SDBA eNews

December 1, 2022



Registration is now OPEN for the 2022 IRA Basic Seminar, hosted virtually via Zoom on Tuesday, December 13. This course is designed as a “Very Basic” IRA seminar as it is designed to build a solid IRA foundation. The seminar will start with the differences between a Traditional and a Roth IRA, and then discuss how to set up a new IRA and the eligibility rules to contribute to an IRA. The biggest topic for people new to IRAs to discuss is the moving of money from one financial institution to another.

Full details and registration information can be found here. Matt Dickinson of JM Consultants will lead the seminar. Dickinson has over 18 years in banking and retirement and has held many titles within his career. He has worked for companies such as Ascensus, Merrill Lynch, Wells Fargo, and Frandsen Bank and Trust. On a day-to-day basis, Matt helps financial institutions gain and maintain their knowledge base to manage their IRA portfolio.

The Zoom link will go out to participants on Monday, December 12, along with any materials provided by Matt. The session will be recorded and will be sent out after the seminar concludes.

Let Banks Be Banks: How to Talk to Policy Makers About ESG

Banks should be able to lend–or not lend–to any legal business so long as they don’t discriminate under the law. Yet, banks are facing challenges from proposals by policymakers across the political spectrum. Hear from bankers and advocates at the state and federal level on how to ensure that banks can continue to make the choices that are best for their customers, communities and business plan.

Join the ABA on Tuesday, December 6, 2022, at 11:30 CST in a free webinar open to members and nonmembers. Speakers include: Holly Smith, Executive Vice President, Membership, American Bankers Association; Kirsten Sutton, Executive Vice President, Congressional Relations, American Bankers Association; Joe Pigg, Senior Vice President & Senior Counsel, Regulatory Compliance & Policy, American Bankers Association; Jim Edwards, CEO, United Bank; and Paul Hickman, President & CEO, Arizona Bankers Association. 

Register here.


This time of year can be tough on those who have experienced tragedy, loss, or trauma. Additionally, those who struggle with the lack of daylight when the days get shorter and colder could be prone to seasonal affective disorder (SAD).

Resources available: 988 and NIMH SAD

ABA, Banks Seek to Educate Holiday Shoppers About Scams


With the holidays in full swing, the American Bankers Association and member banks across the country are stepping up efforts to educate consumers on the threat of scams and how to protect themselves this holiday shopping season. To make the lessons engaging and memorable, ABA’s free #BanksNeverAskThat campaign uses humor to educate consumers about phishing scams. The campaign is currently featuring new holiday-themed content.

“Empowering people to spot scams before it’s too late is the best way to protect consumers,” said ABA President and CEO Rob Nichols. “Through ABA’s #BanksNeverAskThat campaign and the ABA Foundation’s consumer education programs, banks of all sizes are arming Americans with the tools and information they need to turn the tables on the scammers and keep their money safe.”

Since the #BanksNeverAskThat campaign launched in October 2020, more than 2,400 banks of all sizes have participated, including the majority of the country’s largest banks. The campaign’s videos have had nearly 1.5 million views and there have been more than 700,000 visits to the consumer-facing website,

In addition, the ABA Foundation offers consumer tips and educational materials through its free national programs, including Safe Banking for Seniors and Get Smart About Credit. This year, banks participating in the foundation’s programs reached nearly 900,000 consumers. The Safe Banking for Seniors program offers a collection of videos, handouts and social posts about identifying and avoiding scams. The Get Smart About Credit program has resources on “Protecting Your Financial Identity,” including “Understanding ID Fraud.” Bankers can access free lesson plans, social shares, videos and tip sheets by registering at

Consumers can find additional ABA Foundation resources in the “Protect Yourself and Your Money” section of, which features information on avoiding scams, like peer-to-peer payment scams and charity scams, and how to protect yourself online and protect your identity.

Gov. Noem Signs Executive Order Banning TikTok

Today, Governor Kristi Noem signed Executive Order 2022-10, which bans the Chinese social media platform TikTok for state government agencies, employees, and contractors using state devices. This order is in response to the growing national security threat posed by TikTok due to its data gathering operations on behalf of the Chinese Communist Party (CCP).

“South Dakota will have no part in the intelligence gathering operations of nations who hate us,” said Governor Kristi Noem. “The Chinese Communist Party uses information that it gathers on TikTok to manipulate the American people, and they gather data off the devices that access the platform.”

The order takes effect immediately and would apply to employees and agencies of the State of South Dakota, including persons and entities who contract with the state, commissions, and authorities or agents thereof. The order prohibits downloading or using the TikTok application or visiting the website on state-owned or state-leased electronic devices capable of internet connectivity.

“Because of our serious duty to protect the private data of South Dakota citizens, we must take this action immediately. I hope other states will follow South Dakota’s lead, and Congress should take broader action, as well,” continued Governor Noem. 

Banks Seeing an Increase in Grandparent Scams

Each year, older adults lose billions of dollars to fraud. One of the latest fraud techniques is called “Grandparent Scams.” These scams will typically look something like this: an elderly person being targeted will get a phone call from an individual posing to be their grandchild. This fraudster will typically sound frantic and worried and will tell their target that they are in trouble, typically in jail and need money for bail. Many times, the fraudster will up the ante by claiming they are stuck in a foreign country or in the hospital. To further the fraud, the scammer will throw in a few family particulars that can be found online, usually by looking at social media profiles and posts. After giving just enough detail to the target, the scammer will implore their “grandparent” to wire money immediately or withdraw large sums of cash to be ready for a courier to come to their home and do not tell anyone, including family or authorities. This type of scam has taken many routes, whether it be over a phone call as described or via text message or email.

These scammers are getting more and more detailed in their impersonations, however there’s some red flags bank employees should be on the lookout for if it seems like a customer is being targeted by a grandparent scam. Some of those red flags include:

  • the customer wants to withdraw a large amount of cash
  • the customer is reluctant to tell you what the cash is for, or says they are under a “gag order” or some other restriction against speaking about the withdraw
  • the customer is hesitant to involve other bank employees in the transaction

If you think a customer is the victim of a grandparent scam, involve your leadership at your bank. Especially now headed into the holiday season, grandparent scams are expected to increase as individuals are more likely to have their guard down against these types of acts.

CISA News: Improved LinkedIn Security

Responding to a recent surge in AI-generated bot accounts, LinkedIn is rolling out new features that it hopes will help users make more informed decisions about with whom they choose to connect. Many LinkedIn profiles now display a creation date, and the company is expanding its domain validation offering, which allows users to publicly confirm that they can reply to emails at the domain of their stated current employer.

LinkedIn’s new “About This Profile” section — which is visible by clicking the “More” button at the top of a profile — includes the year the account was created, the last time the profile information was updated, and an indication of how and whether an account has been verified.

LinkedIn also said it is adding a warning to some LinkedIn messages that include high-risk content, or that try to entice the user into taking the conversation to another platform (like WeChat).

“We may warn you about messages that ask you to take the conversation to another platform because that can be a sign of a scam,” the company said in a blog post. “These warnings will also give you the choice to report the content without letting the sender know.”

In late September 2022, KrebsOnSecurity warned about the proliferation of fake LinkedIn profiles for Chief Information Security Officer (CISO) roles at some of the world’s largest corporations. A follow-up story on Oct. 5 showed how the phony profile problem has affected virtually all executive roles at corporations, and how these fake profiles are creating an identity crisis for the businesses networking site and the companies that rely on it to hire and screen prospective employees.

Reporting here last month also tracked a massive drop in profiles claiming to work at several major technology companies, as LinkedIn apparently took action against hundreds of thousands of inauthentic accounts that falsely claimed roles at these companies.

For example, on October 10, 2022, there were 576,562 LinkedIn accounts that listed their current employer as Apple Inc. The next day, half of those profiles no longer existed. At around the same time, the number of LinkedIn profiles claiming current roles at Amazon fell from roughly 1.25 million to 838,601 in just one day, a 33 percent drop.

For whatever reason, the majority of the phony LinkedIn profiles reviewed by this author were young women with profile photos that appear to have been generated by artificial intelligence (AI) tools

“We’re seeing rapid advances in AI-based synthetic image generation technology and we’ve created a deep learning model to better catch profiles made with this technology,” LinkedIn’s Oscar Rodriguez wrote. “AI-based image generators can create an unlimited number of unique, high-quality profile photos that do not correspond to real people.”

It remains unclear who or what is behind the recent proliferation of fake executive profiles on LinkedIn, but likely they are from a combination of scams. Cybersecurity firm Mandiant (recently acquired by Google) told Bloomberg that hackers working for the North Korean government have been copying resumes and profiles from leading job listing platforms LinkedIn and Indeed, as part of an elaborate scheme to land jobs at cryptocurrency firms.

Identity thieves have been known to masquerade on LinkedIn as job recruiters, collecting personal and financial information from people who fall for employment scams.

Also, fake profiles also may be tied to so-called “pig butchering” scams, wherein people are lured by flirtatious strangers online into investing in cryptocurrency trading platforms that eventually seize any funds when victims try to cash out.

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Q: A local association has agreed to forward an ad for the Bank along with its e-mailed newsletter. Does CAN-SPAM apply if the Bank isn't sending the e-mail?

A: It can. Whether the bank here or the forwarder is the “sender” or “initiator” and therefore subject to CAN-SPAM compliance depends on the facts. So deciding if the CAN-SPAM Act applies often depends on whether the bank has offered to pay the forwarder or give the forwarder some other benefit. For example, if the bank offers money or some other benefit in exchange for forwarding a message, the bank may be responsible for compliance. See:

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Banks Seeing an Increase in Grandparent Scams