Worcester Business Journal

wbjournal.com | October 15, 2018 | Worcester Business Journal 11 THE ADVISOR: Thought Leadership Column ADVERTISING SECTION I n today's digital world, businesses are being targeted by fraudsters from all sides. According to the Association of Financial Professionals, 73% of businesses experienced either attempted or actual payments fraud last year. Pay- ments fraud is perpetrated through a number of channels and various methods, including business email compro- mise, check fraud (the number one source of fraud and loss that I've seen), fraudulent credit applications, and unautho- rized electronic transactions. ere have been billions of dollars in losses, with many instances of fraud going unre- ported due to reputational risk, validity of the fraud, lack of controls, and system vulnerability. With that being said, it's imperative that businesses work closely with their financial institutions to monitor and se- cure their finances. In my experience, many businesses do not realize that there is a very small window of opportunity, between 24-48 hours aer an incident, in which to notify their financial institution of an unauthorized electronic transaction. Aer that, it becomes difficult or unlikely that funds will be recovered. Unfortunately, business owners of- ten wait until a fraud situation has occurred to implement fraud control services that would safeguard their accounts. is approach is both time consuming and expensive. Busi- nesses should strongly consider using a dedicated laptop or PC with no access to emails for its banking functions. I suggest they monitor their accounts daily, reconcile state- ments in a timely manner, train staff to question unusual transactions, segregate duties, and implement dual control for online banking, and ACH and wire transfer functions. Webster Five offers our business customers a variety of fraud prevention services to protect their accounts and identify fraudulent activity before an issue occurs. Check Positive Pay is a service that identifies fraudulent and potentially fraudulent checks when presented for payment, stopping check fraud on the day it occurs. Positive Pay provides your business with the opportunity to review an image of the suspicious item, which may be a duplicate check, altered check number, or an incorrect dollar amount. We also offer ACH Debit Blocks and Filters. is service allows customers to approve authorized ACH transactions with prepopulated filters. e business is able to review all transactions and automate a return of those unauthorized transactions that same day. Customers may also choose the option to block all ACH transactions to avoid vulnerability aer unauthorized electronic activity. In my opinion, the best protections are strong security measures, which include regularly patching and updating your systems, educating yourself, and training your employ- ees on the risks. My advice is to have a plan set on what to do and whom to contact when fraud is identified. Businesses should educate their staff regularly on subjects such as busi- ness email compromise, phishing, and social engineering. Webster Five strongly encourages conversations about these important topics with our business customers, and I'd be happy to speak with you on how to protect your business accounts from fraud. Jane Cullen, VP/ Business Services Manager 508-438-4731 jcullen@web5.com built by Pennsylvania developer Toll Brothers, was first approved for senior housing in 2007 as a slightly larger project but was put on hold during the Great Recession and for years aerward. e initial plan called for keeping nine of the golf course's 18 holes, but that was later dropped. Millis considered buying the golf course property in 2016 for $14 million but Town Meeting members rejected the idea. e town had a right of first refusal for the land because it was of recreational use. "e town just couldn't afford that," said Jim McKay, a Millis Planning Board member and the town's public works director. Glen Ellen Country Club, a proper- ty off Orchard Street on the Holliston line, closed last year. Its clubhouse was knocked down, and the course has been le to grow wild. Nearly half of the 136- acre site will be le as open space. Toll Brothers did not say how much it plans to spend on the development. Millis property records show Toll Broth- ers bought the property in May for $14 million. $3.2M in new tax revenue Regency at Glen Ellen, a 55-plus com- munity, will bring higher-priced homes to a community without the same spike in prices as other MetroWest commu- nities. e median single-family home price in Millis this year through August was $415,000, according to Boston real estate data firm e Warren Group. e number of home sales for the year has fallen by 15 percent compared to the year prior because low inventory. Sales at Regency at Glen Ellen began in October. Townhomes are listed starting in the low $500,000's and the single-family homes starting in the high $500,000's. Homeowners association fees are $430 per month, and prices top out at nearly $670,000. Toll Brothers' sales staff said they believe the development will draw both locally and people from out of state looking to live closer to family. Regency Reversing population trends Franklin 31,635 35,775 13.1% Medway 12,752 13,526 6.1% Millis 7,891 7,239 -8.3% Sherborn 4,119 3,724 -9.6% Holliston 13,547 12,026 -11.2% 2010 Projected 2035 Percentage population population change Millis officials expect a jump in new housing will lead to more people coming to the town, which would mark a departure from what was estimated by the UMass Donahue Institute in 2015. Source: U.S. Census Bureau, UMass Donahue Institute at Glen Ellen is planned to include a community clubhouse, swimming pool, walking trails, and tennis and bocce courts. Units will range from 1,600 square feet to over 2,700 square feet for the the 212 townhomes and 112 single-family homes. Residents can buy new homes or lots with designs to choose from. "Our diverse offerings of attached and detached home designs, along with the extraordinary amenities will create a unique active-adult, 55-plus community for Millis and the surrounding area," said Shawn Nuckolls, a vice president for Toll Brothers. "Our active adult customers choose Toll Brothers communities for the lifestyle it allows with beautiful luxu- ry homes and world-class amenities." Guzkinski called the development an excellent project for the town, as town officials look forward to new revenue from Regency at Glen Ellen and the oth- er developments and ready for a wave of new construction. Regency at Glen Ellen alone is pro- jected to bring in $3.2 million a year in new revenue, and other developments are expected to bring in another $1.3 million. e town's annual operating budget is just over $30 million. "at's going to be the largest influx that the town has ever seen" for new revenue, McKay said. While Millis hasn't been as used to the influx of new homes as some other near- by MetroWest towns, the community is already responding. A new, $50-million Millis Elementary School began con- struction late last year. The first of an eventual 324 units at Regency at Glen Ellen are now being built. Residents could begin purchasing sites in October and are able to choose from an array of layouts. W

• Cover