ORANGE PARK — The realities of living in a K economy, the current interest rate environment and tips to keep fraudsters away from your business were some of the topics discussed during the Clay County Economic Development's Corporation Quarterly Luncheon on Thursday, May 28.

Nicole Stokes, corporate executive vice president and chief financial officer of Ameris Bank, was the series' key presenter. Ameris Bank is a leading partner in the banking industry, serving more than 500,000 consumer and business customers with strong capital levels and disciplined growth. Stokes took a structured approach to her address in front of a crowd of local business and community leaders at the Thrasher-Horne Center, delving into key things to look out for within a fluctuating economy.

Compared to last year, Stokes said interest rates appear to be headed in a steep curve, which is a step in the right direction.

"That's a good signal for us, that rates have somewhat stabilized and the market is now somewhat stabilizing and we're back to normal."

As for inflation, the Fedederal Reserve Board reported in April that the number had risen 3.8%. The annual target goal is 2%, Stokes said. She added that this increase is due to a rising use of fuel and energy.

"This is the fact that it costs more gas, more fuel to get our groceries  to the grocery store," Stokes said. "This is where getting things across our country to [the] supply chain. All of this energy costs is what's causing [the] core goods and services to go up."

When it comes to fraudsters, Stokes said they are only getting smarter. And deterring them is crucial to protecting a business.

According to a 2025 Association for Financial Professionals Fraud and Control Survey, 79% of organizations were victims of fraud in 2024, down only 1% from the 80% reported in 2023.

In order to mitigate fraudelent activity, Stokes said it's important to: 

-Initiate background checks on all employees and contractors.

-Always have a fraud plan.

-Use fraud prevention services, like Positive Pay, ACH Blocks and Filters, and Firewalls.

-Cultivate a risk management culture.

-Notify the bank and law enforcement if you are under attack.

"Hopefully it get's stopped, but there's a good chance, as we just talked about, that you are going to be attempted. You are going to have some sort of fraudulent event. Know who to call, know your financial insitution's process."

Another highlight was how to effectively incorporate the future of AI into business. With techonology changng every day, Stokes said it's important for businesses, especially smaller ones, to keep up, while being mindful of its pros and cons.

AI, she added, should not be used as a replacement, but a a strategic way to become more efficient.

"I don't think that AI is going to replace our bankers, but I think the banker that uses AI is probably going to be more effective than a banker that doesn't. So, again, our AI strategy is not to eliminate positions, we're not. We're using our AI strategy to come up with ways to build capacity. So, how do we become more efficient?"