Retail Clients – Important Things to Watch Out For

Retail Clients – Important Things to Watch Out For

Sadly, FRAUD continues. Lately, challenges have increased; we’ve seen upticks in fraud attempts.

Retail accounts include products like checking and savings accounts. Money markets and CDs are also routine retail products. The following reviews the latest in Fraud, Scams and Identity Theft. We hope you find it useful. Please feel free to contact your Lakeside Banker if we can be of help.

The most important warning we can offer: Be Alert! Fraud and scams can be stopped with AWARENESS and following the right PROCEDURES.

The first and last rule is simple: Protect Your Personal Information. If the bad guys get your private information, they can wreak havoc on your savings, daily finances and good name. But if you don’t let them in … they can’t get in!

Don’t click on emails you don’t know! Don’t share your name, address, social security number, date of birth, credit card numbers, PIN’s (for ATM’s, debit and credit cards), FSA ID’s, passwords, financial statements … with any unsolicited requests!

Other ways thieves attempt to steal your identity include:

Phishing – Email attempts to engage you. Read emails carefully; scammers will take familiar looking addresses and misspell them or add characters. Or the domain may be different. Be sure to practice ‘safe computing’ by installing firewalls, anti-spyware and antivirus software on your computer. And when you buy something online, make sure you’re on a secure site.

Scams related to the COVID or other diseases – Emails, texts or phone calls to purchase suspicious products, ‘treatments’, medical advice or even ‘cures’. Or they may want donations to a charity. Or have an urgent request to help a relative.

Scams targeting Social Security payments! – Thieves may attempt to convince you personal information is needed to continue payments. Wrong! Remember that first rule: Don’t give up your personal information.

Scams can get pretty imaginative. Don’t give up your information! And always validate an individual or organization you don’t know.

Skimming also continues. This is where a device is placed over an ATM pad or retail store card entry. If a machine looks odd … don’t use it. Also, don’t let anyone observe you using a keypad.

Old Fashioned Theft. Stealing your mail … or going through your garbage … means they’re attempting to change your address & re-direct mail. This still goes on. If you don’t save your bills or financial correspondence, be sure to shred.

There are other suspicious activities to watch out for, too!

• Bills that don’t arrive. Or bills for products / services you didn’t order.
• Unexpected credit card or account statements.
• Denials of credit for no obvious reason.
• Calls or letters about purchases you didn’t make.
• Unusual transactions on credit or bank statements.
• Unfamiliar accounts on your credit report.
• A health plan rejection because you’ve supposedly reached a benefit limit … when you haven’t.
• Notification from the IRS that more than one tax return was filed in your name … or income was reported from an employer you don’t even know!
• Speaking of the IRS, if you get a phone call from them … it ISN’T the IRS! By law, they must contact you by mail.
• A data breach notice from a business where you do have an account.

Lakeside Bank can help! We have multiple systems designed to protect you:

• We work hard to spot check fraud, scanning accounts for unusual activities.
• Sign up for our electronic banking to eliminate paper and potential theft.
• Pay bills online. Again, less paper and less opportunity for fraud.
• Control your Lakeside debit card right from your phone or computer. Our “Cash Control” is a great addition.
• Multi-factor Authentication adds a second layer of protection. A one-time code is sent via text, email or phone … your choice.

Please also remember you’re entitled to a free annual Credit Report from the three rating services. These three agencies are Equifax, Experian, and TransUnion. Take advantage and check your credit. If there have been unexpected changes, request explanations. This is your right.

Scammers and hackers may always attempt to gain access to your financial information. It is important to follow the previously mentioned tips and STAY ALERT to the tricky tactics used all the time. When in doubt, call your Lakeside personal banker for clarification.

Identity theft occurs when your personal information is stolen and used without your knowledge. It can cost you time and money to correct the problems in addition to ruining your good name. Take the time to prevent and protect yourself from identity theft.

Download The Brochure: Lakeside Privacy Security Brochure

What should you do if you suspect fraud or identity theft?

• Call us if it’s related to your Lakeside Bank accounts or credit / debit cards.
• Report ID theft to the Federal Trade Commission: ftc.gov

And to the Illinois Attorney General: www.illinoisattorneygeneral.gov