Protecting consumers when it matters most

As we kick off International Fraud Awareness Week, we are mindful that consumers look to banks for information and reassurance that their personal and financial information is safe 24/7, 365 days a year. .Today, U.S. adults overwhelmingly trust banks more than any other entity to protect them from fraud according to a recent American Bankers Association and Morning Consult survey. And, Edelman Trust Barometer reports banks were ranked as the most trusted subsector within financial services — with 62 percent of respondents trusting banks will “do the right thing.”With the rise of A.I. and emerging technology, the tools and multi-layered protections of consumer data and financial information are increasing as the frequency, methods and scale of fraudulent attacks continue to increase. IBM’s latest Global Outlook for Banking and Financial Markets report found more banks are deploying A.I. solutions to fight against technologically advanced fraud attempts, streamline internal processes, improve customer experiences and house sensitive data/information. And while new technology can help us reach more underbanked and diverse consumers, it opens more consumers to targeted fraud attacks and data breaches. For example, today’s consumers receive thousands of voice impersonation phone calls or fraudulent text messages asking them to send money to a relative, close friend, or someone else in their networks. In fact, Consumer Reports’ 2025 Cyber Readiness Report found that 30 percent of people who encountered a digital scam in the past year said that it began with a text or messaging app, up from 20 percent the year before. With the rapid advancement of AI technology, these scams are becoming more convincing, which means we, as banks, must provide more fraud prevention solutions and the most advanced A.I. detection tools to combat fraudsters, keep consumers safe and continue to earn their trust. At Stearns Bank, we pride ourselves on putting our customers at the center of everything we do. When it comes to fraud, we invest in a multitude of advanced fraud prevention and detection solutions to safeguard their most sensitive information. Guided by our mission of driving shared prosperity for all, we’re sharing tips to stay data-safe and fraud-free. Personal consumer banking tips: Constantly monitoring account activity: This may seem simple, but no amount of tech can monitor your bank account activity better than you. You know what payments you’ve authorized and where you’ve swiped your debit card, so make it a habit to check your accounts daily. Taking advantage of your bank’s free fraud tools: Some banks offer free fraud prevention tools, so be selective and move your accounts to the bank with the most advanced and free fraud protection tools. We provide our customers free online credit monitoring and ID theft protection services, which includes free ID theft insurance and dark web monitoring — because we don’t think consumer protection should come at a cost.Double-check online retailers and charitable organizations: Always use online retail providers you trust or have used in the past. When it comes to new, lesser-known online retailers, click on the Better Business Bureau’s Scam Tracker (BBB) to see if that business is flagged as fraudulent. This easy step can identify a legitimate business and instruct on how to file a complaint if needed. Nonprofit organizations also can be impersonated, so before donating, check the nonprofit’s registration with your State Attorney General online. The last thing you want is to make a holiday donation to a fake organization. Small business consumer banking tips: Updating internal roles & responsibilities: Business owners should double-check their business payment and accounting software to confirm which officers or staff have access to certain financial payment systems, invoicing processes or auditing files. Unrestricted access amongst your employee base could leave you susceptible to fraudulent activity, so regularly reviewing access permissions can minimize exposure. Utilizing free resources: Reliable, trusted protection doesn’t have to come at a high price. The Federal Trade Commission, BBB, and state consumer protection agencies provide free fraud reporting services and even host educational events nationwide that anyone can attend at little to no cost. It's important to remember that trust takes years to build, seconds to break and forever to repair. There’s nothing more personal than a consumer’s hard-earned cash and private information, so we, as financial institutions, must treat it with care, respect and transparency. At a time when consumers are losing confidence in other industries, Stearns Bank values you and does not take your trust for granted. We’ll always do what’s right and invest in your safety, your data and financial information, and your overall success. Kelly Skalicky is CEO of St. Cloud, Minn.-based Stearns Bank.