Banking Safety Tips
  

 

 ATM Tips  Deposit Tips
 Loan Tips  Online/Internet Tips
 Consumer Tips  

 

ATM Safety Tips

 

  • When using an ATM, be aware of your surroundings.  If any plant or structure blocks your view, do not use the ATM and report this to the bank. 
  • If using an ATM at night, make sure the area is well lighted.  If others are around the ATM, give people ahead of you enough room to conduct their business.  When it is your turn , make sure no one is watching you enter your PIN number. 
  • Use your body or hand to shield the keypad when entering in your information.  If you experience difficulty, be cautious about allowing anyone else to help you.
  • Avoid using ATMs that have messages on them saying the instructions have changed.  Banks usually do not put messages on their ATMs instructing you to use an ATM that has been altered.  This could be an indication of “skimmers” which is placed on a machine to copy the user’s identity off of the card’s magnetic strip.  If you think there is something wrong or different about the ATM you are using, press the cancel key and report this to your bank. 
  • Always take your receipt with you after using an ATM.  Even if the transaction was incomplete, leaving behind the receipt can lead to identity theft. 
  • After leaving the ATM, count your cash to make sure you received the correct amount, if not contact the bank. 
  • It is also important to keep your ATM receipts so you can compare your ATM receipts with your monthly bank statement. 
  • Check your bank account balance on a regular basis if using an ATM frequently so you can report any discrepancies to your bank as soon as possible.
  • It is unlikely that anyone under duress could successfully employ this technique without compromising personal safety. Cardholders should not consider PIN reversal a valid security option at the ATM.

Debit Card Fraud

Debit cards offer the convenience of cash and "pay-as-you-go" purchasing, unfortunately fraudsters have realized that debit cards are like blank checks, allowing them to empty bank accounts before the victim even realizes the debit card is gone. A new threat to debit card users is "skimming", which allows thieves to set up a device that captures the debit card magnetic strip and keypad information from ATM machines and gas pumps.

REMEMBER: Do not keep your PIN with your card. Make sure no one is secretly watching you when making ATM transactions and if an ATM looks suspicious, go to another location. It is important to know that your bank will protect you if you are a victim.

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Deposit Safety Tips

Counterfeit Cashier's Checks

Cashier's check fraud has become more prominent as online auction sites, chat rooms, and classified ads have become more popular. Typical fraud scenarios involve buyers from overseas claiming someone in the United States owes them money after a purchase has been made. The person who owes the buyer money then offers to send you a cashier's check for an amount over the purchase price and asks that you wire back the difference to the buyer. You agree, so you deposit the cashier's check once you receive it and wire the leftover sum to the buyer. Days later your bank informs you that the cashier's check was fraudulent and you are now responsible for the money you've drawn against it. You've now lost your money and merchandise to a scam.

REMEMBER: Use caution when dealing with foreign buyers and sellers. Also, banks can take up to 10 days to determine if a check is counterfeit; do not be rushed into any transaction. No legitimate company will offer to pay you by arranging to send you a check and asking you to wire some money to their bank. If that's the pitch, it's a scam.

Fake Check Scams: Can a bank tell if a check or money order is fraudulent when it is deposited?

Fake checks and money orders often look so real that even bank tellers may be fooled. Many times, the name listed on the check is a legitimate business name, but is matched up with a fake bank or account number.

Under federal law, banks must make the funds available to the customer within one to five days. So just because the funds show up in your account, doesn’t mean the check is good. Forgeries can take weeks to be discovered.

If you suspect a check may be fraudulent, ask the teller if they can verify funds with the issuing check’s bank. It’s better to be safe than sorry.

Fake Check Scams: If the check is fake, is it the customer's problem?

Every customer is responsible for the items they deposit. "The customer is in the best position to determine how risky the transaction is" (Fraud Alert: Fake Check Scams). When a check or money order is returned, you owe your bank the money you deposited or withdrew. The bank may recover the funds by debiting your account. "In some cases, law enforcement authorities could bring changes against the victims" (Fraud Alert: Fake Check Scams).

Direct Deposit

If you don’t already have your paycheck set up with direct deposit, you should consider the benefits.  Direct deposit is safe, reliable, quick, and convenient.  Direct deposit puts money in your account on time, every time.  It can’t get lost or stolen because it will never be in your possession.  You won’t have to make that special trip to the bank or pay for the stamp to mail your deposit, your paycheck will be credited to your account and available for you to use immediately.  Check with your employer about direct deposit today!

Tax Refund Direct Deposit

Sixty-six million taxpayers are already using direct deposit for their tax refund. So why should you? The IRS can electronically transmit your refund directly into your account. It’s safe, easy, and fast. You can also select up to three financial accounts for direct deposit of your tax refund. You can choose IRA accounts, checking and savings as well as Health Savings Accounts, Coverdell education accounts or medical savings accounts. To arrange direct deposit use IRS Form 8888 to split your refund. Use the appropriate line under “Refund” on Form 1040 to deposit into a single account. 

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Loan Safety Tips

Advance Fee Loan Scams

Advance fee loan scams target clients who use their legitimate looking Web sites. After filling out an online loan application, the client quickly receives verification that their loan has been approved and can obtain their funds after first wiring a deposit or fee. After doing so, the victim quickly realizes that the loan never materializes; leaving the client vulnerable to identity theft.

REMEMBER: It is illegal for a lender to ask you to pay a fee before you get a loan. Your best defense is to do business with an institution you know and trust, such as your bank.

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Online/Internet Safety Tips

Online 101: Identifying the Threats

Phishing- This usually happens in the form of fraudulent e-mails, which appear to be from a trusted source, such as your bank. The fraudulent e-mail usually directs you to a site that is designed to appear like the company they are trying to imitate. Once at the site, the customer is directed to verify their information, such as their name, account, credit card numbers, and passwords. Your personal information is then used to hijack your accounts and your identity.

Pharming- This fraudulent activity happens when a user is at a legitimate site and is then redirected to a fraudulent site and fooled into entering personal information. It is different from phishing because the user does not have to click on a link in an e-mail to go to the page, they are simply redirected by the attacker from the legitimate site to the malicious web site.

Malware- This is software that is designed to damage a computer system without the user knowing it is present. This includes computer viruses, worms, trojan horses, spyware, and adware.

Remember: Be aware of the website you are using when entering in personal information. If you receive an e-mail from your bank directing you to click on a link, verify with your bank that the e-mail is legitimate before doing so.

Safe Online Shopping

Important things to remember when shopping online…

Secure Connection- Look for signs of a secure connection on your browser. The address bar should have an https or shttp instead of http and a picture of a lock should be shown at the bottom of your browser.

Public Computers- Use a personal computer to make online purchases. Never use a public computer to make purchases because it is hard to tell who may be watching you. Hackers sometimes install software, which cannot be detected, on public computers to gather customer information when entered in on the computer.

Understand the Terms- Always read important merchant information; such as, return policies, refunds, shipping costs and privacy protection, before making a transaction from an online business.

Responding to Information- Often times companies will send you an e-mail confirmation of your purchase after completing the transaction. These e-mails are good to keep record of because they often list information about your purchase. Usually these e-mails specifically say, Do not Respond to this E-mail. If you do receive an e-mail saying a merchant needs to confirm your billing information, beware. These e-mails are usually fraudulent and when entering your information, you are leaving yourself susceptible to identity theft.

Review Statements- When shopping online make sure you check your monthly statements issued by your billing company. This will help you identify any unauthorized transactions that may have been placed on your account. If a transaction is present that was not authorized by you, call your bank or credit card company to report the fraudulent activity immediately.

Information provided by McGlasson, Linda. "Do's and Don'ts for Safe Online Shopping" <BankInfoSecurity.com> December 14, 2007 

IRS Scan & E-Mail Fraud

With the tax season in full swing, it is important to protect yourself from scams aimed at taxpayers.  Several fraud related e-mails have been sent out to taxpayers to try and acquire personal and financial information by stating they are entitled to a tax refund check.  Another scam involves a downloadable form that the taxpayer is to use in filing their taxes.  Individuals are told that if they do not use this form, they will be subject to an IRS audit.  By downloading this form, spyware is then placed on the individuals computer that can obtain passwords and other valuable information.  Some scams are even coming through phone calls, instead of e-mail, with the caller claiming to be an IRS agent.  It is important to remember that you should only access tax information by going directly to the IRS’s website, www.irs.gov

Information provided by Krebs, Brian. “IRS Warns of Scams to Steal Data With Offer of Tax Rebate”.  www.washingtonpost.com Jan. 31, 2008.

Malware Targeting Online Banking Users

We have been informed of a new malware that is affecting online banking users.  This has not affected any of our Citizen’s State Bank online users directly, but we want our customers to be aware of what is going on.

Once the malware is present, it attempts to trick the user by popping up fraudulent login screens. These pop up screens acquire personal data such as usernames, passwords, challenge questions, token challenge numbers and other information.

Please report any suspicious activity or anything that looks different on the login window. These could be signs that the computer has been affected by the malware. As a precaution, please close all other browsers and tabs before logging into your online banking.

Safe Online Banking

Online banking has been an added convenience to our everyday lives in several different ways, but it is important to be safe when using this helpful device.

1.      Passwords. Use a strong password and do not share it with anyone else. By using a combination of numbers and letters, (and not using easily guessed words) hackers will have a harder time trying to figure out your password.

2.      Anti-Virus Protection. Make sure the anti-virus software on your computer is up-to-date.

3.      E-Mail Communication. E-mail is generally not encrypted, so be cautious about sending personal information (account numbers & social security numbers) through your e-mail.

4.      Log Off. Always make sure you log off your account, especially if you’re using a public computer.

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Consumer Information Safety Tips 

Know Your Credit Report

In today’s world, credit is a privilege. It is important to have good credit as several decisions can be based on this statistical number.

1.      Monitor your Credit Report. The three national credit reporting agencies offer free credit reports every year. Take advantage of this and order a report from a different company every four months to monitor any new activity year round. Go to www.annualcreditreport.com to get your free credit report.

2.      Improve your Credit Score. If your credit score isn’t as high as you’d like it to be, take these steps to improve your credit score: Pay bills on time, keep credit card balances low, consider close unused accounts, and pay off debt.

3.      Correct your Credit Report. When looking at your credit report, verify that all information is correct.  If you notice something that is wrong on your credit report, you have the right to dispute any discrepancy.  Credit bureaus are required by law to investigate any written complaint within 30 days.

 

 

Save Time When Paying Bills

There are two advances in electronic banking that will allow you to save time and pay bills faster and easier.

Direct Payment- Bills are paid automatically every month from your bank account to the company you wish to pay.

  • Contact your bill companies in which you have a reoccurring monthly bill and tell them you want to set your bill up on direct payment
  • Give them your account number and bank’s routing number
  • Authorize the amount and payment date

By setting your monthly bills up on direct payment, you not only save valuable time, but you will no longer have to pay for postage, checks, or late fees.

On-Line Bill Payment- Pay bills by using your computer.

  • Go to a company’s website that allows you to pay bills online
  • Enter in your bank account information and the amount you wish to pay
  • Your payment will be automatically deducted from your account upon your approval

By paying your bills online, you save money on postage and checks.

Warning Signs of Financial Stress

Here are a few warning signs that show you might be in financial stress:

·         You pay the minimum payment amount each month.  (This includes credit cards, bills, and loan payments.)

·         Important payments are late. (Like your mortgage payment.)

·         Taking out a loan to pay-off another loan elsewhere.

·         Taking cash advances for everyday living expenses.

·         Getting a new credit card because your other credit cards are maxed out.

·         Running out of cash before your next payday.

 

Holiday Budget

To help get back on track, sit down and write out your budget so you know where your money is going and see what areas you can maybe cut back on. It is important to seek professional help if you believe your finances may be in trouble.

It’s that time of year again to be thinking about your upcoming holiday budget.  Here are a few tips to help you get through this holiday season.

·         Make a list of all the people to plan to buy a gift for.  Next to each name make a note of what you plan to buy that person and how much you want to spend.  This will help you keep track of what items need to be bought and the amount you will be spending.

·         Once you have your list made, start watching for sales.  Look at different stores and compare prices on different items.  If shopping online, purchase multiple items from one online store to cut down on shipping costs.

·         Review your receipts from last years purchases.  This will give you an idea of how much you spent last year, so you can better calculate your spending for this year. 

·         Save your receipts from your purchases made for this holiday season and add them up to see if your spending is on track.  By totaling your receipts weekly, it will help you keep a better grasp on the amount you have spent. 

·         And finally, start saving for next year.  It’s never to early to get ahead on your holiday budget.

 

Holiday Shopping

It is important to take certain precautions when shopping during the holiday season to avoid being a victim or identity theft or fraud. 

·         Look at your bank and credit card statements every month to make sure each transaction was authorized by you.  If not, contact your bank or credit card company immediately.

·         If shopping online, use a secure site, which is indicated with a lock symbol or https in the url address. 

·         Only give out your checking or credit card information if you initiated the transaction.  Do not respond to e-mails or phone calls asking for your billing information. 

·         Shred information that has your name, account number, or other personal information to avoid identity theft.  It is also important to get a free copy of your credit report to check for fraudulent activity and that accounts are being reported with the correct status.

Stop Identity Theft

With identity theft on the rise, here are three important things to remember:

1.      Never provide personal information to someone if you did not initiate the contact, including over the internet and telephone. If someone does call you requesting personal information, do not feel pressured to give them the information even if they claim dire consequences. Get the name of the company and verify their phone number, the key is that YOU should be the one to initiate the contact.

2.      Never click on a link in an e-mail from an unknown source, it could contain a virus or steal your personal information.  Type in the company’s website or use a previous bookmark instead if you are unsure of the legitimacy.

3.      Report lost or stolen checks immediately so your bank can put a watch on your account and block payment on the checks. Guard your ATM PIN number and ATM receipts and shred any bank statements before throwing them away.

4.      Watch your mail for any suspicious activity. If you do not receive a bill contact the company and place all outgoing mail in a secure collection box.

5.      Act immediately if you fall victim to identity theft. Contact your financial institution, place fraud alerts on your credit files.  Report any suspicious e-mails or calls to the Federal Trade Commission at http://www.ftc.gov/bcp/edu/microsites/idtheft/, or call 1-877-IDTHEFT 

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Information provided by the American Bankers Association, 2007 Financial Education Corporation and 2009 American Bankers Association.
  
  

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