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Banking Securely: Protect Your Information
Are you aware of the most common scams that threaten your personal information and bank accounts? Do you know how to protect yourself and what steps to take should your information become compromised? Recognizing red flags for potential scams can help protect you and your hard-earned cash.
Phishing
Phishing is the attempt to acquire sensitive information such as usernames, passwords, and credit card details. Scammers disguise themselves by pretending to be a trustworthy entity, such as your bank, coworker, a business you work with, or a popular website.
91% of successful data breaches started with a spear phishing attack. There are a variety of phishing techniques, including Email/Spam, SMS/text, Infected attachments, and even fake websites.
Preventative Actions
Account Takeover
Account takeovers happen when the wrong people dig up enough private information about you to gain access to your checking or savings accounts. They then move big chunks of your money at once or small amounts a bit at a time, hoping you don’t notice.
It is a form of identity theft because the more people know about you, the easier it is for them to access your money. Since we are sharing a lot of information publicly about ourselves, it makes us easier targets for takeovers.
Preventative Actions
Social Engineering Attack
Social engineering is manipulating, influencing, or deceiving you to gain control over your computer system. The hacker might use the phone, email, snail mail, social media, or in-person to gain illegal access.
A new common trend is for attackers to gather personal details, such as a street address, phone number, email address, date of birth, etc., from social media accounts. They then use this information to trick or scare you into completing time-sensitive requests and gain access to your account.
Preventative Actions
Malware
Malware or Malicious software causes damage to, disrupts, or compromises electronic devices. Examples include viruses, trojans, ransomware, computer worms, keyloggers, spyware, and adware.
Cybercriminals often use emails, text messages, and social media to make their messages look legitimate to trick the victim into downloading malicious software.
Preventative Actions
HELOC Fraud
A new target for scammers is HELOC accounts. HELOC scams are causing costly damage for account holders. How are they doing this? Scammers are forging signatures on checks to advance from a HELOC account. They then deposit the fund into a checking account and use counterfeit checks or wires to withdraw the funds.
Why is HELOC Fraud Popular Among Criminals?
Scammers are finding they get away with these crimes because HELOC account holders are not in the habit of regularly monitoring this account. Criminals are obtaining personal contact information from social media and other public forums. With this information criminals login into accounts and create new passwords, email addresses, phone numbers, and contact preferences. Once criminals complete a HELOC account transaction, they continue to target the same account.
Preventative Actions
What Happens Next?
If you suspect fraud on your account or that you are a victim of a scam take action now!
Record all details about the incident
Report Fraudulent Activities
Contact local authorities if necessary
Change any passwords that may have been compromised
Check accounts for suspicious activity
Report appropriate fraud instances to the Internet Crime Complaint Center
Important Legal Disclosures
Information from Knowbe4.com and Abais.com.