Shore Bancshares reports $4.3M fraud expense from fraudulent credit card account openings in Q1 2024

SHORE BANCSHARES INC

Fraud loss of $4.3 million recognized in Q1 2024; $3.6M (84%) occurred between March 25 and April 2.
Bad actors used stolen personal information (not from bank customers) to open credit cards via online activation.
No existing bank customers impacted; core processing system not compromised.
All fraudulent accounts closed; credit card activations suspended until investigation complete.
Bank evaluating whether to continue as credit card issuer; working with law enforcement for recovery.

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