IT & SECURITY CORNER
Your security is always a priority with Shelby State Bank. We seek to work together with you for the protection of your accounts, funds and personal information, and this is our hub for helpful information about your security.
Social Engineering: Don't Open That Door!
Social Engineering is the term for a number of scam and fraud activities that have elements of truth that make them just believable enough that you'll crack the door open on information or access... and that's all the criminals need.
Even the savvy and skeptical among us can be tricked with information that appears legitimate. Check out the document below for excellent tips!
Our membership in the American Bankers Association has more than just benefits for us within the industry, it has benefits for you! One of our favorites is their annual "Banks Never Ask That" campaign of information against scam and financial fraud.
A more informed consumer is a more protected consumer!
As you can see, we've dedicated a whole page on our website to be packed with tips, information and helpful links. We encourage you to start by browsing the latest information and amusing videos on the Banks Never Ask That website. Informative and very shareable!
The Latest in Card Theft
A very specific type of credit and debit card theft is skyrocketing. Thieves will get an image of your physical card and add it to their own digital wallet and begin making purchases. This is particularly awful for the victim as transaction disputes are more difficult.
Protect yourself in these ways:
- Keep your card in sight when purchasing. For example, don't let your card disappear around the corner when paying for food. (Many restaurants have put kiosks at the table to reduce the chance for staff to take photos of customers' cards.)
- Turn on card controls when your cards are not in use. This is very easy from our mobile app. At a minimum, turn them off for online purchases which is another card control you can apply through the app. This is the strongest protection as it makes your card unusable by anyone while switched off.
- Use the contactless payment feature ("tap to pay") in your smartphone's digital wallet so would-be thieves don't have the chance to get your card information into their own devices.
New Twists on Old Scams
Fraudsters are persistent and always adapting, and they have sure been busy this year! AARP has done an excellent job describing the latest twists in scam, fraud and theft attempts, including some that will surprise you!
It's a quick read with great tips. Check it out and share with family, friends and colleagues.
Unsolicited Mortgage Offers
When you apply for a mortgage, or really any kind of credit or loan, that action becomes part of your credit report. Many mortgage companies and lenders purchase lists of recent inquiries, and that is likely to trigger offers of all kinds of lending products.
Often these marketing messages include information that will surprise you, such as the actual lender and the amount of the loan! While it is a legal process, for many people it feels very invasive and unsettling -- not to mention just a nuisance in your mailbox, email inbox, and even your text messages.
But good news: If you would like to cut down on your junk mail and telemarketing calls, there is a way to opt out. Click the link below for the steps to do so!
If you get a text message saying you have won a prize, that your shipment is delayed, that there was a problem with an online purchase, or any other unusual and unexpected notification, be wary -- and do not click on a link.
These messages are not necessarily new, but they are going around again and causing major headaches for curious recipients who click through. Clicking leads the user to websites asking for personal information and/or requiring additional purchases, suspicious offers, etc.
Here's what the Federal Trade Commission recommends instead:
- Legitimate companies won't ask for sensitive information by text, so delete any text message that does. Don't reply, just delete.
- Don't click on links. They very often lead to sites that will steal your personal information.
- Report spam messages to your carrier. Copy the original message and forward it to 7726 (SPAM) free of charge. Or use your phone's "Delete and Report Junk" feature if available.
We are on our phones all the time, and scammers know it. Follow these tips to stay protected!
Business Owners & Managers: Direct Deposit Frauds
The latest fraud scheme circulating right now in Michigan uses emailed requests with new direct deposit instructions to steal your employees' paychecks.
When you receive an email with new instructions for direct deposit information, do the following:
- Verify the email address is valid and belongs to your employee
- Obtain a signed consent from the employee to change their direct deposit instructions
- Use contact information you already have on file to verify the new instructions with the employee
- Verify the new routing number is for a local financial institution; out-of-state institutions are a big red flag
With any combination of the above, you should be able to confirm the validity of any such request - or identify a request that is bogus!
Business Owners & Managers: Fake Invoice Scams
False Invoice scams have been rising in frequency. Scammers are counting on the volume of invoices you have going in and out to slip a fraudulent invoice into your payment stream. Here are tips to help you make sure you don't pay anything that is not legitimate!
Recognizing fake invoices:
- Unexpected invoice from an unknown party or vendor
- Change in payment instructions (i.e. new account # or routing #)
- Asking for information not previously needed (such as private financial or account info)
- Suspicious attachments
Avoiding invoice fraud:
- Call to verify a questionable invoice with a known company contact
- Call to verify any change in payment instructions; don't rely on an email message alone
- Use known contact information instead of a phone number or email address from a suspicious invoice
- Review information like URLs and email addresses for misspellings or grammatical errors
- Be especially wary when you see unusual time-sensitive requirements or payment pressure
- Watch for blurred, unfamiliar or doctored logos
Contact your SSB Business Banker for additional assistance anytime!
Don't Be Fooled:
Neither Shelby State Bank nor the IRS will ever contact you unexpectedly and ask for your passwords, Social Security Number or other personal information over the phone, by text or email. If you see a request like this, you can be sure it is a scam. Don't reply, don't click, and don't believe what you see.
If there is ever a question about the legitimacy of any communication between Shelby State Bank and you, always feel free to verify by calling us directly.
A great tip for spotting a scam is to look at how a message tells you to pay.
You see, legitimate buyers and sellers utilize fairly ordinary channels to do business with you. So when you get a message with convoluted steps or strange methods (like paying with gift cards or crypto ATMs), you can confidently stop right there.
For an interesting read on all these scam methods, click below and share freely!
We should all know the fundamentals of password security by now, but it is so easy to take shortcuts for sake of quick recall or to assume that a certain account is not substantial enough to be targeted.
Click here for a timely refresher on passwords that are truly secure.
Banks Working to Protect You
According to research just released by the American Banker's Association, banks' fraud prevention tactics are stopping nearly 90% of fraud attempts. This amounts to over $22.3 billion saved out of over $25 billion in attempted fraud and theft!
At Shelby State Bank, we apply internal security measures as well as consumer education (like this page) to do our part in fraud prevention and customer protection.
Read more about banks' security efforts plus tips to protect yourself here:
Tips for Avoiding Phishing and Other Scams
There is a constant onslaught of attempts to steal key pieces of your personal information. The sheer numbers are staggering.
Fortunately, there are recognizable patterns used by scammers which means a little education goes a long way towards prevention. Click the link below for a short article by FDIC that describes phishing and other ways criminals seek to fool you into handing over your sensitive information.
It's easy to print, download or share. Spend a couple minutes to learn what to watch out for!