---
schema_version: "secwatch.filing_event.v1"
accession: "0001628280-24-019344"
form_type: "8-K"
ticker: "SHBI"
cik: "0001035092"
company_name: "SHORE BANCSHARES INC"
filed_at: "2024-04-30T23:59:59+00:00"
generated_at: "2026-06-03T03:53:29.636239+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001628280-24-019344
- form_type: 8-K
- ticker: SHBI
- cik: 0001035092
- company_name: SHORE BANCSHARES INC
- filed_at: 2024-04-30T23:59:59+00:00
- event_type: other_material
- sentiment: negative
- materiality_score: 0.6
- calibrated_materiality_score: 0.6
- confidence: high
- sec_items: 8.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1035092/000162828024019344/0001628280-24-019344-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1035092/000162828024019344/shbi-20240430.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001628280-24-019344
- JSON: https://secwatch.observer/filing/0001628280-24-019344.json
- Plain text: https://secwatch.observer/filing/0001628280-24-019344.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.