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Cybercrime Is On The Rise

According to the Identity Theft Resource Center, “the number of data breaches publicly reported so far this year has already exceeded the total for 2020, putting 2021 on track for a record year”. With cybercrime on the rise, and businesses losing hard-earned money as a result, we’ve compiled several ways to stay ahead of cyber threats.

Watch Chelsea Groton’s recent Cybersecurity Panel Discussion. Here are several additional resources and reminders to protect yourselves and your business: 

NEVER provide your personal or business information, personal identification numbers (PINs) or passwords to anyone, even if the person claims to be from Chelsea Groton Bank. Hang up and call Chelsea Groton’s Customer Care Team or your banker directly. Remember, the Bank will NEVER call you and ask for this type of information.

Only do business with companies you know and trust. Never click on unfamiliar links or correspond with unfamiliar email addresses. If unsure if an email is authentic, contact the sender through the known and verified email address or phone number you typically use to correspond with that individual or business.

There are many business fraud cases in recent months, involving altered checks, counterfeit checks and electronic manipulation of account information. Here are tips to ensure this doesn’t happen to you:

  • Take advantage of online and mobile banking alerts and push notifications for high risk or high value transactions.
  • Be sure to monitor your statements daily. Don’t just monitor that a check has cleared, open up the image to ensure it was delivered to the proper recipient. Business accountholders have only 24 hours to catch and report fraud to the bank, so it’s critical that accounts are monitored closely and reconciled daily. Chelsea Groton also offers a Positive Pay service to help mitigate check fraud. 
  • Monitor entitlements and permissions given to all employees, and review frequently. Ensure each individual (even the most trusted ones!) has a unique login and has the lowest level of access required in order for them to do their job. Learn more
  • Never trust wiring instructions sent via email. Cyber criminals are hacking email accounts and sending emails with fake wiring instructions. These emails are convincing and sophisticated. Always independently confirm wiring instructions in person or by phone with a trusted and verified phone number. Chelsea Groton’s Wire Transfer Service provides businesses with an efficient, streamlined and secure wire transfer experience. 

If fraud is detected, contact your bank, local police, and if you have cyber insurance, call the insurance company right away.

If you would like to speak with a member of the Chelsea Groton Bank team in more detail regarding online banking features and cash management services that can help protect your account, please contact Alexis Kahn, VP, Cash Management Sales Manager, at or (860) 448-4157.