Fraud Protection News & Tips

Fraud Protection News & Tips

Unfortunately, fraud exists all over the world and in many different forms. Banking is also subject to fraud attempts, so while banking is much easier today, there are constant risks, too.

Here are some of the main modern day scams and how to help protect yourself. Please talk to your Lakeside Banker with any questions about suspicious activity.

The most important piece of advice we can offer: BE ALERT! If something looks questionable, QUESTION IT! By being aware and following the right procedures you will have the best chance of avoiding fraud. In addition NEVER share your account numbers, credit / debit cards or ATM pins with anyone.

Counterfeit Cashier Checks

One of the current scams comes in the form of Counterfeit Cashier’s Checks. Cashier Checks are paper checks that are drawn on the bank’s own funds rather than a personal account. The Cashier Checks at each bank are different. And Cashier Checks may seem more secure. In fact, they’re tempting opportunities for scam artists. There’s been a steady rise in counterfeit cashier checks. In fact, they’re counterfeited almost as often as currency or personal checks. So, just because a check is from a bank doesn’t mean you should automatically accept it. Here are some of the tricks counterfeiters use and recommendations on what you should consider doing.

*Be careful with offers to purchase a large item you have for sale. For example, your car. If the buyer uses a fake Cashier’s Check it could lead to the loss of your car as counterfeiters can quickly get a new title and re-sell the vehicle.

*Be especially careful with a cashier’s check from another country. These are much more commonly linked to reports of scam and should always be thoroughly reviewed.

If you’re suspicious about any cashier’s check, call the issuing bank for verification. Don’t use the phone number that might be printed on the check. Use the internet or another reliable source to obtain contact information.

Check Fraud

Another area where you can be taken advantage of is check fraud. Here are examples of things to watch out for, and again, how to help protect yourself.

*Just as with Cashier Checks, check the source. Ask for another form of ID from the person offering the check. Take a photo of the identification and the person. You might even ask the purchaser to put his or her thumbprint on the back of the check. (This will aid law enforcement later if that becomes necessary.)

*If you’re selling something, is the price of the check you received more than what you’ve requested? If the purchaser is asking you to send or give that “extra” money back, it may be a warning sign.

*Is the name on the check different from the person buying your item?

*Did the check arrive via an overnight delivery service?

*Is the check in response to e-mail you received?

*Another type of check fraud is when the thieves counterfeit your personal checks and in effect assumes your identity to buy things! Keep your checkbook and blank spare checks safe! Shred or burn old checks if you throw them away.

*Check washing is another common form of Check Fraud which involves fraudsters stealing a check sent through the mail and altering names and addresses. It is important to keep your mail safe and hidden. To ensure your mail’s safety, we recommend using the post office or a dropbox that is often used in a highly visible area

Finance Apps

Personal finance apps are now more popular than ever. These include many common apps used to make payments to friends, shop or even invest. It is important to know how to use these apps properly. Here are some tips to help you safely navigate finance apps.

*Always make sure you download these apps from the official App Store or Play Store on your mobile device. Never use a website link to download a finance app.

*Keep the number of finance apps you have to a minimum as the more you download, the higher you are at risk for your information getting stolen.

*Only use one of these apps from a well known company with proper security and privacy policies in place.

For more information check out the Wall Street Journal Article, “Safeguarding Data In Your Finance Apps” in the link below.

“Safeguarding Data In Your Finance Apps” By Tomio Geron

Other Examples of Fraud

*As mentioned earlier, an all-too-common example of fraud is when a buyer sends or provides a check that’s larger than the purchase price and asks you to return the extra cash via a check or money transfer. You may lose both your item … and the extra cash!

*Were you told you won a lottery (often in another country) that you didn’t enter? This common trick may appear as an inviting email. Always avoid and ignore these emails as they may be attempting to steal your information.

*Were you asked to “wire” (or otherwise send) money to another city or country? Grandparents have been targeted, with bogus requests to send money for a grandchild who needs help! Check before taking action.

*Stealing mail is another way criminals can steal your identity or get access to important account information. Be sure your mail is safe. And shred mail before you throw it away

These scams seem to be everywhere. Following these tips is the best way to do your part to avoid them. The American Bankers Association (ABA) suggests the following.

• Do not trust emails urgently requesting personal and financial information, such as passwords, PINs and account numbers.
• Never press a link provided in a suspicious email.
• Ensure that your browser security is up-to-date.
• Always report suspicious incidents to us here at Lakeside so we can help you keep your money safe.

In an ever-more connected world, counterfeiting has become an increasing concern. It’s important to be aware of the types of “tricks” these criminals play and to protect yourself. We hope these examples and suggestions are helpful. As always, please feel free to call your Lakeside banker with any questions.