The right approach to business banking fraud protection involves separating your business and personal finances, using the right digital tools to monitor your accounts and set up alerts, and following the best practices for business and banking security. This is especially true as criminals are using all kinds of digital tools to trick you into sending them money they didn’t earn or giving them access to your accounts.

A recent report by the Federal Reserve revealed that bank account takeover fraud remains a persistent threat for financial institutions, with increases in financial losses as well as the frequency and sophistication of account takeover schemes. This trend is driven by criminals using techniques such as impersonation, social engineering, and compromising someone’s credentials through an increasing level of sophistication in social engineering-based attacks. This includes sharp increases in account business email compromises, unauthorized debits, and account takeovers, with substantial growth in impersonation and digital payment fraud.

Why Business Banking Fraud Prevention Matters

When criminals steal your funds it can lead to all sorts of problems, especially for small business owners. The financial impact can significantly damage your profitability and your reputation as well. Customers who see their payment information misused or vendors that don’t get paid on time could be reluctant to do business with you.

Of course, it can also take up significant amounts of time for victims of fraud to recover. The time you have to spend investigating the source of a scam, changing your accounts, notifying anyone who might be affected, and reporting it to the authorities can result in a major loss of productivity. That’s why fraud prevention for small businesses is so important; it can help reduce your risks of getting scammed in the first place.

Separate Business and Personal Finances

Many small business owners are sole proprietors or have a small number of employees or contractors working for them. It can be tempting for someone to run a business using their own personal checking account, especially at first. Separating your business and personal finances with a business checking account is important for many reasons:

• It’s easier to keep track of business expenses and profitability.
• It prohibits employee access to your personal funds.
• Makes it easier to justify your business deductions to the IRS or state taxing authorities.
• Reduces the financial impact that fraud against your business could have on your personal funds.

Use Digital Banking Tools to Monitor Account Activity

Business online banking security starts with making the most of the tools you already have available from your local bank.

Set Up Account Alerts

You can set up account alerts for transaction alerts based on the parameters you choose, such as:

• When your balance drops below a certain level.
• Transactions or large transfers that exceed a certain dollar amount.
• Notifications for any password changes or suspicious activities.

Review Transactions Frequently

One way to reduce business fraud risk is also one that makes good business sense—to review your transactions on a regular basis to look for signs of unusual activities while also making sure that your payments are being received and made on time.

Use Secure Online and Mobile Banking

We make it easy for you to set up alerts and monitor your accounts, as well as initiate payments using our online and mobile banking platforms. With our mobile banking app you can also deposit checks using your phone, without having to visit a bank branch or an ATM.

Add Layers of Protection to Payments

Business banking best practices involve making a most of your bank’s fraud protection tools, having the right payment procedures in place, and training your staff to remain vigilant when it comes to protecting your accounts, email, and payment information.

Use Positive Pay

The FBI and U.S. Postal Service issued an alert last year that criminals were stealing checks from mailboxes and blue collection boxes. They then alter the checks to change the recipient and the amount, or they use software and modern printers to create several forgeries that are typically in small amounts, in an attempt to steal as much money before someone notices.

Scammers have also been known to hack into email systems, send fraudulent emails, and use information from online sources to impersonate someone and initiate bogus payments or change someone’s payment information. For example, they might impersonate a vendor and try to convince someone that the vendor’s bank account was changed. Another tactic is to submit phony invoices for payments.

Positive Pay can help you catch these kinds of fraudulent activities, before scammers can still your funds. You can use Positive Pay with both paper checks and automated clearinghouse (ACH) payments. When you issue checks or ACH payments, you have this information sent to our Positive Pay system. When someone attempts to receive a payment, our system will automatically compare each check or payment for details such as the date, the amount, the check number, and the recipient. If something doesn’t line up, we’ll flag it for your review so you can decide whether to approve or reject payment. This can reduce your risk of fraud as well as the time you spend reconciling your accounts and watching for signs of illegal activities.

Require Approval Steps for Payments

Every business should have well-established procedures for making and receiving payments. If your business receives an email that appears to be from a vendor trying to change their payment information, one of your employees should call and verify this information, using a contact number that they know is legitimate (not the number that’s listed in the email).

The same goes for phone calls that involve changing someone’s payment information. Depending on how many employees you have, you might require the approval of more than one person to authorize a payment or change payment information. You should also train your employees to avoid making rushed decisions. Scammers often try to create a sense of urgency, to get someone to act without thinking about what they’re doing or to take the time to verify a request.

Watch for Check, ACH, and Wire Fraud

Scammers will try all kinds of ways with multiple businesses trying to steal their funds, and their tricks only have to work once to make a profit. Don’t just initiate a payment without verifying that you already received an invoice and verified that it’s legit.

Build Safer Savings Habits for Your Business

Here are a few things to consider for how to protect your business against fraud:

• Teach your employees how to recognize and report phishing attempts.
• Use complicated passwords and password reset questions that would be hard for someone to guess (not your home address or your pet’s name).
• Take a close look at any email involving invoices or payments. Is it from the client’s actual email address or is it a spoofed alternative?
• Verify every email or text that involves tapping or clicking on a link. A scammer might use this to hack into your email system, gain access to your bank accounts, or steal passwords.
• Be careful what you post online about your business and yourself. Scammers can use artificial intelligence to pull information from multiple sources and use it to hack into the passwords of yourself and your employees or impersonate someone to initiate a payment.
• Use multifactor authentication whenever possible, to protect your systems from being hacked or misused.
• Maintain firewalls and software updates.
• Never use an unsecured device or network (such as free public Wi-Fi) to access any of your sensitive business systems, such as email, accounting, and banking.

How FVCbank Supports Safer Business Banking

Our treasury management tools make it easy for your business to manage your funds, make and receive payments, while also protecting your accounts through alerts, Positive Pay, and secure online and mobile banking platforms. We can also provide your business with a scanner that you can use to deposit checks remotely.

Take the Next Step Toward Stronger Fraud Protection

At FVCbank, we want all of our business customers in the DMV to succeed. If you’d like to review your business banking set up, enable account alerts, and explore our digital banking tools, please contact one of our representatives today by calling 703.436.4740. You can also contact us online, or visit one of our locations in Fairfax County, Loudoun County, Arlington County, Virginia; and Washington, DC.

The post How to Reduce Fraud Risk in Your Business Banking Practices appeared first on FVCbank.

1. Start with a Clear Monthly Budget

If you’ve never created a budget, now is the time to start. Many people draft a budget at the start of the year, but they never give it a second thought. Any list of budgeting tips and good money habits will tell you how important it is to keep track of all your spending, even if your finances are tighter than you would like. The most common approach to household budgeting is known as the 50/20/30 rule. It’s a straightforward approach where you make a list of where you spend all your take-home pay (your after-tax income) into three categories:

• 50% is for essential living expenses, such as what you spend to keep a roof over your head (rent or a mortgage), plus utilities, clothing, and groceries. Your Internet plan would probably be considered a utility these days, especially if you need it for work or school.
• 30% is for things you want to spend money on, but don’t really need. This may include restaurants, take-out food, and delivery, plus luxury items such as expensive clothes, jewelry, or a morning coffeehouse run.
• 20% is for savings and debt. Whatever you’re setting aside for retirement, such as a 401(k) plan, falls into this category. It may also include your savings, such as an emergency fund or an education fund. Your debt payments may include things like credit cards and student loans.

Of course, you’ll also need to keep track of your budget to make sure you meet your goals. There are plenty of budgeting apps available, but whether you use a phone app, a pen and paper, or a laptop spreadsheet, it needs to be something that works for you something you’ll stick with. Keeping track of where every dollar is spent might seem inconvenient, but it’s essential to meeting your goals.

Set a goal of keeping track of your expenses for a week and see how that goes. Hopefully, you stick with it and keep doing it. At the end of the month, you can look back and see how well you did and whether you need to adjust your budget. Fortunately, digital banking tools and mobile banking apps can make it easy to track your spending habits.

7. Regularly Review Your Accounts

Even if you’ve automated your savings and bill payments, you’ll still need to review your accounts regularly—just like your budget. Most people do this at least once a month. You might discover that you’re saving more than you expected and can transfer more funds from your checking account to a savings account.

If your savings account has enough of an emergency fund built up, any excess savings could be put to use in other ways, such as opening a money market account or a certificate of deposit (CD) to earn more interest. You might also consider what’s known as a CD ladder, where you keep some of your savings and CDs of different term lengths. The idea here is that one of your CDs would mature every few months, so if an emergency came up, you could use the funds in your savings account and then tap into the next CD that comes to term. By reviewing your accounts on a regular basis you can find ways of improving your finances and maximizing your savings.

8. Set Short, Midterm-and Long-Term Financial Goals

Your financial goals should be SMART, which stands for Specific, Measurable, Achievable, Relevant, and Time-bound. Instead of just saying you’d like to reduce your debts, cut back on spending, and save more, try to be as specific as possible. Depending on where you are in life, your goals might be saving up for a major purchase (such as buying a home), building an emergency fund, or setting up an education fund. By giving yourself an amount and a timeline, and checking your progress on a regular basis, you’ll be more likely to meet your goals.

Your short-term goals are things you’d like to accomplish between six months and two years. For example, you might want to set up an emergency fund or improve the one you have. Maybe you have a debt that you could eliminate within the next year or so. Midterm goals range from two years to five years and might include saving up for a major purchase, such as a down payment on a home or a new vehicle. Long-term goals would be for something that’s more than five years away, such as setting a certain amount aside for a college fund or retirement.

9. Protect Your Finances

Setting up account alerts can be a great way to protect your finances. Many of our customers set up alerts for payments or withdrawals above a certain dollar amount from any of their accounts. You should also make sure that all of your passwords are as secure as possible and consider setting up multifactor authentication on your devices. This way, even if someone hacked your password they wouldn’t be able to access your email, your bank portal, and other accounts unless you approved it through a text message or a security app.

10. Build a Relationship with Your Bank

One of the many benefits of being a locally run bank is that we take a personal approach to dealing with our customers. With us, you’re more than an account number. If you need to apply for a business loan, a mortgage, or some other type of financing, you won’t have to wait for approval from someone in a faraway office somewhere. We make all our decisions locally, from people who understand and live in your community.

How Small Habits Build Confidence and a More Prosperous Future

It takes time to establish positive spending and saving habits, but it’s worth the effort. As you review your budget and goals from time to time, celebrate each accomplishment as getting you one step closer to success. Our LifeBundled accounts and digital banking tools are the kind of Maryland and Virginia banking solutions that can help you meet your goals. For more information on banking in the DC Metro area, contact one of our representatives by calling 703.436.3800. You can also contact us online or visit one of our locations in Fairfax County, Loudoun County, Arlington County, Virginia, and Washington, DC.

The post 10 Simple Habits That Build Long-Term Financial Confidence appeared first on FVCbank.

For Immediate Release – April 27,2026

Fairfax, VA – [April 27, 2026] – FVCbank (NASDAQ: FVCB), a leading commercial bank in the Washington, D.C. metropolitan area, is pleased to announce the opening of a Loan Production Office in Virginia Beach. Terri Ruby has joined FVCbank as Senior Vice President/Regional President- Hampton Roads. Terri worked in Hampton Roads for her entire banking career and brings extensive experience in market expansion, business development, and treasury services. Terri’s background includes leadership roles at New Horizon Bank, Blue Ridge Bank, Virginia Community Bank, Monarch Bank, and Fulton Bank, where she consistently drove growth and profitability. She will be instrumental in leading our Hampton Roads efforts. Terri has forged longstanding relationships with many individuals and businesses with a stellar reputation of providing personalized service and banking expertise. Terri is joined by Kathy Mitchell, Assistant Vice President, Loan Administrator II and Aisha Horton, Business Development Support Specialist.

David W. Pijor, Esq., Chairman and Chief Executive Officer of the Company, said “We’re welcoming three exceptional individuals as we enter a vibrant and growing market in Hampton Roads market area provides an opportunity to support local businesses and to offer our expertise in our most prominent products and services as we support our new team.”

Patricia A. Ferrick, President of the Company said, “We’re thrilled to announce the expansion of our FVCbank team in Hampton Roads. The addition of Terri Ruby, Kathy Mitchell and Aisha Horton undoubtedly strengthen our commitment to providing outstanding service and fostering strong relationships in the Hampton Roads market.”

About FVCbank:

FVCbank is a Virginia-chartered community bank serving the banking needs of commercial businesses, nonprofit organizations, and professional services firms throughout the Baltimore/Washington, D.C. metropolitan areas. With a commitment to personalized service and innovative banking solutions, FVCbank delivers financial strength and stability to its clients. The bank is publicly traded on the NASDAQ Capital Market under the symbol FVCB.
To learn more about our Bank, please visit https://www.fvcbank.com.

The post FVCbank Expands into Hampton Roads with New Virginia Beach Loan Production Office appeared first on FVCbank.

Episode 6 |How Leadership Continuity Builds Trust and Performance

Overview

In this episode of Beyond the Balance Sheet, hosts Vince Coglianese and guest host Bruce Gemmill, Chief Marketing Officer, sit down with Patricia Ferrick, President of FVCbank, to unpack leadership continuity—the practice of carrying core values forward while embracing the right changes at the right time. Through clear examples and candid insights, Patricia explains why consistency in behavior and communication isn’t about resisting progress; it’s about giving teams a stable frame so change can happen responsibly.

Looking ahead to America’s 250th anniversary, we draw a powerful parallel between durable institutions and healthy companies: both endure by protecting the throughline of values and purpose while adapting to new realities. If you lead a team, steer a company, or care about institutions that last, this conversation offers a blueprint for balancing stability with evolution so trust can outlive any single leader or market cycle.

Prefer reading over listening? You can read the full transcript of the episode below.

FVCbank’s Beyond the Balance Sheet Podcast – Episode 6 – FVCbank: Patricia Ferrick

Framing America250 And Continuity

Vince Coglianese (00:04): This episode of Beyond the Balance Sheet continues our America 250 series exploring the values that shaped the nation and still matter today. As we look toward America’s 250th anniversary, we’re focused on leadership not as a moment in time, but as a continuum. How strong institutions preserve values, direction, and trust, even as people, markets, and technology change.

Vince Coglianese (00:29): Today’s conversation centers on leadership continuity. Our guest is Patricia Ferrick. She’s the President of FVCbank. Co-hosting today in Trish’s place is Bruce Gemmill, the Chief Marketing Officer with FVCbank. Trish, welcome.

Defining Leadership Continuity

Patricia Ferrick (00:45): Thank you, Vince. It’s fun to sit as a guest for a change.

Vince Coglianese (00:47): Well, we’re glad that you’re doing this today. When you hear the phrase leadership continuity, what does that mean to you, not just in theory, but in practice?

Patricia Ferrick (00:57): To me, leadership continuity is about building something sustainable and bigger than any one person. It’s the ability to maintain stable, effective leadership over time, especially during times of transition or change. The culture and values are always present and spread throughout the organization. In part that’s because collective leadership understands the mission and leads through example.

Vince Coglianese (01:20): So continuity is not about resisting change.

Patricia Ferrick (01:23): Exactly right. Continuity leadership provides a level of certainty that core values and the company’s purpose are intact so that change can occur responsibly. Change is everywhere, it’s all around us, and successful companies need to be able to adapt. In fact, I would argue companies need to embrace change and understand it’s necessary to achieve the greater purpose. But it’s the core values and mission that are constant and don’t change over time.

Consistency, Communication, And Trust

Bruce Gemmill (01:50): Trish, having worked closely with you over the years, I’ve seen how much emphasis you place on consistency and communication, especially during moments of change. From your perspective, what signals continuity most clearly to employees and customers?

Patricia Ferrick (02:03): Leaders that show up the same way every day, whether times are easy or difficult. Leadership is about communicating a clear and consistent message that both reassures and builds trust throughout the organization. The consistency is demonstrated over time and regardless of the changes, whether it’s uncertainties and fears of a pandemic or economic changes or changes in management.

Bruce Gemmill (02:27): And when that consistency isn’t there, when messages change or leadership goes quiet, what tends to happen inside an organization?

Patricia Ferrick (02:35): Unfortunately, confidence and trust can erode. Consistency isn’t easy. We’re all human and we have bad days, we have challenges, but ultimately leaders need to strive to show up the same way every day. Over the years, we’ve invested in leadership development for our management team, and one phrase we heard over and over again has stayed with me, and that’s leaders bring the weather. If leadership goes silent, sends mixed messages, or exhibits reactive behavior, it can undermine trust very quickly. So it’s critical to communicate consistent messaging often and with clarity, regardless of the circumstances.

Balancing Adaptation with Fundamentals

Vince Coglianese (03:11): Man, that’s for sure. Now you’ve worked really closely with FVCbank CEO David Pijor for almost 20 years, and you’ve led through multiple economic and regulatory cycles. How do leaders balance continuity with the need to adapt, especially during periods of real disruption?

Patricia Ferrick (03:27): Yeah, that’s a great question. And I have worked with David for a very long time, and it’s been an amazing experience. To answer your question, I think being consistent on the fundamentals that drive your company’s culture is non-negotiable. We have always been aligned in wanting a high-performing company that cares about its employees. So we talk about our core values often and how it defines who we are. Yet, as you pointed out, we’ve had to change to adapt to external circumstances over the years, and we’ll always need to adapt to stay relevant and be at our best. So it’s consistent reinforcement that change is necessary while keeping fundamentals the same.

Vince Coglianese (04:02): What breaks leadership continuity faster than anything else?

Patricia Ferrick (04:06): I’d say inconsistency between what leaders say and what leaders do, and an inability to demonstrate a vision or a path forward. We conduct surveys to get a sense of how our employees are doing, and it seems clear that feeling like you’re part of something meaningful and understanding the purpose of the organization is so important to employee work satisfaction. It gives employees confidence that leadership is moving in the right direction. So it goes back to leadership continuity over time, demonstrated by consistent words and actions, which drives confidence and trust and ultimately translates into performance, hopefully very good performance.

Continuity As A Long-Term Imperative

Bruce Gemmill (04:42): So in a time when many organizations chase disruption for its own sake, you’ve consistently emphasized continuity as a stabilizing force. Why do you think that idea matters so much right now, especially as the country approaches its 250th anniversary?

Patricia Ferrick (04:60): Because enduring institutions, whether nations or organizations, require leaders to always be looking ahead and understanding that some change is good and necessary. Continuity is how values are carried forward, not frozen in time. It’s how trust survives generational change.

Vince Coglianese (05:18): Well, Trish, thank you very much for this perspective. Leadership continuity is not just about holding on to the past, it’s about carrying the past’s values forward while allowing institutions to evolve responsibly.

Vince Coglianese (05:26):  At a time when so much feels transient, the idea of continuity feels so much more important than ever. This conversation is part of our America 250 series, examining the leadership principles that allow institutions to endure across generations. Patricia Ferrick, President of FVCbank, thank you so much for joining us in this capacity on Beyond the Balance Sheet.

The post Podcast Episode 6 | How Leadership Continuity Builds Trust and Performance appeared first on FVCbank.

By taking a proactive approach to your small business financial planning, you can identify areas for improvement and ensure that your business is ready to capitalize on new opportunities.

Why a Q2 Financial Review Matters

Conducting a financial review before the start of Q2 means that you can evaluate your performance so far against your goals for the year. By comparing your current financial status with previous quarters, you gain insights into review trends and seasonality in your business, along with your overall financial wellbeing. This means that you can identify strengths and weaknesses that make business decision-making more accurate.

Understanding where your finances currently are also means that you can address challenges as early as possible. Small businesses often face unique hurdles such as cash flow issues or unexpected expenses. Identifying these challenges before they escalate allows you to develop strategies to mitigate those risks and ensure that your business stays afloat. Financial reviews also help you realign resources with your growth goals, giving you the funds to expand if that’s something you’re looking to do in the coming months.

Key Metrics to Evaluate Before Q2 Starts

To effectively prepare for Q2, focus on reviewing several key metrics. Start with your revenue trends. Compare your revenue from Q1 with previous quarters to identify growth patterns or areas that require attention. Next, analyze your expenses to ensure they align with your business budget. This can reveal opportunities for cost reduction, which is essential for maximizing your profitability.

You should also look at your profit margins. This gives you greater insight into whether your pricing strategy is effective and sustainable. By understanding these key financial indicators, you can make more informed decisions about the direction to take your business in Q2 and beyond.

Common Cash Flow Challenges in Small Business

Many small business owners encounter cash flow challenges, which can be significantly damaging if not dealt with. One common issue is delayed payments from clients, particularly in service-based businesses. Late invoices can disrupt cash flow, making it difficult to meet your own obligations and manage expenses. It’s vital to have a plan in place to address this issue, whether through more aggressive invoicing strategies or implementing policies that encourage timely payments.

Seasonal fluctuations in revenue also pose significant challenges. Many businesses experience dips in income during specific times of the year, which can strain cash flow. To counteract this, it’s important to plan ahead and create a financial cushion that sustains your business during off-peak seasons. This foresight can help maintain stability and avoid drastic measures during leaner months.

Unexpected expenses can further complicate cash flow management. Whether it’s equipment repairs or unanticipated operational costs, having a financial buffer is crucial. By regularly reviewing your financial situation and planning for these challenges, you can better prepare your business to handle whatever comes its way.

Step-by-Step Q2 Financial Checklist

To ensure a successful transition into the next quarter, it’s important to follow a comprehensive Q2 financial checklist. Start by reviewing your cash flow and forecasts. Analyze your cash flow statements to understand your in and out flow of cash, giving you a clearer picture of your financial landscape. Creating cash flow projections for the next quarter can be beneficial, as it allows you to incorporate expected revenues and potential expenses into your planning.

Review Cash Flow and Forecasts

Begin by taking a closer look at your cash flow statements. This analysis will give you insights into patterns and trends, both positive and negative. Developing projections for the next quarter also means that you can plan accordingly for financial challenges that may arise.

Update Your Budget and Expense Plan

Revisit your budget and expense plan as part of your financial review. Evaluate your current budget against your business goals and actual performance. This step is crucial for identifying areas where adjustments may be necessary. By prioritizing your expenses and implementing cost-saving measures, you can save on areas that aren’t vital to your business operation and make sure that essential costs are covered.

Assess Credit Needs and Financing Options

Finally, assess your credit needs and financing options. Review your existing loans and credit lines to determine whether they still meet your business requirements. If you anticipate needing additional funding, explore various business credit and lending strategies available to you. Checking your credit score is also important, as maintaining a good score can impact your ability to secure favorable financing terms.

How FVCbank Can Support Your Q2 Prep

At FVCbank, we understand the unique financial needs of small businesses in the D.C., Maryland, and Virginia areas. Our goal is to provide tailored support that helps you navigate your Q2 preparations effectively. We do this through offering a range of small business banking solutions designed for daily financial management. Our business accounts are specifically structured to help you manage transactions more easily, enabling you to focus on what matters most.

Business Banking Tools for Daily Financial Management

Our financial management tools, accessible through our online banking platform, allow you to track spending, manage invoices, and monitor cash flow with ease. This level of control is essential for making informed financial decisions, especially as you transition into Q2. By using our banking tools, you can streamline your financial processes and enhance overall efficiency.

Lending & Line of Credit Options

In addition to banking tools, FVCbank provides flexible lending and line of credit options tailored to the specific needs of small businesses. Whether you’re looking for a loan to invest in new equipment or a line of credit to manage cash flow fluctuations, our team is here to help you find the right solutions. We’re proud to be your partner in success, offering you financial products that can adapt as your business evolves.

Online and Mobile Banking for Busy Owners

Our online and mobile banking solutions provide convenient access to your accounts, allowing you to manage your finances on the go. This flexibility is ideal for busy owners and entrepreneurs who need to stay connected while juggling multiple responsibilities for the business. With our responsive customer service team available around the clock, you can rest assured that assistance is only a call away if you need it.

Next Steps: Planning Beyond Q2

Once you complete your Q2 financial review, you’re setting yourself up for long term success. Begin by establishing new financial goals based on your review. This will help you maintain momentum and keep your business on the path to growth. Regularly monitoring your finances will help you stay on track and be ready to make adjustments as needed.

Consider engaging with financial experts and banking professionals who can offer insights and refine your strategies. Collaborating with specialists can offer you new perspectives and help you uncover opportunities that you might not have considered before.

Taking a proactive approach to your financial planning is key to navigating the challenges of the upcoming quarter with confidence. As you gear up for Q2, remember that FVCbank is here to support you every step of the way. For personalized advice and tailored business banking solutions, call FVCbank at (703) 436-4740 or visit a branch today.

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Episode 5 |Why True Stewardship Chooses The Next Generation Over The Next Quarter

Overview

In this episode of Beyond the Balance Sheet, hosts Vince Coglianese and Patricia Ferrick sit down with David Pijor, Chairman and CEO of FVCbank, to unpack stewardship as a daily practice: protecting what isn’t ours to own, from customer confidence to institutional integrity, and passing it forward stronger than we found it.  The conversation gets specific about modern risks: fraud, cybersecurity threats, and growing skepticism toward institutions—and why pretending everything is fine erodes trust faster than admitting reality. David shares how preparation, transparency, and accountability form the playbook for credible crisis response, and why consistency across good times and downturns is the real test of character. Rather than chasing quick wins, he argues for steadiness: the unglamorous decisions that prevent larger failures and build confidence that lasts.

Framed within America’s upcoming 250th anniversary, we connect stewardship to the nation’s founding idea of building for endurance. That long-view mindset matters now more than ever as change accelerates and attention spans shorten. If you care about how banks, businesses, and communities earn trust and keep it when pressure rises. This conversation offers a grounded, practical lens you can apply to your own work and leadership.

Prefer reading over listening? You can read the full transcript of the episode below.

FVCbank’s Beyond the Balance Sheet Podcast – Episode 5 – FVCbank: David Pijor

Setting The Stage: America 250

Vince Coglianese (00:03): This is Beyond the Balance Sheet. And today’s conversation is a part of our America 250 series, exploring the values that shaped the nation and still matter today. As the country approaches its 250th anniversary, one of the most enduring values is stewardship, the responsibility to protect trust, institutions, and people over the long term.

Vince Coglianese (00:27): Joining us is David Pijor, the chairman and CEO of FVCbank. David has spent decades guiding institutions through economic cycles, regulatory change, and moments that tested public trust. David, welcome.

David Pijor (00:41): Thanks, Vince. It’s good to be here.

Vince Coglianese (00:43): And co-hosting with me today, Patricia Ferrick. Patricia is the president of FVCbank. Trish, it is great as always to have you with us.

Patricia Ferrick (00:52): Thanks, Vince. I’m looking forward to this conversation.

Defining Stewardship And Trust

Vince Coglianese (00:54): David, when we talk about stewardship, not just of a bank, but of trust itself, how does that responsibility show up for you today compared to, say, earlier in your career?

David Pijor (01:06): To me, stewardship means recognizing that what we’re entrusted with isn’t really ours. Whether it’s capital, relationships, or confidence, we are caretakers. Our responsibility is to protect it, grow it responsibly, and pass it forward stronger than we found it.

Vince Coglianese (01:22): Has that understanding for you changed over time?

David Pijor (01:26): The pace has changed. The tools have changed, but the responsibility has not. Trust has always been fragile. Once it’s lost, earning it back is incredibly difficult.

Short Term vs Long Term Decisions

Patricia Ferrick (01:36): David, having worked closely with you for many years, I’ve seen you make decisions that weren’t always the easiest in the moment. But we’re clearly about protecting something bigger over the long term. How do you personally distinguish between short-term success and true stewardship when you’re making those calls?

David Pijor (01:54): Short-term thinking optimizes for the next quarter. Stewardship optimizes for the next generation. It means sometimes saying no when you could say yes and being comfortable knowing that the payoff won’t always be immediate.

Patricia Ferrick (02:06): And over time, do customers and communities recognize that difference? Even if they don’t always put the word stewardship to it?

David Pijor (02:14): They do. Consistency builds confidence. People notice when an institution behaves the same way in good times and in bad, that reliability matters more than any single decision.

Modern Threats and Transparent Response

Vince Coglianese (02:24): Trust today faces challenges that didn’t even exist a generation ago. Fraud, cybersecurity threats, growing skepticism toward institutions. How should leaders think about protecting trust in this kind of environment?

David Pijor (02:39): It starts with acknowledging reality. Threats exist. Pretending otherwise erodes trust faster than being honest. Stewardship today means preparation, transparency, and accountability. How you respond matters more than whether problems occur.

Vince Coglianese (02:55): Okay, so stewardship is not about perfection.

David Pijor (02:58): Exactly. It’s about responsibility, especially when things don’t go as planned.

Steadiness Through Economic Cycles

Patricia Ferrick (03:03): I’ve watched you lead through strong economies, downturns, and periods of regulatory change. How important is steadiness showing up the same way through cycles to maintaining institutional trust?

David Pijor (03:16): It’s critical. Trust isn’t built during good times alone. It’s built by how consistently you behave when conditions are difficult. That’s when people are really paying attention.

Vince Coglianese (03:26): Now, as we approach America’s 250th anniversary, why do you think that stewardship is such a relevant value right now?

David Pijor (03:35): Because the country itself was built by people who thought long term, they were creating institutions meant to endure. That mindset feels especially important today when so much feels accelerated and disposable.

Why Stewardship Matters Now

Patricia Ferrick (03:48): If you could leave listeners with one thought about stewardship and trust, what would it be?

David Pijor (03:54): Trust is built slowly and lost quickly. Stewardship is the discipline to protect it even when no one is watching.

Vince Coglianese (04:01): So true. David, thank you for sharing that perspective. Stewardship and trust are not ideas we talk about often enough, yet they are foundational to everything that endures. Banks, businesses, and communities alike. This conversation is a part of our America 250 series. Where we’re exploring the values that truly shape the nation and still matter today. David Pigor, thank you for joining us on Beyond the Balance Sheet.

David Pijor (04:28): It’s good to be here.

Vince Coglianese (04:29): Thank you.

The post Podcast Episode 5 | Why True Stewardship Chooses the Next Generation Over the Next Quarter appeared first on FVCbank.

In 2026, our nation will mark a historic milestone, 250 years since the founding of the United States.

To honor this anniversary, FVCbank is launching “13 Stars of America,” a year-long series recognizing thirteen of our nation’s original Founders and the enduring values they embodied: leadership, integrity, resilience, enterprise, and service.

These principles shaped a nation.

They continue to shape strong businesses and strong communities today. Each post in this series will spotlight one Founder, a brief moment from history, and a timeless leadership lesson that still matters, nearly 250 years later. We invite you to follow along as we honor the people and principles that helped define America.

13 Stars of America | Honoring the Founders who shaped a nation

David W. Pijor, Esq., Chairman & CEO
Patricia A. Ferrick, President

Star #6 of 13 — Samuel Adams

Value: Advocacy & Conviction

Samuel Adams understood the power of civic engagement and collective action.

His conviction reminds us that meaningful change often begins with individuals committed to a cause larger than themselves.

Engaged leadership strengthens communities.

13 Stars of America | Honoring the Founders who shaped a nation
#America250 #Leadership #Principle #Courage #FVCbank #13StarsofAmerica

Star #6 of 13 — John Hancock

Value: Accountability & Commitment

John Hancock’s signature became a symbol of accountability.

By standing visibly behind his convictions, he reminds us that leadership means owning decisions and standing by them.

Commitment builds confidence.

13 Stars of America | Honoring the Founders who shaped a nation
#America250 #Leadership #Principle #Courage #FVCbank #13StarsofAmerica

Star #5 of 13 — James Madison

Value: Balance & Governance

James Madison helped design a system built on balance—protecting freedom while ensuring stability.

His belief that thoughtful governance strengthens institutions remains relevant wherever leadership and accountability matter.

Strong systems endure because they are carefully built.

13 Stars of America | Honoring the Founders who shaped a nation
#America250 #Leadership #Principle #Courage #FVCbank #13StarsofAmerica

Star #4 of 13 — Alexander Hamilton

Value: Financial Stability & Discipline

Alexander Hamilton recognized that a strong nation required a sound financial foundation.

His work establishing America’s financial system emphasized discipline, trust, and long-term thinking — principles that remain essential to economic growth and stability today.

Sound financial leadership builds lasting confidence.

13 Stars of America | Honoring the Founders who shaped a nation
#America250 #Leadership #Principle #Courage #FVCbank #13StarsofAmerica

Star #4 of 13 — Benjamin Franklin

Value: Ingenuity & Collaboration

Benjamin Franklin understood that progress comes from curiosity, learning, and collaboration.

A printer, inventor, diplomat, and statesman, Franklin believed knowledge should serve the public good—a principle that still resonates today.

Innovation thrives where ideas are shared and partnerships are valued.

13 Stars of America | Honoring the Founders who shaped a nation
#America250 #Leadership #Principle #Courage #FVCbank #13StarsofAmerica

Star #3 of 13 — Thomas Jefferson

Value: Vision & Opportunity

Thomas Jefferson helped articulate a bold idea: that opportunity and liberty should be accessible, not reserved.

His vision challenged the status quo and expanded the promise of what America could become.

Vision remains the foundation of growth, whether for a nation, a business, or a community.

13 Stars of America
#America250 #Vision #Opportunity #Leadership #FVCbank

Star #2 of 13 — John Adams

Value: Independence & Principle

John Adams believed that leadership required courage, especially when standing alone.

His unwavering commitment to independence, even when it was unpopular, reminds us that progress often demands conviction guided by principle.

Strong institutions are built by leaders willing to make difficult, principled decisions.

13 Stars of America | Honoring the Founders who shaped a nation
#America250 #Leadership #Principle #Courage #FVCbank #13StarsofAmerica

Star #1 of 13 — George Washington

Value: Integrity & Service
As America approaches its 250th anniversary, we begin by honoring George Washington.

Washington led not for personal gain, but from a deep sense of duty—placing the needs of a young nation above his own ambitions. His leadership set the standard for integrity, restraint, and service.

These values remain essential today: in leadership, in business, and in the communities we serve.

13 Stars of America | Honoring the Founders who shaped a nation
#America250 #Leadership #Integrity #Service #FVCbank

The post America250 / 13 Stars appeared first on FVCbank.

Following the Federal Reserve’s decision to hold interest rates steady, FVCbank Chairman and CEO David Pijor joined Rick Fowler on WMAL to provide a CEO-level perspective on what the move means beyond the headlines. Rather than viewing the pause as inactivity, Pijor describes it as a deliberate and stabilizing policy decision that supports economic predictability for consumers, homeowners, small businesses, and regulated industries. The conversation explores inflation trends, mortgage expectations, small business planning, and the evolving cannabis market in Virginia—highlighting the value of disciplined community banking in a steady-rate environment. FVCbank can be contacted at 703-436-3800 or through their website, FVCbank.com.

Transcript:

Prefer reading over listening? You can read the full transcript of the interview below.

The Fed Holds Rates Steady: What It Signals About the Economy

Rick Fowler (0:00): The Saturday morning update continues. I’m Rick Fowler. The Federal Reserve has just announced it is leaving interest rates unchanged. That reinforces the wait-and-see approach as inflation is continuing to moderate. Now, the administration has an opinion, the chairman of the Fed has an opinion, and we have what may be a more unbiased opinion from David Pigor. He is the chairman and CEO of FVCbank, and he’s got a CEO level interpretation of what the decision really means for consumers. It’s not politically motivated. What does it really mean for consumers, small businesses, savers, regulated industries, including even cannabis? Rather than focusing on the headlines, we’re going to talk about stability, planning, and disciplined banking in a steady rate environment. David Pijor is the chairman and CEO of FVCbank. David, great to have you back with us on WMAL.

David Pijor (1:04): Rick, thanks. It’s a pleasure to be back with you today.

Rick Fowler (1:07): So, from your perspective, the Fed just announcing that it is holding the rates steady. What does that decision tell you about the economy and where we are as consumers?

David Pijor (1:19): Rick, this generally anticipated decision means to me that the Fed is in evaluation mode as it considers the trajectory of our national economy in light of the Fed’s dual mandates to promote full employment and to manage inflation to its target rate of 2%. Fed Reserve Chair Jerome Powell told reporters on Wednesday that labor market indicators suggest that conditions may be stabilizing after a period of gradual softening. And in fact, the national jobless rate slipped to 4.4% in December from 4.5% in November. However, the central bank did leave its benchmark overnight interest rate the same after two previous quarter point reductions. I think what this suggests is that the Fed is focusing on stability and trying to be constructive in granting our business customers some level of stability in this market.

Stability vs. Stagnation: Why a Pause Is Still Active Policy

Rick Fowler (2:18): So, there are people who will hear the words no change and they may think that nothing is happening in the economy, that everything is flat. Is that a fair interpretation?

David Pijor (2:31): It’s certainly one interpretation. I think my interpretation is slightly different. Holding rates steady is still an active policy decision and this decision allows the Fed more time in validating its progress or lack thereof on inflation. The last inflation numbers have come in a bit higher than the target rate, around 2.7% by one measure. And I think the stability associated with a measured approach by the Fed actually helps reduce uncertainty and thereby creates an environment of stability in which businesses can can operate more clearly.

What This Means for Homeowners, Buyers, and Retirees

Rick Fowler (3:06): So, what does this mean for homeowners, home buyers and even retirees?

David Pijor (3:13): Well, interest rates don’t change overnight, notwithstanding the Fed’s prior two quarter point reductions. Mortgage rates won’t drop suddenly even when the Fed does move again, and it’s anticipated toward the end of this year that the Fed overnight rate will drop. But this puts pressure on mortgage rates. They will drop in the future. They’ll continue to drop as we’ve seen over the last year as interest rates do moderate, as the economy continues its path toward strengthening and improving.

Rick Fowler (3:45): So, let’s look at it from a community bank standpoint. An FVCbank specializes in community bank loans. It’s a regional bank. It’s not a national conglomerate where you always end up getting automated response and AI trying to route you to the right place. How does the environment affect small businesses?

Small Businesses and the Value of Predictability

David Pijor (4:06): Well, stability is important for small business. Obviously, lower rate borrowing helps. But as important, if not more important, is the stability to make timely, important business decisions knowing that there is some stability in the market. I think that the Federal Reserve’s generally conservative and moderate position, albeit disapproved by some in the economy, is actually a help to many businesses in developing an environment in which there is some stability and predictability. And I think that’s valuable in and of itself. Obviously, most businesses, almost all businesses and consumers would like to see lower interest rates. And I think we’ll see that in the future as the economy continues to improve.

Banking in a Highly Regulated Industry: The Cannabis Market Outlook

Rick Fowler (4:53): The cannabis industry is growing in the region. You’ve spoken a lot about this and there is new proposed legislation in Virginia, which would open it up further. How does a steady rate environment affect banking in the cannabis sector?

David Pijor (5:10): Rick, it’s important to understand that even with the considered possible legislation in Virginia, the cannabis market will remain highly regulated, subject to inspection for quality, for contaminants, highly regulated, inspected by state authorities. Much as the cannabis market in Maryland and in DC are highly regulated and very compliant markets. This is not street-level dealers. These are sophisticated growers that are subject to an increasingly tight regulatory compliant regime. And that’s the only type of operators that FVCbank provides banking services to. FVCbank provides a comprehensive suite of products. As you indicated, Virginia may be changing its legislative structure as to cannabis. In 2021, Virginia legalized the medical sales of cannabis, but this year Governor Abigail Spanberger has indicated she’ll sign a law permitting up to 350 retail dispensaries licensed to sell into the adult-use market. Current legislation working its way through both the House and the Senate of Virginia suggests that this legislation will pass. Some estimates have a Virginia adult-use market estimated to be as high as three billion dollars. This would be a significant change to the local cannabis market, perhaps even more important than interest rate stability or even a reduction in interest rates. Your listeners may find this helpful to know what’s happening in Richmond and we’ll be following you closely as well here at FVCbank.

Community Banking in the DMV: Relationship-Driven Financial Support

Rick Fowler (6:56): Well, FVCbank is, as I mentioned, a regional bank. I consider that as a local bank in terms of being able to communicate with somebody that’s in my area that knows the needs of this specific area. So as we consider that, what do you say the takeaway is for listeners?

David Pijor (7:15): We believe that sound banking isn’t reactive and that stability when managed well is healthy. We believe that the Fed action represents a measured, considered decision as to what’s happening with the national economy, and I think all that is helpful to local businesses and consumers. We believe community banking, as I’ve told you before on this station, is key to successful and healthy local economies and small business. We’re happy to serve those needs in the DMV, and we think the relationship between banking and the Fed is strong, and we expect that that will continue to be the case in the future.

Rick Fowler (7:57): What’s the website address for FVC Bank?

David Pijor (8:02): FVCbank.com. Again, FVCbank.com.

Rick Fowler (8:06): David Pijor, he is the CEO of FVCbank. David, thank you so much for the update.

David Pijor (8:12): My pleasure.

The post Saturday Morning Update w/ Rick Fowler and David Pijor, CEO of FVCbank appeared first on FVCbank.

Episode 4 | Banks Never Ask That: How to Spot Scams Before It’s Too Late

Overview

In this episode of Beyond the Balance Sheet, hosts Vince Coglianese and Patricia Ferrick speak with Paul Benda, Executive Vice President for Risk, Fraud, and Cybersecurity at the American Bankers Association. Paul explains how rapidly evolving fraud schemes, fueled by artificial intelligence, deepfakes, stolen personal data, and large-scale global scam networks, are making it increasingly difficult for consumers to distinguish legitimate communications from criminal attempts. He highlights the ABA’s national efforts, including the “Banks Never Ask That” campaign, tools for information sharing among banks, and collaboration with government agencies and international partners. Through vivid examples, Paul details today’s most common scams, the psychological tactics criminals use, and the proactive steps banks and consumers can take to reduce risk. The episode emphasizes the importance of vigilance, multi-factor authentication, and rapid reporting, while also looking ahead to future challenges and emerging global cooperation to fight fraud.

Prefer reading over listening? You can read the full transcript of the episode below.

FVC Bank’s Beyond the Balance Sheet Podcast – Episode 4 – ABA

Vince Coglianese (00:03): Welcome to Beyond the Balance Sheet. This is the podcast where we explore how banking connects to people, businesses, and the communities that we serve. I’m Vince Coglianese

Patricia Ferrick (00:14): And I’m Patricia Ferrick. Thank you for joining us.

Vince Coglianese (00:17): Today we are joined by Paul Benda, Executive Vice President for Risk Fraud and Cybersecurity at the American Bankers Association. Paul leads the ABA’s national efforts to protect consumers and banks from cybercrime, and he oversees the popular Banks Never Ask That campaign, which helps people recognize and avoid scams before it’s too late. Paul is also the chair of the International Banking Federation’s Fraud and Scams Task Force, helping banks coordinate and fight fraud and scams all around the world, and will be representing banks at the UN Global Fraud Summit in Vienna in March.

Patricia Ferrick (00:54): Paul, welcome to Beyond the Balance Sheet. It’s great to have you here. Before we dig in, can you give us a quick sense of what your role at the ABA involves?

Paul Benda’s Role and ABA’s Fraud/Cybersecurity Mission

Paul Benda (01:03): Sure, Trish and thanks for having me. So at the ABA, you know, my group focuses on risk fraud and cybersecurity. So it’s kind of all in that title there. And really the two main pillars are fraud and cybersecurity. You know, we know that cyber-enabled fraud is a key piece of how people get lured into these scams. And so we look at how do we protect people’s bank accounts, how do we stop criminals from hacking into them, how do we stop people from being defrauded? And so we have education campaigns out there like our banks never asked that campaign. We build tools to allow our bankers to connect with each other. So if some of one of their customers experiences a fraudulent event, what banker can they contact on the other line to maybe stop the flow of funds? And then we’re building other ways that we can work with the government and the regulators on ways that we can better share information across different sectors, whether it’s with the telecoms or whether it’s social media companies or whether it’s other banks internationally.

The Evolving Fraud Landscape

Vince Coglianese (01:50): My impression is that the fraudsters are uh very nimble, that they’re very sophisticated, and that there’s constantly new and emerging trends that you probably have to be up to speed on. What are you seeing out there?

Paul Benda (02:03): Yeah, I think you know everyone’s heard of AI, right? We’ve all heard of the deep fakes that are out there, and that’s something that we’re seeing our customers experience, our bank customers experience. And so we’re worried about, you know, the grandmother scam. You know, this is one where a criminal will call up someone and pretend to be a loved one in distress, and now they’re even taking it to the next level where they’re spoofing their voice. So it sounds like your sounds like your loved one. We’re worried about impersonation texts that are being sent. We know of one small bank where they blanketed the entire market with fake fraud alerts saying, Did you make this Walmart purchase? And then all of a sudden the bank started getting all these calls. This is a three-branch bank. They got 600 calls in one day. And the the challenge that I don’t think people understand is these criminals now can buy a lot of your data online with all the data breaches that have occurred around the world. Uh so they’ll call you up and they’ll say, Hey, is this John Doe? You live at this address? Is this last four year social? I want to talk to you about this potential purchase. So the people think they’re talking to their bank because not only do they have that information, but the caller ID might even say the name of their bank and the number that the bank uses for their outgoing calls. And so it really is hard for consumers.

Psychology of Scams

Patricia Ferrick (03:07): It absolutely is. You know, we hear about social engineering all the time where criminals trick people, like you said, into giving up personal information or sending money. But why do you think it’s still happening at such a high level with so much information out there about it?

Paul Benda (03:23): Yeah, so I think it’s it leads with that technical authentication I brought up, that caller ID, the spoofing of the name, that personal information they’ve got. But remember,  you’re dealing with a criminal industrial complex. These are not, you know, the Nigerian princes of yesteryear, right, with the bad email and the bad spellings. The State Department estimated that there are 400,000 people in camps across Southeast Asia that are used to contact and basically scam people out of their money around the world. 400,000 people. So you think of the scale that’s there, and they do this every day. So they’re very good at it. They know the right things to say, and they cause fear and they cause intimidation, and they they they actually take you out of rational state of mind and put you in that fight or flight perspective. And so they keep telling you, you know, if you don’t pay this fine, you know, you’re gonna lose your license. You know, you missed your jury duty summons, you’re gonna get thrown in jail. And so people just like, oh, I need to take care of this, I need to take care of this. You know, and at heart, people want to be friendly, they want to be helpful, they want to do the right thing, and the scammers play on that and they they basically instigate this fear into people and they make decisions that probably if they were thinking rationally, they probably wouldn’t.

Vince Coglianese (04:26): So in other words, like people should be on guard for anybody who’s who’s urging them to do something now. Like you should instinctively think to yourself, wait a second, pause, take a breath, and let me actually call my bank and talk to them first.

Paul Benda (04:39): That’s exactly right. There’s two things, you know, two two of the biggest red flags. One is if someone is is telling you to act quickly, that’s a big red flag. The other one is if it’s a secret, it’s a scam. If they tell you not to tell anyone that this is going on, it’s a scam. So those are the two things that we talk about. Uh but they’re hard to take yourself out of that situation because these guys are really convinced.

AI’s Impact on Fraud

Vince Coglianese (05:01): That’s amazing. Okay. So how is artificial intelligence uh changing all of this? I mean you you mentioned voice cloning, and we’ve seen things about fake videos being used to try and trick people. Are the scammers really diving into this like in a in a big way now? Is this kind of the dominant way that people are being scammed?

Paul Benda (05:18): You know, it’s it’s it’s a leading indicator for is what I would say. So we know the voice cloning is out there. What we’re seeing a lot is a lot of these deep fake videos. It’s really easy to do a deep fake of President Trump and put on there, hey, to get your stimulus check, you know, they’ll put an ad up on Facebook or a meta or other platform. Hey, to get your your stimulus check, you know, contact these people and then they try and get your personal information, your banking account information. So that’s where we’re seeing it is really, you know, people are pretending to be Brad Pitt, and Brad Pitt’s in trouble. He’s in the hospital and needs your help. Uh we know we’ve heard customers, um, banking customers have reported that a man sold his house and sold his truck and because he was going to get married to Miranda Lambert. And he needs you know, she needed the money for the wedding. Literally, this is one of the stories that we’ve heard. And so, you know, people believe these things because you know they don’t understand what AI can do. And then on the even worse side, you know, you might have heard how AI is being used to help people code faster and build better tools. Well, the scammers are adopting this. And so now you might have gotten all these texts that you say, hey, can we talk? Oh, hey, we had this meeting at nine. They’re automating all these now with AI SMS texts that are going out, and they’re doing that initial conversation using AI bots. And so then when they finally get someone who’s responding and engaging, that’s when the scammer comes on.

Vince Coglianese (06:30): You know, uh, if I can, there was a uh scam of this nature because it happened to somebody in my life. My dad’s a Marine, a general, and uh he’s got a long military career, but as he accrued that career, all of his biographical details keep appearing on the internet. Stuff about like family members, ages, where he his duty stations, so enough for a scammer to try and compile like, hey, this is a real biographical story. And so a scammer in some faraway country tricks some random woman in the country into thinking that she’s got a relationship with my father over the internet and that she needs to send all sorts of money to maintain internet connections and all these things. And then I found out this is a super commonplace scam, and it’s happening all the time at scale where just poor women oftentimes are being tricked into believing they have these long-distance relationships with con artists who are just stealing money from them. And it’s happening, it’s just so disgusting to see. And it’s and you’re seeing it all the time.

Paul Benda (07:26): Yeah, it is it is disgusting. I mean, these people are just evil, and and it goes to that she wanted to be helpful. She thought she was helping, you know, your dad, yeah, quote unquote, your dad, you know, maintain his internet, or wanted to help, you know, Brad Pitt, or you wanted to help these other people. And so they really they really do lure these people into a relationship. They’re not thinking rationally about it, and we really want to try and get them, you know. And I guarantee you, he was saying, don’t tell anyone about this. That’s that secret part. Well, you know, as soon as someone tells you to keep something secret, that’s a scam. You got to try and find someone you trust to have a discussion with. And and frankly, a lot of times your banker knows a lot about these. So don’t be afraid to have a conversation with your banker about these types of things.

Banks’ Frontline Defense Against Fraud

Patricia Ferrick (08:02): Well, as a bank president, I see firsthand how much happens behind the scenes to try to protect our customers, constant, vigilant monitoring and software tools, and customer outreach when we see things that look suspicious. So from your national perspective, what are you seeing banks doing to get ahead of it and to prevent fraud before it even reaches our customers?

Paul Benda (08:24): Sure. So this is something, you know, I think banks invest billions of dollars to protect consumers from fraud every year. And frankly, I think banks do a better job than any other industry. You think about it, when was the last time Facebook sent you a fraud alert? You know, banks do this, you know, customers get this every day. You know, banks are even calling up customers when a high dollar check gets written. We’ve had a big rise in check fraud, not as sexy as you know, some of these AI deepfake scams, but it’s been a huge issue with checks being stolen out of the mail. And we know banks regularly call customers and saying, hey, you know, this this big check came through, did you write it? And so I think banks are being a lot more proactive. We understand these impersonation scams that are out there. Uh we’re doing better training for our tellers to try and recognize these. Uh banks routinely look at accounts for transactions that are you know what they would consider out of the norm. Uh they try and put friction into that. What we mean is they try and you know, question the customer. You know, but but in the end, a lot of times it’s that’s the customer’s money, right? We can’t we’re a bank isn’t isn’t our job to tell you how to spend your money or where you can and can’t spend your money. We do our best job to say, is this something you really want to do? Is this you know an appropriate transaction for you? And if it’s legal and it’s appropriate and you know you’re of sound mind and body, we have to let them make that transaction. We do everything we can to try and raise those flags. In the end, it’s up to that customer.

The “Banks Never Ask That” Campaign

Patricia Ferrick (09:36): So  let’s shift to banks never ask that. It’s such a clever campaign. It’s funny, memorable, and effective. So what inspired it and what did you hope to accomplish?

Paul Benda (09:48): Well, you know, when you talk about you know cyber scams and fraud and things like that, sometimes people’s eyes glaze over, at least my wife’s eyes glaze over when I try and talk about it. So we’re trying to figure out a way that we can educate people and have it be memorable. And so we decided to go with something something more centered on humor. And so the idea is, you know, would a bank ever ask you, do you wear boxers or briefs? You wear blue you know, do you believe in aliens? No. Is a bank going to ask you for that one-time use passcode? No, we’re not gonna ask you for that kind of thing. So, what are the things that banks will and won’t ask? We’ve done it in a funny manner. We tried to make it engaging. We’ve got Banks NeverAskThat.com. You can go play a scam uh quiz and test your knowledge and compare your knowledge with your uh with your friends and with your family. We’ve got some really funny um actors that have participated with some skits with us to try and just you know get people to pause. It’s really Vince is exactly what you said. You know, maybe they this would you know sink in. Hey, this is something I heard about. You know, this is something I remember hearing that you know that video about, and maybe think about it and maybe pull themselves out of that fight or flight syndrome.

Vince Coglianese (10:46): Yes. We all have to be way more cynical, don’t you think? Yeah. No, it’s like we just have to be on guard. It’s a it’s a great it’s a great thing to to train yourself to do. Now, it is, I would admit, pretty rare for a cybersecurity campaign to go viral. I don’t know how you even achieved that. This one did it. As the public responded, what kind of feedback are you receiving from the banks?

Paul Benda (11:05): So we’re getting really good feedback. We have uh we’ve had well over 2,000 banks that participate in this. We sent it across the country, we put in different whether it’s Facebook posts or whether it’s Instagram or whether it’s uh posts that are on X, and so we’re seeing a lot of engagement. One of the best stories that we’ve got is you know, we had one of the banks playing one of these reels in place uh up on their display, and one of the gentlemen that was in line actually saw that and recognized uh some of the items that we’re bringing up in that, and then actually when he went up to the teller, he said, you know, I think I think I might be getting scammed here. And he so he brought exactly what we talked about, he brought up to his banker, they’ve seen these types of things before. He’s like, you know, telling him the information, and actually it stopped the man from being scammed. And so that was really exciting for us to see that kind of feedback. Uh we partner with our ABA foundation that helps with a lot of amplification of these tools, uh, but it’s been really successful at least in in getting some knowledge out there. You know, there’s still a lot more to do.

Common Scams and How Consumers Should Respond

Patricia Ferrick (11:58): Can you give examples of the most common scams you warn about? And what should a customer do or consumer do when they get a suspicious message?

Paul Benda (12:09): Sure. Uh you know, and the and the thing is what we do, you know, Vince, you’re right. We got to all be cynical, frankly. Anyone that reaches out to you, you have no idea who they’re calling from or who they are. So a lot of these things we see coming through text messages. They try and start up a conversation with you. Um we see it coming, you know, it’s still get the phishing emails when it could look exactly like your bank. You know, AI allows them to enable perfect examples of legitimate websites with maybe a slight change that’s in the URL, and so they’ll direct you to try and fill in your credentials in there. Um they drill they really do try and impersonate whether it’s a bank or a U.S. government employee to try and give up um information. We see them try and say things like, Your bank is being investigated. Can you help us with this investigation? Oh, we need to make sure your money’s safe because the bank might try and take your money away, so you need to put it in crypto, or you need to buy gold bars. And so they create these elaborate schemes, and again, people are trying to be helpful. They want to be helpful, and unfortunately, the the scammers prey on that. And so we always try and do, you know, if it’s a secret it’s a scam, everyone’s pressuring you, you know, pause and take a step back. But if for some reason you do make a transaction, the first person you do is call your bank. Because they have the best chance of potentially putting a hold on those funds that are out there. Your bank can help you work with the FBI. The FBI is an Internet Crime Complaint Center, it’s IC3.gov. You can go and file a complaint there. There’s a thing called the financial fraud kill chain that the banks work with the federal government, with different regulators and different law enforcement where they can reach out to other banks, even banks overseas to potentially stop it. But honestly, every hour you wait after that transaction occurred, it means the odds of you getting that money back go down more and more and more and more.

Vince Coglianese (13:42): Yeah. It seems like one of the great technological developments of the last decade or so is two-factor authentication, where you have to like go to a separate device or somehow in order to confirm that you are trying to actively engage in this transaction. It does feel like that’s a good instinct in real life too. Because like I’ve known scams where like people reach out, they’ll they’ll create a fake email address for your boss, and then they’ll email you pretending to be your boss. Well, if you’re suspicious at all, if you see this and you’re like, let me just call them. That’s two-factor authentication. Call your boss separately and verify that this is a real conversation and not a scam.

Paul Benda (14:16): You’re absolutely right. I mean, that’s because someone calling you, like you said, you don’t know who it is that people can’t trust that caller ID. So you can’t trust what’s being presented to you. But if you make that call, if you call the number on the back of your card, and honestly, the best way to engage with your bank or with a large technology company like Amazon, use the app. Go directly through the app. You can go, you’re it’s a very secure login method. Uh, you know exactly the information you’re getting is accurate, and you can see, hey, wait, that transaction’s not there. I don’t have any Amazon you know purchase that’s you know on my account, and then you know right away that someone’s trying to scam you.

Vince Coglianese (14:49): That’s amazing. Uh so the campaign, BanksneverAskThat.com, uh, do you think it’s making a measurable difference? Are you detecting that?

Paul Benda (14:55): We do. We think so. I mean, we we had the example where we’re seeing you know someone that that recognized it. Um you know, the it’s such a broad problem that any awareness that we can bring to it we think is is going to move the needle. Yeah. Uh we know that the scam rates are going up. If you look at it’s really hard to know the scale of the problem we’re dealing with right here. Uh there’s no central point in the U.S. government to report it. But both the Federal Trade Commission and the FBI have said scams are going up 25 to 30 percent a year. Uh FTC estimated losses to scams because of underreporting could be as high as $196 billion. Now, that seems a little high to me, but even it’s let’s say it’s half that, $95 billion. If it’s going up 25% every year, it’s going up a lot. So anything that we can do to educate consumers to make them pause, take a step back, uh, we think is gonna is gonna be helpful.

Small Business Fraud Risks

Patricia Ferrick (15:38): For our small business owners listening, what advice would you give them about protecting their companies from fraud?

Paul Benda (15:45): So I would say one of the biggest losses that we see in small businesses is business email compromise. So what happens is you know, you’ve got a vendor that you’ve been working with, all of a sudden that vendor will email you, and it’ll might even come from their account and that says, oh, hey, we’ve we’ve started with a new bank. Can you please change the wiring instructions for your next payment? You know, Trish, you’re shaking your head. You you probably have experienced this at your bank with one of your customers. Vince, it’s exactly what you talked about. Two-factor authentication. Call up your vendor with the number you’ve used in the past. Hey, did you guys change your wiring instructions? And it’s amazing how many businesses forget to take that step. And then all of a sudden they’ll wire the money out. 30 days later, their their vendor will come back and say, Hey, we never got that payment. Well, like we said, hours make a difference reporting these. 30 days, it’s gonna be really hard to get that money back. That money is now gone, probably converted to crypto, probably gone overseas somewhere. So that you know, if I was a small business, that is my number one, you know, there’s all the other things you got to be aware of, but that is the number one thing is making sure that anytime you’re working with a vendor, any change to any payment, you verify with a number you’ve used before and make sure you don’t use any of the details in that email. Uh, I used to work at a small business. This actually happened at my small business. Uh, we actually had a criminal that hacked into our email accounts, was resident, was reading on the emails as they came in and responding in real time just to those emails that dealt with that payment. It was really creepy when you thought about it. So they’re very sophisticated. So, but the one way you can do it finally ended when our business ops guy walked down the hall to the managing partner and said, Why do I need to make this payment so fast? He’s like, What are you talking about?

Vince Coglianese (17:14): Yeah. And then, I mean, just imagine though, you actually get scammed and then money goes out the door, and the sinking feeling when you realize what just happened and your own role in it. So if you get scammed, what’s the first step? Like, so now you you’re going through the panic and you’re like, what do I do first? What do you tell people?

Paul Benda (17:32): So call your bank. So we’ve actually, I was sitting at home, 5:30 p.m. on a Friday. I like to have a  Martini, and you know, because it was a long week, right? Got a call from through our 1-800 bankers. So this is a number we have up for our bankers when they need help for ABA. Came in, I’m like, oh, geez. So I answered the phone. And it’s like one of our call center people says, Hey, there’s a bank that wants to talk about fraud. I’m like, okay. And so the banker was like, oh my gosh, we had one of our people send a $185,000 payment to the wrong address. What do we do? And so we’re talking them through them. Okay, okay, here’s the bank. File the complaint with the FBI’s IC3. Okay, let’s reach out to the receiving bank that got this, let’s send them a hold harmless, let’s make sure we got the affidavits in place that that fraud occurred. And I will tell you, it took some time, but 30 days later, they got all that money back because they acted with it. It was probably about 24 hours earlier. They realized they make that payment. So the the chances of you getting that money back, you know, if you can do it in that first 24 hours, is really good, but it takes a really quick action. It’s a partnership between both the business that you know executed that, the partnership with the bank and law enforcement and others. And you know, there’s a chance you can get that money back, but you gotta be quick.

Everyday Cyber Hygiene

Patricia Ferrick (18:37): Does happen. We’ve had some nice wins. So I appreciate that. We’ve discussed how cybersecurity isn’t just a technology issue, it’s a people issue. What habits can individuals practice to stay safe every day?

Paul Benda (18:49): Sure. So I think you know, Vince, you brought it up multi-factor authentication. You know, a lot of people, it’s basically derigor now on logins for your bank account, um, for all of you know a lot of the big transactions that you have. Make sure it’s on all your emails. I mean, think about it, it’s pretty much standard now. I think Google and Yahoo have required it, but before they didn’t, and we were seeing once they, think about it, once someone hacks into your email, they have access to everything. Your multi-factor authentication sometimes gets to send an email. Um don’t reuse the passwords. So we see this a lot. Uh a lot of retail sites may not have the same level of security as your bank. We see those get hacked, and then they get your username and password, and then they figure out, oh, this username matches the bank username, and then all of a sudden they know your password, and then they might now send you a fake fraud alert because they’ve got your phone number from that account, and then all of a sudden they’ll say, Oh, can you verify your identity with this one-time passcode? Well, what they’ve done is they’ve logged in with your username and password that you reused. They use that one that one time passcode gets sent to you, and then they type that in and they have access to your account. So making sure that you’ve got that enabled on all your different accounts that are out there uh is really important. Make sure you’re not reusing those passwords. Uh and that is really, I mean, I think the the two keys, and frankly, you can’t trust anything incoming. I you know, I I hate to sound cynical. But you can’t trust anyone that reaches out to you because the voices can be fake, the numbers on the ID can be fake, they can fake emails that come in, all of those things can be fake. You only know who you’re talking to unless you reach out to them.

Vince Coglianese (20:11): You’re making me paranoid.

Paul Benda (20:13): Good.

Vince Coglianese (20:13): Everyone is out to get me. They are. That’s what I’m concluding from all of this. If there’s one thing, if you could recommend one thing to everybody who’s listening about their behavior that they could change starting today, what would that be?

Paul Benda (20:25): Uh if you don’t have multi-factor authentication on everything, uh put it in place. Um I think, you know, well, one thing would be make your phone the center of your security. Use pass keys where possible if you’ve heard of those, uh, where you link it to the biometric on your phone, because honestly, the phone then becomes the whole point is it’s a physical token, right? It’s really hard to hack that. If they don’t have that phone, they can’t hack your account. Now, you lose your phone, you’re gonna be in trouble. But you know, you can rebuild that. You just but that’s having one central point for your security is really important.

The Future of Cybersecurity Challenges

Patricia Ferrick (20:55): As you look ahead, what do you see as the next frontier of fraud or cybersecurity challenges?

Paul Benda (21:01): I’m really afraid of what AI is gonna do. Um it just from an automation perspective. We’ve already seen the deepfakes, we’ve already seen the the voices and the videos and those kinds of things. Uh I’m afraid that we’re gonna see bots that become very personalized. And so think about this. If I were to, I can, you know, there was a 2.9 billion record public data breach that occurred in 2024. 2.9 billion numbers, you know, face all that personal information that’s out there. I load that all up into a bot, and then I then use that bot to then contact whether it’s businesses or banks, and they’re trying to, you know, reset accounts. And so they’re trying to go through knowledge-based authentication to prove who they are. Well, they’ve got all the access to the information, it happens. Or we start seeing them engage with people in a much more uh conversational method to make the scammers work easier. Uh the US government, to its credit, has focused on crackdown on overseas scams. They started a task force on it, which we love, love the Department of Justice has done that. But we think the criminals are gonna realize, hey, I can replace just like our businesses are replacing people with AI, they’re gonna replace the scammers with AI. And you’re just gonna see people get inundated more and more and more. And it’s it’s I’m afraid it’s gonna create a breakdown in trust. And we’re all I’m you know, I’m already recommending don’t trust things that are incoming. I think it’s gonna get worse and worse and worse, and people aren’t gonna know who to believe. And that’s that’s when it’s gonna be, I think, a really big challenge for us.

Vince Coglianese (22:17): Now, on a hopeful note, after all that. What gives you optimism? What what what makes you think, you know what, we can handle this, all these emerging threats, it can be done.

Paul Benda (22:28): I will say, you know, I’ve been at ABA eight years. Um I’ve never seen such a focus on fighting scams and fraud worldwide as I’ve seen lately. We talked about a UN Global Fraud Summit. Uh, we talked about the DOJ Stat Task Force, um, strike uh Scam Center Strike Force that’s going on. I was on a call with Canadian Bankers Association just this morning talking about how do we share bank contact information in case funds get transferred so that we can reach out to those bankers. We’re gonna build an international database of bankers so that if your funds go overseas, a U.S. banker can reach out to someone in the UK, Australia, Canada, other places to try and get those money back, and they can reach out to us. We’re trying to, the UK government’s leading an effort to try and figure out what are the baseline things that we should do to protect all citizens from fraud. And so I’m seeing a really strong effort here in the U.S. that’s starting to get underway. Seeing a really strong effort internationally to get underway. And AI is a dual-edged sword. We are building those tools into banks. We’re recognizing these changes, these anomalous behaviors faster that will hopefully help us stop. You know, the goal here is a shift to prevent that transaction from happening in the first place versus trying to get the money back after it’s out the door.

Patricia Ferrick (23:33): Paul, this has been a very eye-opening conversation. Thank you for sharing your insights and for all the work the ABA is doing to protect customers, consumers, and businesses in general.

Vince Coglianese (23:43): Absolutely. And for all of our listeners, you can explore so much more at BanksNeveraskThat.com, the super viral campaign. You’re gonna love it. Banksneveraskhat.com. It’s a fun and effective way to learn how to spot scams before they happen. That’s way better. Paul, thank you so much for joining us on Beyond the Balance Sheet.

Paul Benda (24:01): Thanks for having me.

The post Podcast Episode 4 | Banks Never Ask That: How to Spot Scams Before It’s Too Late appeared first on FVCbank.

At FVCbank, we work with business owners across the D.C., Maryland, and Virginia region, and these are the actions we see make the biggest difference.

Why Q1 Planning Matters for Your Business

Early in the new year is often the best window to review last year’s results and set priorities. Here are practical business banking tips Q1 you can use right away.

Setting Your Financial Goals

Start the year by setting, or resetting, your financial targets. Whether you’re aiming for revenue growth, higher profitability, or a technology upgrade, writing goals down gives you something concrete to manage toward. Keep goals concrete: define the number you’re chasing and the date you expect to hit it.

Seasonal Trends & Cash Flow

Seasonality matters, especially early in the year. Many retail and service-based businesses see a slower stretch in January and February, which can squeeze cash flow. Use last year’s numbers to map your slower months, adjust inventory, and time vendor payments so you’re not guessing week to week.

Review & Reconcile Your Finances

Clean records make the rest of this checklist go faster. Take time early in the year to review and reconcile your accounts so you start with clean books and can set small business financial goals Q1 with confidence.

Update Your Bookkeeping and P&L

Make sure all transactions from the previous year are accurately recorded. Updating your profit and loss (P&L) statement and balance sheet shows where your business earned or spent money and supports cash flow planning when you’re making decisions on spending and hiring. FVCbank’s business banking options make it easier to track deposits and payments and pull the details your bookkeeping needs.

Reconcile Bank Accounts & Receipts

Verify that your bank statements match your records. Reconcile deposits, expenses, and outstanding checks to prevent errors or fraud. If discrepancies come up, address them quickly. Online banking tools can help you review activity, pull statements, and set account alerts so you catch issues sooner.

Plan for Tax Season

Q1 is the point in the year when tax prep stops being a back-burner task. Starting early keeps you from scrambling and helps you capture deductions you might otherwise miss. It also gives you space to organize paperwork and flag questions for your accountant well before deadlines.

Collect Documents & Deductible Expenses

Pull together receipts, invoices, payroll reports, and last year’s return. Then group expenses into clear categories such as office supplies, travel, and marketing. When everything is organized up front, it’s easier to spot gaps and reduce the last-minute scramble.

Work With Your CPA or Tax Advisor

A CPA or tax advisor can help you confirm what to set aside, what to document, and what to handle before filing deadlines. Booking a Q1 check-in gives you time to review your records, confirm what’s needed, and avoid surprises as filing deadlines get closer.

Evaluate & Strengthen Your Cash Flow

Cash flow drives how much flexibility you have week to week. A quick forecast tune-up now can help you avoid seasonal surprises and one-off expenses.

Forecast Your Cash Needs

Estimate income and expenses for the coming months. Consider seasonal variations, recurring costs, and planned investments. Forecasting helps prevent shortfalls and allows you to plan for potential borrowing needs. For more insights, check out Cash Flow Management Tips for Small Businesses.

Create or Update Your Budget

Update your budget to align with your forecast and business goals. Track spending categories, adjust allocations, and monitor variances throughout the year. A realistic budget helps you make decisions faster and avoid overspending.

Maximize Your Banking Tools

Take a quick look at whether your banking tools are saving you time and helping you catch issues early. If you’re still using personal accounts or outdated tools, this is a good time to open or optimize your business accounts and set up cash management features. Look for features that let you monitor activity, speed up receivables and payables, reduce fraud risk, and keep visibility across accounts. Tools like account alerts, remote deposit options, and role-based access controls can help you tighten processes without extra work.

Use Business Online Banking for Efficiency

Online banking can reduce day-to-day busywork. Use it to check balances, pay vendors, move funds, and monitor activity so you can stay focused on your business. FVCbank’s Business Online Banking helps you stay organized and keep visibility into your accounts throughout the quarter.

Reassess Checking & Savings Accounts

Make sure your accounts match how your business operates today. An operating account keeps everyday transactions clean, while a savings account helps you set aside funds for taxes, planned purchases, or slower months. A quick account review now can prevent headaches later. Review credit access early, too, so you’re not scrambling later if an opportunity or expense pops up.

Consider Financing & Credit Options

Lines of Credit vs Loans

Access to credit gives you options when timing matters. A business line of credit offers flexible access to funds for short-term needs, while a term loan can finance larger investments or expansions. Evaluate which option aligns with your goals and cash flow forecast. Learn more about the benefits of lines of credit for small businesses in this guide

Prepare Loan Documentation

If financing is likely this year, organize your financial statements, tax returns, and business plan early. Preparation keeps lender discussions focused and helps you act quickly when needs arise.

Insurance, Payroll & Compliance

Review Business Insurance

Assess your coverage for liability, property, and other relevant risks. Schedule a Q1 coverage review, then revisit it anytime your business changes to avoid costly gaps.

Update Payroll Systems & Employee Benefits

Ensure your payroll software is up to date with current tax rates, and review benefits plans for compliance and competitiveness. Keeping these systems current protects your business and employees alike.

Set Financial Goals & KPIs for the Year

Clear goals and a few measurable KPIs keep your business focused once the year gets busy. Tie each goal to a metric you can track and review it monthly.

Growth Targets

Choose a small set of targets that matter most to your business, such as revenue, profit margin, or customer growth. Setting them early gives your team a clear direction and helps you prioritize where to spend time and money.

Monthly Checkpoints

Turn annual goals into simple monthly checkpoints. Review revenue, expenses, and cash flow consistently to spot trends early before they become bigger problems. Regular check-ins also reduce surprises and keep everyone aligned on the plan.

Take Action Now

Set the foundation now with clean books, a cash flow forecast, and a banking setup that fits how you operate. Reconcile accounts, prepare for taxes, and improve cash flow planning and banking tools, so the rest of the year runs more smoothly. The goal is fewer surprises and more control.

FVCbank supports D.C. Metro-area small business owners with online banking, cash management, and lending solutions. Review your finances and connect with us to explore tools that can make your 2026 financial goals easier to reach, including opening or optimizing your business accounts.

Call FVCbank at (703) 436-3800 or visit our Contact Us page to speak with a business banking specialist today.

The post Small Business Checklist: Financial Actions Every Owner Should Take in Q1 appeared first on FVCbank.