit Block o Account alerts
How to Respond if Compromised CONTAIN • If compromised, disconnect infected devices from your network. • Notify financial institutions to protect bank accounts. ERADICATE • Professionally clean compromised devices. RECOVER • Restore data from back ups NOTIFY • Law enforcement – local and FBI IC3 • Notify staff and customers REVIEW • Existing controls • Retrain staff
Top Takeaways
Top 5 Takeaways 1.
Don’t act on unsolicited calls or emails requesting/ offering money, or other immediate action. Urgency or secrecy = fraud.
2.
Review existing controls to secure physical documents and online activity. If you are a business owner, train your staff.
3.
Empower yourself! Stay scam-savvy by visiting CC5 Security Center, the FTC, FBI IC3 and AARP websites, Krebs on Security.
4.
Protect your credit with a free security freeze. Check your credit report at least annually.
5.
Be an ambassador! Share this information‌
Agenda
Introduction and Welcome
Highlights of Follow-Up from Quarterly Regional Meetings
Financial Scams and Cyber Awareness
Foundation Modernization
We want to hear from you!
Executive Summary •
The Foundation was created as a Trust in 1998 with all the Officers and Corporators as Trustees (roughly 300 today).
•
Since then there have been changes in trust laws and Cape Cod 5 has grown in size and complexity.
•
Current structure doesn’t comport with current best practices and presents challenges in managing potential conflicts of interest.
•
We’ve conducted a review of our Foundation structure that included extensive research with external legal counsel on best practice in foundation structure.
•
As a result, the Foundation Executive Committee has unanimously voted to recommend to the Trustees of the Foundation the approval of converting the Foundation into a 501(c)(3) charitable Corporation, subject to regulatory approval.
•
The 501 (c)(3) will continue to support the communities in which the Bank serves with greater input and insight from Corporators and Employees.
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501(c)(3) Charitable Corporation • The Bank’s Board of Directors and Executive Management will serve together as the new Board of Directors of the Cape Cod 5 Foundation, Inc. • During each of the Quarterly Regional meetings, Executive Management will continue to provide background on macro and regionalized needs that have been identified, delineate the efforts of Cape Cod 5 to address these needs, and quantify and measure impact. • Input and insights will continue to be sought from Corporators and Relationship team members on these matter in order to better understand regional and hyperlocal trends needs in order to allow Cape Cod 5 to more effectively align its efforts and resources with community needs.
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Next Steps • The organization documents to form a corporation will be filed with the Secretary of State’s office. • The application to be recognize as a 501(c)(3) will be filed with the IRS. • At the October 16th Community Commitment Meeting, the Foundation Executive Committee will be requesting that the Foundation Trustees ratify their approval of the formation of the 501(c)(3) corporation and to approve the transfer of all property of the Foundation to the 501(c) (3) corporation. • Once the IRS issues their determination of the 501(c)(3) status, the trust property will be transferred to the new non-profit corporation. • The 501(c)(3) will continue the work of the Foundation with greater input from Corporators and Employees. 31
Agenda
Introduction and Welcome
Highlights of Follow-Up from Quarterly Regional Meetings
Financial Scams and Cyber Awareness
Foundation Modernization
We want to hear from you!