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 Bank and Financial Institution Fraud Bank and financial institution fraud is a major issue causing significant financial losses for individuals, businesses, and financial institutions. It involves various illegal activities such as cheque fraud, identity theft, money laundering, and credit card scams.  Common Types of Fraud: - Cheque Fraud: Involves altering or forging cheques to steal money. - Identity Theft: Using someone else's personal information to make unauthorized purchases or open new accounts. - Money Laundering: Concealing the origins of illegally obtained money through transfers or false identities. - Phishing: Deceptive techniques to obtain sensitive information through emails, texts, or fake websites.  Impact and Prevention: - Fraud can range from small-scale operations to large multi-million dollar schemes. - Financial institutions must implement strong internal controls and monitoring systems to prevent fraud. - Individuals should ensure their financial information is secure and report any suspicious activity immediately. Fraudsters often manipulate financial systems for personal gain, making it crucial to remain vigilant and proactive in protecting financial assets.

We have received reports of fraudulent text messages that appear very similar to legitimate card fraud alerts provided by Union State Bank. The scam alert is shown in this post. When a customer responds, an unknown individual calls them in an attempt to steal card and other personal identifying information. As of now these text messages show a transaction at Target in North Carolina but could be adjusted at any time. If you receive a text alert, look at it closely to determine if it’s suspicious. Some red flags could include not listing the last 4 digits of your card number or receiving the alert from a different phone number when compared with previous alerts. If you are suspicious, do not respond to the alert or disclose any information to the caller. Hang up and call Union State Bank at the number on the back of your card or at 1-866-557-0060 to confirm the alert is legitimate. For information about Union State Bank's fraud protection alerts visit: https://lnkd.in/gt2bTQWU

The latest Association for Financial Professionals (AFP) annual payments fraud survey reveals checks remain the most vulnerable method of payment fraud, with 65% of respondents experiencing attacks. Businesses relying on check payments must be proactive in safeguarding against fraud. Let our team help you explore fraud protection tools to ensure you're protecting your assets.

Don’t get blindsided by identity theft! OSI urges consumers to protect their information and reduce the risk of identity theft. Read the full media release and find out how you can protect yourself. https://lnkd.in/g2Wz5tTH ● Immediately check your accounts. Review each of your financial accounts and identify any suspicious activity that may have already occurred.  ● Monitoring your financial accounts and credit reports. Identity thieves might not use your compromised information right away. Continue to monitor your credit report for signs of suspicious activity.  ● Signing up for free credit monitoring. Some businesses or government agencies offer free credit monitoring services. Remember, never provide private information without verifying that the service is legitimate. ● Requesting a fraud alert from one of the credit bureaus. A fraud alert notifies banks and other creditors to take extra steps to verify your identity before issuing credit in your name. A fraud alert is free and will last 90 days with one of the three nationwide credit bureaus. ● Avoiding use of the same password across various accounts. If your username and password are compromised in a breach, using the same password on other accounts could help a criminal gain access to other accounts. ● Freezing your credit. A credit freeze or a security freeze blocks a criminal from opening any new accounts or accessing credit in your name. To freeze your credit, you have to contact each of the three credit bureaus individually. A credit freeze is free for you and your children. #NMOSI #ProtectYourself

In Alloy’s Annual State of Fraud Benchmark Report, US and UK respondents identified bust-out fraud as one of the most common occurrences of fraud in both countries. But only 6% said synthetic identity fraud was a major issue. And yet…synthetic identity fraud often overlaps with bust-out fraud. 🤔 The fact is most financial institutions still struggle to correctly identify both fraud methodology and fraud type. That’s why it’s important to have an omnichannel fraud prevention solution. https://lnkd.in/ebQDm8A2

Loss of more than $10B to fraud ! Imagine your own hard earned money !! With increasing Bank Frauds, we need to be extra vigilant. Happy to note that FTC is taking considerable steps to prevent these frauds. We also need to be do our part by implementing robust security measures, such as multi-factor authentication and transaction monitoring, to detect and prevent unauthorized access or fraudulent activities. Continuous employee training and stakeholder awareness also play crucial roles in mitigating these risks.

Do we truly know the depth of check fraud and mail theft? FinCEN released their Financial Trend Analysis for mail theft-related check fraud. They estimate $688 million in check fraud resulting from mail theft occurring between February and August 2023. Based on my own experience in these investigations that number is way too low. A vast majority of check fraud I have dealt with comes directly from mail theft. Those case range from thousands to millions! According to how they determine this, they looked for key words in reporting but here's where the issue lies. Most victims of check fraud don't know their checks were stolen from the mail. Therefore, it's not listed in the report. Most of the victims of check fraud, including businesses, were not aware their checks had been compromised in the mail. Many times the stolen check is just the beginning. The check can be more than just altered but counterfeit versions of the check can be created and sold to others. One stolen check turns into multiple stolen checks. Mail theft continues to be a problem and the availability of checks in the mail are a driving force for criminals. What can we do to curb mail theft and check fraud? 1️⃣ Find out if there are other methods individuals/businesses can be paid? 2️⃣ Use certified mail deliveries if you MUST use a check. 3️⃣ Setup banking alerts and positive pay to mitigate the use and approval of stolen checks. Protect your finances and identity. Stay Vigilant. #mailtheft #checkfraud #fraud #pausethinkverify #fraudhero

Identity theft occurs when someone steals your personal information and uses it to commit fraud. This crime can have devastating financial and emotional consequences. By understanding the risks and taking proactive steps, you can significantly reduce your chances of becoming a victim. 𝗧𝘆𝗽𝗲𝘀 𝗼𝗳 𝗜𝗱𝗲𝗻𝘁𝗶𝘁𝘆 𝗧𝗵𝗲𝗳𝘁 𝗙𝗶𝗻𝗮𝗻𝗰𝗶𝗮𝗹 𝗜𝗱𝗲𝗻𝘁𝗶𝘁𝘆 𝗧𝗵𝗲𝗳𝘁: Thieves use your personal information to open credit cards, loans, or utilities accounts in your name. 𝗠𝗲𝗱𝗶𝗰𝗮𝗹 𝗜𝗱𝗲𝗻𝘁𝗶𝘁𝘆 𝗧𝗵𝗲𝗳𝘁: Criminals use your Social Security number to obtain medical services or prescription drugs. 𝗧𝗮𝘅 𝗜𝗱𝗲𝗻𝘁𝗶𝘁𝘆 𝗧𝗵𝗲𝗳𝘁: Someone files a tax return using your Social Security number to claim a refund. 𝗖𝗿𝗶𝗺𝗶𝗻𝗮𝗹 𝗜𝗱𝗲𝗻𝘁𝗶𝘁𝘆 𝗧𝗵𝗲𝗳𝘁: Your personal information is used to commit crimes, such as writing bad checks or using fake IDs. Protecting Yourself from Identity Theft 𝗠𝗼𝗻𝗶𝘁𝗼𝗿 𝗬𝗼𝘂𝗿 𝗙𝗶𝗻𝗮𝗻𝗰𝗶𝗮𝗹 𝗔𝗰𝗰𝗼𝘂𝗻𝘁𝘀: Regularly review bank and credit card statements for unauthorized transactions. 𝗣𝗿𝗼𝘁𝗲𝗰𝘁 𝗬𝗼𝘂𝗿 𝗣𝗲𝗿𝘀𝗼𝗻𝗮𝗹 𝗜𝗻𝗳𝗼𝗿𝗺𝗮𝘁𝗶𝗼𝗻: Shred sensitive documents and avoid sharing personal information online or over the phone unless you initiated the contact. 𝗖𝗿𝗲𝗮𝘁𝗲 𝗦𝘁𝗿𝗼𝗻𝗴 𝗣𝗮𝘀𝘀𝘄𝗼𝗿𝗱𝘀: Use complex passwords for online accounts and consider using a password manager. 𝗠𝗼𝗻𝗶𝘁𝗼𝗿 𝗬𝗼𝘂𝗿 𝗖𝗿𝗲𝗱𝗶𝘁 𝗥𝗲𝗽𝗼𝗿𝘁: Regularly check your credit report for suspicious activity. 𝗖𝗼𝗻𝘀𝗶𝗱𝗲𝗿 𝗮 𝗖𝗿𝗲𝗱𝗶𝘁 𝗙𝗿𝗲𝗲𝘇𝗲: Placing a credit freeze prevents new accounts from being opened in your name. 𝗕𝗲 𝗪𝗮𝗿𝘆 𝗼𝗳 𝗣𝗵𝗶𝘀𝗵𝗶𝗻𝗴 𝗔𝘁𝘁𝗲𝗺𝗽𝘁𝘀: Avoid clicking on suspicious links or downloading attachments from unknown sources. 𝗪𝗵𝗮𝘁 𝘁𝗼 𝗗𝗼 𝗶𝗳 𝗬𝗼𝘂 𝗕𝗲𝗰𝗼𝗺𝗲 𝗮 𝗩𝗶𝗰𝘁𝗶𝗺 𝗖𝗼𝗻𝘁𝗮𝗰𝘁 𝗬𝗼𝘂𝗿 𝗙𝗶𝗻𝗮𝗻𝗰𝗶𝗮𝗹 𝗜𝗻𝘀𝘁𝗶𝘁𝘂𝘁𝗶𝗼𝗻𝘀: Report fraudulent activity to your banks, credit card companies, and other financial institutions. 𝗙𝗶𝗹𝗲 𝗮 𝗣𝗼𝗹𝗶𝗰𝗲 𝗥𝗲𝗽𝗼𝗿𝘁: Contact your local law enforcement agency to file a report of identity theft. 𝗖𝗼𝗻𝘁𝗮𝗰𝘁 𝗖𝗿𝗲𝗱𝗶𝘁 𝗕𝘂𝗿𝗲𝗮𝘂𝘀: Place a fraud alert or credit freeze on your credit reports. 𝗥𝗲𝘃𝗶𝗲𝘄 𝗬𝗼𝘂𝗿 𝗔𝗰𝗰𝗼𝘂𝗻𝘁𝘀: Check your bank and credit card statements for unauthorized charges. 𝗠𝗼𝗻𝗶𝘁𝗼𝗿 𝗬𝗼𝘂𝗿 𝗖𝗿𝗲𝗱𝗶𝘁 𝗥𝗲𝗽𝗼𝗿𝘁: Continue to monitor your credit report for any new suspicious activity. By taking these precautions, you can significantly reduce your risk of becoming an identity theft victim. Remember, staying informed and vigilant is essential for protecting your personal information.

Did you know that stolen checks can be a gateway to identity theft and large-scale fraud? Jenna Herron, a Yahoo Finance columnist, shared her experience with identity theft. Jenna's ordeal began when fraudsters used stolen checks to gain access to her bank account. They used Jenna's stolen check to gather her personal information, then posed as her at three different bank branches, draining thousands of dollars from her account. This incident highlights the rise of in-person identity theft, where criminals exploit stolen checks to commit fraud. The image below shows the forged withdrawal slips used in the scam. This type of fraud is becoming more sophisticated, especially post-pandemic, as criminals continue to refine their methods. While Jenna's case primarily involved identity theft and fund withdrawal, fraudsters could essentially "double dip" by also altering the stolen check or utilizing digital tools to counterfeit them, leading to further financial damage. Read Jenna's full story and find out how to protect yourself from this growing threat in today's blog post. (Image source: Yahoo Finance)

#FPM2024: Fraud feature — identity theft and identity fraud. 👥 In 2023 there were over 11,200 reports of identity theft/fraud, making it the number one fraud of 2023. 😮 Learn more about both scam types below and how to stay safe ↓↓ 1️⃣ Identity theft Identity theft is when a criminal steals someone's personal information and uses their identity. This information can be collected by stealing mail, dumpster diving, phishing and using computer spyware. This usually leads to identity fraud... 🙅♂️ 2️⃣ Identity fraud Identity fraud is when criminals use stolen personal information to commit another crime such as logging into your bank accounts to steal money, applying for loans or credit cards, buying goods or services and even getting passports or receiving government benefits. 🚫 💡 Safety tips and info: → Use caution when receiving unknown e-mails, text messages, telephone calls or mail asking you for personal or financial information. → Check your credit reports and bank statements regularly and watch for unusual activity on your accounts. → Check your mailbox often and shred your personal documents before throwing them out. → Notify your financial institutions or government if you change addresses. 👀 Stay tuned for more fraud features to come... 🚨 If you or someone you know is a victim of cybercrime or fraud, report it to your local police and the Canadian Anti-Fraud Centre by phone at 1-888-495-8501 or online at https://lnkd.in/g9dQnNJ #FPM2024 #BeScamSmart #FraudPrevention #Fraud #Scam #IdentityFraud