Business Fraud Protection #community #bank, #banking, #bank, #loans, #deposits, #savings, #financial #services,


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Business Fraud Protection

Thieves have developed increasingly sophisticated and malicious techniques to steal money. They thwart existing authentication controls, gain control of customer accounts, and transfer funds to individuals hired to help launder funds and send them overseas–often beyond the reach of local financial institutions and influence of local law enforcement.

What are corporate account takeovers?

Corporate account takeover is a fast-growing electronic crime where thieves typically use some form of malware to obtain Online Banking login credentials and then fraudulently transfer funds from those accounts. Many account takeover schemes target small- to medium-sized business customers since their account balances are generally higher than consumer accounts and their transaction activity is generally greater, making it easier to hide the fraudulent transfers.

Constant vigilance against downloads from unknown sites or clicking on banner ads may be the only ways to avoid becoming an account takeover victim.

An effective tool in the Internet thief�s arsenal is keylogging . Keyloggers can be surreptitiously installed on a computer when a customer visits an infected website, or clicks on an infected banner advertisement or email attachment. Keylogging can also be accomplished via a hardware device plugged into the computer, which stores the captured data for later use. Generally small in size and adept at hiding themselves on the user’s computer, keylogger files often go undetected by most antivirus programs.

Thieves use keyloggers to steal the Login ID, password, and/or challenge question answers of financial institution customers. This information alone, or in conjunction with stolen browser cookies loaded on the criminal�s computer, may enable the criminal to access the customer�s account(s) and transfer funds to accounts controlled by the criminal, usually through wire or ACH transactions.

Other types of more sophisticated malware allow man-in-the middle (MIM) or man-in-the browser (MIB) attacks. In one scenario, the cyber thief is able to intercept the authentication credentials submitted by the customer and access the customer’s account(s). In another scenario, they do not intercept the credentials, but modify the transaction content or insert additional transactions not authorized by the customer which, in most cases, are funds transfers to accounts controlled by the thief. Criminals conceal their actions by directing the customer to a fraudulent website that is a mirror image of the financial institution�s website, or sending the customer a message claiming that the institution�s website is unavailable and to try again later. Cyber thieves may have the capacity to delete any trace of their attack from the log files.

Avoiding Fraud

It’s important for our business customers to understand the reality of the threats that face them today. Customers are constantly being targeted by advanced malware threats.

Commerce Bank has put together this information to help you identity any weaknesses you may have at your business, and give you helpful information to help you mitigate against any loss you may incur from a fraud happening to your business.

NOTICE: Commerce Bank is not responsible for and has no control over the subject matter, content, information, or graphics of the web sites that have links here. The portal and news features are being provided by an outside source – The bank is not responsible for the content. Please contact us with any concerns or comments.

Copyright 2017 � All rights reserved. Commerce Bank is a registered service mark in Massachusetts of Commerce Bank & Trust Company. None of the Licensed Material on this website may be downloaded, republished, retransmitted, reproduced or used as a stand-alone file. Website powered by ProfitStars.

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Singapore Time Deposit Interest Rates #deposits, #accounts, #apply, #singapore, #singaporean, #international, #comparison,


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Singapore Dollar Deposit Rates

* The Premier-exclusive rates set out in the table above shall apply only to account(s) which are subject to the terms and conditions governing the use of HSBC Premier Account Package.

First-of-Month TMD only commences on the first business day of the subsequent month (“Start Date”) following receipt by the Bank of the duly completed instructions to place funds for First-of-Month Time Deposit and will mature on the first business day 3 months later.

1. Interest rates are calculated on a daily basis and credited on a monthly basis.

2. Rates are subject to change without notice at any time. You may wish to check the latest rates on our website at www.hsbc.com.sg

3. Applicable to S$ PowerVantage, S$ HSBC Premier Account, S$Passbook and Savings Account: Interest rates are tiered and published rates for respective tiers are applicable to the deposit value specified in each tier. The effective interest rate will vary depending on the amount deposited.

4. All conversion, foreign exchange rates and deposit rates used or provided are indicative only and subject to change by the Bank at any time (including intra day changes) without notice.

5. Data, information, news and computation tools are provided for informational purposes only, and are not intended for trading purposes. The Bank shall not be liable for any errors or delays in the content or computation, or for any actions taken in reliance on the same.

6. Please note that the Foreign Currency Time Deposit rates for USD and GBP are quoted for value on the same working day. All the other currencies are quoted for value on the next working day. All the other currencies are quoted for value on the next working day.

Deposit Insurance Scheme
Singapore dollar deposits of non-bank depositors are insured by the Singapore Deposit Insurance Corporation, for up to S$50,000 in aggregate per depositor per Scheme member by law. Foreign currency deposits, dual currency investments, structured deposits and other investment products are not insured.


Term deposits Vs savings accounts What s best for you? #savings #accounts,


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Term deposits Vs savings accounts: What’s best for you?

Where should one stash their cash: savings accounts or term deposits?Andrea Sophocleous investigates.

September 7, 2009

Saving hasn t always been fashionable. Before the global financial crisis began taking its toll on years of economic prosperity and consumer hedonism, excessive spending was a national in fact, global pastime.

Australia may have escaped the full grunt of the GFC, but the new mood of thrifty restraint appears to be hanging around a little longer. This is the perfect environment in which to begin saving for that next rainy day or home loan deposit. And with interest rates set to rise further, so could your savings.

Higher interest rates won t just increase your mortgage repayments ; on the plus side, they could also increase the interest you earn on your high interest savings account .

Savings accounts differ from day-to-day transactional accounts by being designed to help you save for a long-term goal. While you can access your everyday account for all your spending needs using debit cards, ATMs or the internet, any money you deposit in a savings account remains out of everyday reach and accrues interest on the growing balance.

You can make withdrawals whenever you like, but this would make a dent in the amount of interest you are paid. A more prudent option, therefore, is to make regular fortnightly or monthly deposits but no withdrawals.

A high interest savings account, however, is not your only option if you want to get serious about saving. If you are easily tempted into spending rather than saving, a term deposit may be a more suitable path for you to take.

Like savings accounts, term deposits are a low-risk, convenient way to earn higher interest on your money, but because you cannot withdraw any money during the life of your term deposit, your cash will remain safely tucked away, growing at a healthy rate.

Term deposits require a minimum opening balance usually at least $5,000 and can last anywhere from 30 days to five years. The rate is fixed for the duration of the term deposit, so you know exactly how much money you will end up with.

If you already have a few thousand dollars saved, a term deposit is a smart choice because you will start earning a decent amount of money in interest straight away. And if you won t need access to the money too soon, opting for a longer term makes more sense because depending on the term, you could score a higher interest rate.

For example, a 30-day term deposit with ING Direct will see you pocket interest at 3.25 percent p.a. while a two-year term deposit will deliver a more profitable 6.00 percent p.a. interest. So $10,000 will earn $26.71 in interest in 30 days, while after two years your nest egg will be up by $1,200.

As with all financial decisions, shop around for the term deposit that suits your needs. And ensure you won t need the money before your term expires otherwise you will have to wear the cost in hefty fees. If you are starting from scratch, a high interest savings account is a better option because most do not require a minimum opening balance.

The ING Direct Savings Maximiser account will dish out 4.75 percent p.a to new customers who signs up before November 30. This special introductory rate will last until 31 January 2010. Other generous high interest savings accounts include UBank s USaver account, which offers 5.11 percent p.a interest, and Westpac s Reward Saver with a 4.70 percent p.a rate.

There are hundreds of savings accounts to choose from, so researching and comparing interest rates and terms and conditions is essential.

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