How Milford Bank Keeps Customer Deposits Secure

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By Jorge Santiago
Executive Vice President

Every day, millions of people make bank deposits without fear of fraud or identity theft. That’s because banks have worked hard to secure deposits wherever they are made—at an ATM, in a branch, or using a mobile device. The Milford Bank goes above and beyond to ensure that all deposits go through security and fraud detection processes in order to protect your deposits.

One of the most effective forms of security protection The Milford Bank provides is duplicate detection. Duplicate detection allows The Milford Bank to review deposits that have been flagged due to repetitive entries or fraudulent behavior. The system flags the transaction based on set criteria and prevents the deposit from being processed until corrected.

Similarly, unusual behaviors and amounts that have identical qualities to a previously deposited check will be caught during the duplicate detection process. This type of security detection is applied on multiple levels: deposit channel, banking management, and software systems. A strict reviewing process occurs when a deposit is made at a deposit channel.

After the deposit is made, management then verifies each transaction. The deposit is then sent through a fully hosted web portal that secures the deposit and stores the data for comparison against previous and future deposits. Deposit data is maintained for at least 90 days in cases of reconciliation. Therefore, fraudulent behaviors are minimized.

As a result of The Milford Bank’s multi-layer security process, deposits are thoroughly tracked from all deposit channels. This is part of The Milford Bank’s focus on prioritizing the security of its customers and their funds. Customers should rest assured knowing that The Milford Bank provides a highly secure banking experience for its customers.

Annual Milford Moves 5k Offers Healthy Fun While Supporting Local Veterans

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By Peter Berube

One of the many benefits of community banks is that, thanks to their homegrown roots, they tend to be active in supporting local organizations and programs, extending their reach into their communities beyond simply offering financial services. For years, The Milford Bank has taken an active role in promoting and supporting its local community and raising awareness of programs in the area.

Continuing that tradition, The Milford Bank will be hosting the 5th annual Milford Moves 5k Run and Walk event, taking place Sunday, June 16th, 2019, along with co-sponsor Colony Grill of Milford.  The event is designed to raise awareness of and support for military veterans, with all of the proceeds going to support local veterans’ organizations.  Those groups include American Legion Post 196, VFW Post 7788, the Disabled American Veterans Chapter 15, and the Vietnam Veterans of America Chapter 25.  The funds raised will be used to fund veterans’ affairs and rehab programs through these organizations.

The Milford Moves 5k is also an opportunity for local businesses to join The Milford Bank and Colony Grill in supporting and celebrating the veterans in the community through sponsorships, which start as low as $250. Interested businesses may contact The Milford Bank for more information.  Last year’s 5k raised $20,000 and was distributed among these local veterans’ groups.

The event kicks off with a Kids’ Fun Run at 8:30am, with the 5k starting at 9:00am. Awards will be presented for top overall female and male finishers, top female and male active military or veteran finishers, along with prizes for the top three in their age groups.  Colony Grill will also be awarding $500 for the top female and male finishers to be donated the charity of the winners’ choosing.  In addition, a special award will be given to the participant deemed most patriotic and all kids in the Fun Run will receive a prize for coming out and supporting this great cause.  Colony will also be providing complimentary pizza for participants, and a free beer for all 21+ participants.

Don’t miss your chance to be part of a fun, healthy event that also supports local veterans. Registration for runners and walkers is open online, or participants may register in person at any office of The Milford Bank up to the day before the event.

 

Special Notice to Customers

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Dear Customers of The Milford Bank:

We recognize that many government employees have been financially impacted by the partial government shutdown. In 1872, The Milford Bank was founded for the purpose of serving our communities and that objective has not changed.

As your neighbors and friends, we understand the challenges many federal employees are facing, and we would like to help to relieve some of the burden.

If you are a customer of The Milford Bank and are a government employee enduring financial hardship due to the shutdown, please contact us at (203) 783-5700 or stop by your local office to discuss how we may be of assistance to you.

Said Susan Shields, President and CEO of The Milford Bank, “Helping where we can is just the right thing to do. Over the years, we’ve celebrated many happy occasions with our customers. Good neighbors, like good businesses, should be there to offer support when things are difficult.”

The Milford Bank was founded in 1872 and is a mutual institution with five offices and a loan center located in the city of Milford, an office in Stratford and a Loan Production office in downtown New Haven. The Bank offers a wide variety of banking and financial products and services to businesses, individuals and organizations.