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Meet Nick Blume

Nick Blume, a commercial banker serving the Augusta community, brings 25 years of banking experience to the Vallant Bank team.

Nick began his banking career as a teller, helping clients achieve more from day one. He specializes in building strong relationships and partnering with clients to find the right loan and deposit solutions that drive business growth and long-term success.

An Augusta native and Augusta University graduate with a degree in Business Administration, Nick is an honors graduate of the GBA Bankers School, is an alum of Leadership Augusta and is active with the Salvation Army Advisory Board. Outside of work, he loves spending quality time and traveling with his wife and two young children.

Thank you for all you do, Nick!

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Blog Fraud & Security

5 Ways to Protect Your Online Banking Account from Bank Impersonation Scams

Online banking makes managing your money faster and more convenient, but that convenience can also attract criminals looking for opportunities to access your financial information. One increasingly common approach is bank impersonation scams, in which fraudsters pretend to represent a trusted bank or other financial institution to convince customers to share sensitive information or move their money.

These impersonation scams can be surprisingly convincing. A phone call may appear to come from a familiar number. A text may warn of suspicious activity. An email may direct you to a website that looks almost identical to your bank’s.

Knowing what to look for (and how to respond) can help you protect your accounts. Here are five ways to make your online banking habits stronger.

1. Be cautious when your “bank” contacts you unexpectedly

Many bank impersonation scams begin with an unexpected phone call, email or one of several urgent text messages claiming there is a problem with your account.

The person contacting you may claim to be one of your bank’s employees or even say they are calling from the fraud department. They may tell you that your debit card was compromised, someone is attempting a purchase or there has been other suspicious activity on your account.

The goal is often to create urgency. Before you have time to think, the caller may ask you to confirm sensitive account information or take immediate action.

Remember that the information displayed on your caller ID is not necessarily proof of who is calling. Criminals can use spoofing technology to make a call appear to originate from a legitimate organization.

If something feels unusual, end the conversation and contact your bank yourself using a trusted phone number or another official channel. Taking an extra minute to verify who you are speaking with can help stop an impersonation scam before it goes any further.

2. Never give out sensitive banking information because someone asks for it

Protect your financial information as carefully as you protect your money.

Fraudsters involved in imposter scams may ask for information such as your:

  • Account number
  • Card numbers
  • PINs
  • Online banking login credentials
  • Social Security number
  • One-time verification codes

These pieces of information can potentially be used to gain access to accounts, make unauthorized transactions or contribute to identity theft.

Pay particular attention to requests for verification codes. If you receive a code you did not request, do not assume the person contacting you needs it to “secure” your account. A criminal may actually be attempting to use your information to access it.

Be suspicious whenever someone contacts you and then asks you to prove your identity by providing sensitive financial information.

3. Think before you click a banking link

A message that looks like it came from your bank does not necessarily lead to your bank.

Phishing emails and fraudulent texts can include links to fake websites designed to look like legitimate financial sites. Some fake bank websites may closely copy a real bank’s logo, colors and login page in an attempt to capture usernames, passwords and other information.

Instead of clicking an unexpected link, navigate to your bank through a source you already trust, such as its official mobile app or a website address you know to be correct.

This is especially important when a message uses fear or urgency to get your attention. Claims that your account has been locked, your card has been compromised or immediate verification is required can all be tactics designed to make you click before you think.

4. Never move money simply because a caller tells you it will keep your account safe

 

One particularly dangerous form of financial fraud occurs when a criminal convinces someone that their money is at risk—and then offers to “help” protect it.

The fraudster may instruct you to transfer money to another account, send wire transfers or otherwise move funds to supposedly protect them from theft. In reality, the instructions may send your money directly to the criminal.

Some schemes go even further. A fraudster may request remote access to your computer or mobile device under the guise of helping resolve a banking problem. Giving an unknown person control of your device can expose sensitive financial and personal information.

Pressure to move money immediately should be a major warning sign. Stop, independently contact your financial institution and verify what is happening before taking action.

5. Learn to recognize different types of impersonation fraud

Bank impersonation is part of a broader category of imposter scams in which criminals pretend to be someone you are likely to trust.

In addition to pretending to represent a bank, scammers may claim to work for a government agency, well-known company or other legitimate organization. Phone-based impersonation attempts are sometimes referred to as vishing, a form of phishing conducted through voice calls.

Regardless of the approach, many impersonation scams rely on the same ingredients: trust, urgency and fear. Recognizing those patterns can make it easier to stop and question what you are being told.

If you believe you have encountered a scam, consider reporting it to the Federal Trade Commission. The FTC provides information about current scams and resources for consumers who believe they may have been targeted. Reporting suspected fraud can also help the FTC identify patterns and warn others about emerging threats.

A few seconds can make a big difference

Technology can make banking easier, but protecting your accounts still starts with good habits.

Pause when an unexpected request creates urgency. Verify who you are speaking with before sharing information. Avoid unfamiliar links and fake banking websites. And never let someone pressure you into providing sensitive information or moving money before you have independently confirmed the request.

Bank impersonation scams work by getting people to react quickly. Taking a moment to stop, question and verify can be one of your strongest defenses against financial fraud.

At Vallant Bank, protecting our customers is part of protecting the communities we serve. If you receive a suspicious communication claiming to be from Vallant or are concerned about activity involving your account, contact us at 877.759.7939, send us a message here or visit your local branch. 

Stay safe out there!

Categories
Blog Home Buying & Refinancing

First-Time Homebuyer Guide: What Georgia Buyers Should Know Before Purchasing a Home

Buying your first home is a big milestone, but getting there can feel like a long list of unfamiliar terms, numbers and decisions. From understanding your credit score to comparing loan options and figuring out a down payment, knowing what to expect can make the process much easier to navigate.

For a first-time homebuyer in Georgia, there may also be state and local resources designed to make homeownership more accessible. Programs can offer down payment assistance, help with closing costs and provide affordable mortgage financing for eligible homebuyers.

Before you start touring homes, here are some of the most important things Georgia buyers should know.

1. Start with your finances, not the house hunt

It is easy to start your home search by scrolling through listings. A better first step is understanding what you can comfortably afford.

A lender or one of their loan officers can review your income, existing debt, savings and other financial information to help determine the price range that may work for you. You can also use a mortgage calculator to get an early estimate of how different home prices, interest rates and down payment amounts could affect your monthly payment.

Your debt-to-income ratio is another important piece of the equation. This compares your monthly debt obligations with your gross monthly income and helps lenders evaluate your ability to take on a mortgage.

Remember that the purchase price is only part of the cost of buying a home. Your budget should also account for expenses such as property taxes, homeowners insurance, maintenance and closing costs.

2. Know where your credit stands

Your credit score can play a major role in qualifying for a mortgage and determining the loan options available to you.

Before applying, review your credit report for accuracy. Look for incorrect balances, accounts you do not recognize or other errors that could affect your application. Your credit report also gives you a chance to see what lenders will see before you begin the process.

Different mortgages and assistance programs can have different credit score requirements, so there is no single credit score that applies to every buyer. An FHA loan, conventional mortgage, VA loan and state-supported program may each have different guidelines.

If your credit is not where you would like it to be, talk with a lender before assuming homeownership is out of reach. Understanding your options early can give you time to make informed financial decisions before applying.

3. Understand your down payment options

One of the biggest misconceptions among first-time homebuyers is that buying a house always requires a large down payment.

The amount you need depends on the mortgage you choose and your individual qualifications. An FHA loan, for example, can offer a lower down payment requirement for qualified borrowers, while eligible veterans and service members may have access to a VA loan.

Georgia buyers may also qualify for down payment assistance programs. These programs, often called DPA, can help reduce the amount of money a qualified buyer needs upfront.

Some programs provide down payment and closing cost assistance, which can make a meaningful difference for buyers who have enough income to support a mortgage but have limited savings available for the initial purchase.

4. Explore first-time homebuyer programs in Georgia

The State of Georgia offers homeownership resources through the Georgia Department of Community Affairs, commonly called the DCA.

One of the best-known options is the Georgia Dream Homeownership Program. The traditional Georgia Dream Program is designed to provide affordable financing and assistance for qualified buyers, including first-time homebuyers. Buyers who have not owned a primary residence during the previous three years may also meet the program’s first-time buyer definition, and certain targeted areas can have additional eligibility rules.

A Georgia Dream loan can be paired with eligible mortgage products, including FHA, VA, USDA-RD and conventional financing. Buyers apply through a participating lender, which evaluates the borrower for credit approval before the loan is reviewed for Georgia Dream program compliance.

Georgia Dream also offers DPA options. According to the Georgia Department of Community Affairs, its Standard assistance may provide qualified buyers with up to $10,000, while certain Protectors, Educators & Nurses and Choice borrowers may qualify for up to $12,500 in assistance.

Importantly, Georgia Dream down payment assistance is generally structured as a 0% interest second mortgage with no monthly payment rather than a grant. That assistance must generally be repaid when the home is sold, refinanced or transferred.

Program requirements and availability can change, so speak with a participating lender about current guidelines before making plans around a particular program.

5. Georgia Dream is not the only option

Not every buyer will fit within the traditional Georgia Dream requirements. The Georgia Department of Community Affairs has expanded its offerings to serve a wider range of Georgia homebuyers.

The Peach Plus Loan Program, for example, is available to qualifying FHA and VA borrowers who may fall outside the traditional Georgia Dream eligibility requirements. Unlike the standard program, the Peach Plus Loan Program does not require you to be a first-time homebuyer.

Peach Plus also offers DPA options for qualified borrowers. Current program guidelines include assistance of up to $10,000 under the Standard option and up to $12,500 for qualifying Protectors, Educators & Nurses and Choice borrowers.

That can include eligible public protectors, healthcare providers, educators, active military members and people working within certain qualifying industries.

Georgia also offers Peach Advantage, which provides conventional financing for qualified first-time and repeat buyers. The program offers down payment assistance options ranging from 2% to 5% of the first loan amount, and household eligibility can extend up to 150% of area median income, or AMI, depending on the program requirements.

Because these programs differ, the right option depends on your finances, loan type and the home you plan to purchase.

6. Pay attention to income limits and available assets

Many assistance programs are intended to expand access to affordable housing, which means eligibility may depend on household income and available assets.

The traditional Georgia Dream program has income limits that vary based on household size and where you purchase. Other programs may use the local area median income to determine eligibility.

Programs can also consider your liquid assets, such as cash and certain funds readily available to you. Under current traditional Georgia Dream guidelines, eligible borrowers generally cannot have liquid assets exceeding $20,000 or 20% of the home’s sales price immediately after closing, whichever is greater.

These details matter because qualifying for the mortgage itself does not automatically mean you qualify for a particular assistance program.

7. Where you buy can affect your options

Georgia housing programs are not always one-size-fits-all across the state.

Purchase price limits, income requirements and program availability may differ depending on the county or metropolitan area. A buyer in the City of Atlanta or DeKalb County, for example, may be working with different local housing conditions and assistance opportunities than someone buying in Augusta-Richmond County or another part of Georgia.

Eligible properties can also vary by program. Depending on the mortgage and assistance option, buyers may be able to consider single-family homes, condominiums, modular homes and townhomes.

Wherever you are buying, the property will generally need to become your primary residence when using a homeownership assistance program intended for owner-occupants.

8. Homebuyer education can prepare you for more than closing day

Some first-time homebuyer programs in Georgia require education or counseling before assistance can be provided.

A homebuyer education course or homebuyer education class can walk you through topics such as budgeting, mortgages, insurance, the closing process and the responsibilities that come with owning a home.

For programs that require homebuyer education, think of it as more than another box to check. Buying the house is only the beginning. Understanding how to budget for repairs, maintain your property and manage a mortgage can help you feel more prepared for the years after closing.

The DCA provides information on approved housing counseling agencies and education options for buyers using Georgia Dream programs.

9. Get prepared before making an offer

Once you understand your budget and loan options, your lender can help you determine the next steps toward financing.

Be prepared to provide documentation supporting your income, assets and debts. Your lender may also review your credit report, employment history and other information needed to evaluate the loan.

This is also a good time to ask about the difference between the amount you may qualify to borrow and the amount you actually feel comfortable spending each month.

A mortgage calculator can provide a useful starting point, but a conversation with a lender can give you a more complete picture based on your finances.

If you are considering the Georgia Dream Homeownership Program, a participating lender can also help determine whether you meet current program requirements, including applicable income limits and credit requirements.

10. Choose the mortgage that fits your situation

There is no single “first-time homebuyer mortgage.”

Some buyers may find that FHA loans fit their needs. Others may qualify for conventional financing or a VA loan. Programs supported by organizations such as Freddie Mac may also offer financing options designed to expand access to homeownership for qualified borrowers.

The lowest down payment is not automatically the best mortgage, either. Compare the full picture, including your estimated monthly payment, mortgage insurance when applicable, upfront expenses, loan terms and current interest rate.

The goal is not simply to qualify for a home. It is to choose financing you can live comfortably with after the moving boxes are unpacked.

Buying your first Georgia home starts with a conversation

For a first-time homebuyer in Georgia, preparation can turn an unfamiliar process into a series of manageable decisions.

Check your credit. Build a realistic budget. Learn about down payment assistance programs. Explore options such as the Georgia Dream Program, Peach Plus and other available resources. Most importantly, ask questions early.

The right lender can help you understand your mortgage options, potential down payment and closing cost assistance and the steps required to move from considering a home to owning one.

At Vallant Bank, our mortgage bankers take the time to understand where you are today and help you explore a path toward homeownership that fits your goals. Whether you are just beginning to think about buying or are ready to start the mortgage process, we are here to help you make your move with confidence.

Ready to learn more about buying your first home in Georgia? Connect with a Vallant Bank mortgage banker today.

Mortgage programs, eligibility requirements, income limits, credit requirements, interest rates and assistance amounts are subject to change. Loan approval is subject to credit and underwriting requirements. Contact a mortgage banker for current program information and eligibility.