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:
In these instances, a scammer might:
Learn more on how to protect your business against fraudulent requests:
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.
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.
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.
Most people have heard of Identity Theft, but unfortunately many don’t really think about it until it has happened to you or someone you know. The State Bank is committed to ensuring we protect your financial assets, but also your good name and positive credit history.
When it comes to scams that work to steal your identity, prevention and vigilance are key. Being on alert for things that just seem “off” or unusual can help make sure that you are protecting yourself. When things seem too good to be true, they usually are.
Identity Theft: Identity Theft can happen when someone gains access to your personal and/or financial information and uses it to commit fraud or other criminal acts. This can cause significant damage to your credit history, reputation, and of course have lasting effects on your finances.
Criminals access your information through obvious ways like stealing your wallet and using your credit cards, or in ways not as obvious, like going through your trash and pulling bank account numbers from receipts that were not shredded. To protect yourself against things like this, take the protection of your bank and credit card numbers seriously. Never throw away ATM receipts, credit statements, credit cards, or bank statements in the trash without shredding them. Only provide your credit card number over the phone if it is a business you called yourself to make a purchase. Check your bank and credit card statements monthly. In addition, monitor your credit score regularly to any unusual changes.
Phishing: This occurs when internet fraudsters act as a familiar business to trick you into giving them your personal or financial information through an email, text, or even a pop-up message. Your information is then used to commit fraud on your account.
The State Bank or any legitimate business will never ask for your sensitive information through communications that are insecure such as text or email. At The State Bank, we will never ask for your username or password even over the phone. It’s important that if a person or business asks you for any information that may allow them to access your financial accounts, you refuse. Just as importantly, do not click on any links that ask you for your personal information or financial information.
Fraudsters are smart – they often make it appear as though the message is coming from a business or person you trust. It’s best that if you receive a message like this that you pick up the phone and call the company directly, using a phone number you have saved or found online – do not call the number that was provided to you in a suspicious message.
Viruses and Spyware: Nowadays we are constantly using our computers and smartphones to make purchases online. Our home or work computers can be used against us by fraudsters who attempt to capture usernames and passwords on sites we may think are legitimate. Viruses and spyware can be transferred to your computer from websites, as well as emails, links in emails, and removable storage such as a USB drive, without your knowledge.
The best way to protect against this activity is to install a recommended antivirus program. If you are ever suspicious about something you clicked or a site you visited and made a purchase from, consider having your computer inspected by a qualified company.
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IMPORTANT MOBILE DEPOSIT INFORMATION
Effective immediately all mobile deposits will require your
signature along with the following endorsement ‘for mobile deposit only’