Money

Show me the money

According to the FBI’s Internet Crime Complaint Center, “the BEC scam continues to grow, evolve, and target businesses of all sizes. Since January 2015, there has been a 1,300 percent increase in identified exposed losses, now totaling over $3 billion.” In 2018, alone, the IC3 received 20,373 BEC and E-mail Account Compromise complaints with adjusted losses of more than $1.2 billion.

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Reaching out to the unbanked

Poverty and mistrust bar many from banks. The New Jersey Legislature is looking into the issue with bills to establish an Unbanked and Underbanked Consumers Study Commission — but in the meantime, some financial institutions are trying to address the problem on their own.

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Common ground

If you can’t beat ’em, join ’em. That’s the strategy some New Jersey-based financial institutions are taking when it comes to financial technology companies, which have been painted as a high-tech threat to traditional banking services.

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BHI adds two new specialty teams

In response to a surge in business activity across the food and beverage and specialty and sponsor finance industries, the commercial banking company has added two new industry verticals to its New Jersey representative office in Woodcliff Lake.

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