To our customers
We're here for you.
March 13, 2023
To Our Valued Armor Customers:
As you may be aware, Silicon Valley Bank (SVB), one of the most reputable US banks with a long history of finance for technology companies, has been placed under receivership by the US Federal Reserve. You can view the notice issued by the FDIC here: https://www.fdic.gov/news/press-releases/2023/pr23016.html
This rapidly-unfolding event caught SVB customers by surprise. Like many other US technology companies, Armor used SVB as its primary bank, including for financial transactions with customers and suppliers.
While Armor was impacted by the SVB collapse in the initial few days, we had no threat to our business continuity as we have the strong backing of our shareholders. This got further validated as we successfully arranged bridge funding to meet any short-term needs before any Fed announcement and since then the FDIC has restored access to all our deposits as of Monday, March 13, 2023.
Updated banking information for current Armor customers has been sent via a ticket in the Armor Management Portal.
Please continue to be vigilant as we expect phishing attempts to increase.
Below are Armor recommendations to identify and avoid phishing attacks:
- Identify red flags. A common indicator from a threat actor is a sense of urgency to capture your confidential information or funds.
- Identify known phishing emails. Many of these scams use the same subject header. Simply Google the header in quotes. If it is part of a known scam, it should appear in the search results.
- Verify the legitimacy of an email. One easy way is to extract the email header and check the FROM field to see if it's really coming from a legitimate source. You must be meticulous in your inspection, as some email addresses might only be subtly misspelled.
- Address doubt. Always err on the side of caution. It should only take a moment to call the supposed sender to confirm whether they in fact sent the email/request.
- Implement internal processes that will render this attack vector ineffective. There are multiple ways to prevent transfer of your funds to a criminal's account. To reduce risk, implement policies that require validation via call back or another internal mechanism outside of email communications.
Thank you for your continued trust. We appreciate your partnership and assure you of Armor's continued uninterpreted service.
Please feel free to speak with any of our team members with any questions or concerns.
Armor Founder and CEO