Charles C. Fawcett IV
President at Tri State Capital
About Charles C. Fawcett IV
Business executive Charles C. Fawcett IV possesses more than two decades of experience in the finance sector. Charles C. Fawcett IV currently serves as President of TriState Capital’s Private Bank division in Pittsburgh, Pennsylvania.
A lifelong resident of the greater Pittsburgh area, he graduated from Ambridge Area High School before enrolling at the University of Pittsburgh. There, he pursued studies in Business Administration and Economics. Following the receipt of his Bachelor’s degree in 1985, he spent a year as an Assistant Buyer for the Gimbel Brothers department store chain.
Next, he joined a major financial services company as an Account Administrator for the institutional customer service department. Over the next 17 years, he ascended through a series of senior management and executive roles at this firm. During that time, he fulfilled the responsibilities of a Vice President, Product Manager, and Director of Marketing and Product Development. In tandem with this work, he returned to the University of Pittsburgh, where he pursued graduate studies in business on a part-time basis. He received his MBA in Finance in 1990.
After leaving the financial services company, he went on to co-found with his wife the real estate management firm Collingwood Development Company, LLC. During the mid 2000's, he and his wife designed and purchased an array of long-term lease properties through the company.
In 2006, Charles C. Fawcett IV entered into his present role at TriState Capital, where today, he oversees loan commitments and deposits totaling more than $300 million. To read more about the services he provides through TriState Capital, visit www.tristatecapitalbank.com/Private-Bank-Team.aspx.
Tech Security: A Closer Look at the BadUSB Hack
Charles C. Fawcett IV utilizes nearly three decades of professional experience to manage TriState Capital, one of the largest banks in Pittsburgh. Leveraging his background in financial management, Charles C. Fawcett IV has coauthored white papers regarding social engineering strategies and the latest trends in data security.
USB drives have long been a security concern for financial institutions, primarily due to the possibility of a user unwittingly uploading a virus to a corporate computer. However, in early August 2014, security researchers Karsten Nohl and Jakob Lell unveiled the “BadUSB” malware, which exploits a previously unknown flaw in the design of all USB devices. Rather than being stored directly on the USB as an infected file, the malware alters the device’s firmware (embedded instruction set), effectively reprogramming the device itself. The malware can control any computer from any infected device and upload and download files. Nohl notes that the exploit “can do whatever you can do with a keyboard, which is basically everything a computer does.”
To date, no widespread fix exists for the exploit, and it remains undetectable beyond disassembling and reverse engineering affected devices. The data security community urges users and professionals to mitigate security vulnerabilities by altering user behavior and limiting use to trusted devices.
An Update on Recent Financial Fraud Trends
Charles C. Fawcett IV is the president of the Private Bank division at Tri State Capital, a financial institution based in Pittsburgh, Pennsylvania. In addition to leading the delivery of private banking services to regional markets in New Jersey, New York, Ohio, and Pennsylvania, Charles C. Fawcett IV strives to update clients on potential threats to their financial security.
As banking and technology have become more closely intertwined, the methods employed by financial criminals have grown more complicated. Individuals must remain well-informed and partner with their financial institutions to defend against fraudulent acts such as wire transfer scams.
In what has recently become a common method of financial fraud, criminals collect information about a business, its chief financial officer (CFO), and its accounts payable (AP) manager from the company website; confirm this information over the phone while pretending to be a vendor; then obtain an internet domain name that is similar to that of the target company. The fraudsters bypass the security safeguards of the company’s bank and email platform by sending an email directly from their false domain to the firm’s accounts payable manager. Impersonating the firm’s CFO, the perpetrators instruct the AP manager to wire funds to an account listed in the email, indicating that they will submit the necessary paperwork later. When the bank contacts the AP manager to confirm the wire request, he or she does so, later realizing that the CFO did not request the wire at all.
To avoid this scam, companies should establish multi-channel authentication procedures and two-person transaction processes to fulfill internal wire transfer requests, as well as requiring the submission of all necessary documents before an AP manager can initiate a transaction. Firms should ensure that employees only communicate via approved phone numbers and email addresses, and may also consider implementing a commercial encryption program to further protect their funds from fraudulent activity.