You recieve a text message that appears to be from your bank, telling you there has been suspicious activity on your account. You call the return telephone number to see what's going on, and before you know it, you are a victim.
For quite some time now, scammers have been using text messages to prey on financial institutions and their customers.
Here is how it works. The criminals pick a financial institution, then bombard every cell phone in that area code with a phishing (criminally fraudulent process of attempting to acquire sensitive information such as usernames, passwords, etc) message. the message tells the victims to call a fake 800 number that looks like it is from a local financial institution. Because they are targeting a bank in the region, the bad guys have a pretty good chance of hitting real financial institution customers who may not have heard about the scam.
The scammers use open-source asterisk software to set up a fake voice-operated system and steal information when people enter their account numbers, passwords, and other sensitive information to authenticate themselves on the system.
We ask that you never respond to any request asking you to confirm or validate personal or account information, no matter how legitimate the request appears. If you have any doubts, contact your bank.
Monday, August 31, 2009
Tuesday, August 18, 2009
Let's Talk About ID Theft... It Can Happen to You
While nothing can guarantee that you won’t become a victim of identity theft, you can take specific steps to minimize your risk, and minimize the damage if a problem develops. These steps make it more difficult for identity thieves to steal your identity.
It’s about following the "3 D’s" of identity theft protection—Deter, Detect, Defend
DETER
Deter identity thieves by safeguarding your information.
■Shred financial documents and paperwork with personal information before you discard them.
■Protect your Social Security number. Don’t carry your Social Security card in your wallet or write your Social Security number on a check. Give it out only if absolutely necessary or ask to use another identifier.
■Don’t give out personal information on the phone, through the mail, or over the Internet unless you have initiated the contact and know who you are dealing with.
■Never click on links sent in unsolicited emails; instead, type in a Web address you know. Use firewalls, anti-spyware, and anti-virus software to protect your home computer; keep them up-to-date. Visit OnGuardOnline.gov for more information.
■Don’t use an obvious password like your birth date, your mother’s maiden name, or the last four digits of your Social Security number.
■Keep your personal information in a secure place at home, especially if you have roommates, employ outside help, or are having work done in your house.
DETECT
Detect suspicious activity by routinely monitoring your financial accounts and billing statements. Be alert to signs that require immediate attention:
■Mail or bills that do not arrive as expected
■Unexpected credit cards or account statements
■Denials of credit for no apparent reason
■Calls or letters about purchases you did not make
Inspect:
■Your credit report. Credit reports have information about you, including what accounts you have and your bill paying history.
The law requires the major nationwide consumer reporting companies—Equifax, Experian, and TransUnion—to give you a free copy of your credit report each year if you ask for it.
Visit www.AnnualCreditReport.com or call 1-877-322-8228, a service created by these three companies, to order your free credit reports each year. You also can write: Annual Credit Report Request Service, P.O. Box 105281, Atlanta, GA 30348-5281.
■Your financial statements. Review financial accounts and billing statements regularly, looking for charges you did not make.
DEFEND
Defend against identity theft as soon as you suspect a problem.
■Place a "Fraud Alert" on your credit reports, and review the reports carefully. The alert tells creditors to follow certain procedures before they open new accounts in your name or make certain changes to your existing accounts. The three nationwide consumer reporting companies have toll-free numbers for placing an initial 90-day fraud alert; a call to one company is sufficient:
Equifax: 1-800-525-6285
Experian: 1-888-EXPERIAN (397-3742)
TransUnion: 1-800-680-7289
Placing a fraud alert entitles you to free copies of your credit reports. Look for inquiries from companies you haven’t contacted, accounts you didn’t open, and debts on your accounts that you can’t explain.
■Close accounts. Close any accounts that have been tampered with or established fraudulently.
*Call the security or fraud departments of each company where an account was opened or changed without your okay. Follow up in writing, with copies of supporting documents.
*Use the ID Theft Affidavit at ftc.gov/idtheft to support your written statement.
*Ask for written verification that the disputed account has been closed and the fraudulent debts discharged.
*Keep copies of documents and records of your conversations about the theft.
■File a police report. File a report with law enforcement officials to help you with creditors who may want proof of the crime.
■Report your complaint to the Federal Trade Commission. Your report helps law enforcement officials across the country in their investigations.
*Online: ftc.gov/idtheft
*By phone: 1-877-ID-THEFT (438-4338) or TTY, 1-866-653-4261
*By mail: Identity Theft Clearinghouse, Federal Trade Commission, Washington, DC 20580
We encourage you to visit www.ftc.gov/idtheft for more information
It’s about following the "3 D’s" of identity theft protection—Deter, Detect, Defend
DETER
Deter identity thieves by safeguarding your information.
■Shred financial documents and paperwork with personal information before you discard them.
■Protect your Social Security number. Don’t carry your Social Security card in your wallet or write your Social Security number on a check. Give it out only if absolutely necessary or ask to use another identifier.
■Don’t give out personal information on the phone, through the mail, or over the Internet unless you have initiated the contact and know who you are dealing with.
■Never click on links sent in unsolicited emails; instead, type in a Web address you know. Use firewalls, anti-spyware, and anti-virus software to protect your home computer; keep them up-to-date. Visit OnGuardOnline.gov for more information.
■Don’t use an obvious password like your birth date, your mother’s maiden name, or the last four digits of your Social Security number.
■Keep your personal information in a secure place at home, especially if you have roommates, employ outside help, or are having work done in your house.
DETECT
Detect suspicious activity by routinely monitoring your financial accounts and billing statements. Be alert to signs that require immediate attention:
■Mail or bills that do not arrive as expected
■Unexpected credit cards or account statements
■Denials of credit for no apparent reason
■Calls or letters about purchases you did not make
Inspect:
■Your credit report. Credit reports have information about you, including what accounts you have and your bill paying history.
The law requires the major nationwide consumer reporting companies—Equifax, Experian, and TransUnion—to give you a free copy of your credit report each year if you ask for it.
Visit www.AnnualCreditReport.com or call 1-877-322-8228, a service created by these three companies, to order your free credit reports each year. You also can write: Annual Credit Report Request Service, P.O. Box 105281, Atlanta, GA 30348-5281.
■Your financial statements. Review financial accounts and billing statements regularly, looking for charges you did not make.
DEFEND
Defend against identity theft as soon as you suspect a problem.
■Place a "Fraud Alert" on your credit reports, and review the reports carefully. The alert tells creditors to follow certain procedures before they open new accounts in your name or make certain changes to your existing accounts. The three nationwide consumer reporting companies have toll-free numbers for placing an initial 90-day fraud alert; a call to one company is sufficient:
Equifax: 1-800-525-6285
Experian: 1-888-EXPERIAN (397-3742)
TransUnion: 1-800-680-7289
Placing a fraud alert entitles you to free copies of your credit reports. Look for inquiries from companies you haven’t contacted, accounts you didn’t open, and debts on your accounts that you can’t explain.
■Close accounts. Close any accounts that have been tampered with or established fraudulently.
*Call the security or fraud departments of each company where an account was opened or changed without your okay. Follow up in writing, with copies of supporting documents.
*Use the ID Theft Affidavit at ftc.gov/idtheft to support your written statement.
*Ask for written verification that the disputed account has been closed and the fraudulent debts discharged.
*Keep copies of documents and records of your conversations about the theft.
■File a police report. File a report with law enforcement officials to help you with creditors who may want proof of the crime.
■Report your complaint to the Federal Trade Commission. Your report helps law enforcement officials across the country in their investigations.
*Online: ftc.gov/idtheft
*By phone: 1-877-ID-THEFT (438-4338) or TTY, 1-866-653-4261
*By mail: Identity Theft Clearinghouse, Federal Trade Commission, Washington, DC 20580
We encourage you to visit www.ftc.gov/idtheft for more information
Monday, August 17, 2009
Regulating the Financial Giants
Over the years, the interests of taxpayers and our economy have been placed behind those of a few giant financial conglomerates. It was only in the wake of the financial markets crisis that policymakers could no longer ignore what seemed so obvious to the rest of us.
Now the Obama administration has a plan that will help ensure that we don’t repeat the errors that caused the current financial crisis. But parts of the plan, however well intentioned, would harm our economy if adopted.
Without a doubt, we need to do something to reduce the risk that too-big-to-fail institutions pose to our financial system. The largest financial institutions should hold more capital reserves to cushion against potential losses, and they--not taxpayers--should bear the costs for the extra risks they create. They should pay more for federal deposit insurance and finance an additional reserve fund to protect taxpayers.
While the administration supports reforms for tighter regulation of large institutions, it backs one idea—a Consumer Financial Protection Agency—that would undermine small community banks and could cause more harm than good.
Community bankers agree that we need to safeguard consumers from abusive and improper practices. After all, community banks succeed by maintaining long-term business relationships with our neighbors. We offer our customers the products and services that meet their needs best.
Unfortunately, the new consumer protection agency would separate consumer protection from safety and soundness supervision. That means more costs and complications, and that would mean fewer affordable options for everything from home mortgages to credit cards to installment loans. Without intending to, the proposed Consumer Financial Protection Agency would punish consumers for the largest financial institutions’ mistakes.
A better direction: Streamline overly complicated and ineffective banking regulations. Today’s long, mandatory disclosures in bureaucratic and lawyer language do more to confuse than inform consumers. We community bankers believe in making sure consumers have the information they need to understand banking products and services, because the best-informed consumers tend to bank with us. However, this proposed agency would go in the opposite direction—complicating rather than simplifying our consumer protections.
By implementing new measures to regulate giant financial firms and reduce the risks they pose, Congress can begin restoring the citizens’ faith in our financial system. Any new regulatory regime should fix those too-big-to-fail institutions while not hurting the community banks that didn’t contribute to the current economic crisis. Let’s get it right for the long term. Future generations of Americans are counting on us.
*ICBA
Now the Obama administration has a plan that will help ensure that we don’t repeat the errors that caused the current financial crisis. But parts of the plan, however well intentioned, would harm our economy if adopted.
Without a doubt, we need to do something to reduce the risk that too-big-to-fail institutions pose to our financial system. The largest financial institutions should hold more capital reserves to cushion against potential losses, and they--not taxpayers--should bear the costs for the extra risks they create. They should pay more for federal deposit insurance and finance an additional reserve fund to protect taxpayers.
While the administration supports reforms for tighter regulation of large institutions, it backs one idea—a Consumer Financial Protection Agency—that would undermine small community banks and could cause more harm than good.
Community bankers agree that we need to safeguard consumers from abusive and improper practices. After all, community banks succeed by maintaining long-term business relationships with our neighbors. We offer our customers the products and services that meet their needs best.
Unfortunately, the new consumer protection agency would separate consumer protection from safety and soundness supervision. That means more costs and complications, and that would mean fewer affordable options for everything from home mortgages to credit cards to installment loans. Without intending to, the proposed Consumer Financial Protection Agency would punish consumers for the largest financial institutions’ mistakes.
A better direction: Streamline overly complicated and ineffective banking regulations. Today’s long, mandatory disclosures in bureaucratic and lawyer language do more to confuse than inform consumers. We community bankers believe in making sure consumers have the information they need to understand banking products and services, because the best-informed consumers tend to bank with us. However, this proposed agency would go in the opposite direction—complicating rather than simplifying our consumer protections.
By implementing new measures to regulate giant financial firms and reduce the risks they pose, Congress can begin restoring the citizens’ faith in our financial system. Any new regulatory regime should fix those too-big-to-fail institutions while not hurting the community banks that didn’t contribute to the current economic crisis. Let’s get it right for the long term. Future generations of Americans are counting on us.
*ICBA
Wednesday, August 12, 2009
LATI Street Fair
If you are a new student to Lake Area Tech in Watertown, make sure to stop by Reliabank's booth at the vendor street fair on Monday, August 24th. We'll have lots of fun giveaways - you won't want to miss us!
Monday, August 3, 2009
Time to Think "BACK TO SCHOOL"
If you've been out shopping lately, you have noticed that the stores have changed from summertime fun to back to school essentials lining the isles. Where did Summer go? Time to think back to school already? While your checklist may include pens, folders, calculators and laptops, don't forget to help your child gain financial independence also.
At Reliabank we offer an account specifically designed for students with no balance requirements or monthly maintenance fees that's simple, convenient, and affordable. Our STUDENT CHECKING account includes free checking, free ATM CheckCard, free online banking, free school spirit checks (yes, for every school spirit check order (designated local schools) we will donate$3 to the school!) and a free drawstring backpack perfect for toting your supplies around.
Student checking accounts may be one of the best ways to help a student, either high school or college bound, learn how to budget, account for, and manage their own funds. Stop in and visit with a customer service person at Reliabank. As a community bank, we will be there every step of the way.
Here's to another year!
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