| Special
Fraud Alert Issued by IBAT - August
18, 2008
Information source: http://www.ibat.org/vc_080818_fraud_alert.asp
Several Texas community banks have
recently been the target of a particularly
disturbing scam. Here's how it has
worked . . .
- A community (generally rural,
but urban areas have been victimized
as well) was blanketed with "robo-calls",
e-mails and text messages directing
the recipients to call either a
toll-free or local number because
their account had supposedly been
compromised. This has been
described as "phishing on steroids"
by one observer.
- Customers calling the number(s)
provided reached a phone customized
with the bank name and a message
appearing to be from that bank.
- Customers were directed to enter
their debit card number, expiration
date and PIN.
- Accounts were hit, primarily from
ATMs in Europe.
This scheme has generally been initiated
over the weekend, and the damage is
done by the time the bank opens on
Monday morning.
New technology has made it possible
to "spoof" e-mails, phone
numbers (caller ID's can be manipulated
to display the bank's name) and calls
can be forwarded anywhere in the world
cheaply and easily.
The Independent Bankers Association
of Texas has contacted various regulatory
authorities requesting their assistance
in this matter, as well as the Secret
Service, who has several of these
scams under active investigation.
Every bank should:
- Continue to educate their customers
to never give PINs, account numbers
or other sensitive information to
anyone - even if it appears to be
legitimate, they should be very
cautious. Additionally, any unsolicited
communication from a financial institution
should alert a consumer to verify
the information elsewhere prior
to returning the call, e-mail or
text message.
If you have reason to believe there
is a scam operating in your area,
please contact you local bank for
assistance
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