In today’s digital financial landscape, choosing the right payment method can significantly impact personal and business transactions. Two of the most common transfer methods are ACH (Automated Clearing House) transfers and wire transfers. While both serve to move money electronically, their differences in cost, speed, and functionality make them suitable for different situations....
Cybercriminals are targeting the financial accounts of individuals and businesses alike, using increasingly sophisticated methods to commit fraud and scam innocent people and businesses worldwide. For small to medium-sized businesses and individuals, having information stolen or falling victim to a fraudulent transaction or data breach can result in significant disruptions and financial losses. At Sunwest Bank, we prioritize the safety and security of our customers’ accounts. We are dedicated to providing you with the information you need to stay vigilant, identify potential fraud, and know the steps to take if you become a victim....
In today’s digitally interconnected world, the benefits of online connectivity are immense. However, these advantages also come with heightened risks, mainly from various forms of malicious software known as malware, which, in some cases, can put your personal banking information at risk. At Sunwest Bank, our top priority is safeguarding our customers’ financial security and sensitive information against these digital threats. This essential guide delves into what malware is, how it works, and, most importantly, how to protect yourself and your valuable data from falling victim to these malicious attacks....
At Sunwest Bank, safeguarding against cyber threats is a cornerstone of our operations because we know that even the most fortified systems and knowledgeable individuals have vulnerabilities. Among these, the human factor is often the most susceptible to exploitation. Impersonation, a significant aspect of social engineering, involves malicious actors who manipulate human trust to gain unauthorized access to sensitive information, commit fraud, or steal identities....
Identity theft – often referred to as identity fraud – is a malicious act where someone unlawfully uses your personal information, such as your Social Security Number (SSN) or birth date, to impersonate you. This deceit allows them to apply for credit cards and loans, open bank accounts to write bad checks, redirect mail, establish cell phone services, rent vehicles, equipment, or accommodations, and obtain new government documents like driver’s licenses and SSN cards....
ACH fraud, a growing threat in the financial world, refers to the unauthorized use of the Automated Clearing House (ACH) network to steal funds. As the central clearing facility for all Electronic Fund Transfer (EFT) transactions in the United States, the ACH network is a vital component of the national banking system. Unfortunately, its critical role also makes it a prime target for cybercriminals....
Almost daily, identity theft and personal information are reported in the news. When customers offer their bank card at the point of sale, over the Internet, on the phone, or through the mail, they need assurance that their account information is safe. In response to this need, the Payment Card Industry (PCI) Security Standards were developed and must be adopted by any merchant or organization that accepts and stores payment cards, including retail outlets, mail/telephone orders, and online payments. By complying with PCI requirements, merchants and service providers meet their obligations to the Payment Card Industry and build a culture...
Technology has rapidly become an integral part of our daily lives for decades. Just as fast as the digital world has grown, so has the risk of cybercrime—a continuously growing global threat impacting individuals, businesses, and government agencies. At Sunwest Bank, we are committed to protecting your financial assets and educating you on cybercrime trends. Hence, you feel empowered to protect your data and prevent a personal or organizational data breach. This article sheds light on the cybercrime landscape, its motivations and methods, and practical steps to guard against these threats....
Tax season involves preparing and filing your tax return and heightened identity theft and fraud risks. Cybercriminals target individuals and businesses alike, hoping to gain access to personal or financial information to exploit for monetary gain. Sunwest Bank is dedicated to keeping you informed and secure, providing expert guidance on safeguarding sensitive data. In this comprehensive guide, we’ll walk you through essential tips for taxpayers, answer key questions, and offer Sunwest-specific strategies to protect yourself from tax-related fraud....
Cybersecurity threats are an ever-present concern for businesses of all sizes as technology continues to advance and evolve. While you might be aware of the risks of viruses and malware, tech scams represent a more insidious threat that preys on trust, confusion, and urgency. Sunwest Bank is committed to equipping you with the knowledge to protect your business and employees from these scams. With our expertise in cybersecurity and proactive solutions, we ensure you stay one step ahead of scammers....