Current Trends in Fraud
As part of the Signature Bank commitment to keeping your account and information safe and secure, we want to make you aware of several common business cyber fraud scenarios as well as actions that you can take to help protect your business from becoming the next cyber fraud victim.
PHISHING AND WHALING
Phishers pretend to be trustworthy entities like banks or credit card companies and send out emails and instant messages prompting users to send sensitive information confirming they are the owners of the accounts. Phishers are now sending out text messages, too (SMiShing). In voice phishing, or vishing, emails ask recipients to make phone calls to dummy numbers where voice prompts ask for credit card numbers.
In the fraud world, whaling targets high-worth individuals on social networking sites such as LinkedIn. The popularity of social media is helping make advanced phishing methods even easier, given the availability of personal information on publicly viewable profiles. Fraudsters search profiles for descriptors such as vice president, chief executive officer and chief financial officer and target those high-level executives with what appears to be a subpoena or legal action.
BUSINESS EMAIL COMPROMISE
BEC is defined as a sophisticated scam targeting businesses working with foreign suppliers and/or businesses that regularly perform wire transfer payments. The scam is carried out by compromising legitimate business e-mail accounts through social engineering or computer intrusion techniques to conduct unauthorized transfers of funds.
Most victims report using wire transfers as a common method of transferring funds for business purposes; however, some victims report using checks as a common method of payment. The fraudsters will use the method most commonly associated with their victim’s normal business practices.
Malware refers to malicious software designed specifically to gain access to and damage victims’ computers without their knowledge. Most malware today is designed for financial gain. It escapes detection while collecting and transmitting sensitive data, such as victims’ bank account information, passwords and card details. Hackers and fraudsters create malware Trojans daily, exploiting new vulnerabilities before they can be detected and fixed. Keeping up to date on your virus definitions gives you the upper hand. Vulnerabilities are usually found in older or out-of-date virus definitions. (A “virus definition” is the database of all virus signature files used by an antivirus software for virus protection.)
Pretext calling is a fraudulent means of obtaining an individual’s personal information. Possessing limited information, such as a customer’s name, address and/or social security number, the fraudster may pose as a customer in an attempt to convince you to disclose sensitive information. These thieves also engage in obtaining information for use in creating fraudulent accounts and transactions. In some instances, pretext callers may call repeatedly until they find someone willing to provide the information.
The fraudsters may call several times “nibbling” in an effort to obtain bits of information until they build a complete customer profile.
Thieves are targeting stand-alone ATMs and retailers’ point-of-sale machines, rigging them to capture the magnetic stripe and keypad information. If an ATM looks suspicious or isn’t responsive, use a different machine. Regularly check your monthly statement for strange withdrawals. Contact Signature Bank immediately if you see any suspicious activity. It sounds simple, but one of the best defenses against ATM fraud is to use your hand to shield the ATM keyboard as you enter your PIN. And never give your PIN number out to anyone. If you receive a phone call, remember that Signature Bank will never ask for your PIN number.
What to do if you suspect you are a victim of fraudulent activity.
If funds are transferred, it’s important to act quickly.
- Contact Signature Bank immediately at 773.467.5600.
- Signature Bank will contact the corresponding financial institution where the fraudulent wire was sent.
- Contact the Federal Bureau of Investigation (FBI) office for any recent wires. The FBI works with the United States Department of Treasury Financial Crimes Enforcement Network to attempt to freeze or return the funds.
- File a complaint with the FBI Internet Crime Complaint Center.
How to Report Fraud
We strongly encourage you to call us immediately if you think your Signature Bank account has been put in jeopardy. The sooner we know what’s happened the sooner we can begin helping you. This includes credit or debit cards, personal identification information such as social security or tax ID number, Signature-bank.com logon information including user IDs or passwords.
If you think you have received a fraudulent e-mail, do not act on it but please call us before deleting it so we can investigate for you.
Report fraud by phone: 773.467.5600
Report fraud by e-mail to: your designated account representative or email@example.com
Signature Bank Debit Card Purchase Alerts
Monitoring the transactions on your Signature Bank Visa® debit card is an important measure in protecting against fraud. Did you know that you can opt in to receive Visa® purchase alerts via email or text message?*
This simple process can be completed on the Visa website (http://www.visa.com/purchasealerts).
Users can choose to be alerted when a purchase:
· exceeds an amount of your choosing
· is made outside of the United States
· is made online or by phone
If you suspect fraudulent activity on your Signature Bank Visa® debit card, please contact us immediately at 773.467.5600. Reporting suspicious activity as soon as it happens will help us stop any potential fraud on your account.
*Email notifications are free of charge. For text messages, check with your cell phone carrier as message & data rates may apply.
Learn More About Fraud Prevention
Keep Your Business Checking Account Safe with Positive Pay from Signature Bank
Positive pay helps thwart fraudsters and aids in check reconciliation.
Tip Sheet: Strengthening Password and Account Security
Strengthen your password and account security with these tips from Signature Bank.
Cyber Fraud Prevention Tips from Signature Bank
As the holidays approach, it’s more important than ever to help protect your business from fraud.
5 Tips to Reduce the Threat of Fraud
How to stop fraudsters who are actively targeting business employees who are responsible for handling monetary transactions.
Information from the Federal Trade Commission to help you avoid identity theft and learn what to do if your identity is stolen.
Tips from the FDIC about how to protect yourself from identity theft and fraud.
The IC3 accepts online Internet crime complaints from either the actual victim or from a third party to the complainant.
3-Step Corporate Card Fraud Protection
In our continuing efforts to keep your Signature Bank credit card account secure, Signature Bank executes a three-step alert system for detecting potential fraud. If fraud is detected, the following will occur:
1. EMAIL NOTIFICATION
When potential fraud is detected, on your Signature Bank corporate card, you will receive an automatic email notification with the option to reply with “fraud” or “no fraud.”
2. TEXT ALERT
One minute after the email, you will receive a text alert also giving you the “fraud” or “no fraud” option.
3. PHONE CALL
If there is no response, you will then receive automatic phone calls to confirm or deny fraud. The call will also give you the option of speaking to a fraud analyst.
Please note that our message will never ask for your PIN or account number.
The phone number for the Signature Bank Corporate Card Fraud Center is 1.800.417.4592. Please add this number to your phone contacts so you will recognize a call from our Fraud Center.
Your privacy and security is most important to Signature Bank. To maintain the highest level of security, we need to be able to reach our customers at these three touch points. To verify or update your information, please reach out to your banker or call us at 773.467.5600.