Financial Security

Businesses Pay Special Attention: Use Extra Caution When Sending Electronic Funds Out of the Bank Through Wire or ACH Transfer

Business email compromise (BEC)—also known as email account compromise (EAC)—is one of the most financially damaging online crimes. It exploits the fact that so many of us rely on email to conduct business—both personal and professional. In a BEC scam, criminals send an email message that appears to come from a known source making a legitimate request, like in these examples:

• A vendor your company regularly deals with sends an invoice with an updated mailing address.
• A company CEO asks her assistant to purchase dozens of gift cards to send out as employee rewards. She asks for the serial numbers so she can email them out right away.
• A homebuyer receives a message from his title company with instructions on how to wire his down payment.
  Versions of these scenarios happened to real victims. All the messages were fake. And in each case, thousands—or even hundreds of thousands—of dollars were sent to criminals instead.
  
  

In these instances, a scammer might:

• Spoof an email account or website. Slight variations on legitimate addresses (john.kelly@examplecompany.com vs. john.kelley@examplecompany.com) fool victims into thinking fake accounts are authentic.
• Send spearphishing emails. These messages look like they’re from a trusted sender to trick victims into revealing confidential information. That information lets criminals access company accounts, calendars, and data that gives them the details they need to carry out the BEC schemes.
• Use malware. Malicious software can infiltrate company networks and gain access to legitimate email threads about billing and invoices. That information is used to time requests or send messages so accountants or financial officers don’t question payment requests. Malware also lets criminals gain undetected access to a victim’s data, including passwords and financial account information.

Learn more on how to protect your business against fraudulent requests:
https://www.fbi.gov/scams-and-safety/common-scams-and-crimes/business-email-compromise

Zelle Fraud Alert: Protect yourself and your family

Many of you use Zelle to send money to friends and family.  Zelle is a safe and secure way to send money to people you know, but with the rise of digital payments there is also an increasing number of scammers looking to take advantage of these payment platforms. 

We want to bring to your attention a Zelle scam that is receiving national media attention.  Scammers contact a customer saying they have noticed suspicious activity such as money being sent from their account to another account.  The scammer will then ask the customer to send the money to themselves with Zelle to another financial institution to reverse the payment.  Representatives of The State Bank or Zelle would never do this. 

We want to remind you that representatives of The State Bank and Zelle will never call, email or text asking you for personal information.  If you receive a message regarding Zelle, don’t click links within the message and call The State Bank rather than any number provided in the message to inquire about the validity of the message. 

RECENT EVENTS

As events relating to Russia’s invasion of Ukraine continue to unfold, including the United States Government’s notification of high alert for the conflict to possibly spill over into cyberattacks, The State Bank wants you to know that we partner with several private and government agencies to stay abreast of current cybersecurity threats throughout the world. The State Bank has deployed several layers of defense to help safeguard the bank’s infrastructure as well as your personal data. We continuously monitor these measures to assure everything is in place, updated, and secure.

The State Bank takes safeguarding your personal information seriously and appreciates your business and trust in the bank to protect your financial interests. Consumers can also be confident in the Federal Deposit Insurance Corporation, or FDIC, which supplies insurance to The State Bank so that a customer can be refunded if money is taken from their account without their permission.

Reminder to change your password often

A general tip for all consumers, whether it is a password for your online banking or other online accounts you have such as your Gmail or Amazon account, is to change your passwords often. Try to change passwords every couple of months and avoid using the same password for multiple logins.

Strong Password Tips