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Security
How To Create Strong Passwords
As technology evolves, so do the methods employed by cybercriminals. One of the best ways to protect yourself, your devices, and your accounts is to exercise some simple password dos and don’ts. Do: Use a password that contains uppercase letters, lowercase letters, numbers and symbols. Longer passwords tend to provide heightened security against various hacking...
What's New
Real-Time Transaction & Balance Alerts for Business
Businesses, including LLCs and Corporations, can now request real-time transaction and balance alerts by completing a simple enrollment form. With Real-Time Alerts, businesses can protect their accounts by receiving real-time alerts via text or email to an authorized signer on the account. Stay on top of your finances – get notified of withdrawals over a...
Press Room
Application for 10th Annual LaunchPad Competition Now Open
Gorham Savings Bank announced today the application period for its annual LaunchPad small business competition will open Monday, July 17. Celebrating its 10th year, LaunchPad provides innovative Maine-based small businesses with the opportunity to compete for a $50,000 grant from the bank to help launch the winner to the next level. “It’s amazing to think...
Security
Don’t Let Your Checks Get Washed
Anyone who writes and mails a check is at risk for fraud. Longer lasting gel or hybrid ink is harder for fraudsters to clean off in their efforts to change the recipient and/or dollar amount. Write your checks with anti-fraud ink to help keep them intact and protect yourself from potential losses. Be sure to also:...
Financial Wellness
Preparing for Homeownership
The path to homeownership can feel daunting at times. Before you make an offer to buy, take these steps to prepare your finances and start your home search with confidence. 1. Know your budget. Determine how much you can afford for a down payment and a monthly mortgage payment. (Don’t forget to consider other expenses...
Security
Signs of Elder Financial Abuse
Many elderly people are targets of financial exploitation because they are likely to have savings accounts, fixed incomes, receive social security benefits or own their homes. Sadly, many who are financially exploited experience this abuse at the hands of trusted caregivers or family members. This can make the victim feel heartbroken, embarrassed and ashamed. They...
What's New
Employee Retention Refundable Tax Credit
Did you operate your business while paying your employees during the pandemic? Your business may be eligible for the Employee Retention Credit (ERC), which could amount to thousands back to grow your business. The ERC is a refundable tax credit for businesses that continued to pay employees while shut down during the pandemic. Employers can...
Security
Spotting and Preventing Wire Fraud
Fraudulent wire activity is generally a result of account takeovers and email compromises. This form of fraud can be difficult to detect because they use a valid email address, craft their communication to mimic the owners, and add urgency to their request(s). Sometimes payment is expected from the recipient and the communication channel may have...
Security
Protect Yourself from “Smash-and-Grab” Crimes
As we head into the summer months, thieves see more opportunities to steal from cars parked in retail store lots, parking garages, on streets, and even in residential driveways. This type of theft is called “smash-and-grab”. It refers to perpetrators smashing car windows parked in places like gyms, beaches and lakes to grab wallets or...
Press Room
Health Care Executive Joins Board of Directors
Gorham Savings Bank, a leading southern Maine financial services institution, has announced the appointment of Katie Fullam Harris to its board of directors. Harris, currently serving as Chief Government Affairs Officer for MaineHealth, brings extensive public policy and regulatory compliance experience to the board. In her role at MaineHealth, the state’s largest health care system,...
What's New
Create and Send Online Wires
Customers are now able to create and send wire transfers in Online Banking. This change makes sending wires easier and much more convenient. Log in and access the wire transfer tool under the “Move Money” dropdown menu. GSB will no longer accommodate wire transfer requests via secure message or by phone. Customers can visit a branch or...
Security
Tax Season and Cybercriminals
Cybercriminals are always looking for ways to extort your money and tax season is no exception. These scammers use high pressure tactics in hopes that you will respond – a voicemail message left on your home phone claiming that the IRS is filing a law suit unless you call a number in Washington D.C., or...
Security
Protect Yourself From Tax Fraud
As tax season ramps up, so does tax-related fraud. Know what to look for, and take steps to protect sensitive information. SPOTTING TAX FRAUD Phone Calls: The IRS will never notify you of a tax issue by phone until it has first sent written notification, usually multiple times. If a caller claims to be from...
Financial Wellness
Save Early and Often
One of the best ways to save is by making it automatic. The “pay-yourself-first” strategy works because you won’t miss money you never see. Here are a few tips to help you save early and often. Determine what you can afford to save each month (use our Personal Finance tool to create a budget) Setup...
Financial Wellness
A Savings Milestones Timeline
Saving isn’t easy. Knowing where and how to best focus your savings to reach your financial goals can be a daunting task. This is meant to be a helpful, general guide of savings milestones to consider at each life-stage. Keep in mind everyone’s financial goals will be vastly different. Our Financial Wellness Coach, Lesley Warn,...
Security
What You Need To Know About Scams Related to the Collapse of SVB
Shortly after the collapse of Silicon Valley Bank (SVB) the number of domain registrations containing “SVB” nearly tripled. Many of these domains were being registered by bad actors for use in cryptocurrency scams, phishing campaigns and fraud attempts. What You Need To Know Scammers are taking advantage of the current situation and impersonating SVB, Circle...
General
GSB Is Here For You, Always
In the past few days we’ve all seen numerous reports regarding the financial services sector. These reports have raised a few concerns and caused some to question things beyond the two banks in the news. That said, I thought it important to let you know that there are notable differences between Gorham Savings Bank and...
Press Room
Marathon Contributions Total $60,000 for Charitable Organizations
Bob Dunfey, volunteer race director for the Gorham Savings Bank Maine Marathon, and Steve deCastro, president and CEO of Gorham Savings Bank, title sponsor since 2010, announced today that The Ecology School, Maine Children’s Cancer Program, Veggies to Table, and YMCA Camp of Maine are the primary race beneficiaries for 2023. The Ecology School Saco...
Press Room
2023 LaunchPad Application Period Will Open This Summer
Gorham Savings Bank, a leading southern Maine financial services institution, is moving its small business competition, LaunchPad, from the spring to the fall. The competition, the premier event of its type in Maine, showcases innovative small businesses that compete for a $50,000 no-strings-attached grant from the Bank. Past winners include Pika Energy, Bixby Chocolate, Flowfold,...
Security
LastPass Password Manager Breach
LastPass, the world’s most popular password manager, was breached twice in 2022. The second breach led to bad actors obtaining encrypted copies of users’ vault data – which includes usernames and passwords. Although the encryption applied to these vaults is very strong, it is not invulnerable. What to do? Enable multi-factor authentication everywhere it is...
General
Maine District Office Presents GSB With SBA’s 2022 District Director Award
Gorham Savings Bank was recently awarded the U.S. Small Business Administration’s 2022 District Director Award in Maine for completing eight 504 loans totaling $7.9 million, thirty-three 7a loans totaling nearly $5.2 million which, when combined with SBA’s portion of the loans, represented about $13 million in financing to small businesses here in Southern Maine. SBA...
Press Room
Gorham Savings Bank Maine Marathon Delivers Early Holiday Gift to Educate Maine
The Gorham Savings Bank Maine Marathon, Half Marathon, and Relay exceeded expectations by raising a record-breaking $506,000. The unexpected additional revenue allowed race organizers to brighten the holiday season for Educate Maine with a gift of $15,000. “Once again, thanks to the generosity of our running community, event revenue came in higher than projected,” said Bob Dunfey, volunteer...
Security
Keeping a Watchful Eye During the Holidays
You decided to brave the holiday crowds. You’ve been waiting in line for hours to purchase a must-have gift, finally make it to the checkout to pay, and the transaction is declined. GASP! What? How!? A call to the card issuer reveals that your information has been stolen, and your account has been maxed out....
Security
Cybercrime This Holiday Season
This holiday season, use caution when shopping online. Be wary of these common holiday scams. Remember to always think before you click. Too-Good-To-Be-True Sales & Deals If you’re like many holiday shoppers looking for a good deal on gifts, remember to avoid any sales that seem too-good-to-be-true (because they probably are). Phishing emails or ads...
Security
How Fraudsters Are Exploiting Digital Platforms with Creative Phishing Scams
In an increasingly digital world, phishing scams are becoming more prevalent. The fraudsters behind these scams are finding more creative ways to exploit digital platforms like email, text, phone and peer-to-peer (P2P) payment apps. According to the Federal Trade Commission’s report on fraud, it’s estimated that American consumers lost a staggering $5.8 billion to phishing...
What's New
A Better Business Online Banking Experience
Online Banking will soon have a more modern look and feel! As your business is converted to the new interface over the next several months, you’ll notice: Streamlined navigation making it easier to find the tools you need to manage your business accounts The same advanced security you know and trust Plus, you’ll now have...
What's New
Preparing for a Changing Economy
As the Federal Reserve raises interest rates to combat inflation, it’s important to understand that its action will translate into higher rates for mortgages, home equity lines of credit, auto loans, credit cards, and a wide range of financial products. The goal of this policy is to reduce demand and lower spending to slow inflation,...
What's New
New Logo Reflects Brand Values and Signifies a New Day at GSB
Gorham Savings Bank unveiled its new logo today with signage on its Main Street, Gorham and Marginal Way, Portland office building. The new mark will be rolled out across the Bank’s additional ten branches and remaining office locations, and begin appearing on other branded materials, over the next several weeks. The logo was the culmination of...
Security
Protect Yourself from Peer-to-Peer (P2P) Related Fraud
Peer-to-peer (P2P) payment apps such as Zelle, Venmo and CashApp enable users to conveniently send money directly to another user — and fraudsters aren’t afraid of exploiting them. P2P related fraud has been increasing over the last few years. With bad actors are finding very creative ways to exploit these P2P payment apps with phishing/smishing/vishing...
Press Room
Gorham Savings Adds Commercial Banker
Gorham Savings Bank, a leading southern Maine financial services institution, has hired Matt White as vice president, commercial banker. White joins GSB with over a decade of commercial banking experience at large regional banks, most recently KeyBank, where he excelled in commercial credit and relationship management. “Matt is a great addition to our growing business...