First County 165

Throwback Thursday: Bank Technology in 1912 – Catches Fraud

Even back in 1891, when we were the Stamford Savings Bank, we were using “high tech” to prevent financial fraud. At that time, the Secretary/Treasurer, J. Howard Bogardus recommended Stamford Savings Bank purchase “card ledgers,” a new technology to track depositor transactions. This purchase paid dividends in 1912 when this technology caught fraudulent activity.

The investigator found the perpetrator used his “ill-gotten gains” to bet on the ponies (horse racing). The “Betting Commissioners” (people who took bets or “bookies”) were said to be “blue over the prospect of losing one of their best customers.” In the New York Times article from April 11, 1912, the subhead stated “His Aged Mother Not Told” – we still wonder if she ever found out what her son was up to.

While new threats including cybercrime and identity theft are discovered regularly, our commitment for ensuring the safety and security of our customers’ finances continues to remain our top priority. For detailed information on how to protect yourself from cybercrime, identify theft and other financial fraud, please go to “Customer Resources” on the First County Bank home page and visit Fraud Prevention Tools or go to firstcountybank.com/efraud-protection. The eFraud Prevention area includes information on how to prevent fraud as well as what to do if you are a victim. Also included are interactive games and educational tools to help you become more aware of how you can prevent fraud.

2016 is a big year for First County Bank as we celebrate not only our 165th anniversary, but also the 15th anniversary of the First County Bank Foundation. To mark these major milestones we will be digging into the archives, sharing some notable moments from our history on our blog and social media channels every other Thursday. You can follow along, or share your own memories of First County Bank history, by leaving a comment or posting a memory using #FirstCounty165.

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