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Common Scams and Fraud Schemes

Phishing

Fraudsters use the emails or pop-ups to direct you to bogus websites (that look like legitimate websites) to steal your confidential information.

How it works:

You receive an email or a pop-up that directs you to the bogus website that looks like a legitimate organization.

You are asked to confirm sensitive information such as your account numbers, personal ID or passwords.

The fraudster uses this information to steal your money or access your credit to run up bills by charging purchases to your credit cards or open new charge accounts in your name.

What to look for:

Email or pop-up messages that claim to be from a business or organization you deal with such as an Internet Service Provider (ISP) bank, online payment service or government agency that ask you to confirm or reveal confidential information

Never respond to email or pop-up messages that ask for your personal or financial information, even if they threaten to deactivate your account if you don’t update your information.

Never click links in the message or cut and paste a link from the message into your Web browser.

Phishers can make links look like they go one place, but actually take you to a look-alike site.

Signs of a secured web site are Web address that begins with “https” instead of just “http” (the “s” denotes “secure”) or a closed padlock icon displayed in the status bar at the lower right of your screen. Look for these signs if you have clicked on a link to access the website to help you determine if the site is legitimate.

Vishing

This is another method for scamming users by e-mail or telephone.

How it works:

You receive an email or telephone recording asking you to call a customer service number.

When you call the number, you hear a recording that asks you to provide account numbers, passwords and/or other critical information.

What to look for:

Callers or emails that direct you to a “customer service” center that asks for confidential information. What you can do:

Do not provide information to a caller who asks you to update your personal information, especially if you are pressured to provide the information immediately.

Do not respond to companies you have never done business with before that ask you to update or provide information unless you know the company is legitimate.

Drive-By Download

An increasing number of computer viruses or infections are attacking computer though a process that has been dubbed “drive-by” download. In this scam, a program that can take advantage of a security flaw in your browser is automatically loaded on your computer.

How it works:

You conduct a keyword search on a search engine.

You are taken to a results page and click on a paid ad listing on the right hand side of the page.

You computer is infected with a virus that enables a fraudster to monitor your key stokes, a process known as keystroke logging.

The keystroke logger is now able to “watch” you keystrokes as you key in personal information such as account numbers, passwords and answers to challenge questions.

What to look for:

These booby-trapped pages often have addresses that use the relatively unpopulated “.info” domain (as opposed to “.com” or “.net” domains).

What you can do:

Keep your operating system, browser and anti-virus software updated.

Download software only from Web sites you trust.

Be cautious when clicking on pop-up advertisements

Always read license agreements and policies of any software you install.

Stick to well-know web sites.

Pay attention to links in e-mails and the results you get from search engines; they could be fraudulent.

Lotteries

Fraudsters send emails with false claims that the victim has won a lottery.

How it works:

You receive an email that indicates you have won a lottery (most often from a foreign country) and are due a substantial amount of money.

You are informed that you must pay a processing or transfer fee in order to receive your winnings.

You receive a check or money order to cover the required fees and are instructed to deposit the check into a bank account and wire the money to a third party, usually in a foreign country.

You wire the money and later learn that the check is counterfeit.

What to look for:

An email or letter that claims you have won a foreign lottery that you have not entered.

What you can do:

Be suspicious of any claim if it appears to be too good to be true.

Talk to your bank and tell them how you received the check and what is asked of you before making a deposit.

Inheritance Scam

You are notified by a law firm, an executor of a will that a long-lost relative has died and left you money in the will.

How it works:

You are notified of your inheritance.

You are asked for your bank account number so the funds to be deposited into your account with the understanding that you will pay a fee.

Then the “lawyer,” who is a fraudster does one of two things 1) asks you to send a money order to cover fees related to probating the will, or 2) sends you a check or money order then immediately calls to say the he sent too much and asks you to wire the overpayment back.

The key is that the fraudster asks for their money immediately before the check or money order they sent to you has time to clear the bank. The check or money order is counterfeit and you have been “scammed.”

What you can do:

Be wary if the long-lost relative or friend not a name you recognize.

Remember the old adage, “if it’s too good to be true, it probably is.”

Internet Auction/Overpayment Scheme

Fraudsters victimize individuals who sell items on the internet.

How it works:

You sell or auction an item - usually a high-priced item, such as an automobile, motorcycle or boat, via the Internet.

The buyer sends a check or money order for more that the purchase price and asks you to wire the excess money to a third party.

The buyer indicates that the third party is the shipper who has been hired to pick up and ship the merchandise.

Later, the check is returned as counterfeit and you are responsible for the money you wired to pay for shipping.

What to look for:

A buyer who overpays you and asks you to wire the excess money. The buyer may claim the overpayment was a mistake or that it is to be used to pay the shipper.

What you can do:

Do not accept a check for overpayment.

Notify your bank of the transaction and ask them to that the funds are available to cover the amount of the check before you deposit the check.

Foreign Business Offers/Advance Fee Scams

Fraudster poses as a foreign businessman or foreign government official who needs to move a large sum of money out of the country.

How it works:

You receive an email from someone claiming to be a foreign businessman or governmental official asking for assistance in moving a large sum of their country.

You are offered a large sum, usually 25% to 40% of the proceeds, as payment for your trouble.

You agree and receive a large check to deposit into your bank account.

You are asked to wire transfer a large amount, an advance fee, to bribe an official, pay transfer fees, attorneys fees, or settlement fees.

You believe the check you received is legitimate so you wire the money.

The check or money you deposited is counterfeit, and you are liable for the money you wired to the foreign country.

What to look for:

Any offer to assist in transferring money from a foreign country into your banking account. What you can do:

The scenario described above is bogus; do not agree to participate.

Work-at Home-Scam

In this scam a job seeker is tricked into receiving illegal money transfers or counterfeit checks or money orders and sending money to the fraudster.

How it works:

You post your resume on a popular Internet website or answer a newspaper ad and are offered a job as a “Payment Processing Clerk” or “Accounts Receivable Clerk.”

Your are instructed to use your personal checking account to receive on behalf of the company funds transfers , checks or money orders.

You are instructed to keep 5% to 10% of the money as your “salary” and wire the rest to your “employer.”

The “employer” is a fraudster and you are responsible for the money you have wired.

What to look for:

Be skeptical of any “work-at-home” job if you are asked to use your personal checking account to deposit checks or receive money on behalf of your employer.

If you are concerned, contact your Better Business Bureau or Chamber of Commerce to determine if the company is legitimate.

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Security Information Home Page Lending Products Credit Cards Mortgage Loans Business Banking Personal Banking OnLine Banking Investment Products Locations What's New About Us General Information Employment Calculators For Students Kids Corner Interesting Links Privacy & Security Disclosures Contact Us Secure Email Log In			Common Scams and Fraud Schemes Phishing Fraudsters use the emails or pop-ups to direct you to bogus websites (that look like legitimate websites) to steal your confidential information. How it works: You receive an email or a pop-up that directs you to the bogus website that looks like a legitimate organization. You are asked to confirm sensitive information such as your account numbers, personal ID or passwords. The fraudster uses this information to steal your money or access your credit to run up bills by charging purchases to your credit cards or open new charge accounts in your name. What to look for: Email or pop-up messages that claim to be from a business or organization you deal with such as an Internet Service Provider (ISP) bank, online payment service or government agency that ask you to confirm or reveal confidential information Email or pop-up messages that claim to be from a business or organization you deal with such as an Internet Service Provider (ISP) bank, online payment service or government agency that ask you to confirm or reveal confidential information Never respond to email or pop-up messages that ask for your personal or financial information, even if they threaten to deactivate your account if you don’t update your information. Never click links in the message or cut and paste a link from the message into your Web browser. Phishers can make links look like they go one place, but actually take you to a look-alike site. Signs of a secured web site are Web address that begins with “https” instead of just “http” (the “s” denotes “secure”) or a closed padlock icon displayed in the status bar at the lower right of your screen. Look for these signs if you have clicked on a link to access the website to help you determine if the site is legitimate. Vishing This is another method for scamming users by e-mail or telephone. How it works: You receive an email or telephone recording asking you to call a customer service number. When you call the number, you hear a recording that asks you to provide account numbers, passwords and/or other critical information. What to look for: Callers or emails that direct you to a “customer service” center that asks for confidential information. What you can do: Do not provide information to a caller who asks you to update your personal information, especially if you are pressured to provide the information immediately. Do not respond to companies you have never done business with before that ask you to update or provide information unless you know the company is legitimate. Drive-By Download An increasing number of computer viruses or infections are attacking computer though a process that has been dubbed “drive-by” download. In this scam, a program that can take advantage of a security flaw in your browser is automatically loaded on your computer. How it works: You conduct a keyword search on a search engine. You are taken to a results page and click on a paid ad listing on the right hand side of the page. You computer is infected with a virus that enables a fraudster to monitor your key stokes, a process known as keystroke logging. The keystroke logger is now able to “watch” you keystrokes as you key in personal information such as account numbers, passwords and answers to challenge questions. What to look for: These booby-trapped pages often have addresses that use the relatively unpopulated “.info” domain (as opposed to “.com” or “.net” domains). What you can do: Keep your operating system, browser and anti-virus software updated. Download software only from Web sites you trust. Be cautious when clicking on pop-up advertisements Always read license agreements and policies of any software you install. Stick to well-know web sites. Pay attention to links in e-mails and the results you get from search engines; they could be fraudulent. Lotteries Fraudsters send emails with false claims that the victim has won a lottery. How it works: You receive an email that indicates you have won a lottery (most often from a foreign country) and are due a substantial amount of money. You are informed that you must pay a processing or transfer fee in order to receive your winnings. You receive a check or money order to cover the required fees and are instructed to deposit the check into a bank account and wire the money to a third party, usually in a foreign country. You wire the money and later learn that the check is counterfeit. What to look for: An email or letter that claims you have won a foreign lottery that you have not entered. What you can do: Be suspicious of any claim if it appears to be too good to be true. Talk to your bank and tell them how you received the check and what is asked of you before making a deposit. Inheritance Scam You are notified by a law firm, an executor of a will that a long-lost relative has died and left you money in the will. How it works: You are notified of your inheritance. You are asked for your bank account number so the funds to be deposited into your account with the understanding that you will pay a fee. Then the “lawyer,” who is a fraudster does one of two things 1) asks you to send a money order to cover fees related to probating the will, or 2) sends you a check or money order then immediately calls to say the he sent too much and asks you to wire the overpayment back. The key is that the fraudster asks for their money immediately before the check or money order they sent to you has time to clear the bank. The check or money order is counterfeit and you have been “scammed.” What you can do: Be wary if the long-lost relative or friend not a name you recognize. Remember the old adage, “if it’s too good to be true, it probably is.” Internet Auction/Overpayment Scheme Fraudsters victimize individuals who sell items on the internet. How it works: You sell or auction an item - usually a high-priced item, such as an automobile, motorcycle or boat, via the Internet. The buyer sends a check or money order for more that the purchase price and asks you to wire the excess money to a third party. The buyer indicates that the third party is the shipper who has been hired to pick up and ship the merchandise. Later, the check is returned as counterfeit and you are responsible for the money you wired to pay for shipping. What to look for: A buyer who overpays you and asks you to wire the excess money. The buyer may claim the overpayment was a mistake or that it is to be used to pay the shipper. What you can do: Do not accept a check for overpayment. Notify your bank of the transaction and ask them to that the funds are available to cover the amount of the check before you deposit the check. Foreign Business Offers/Advance Fee Scams Fraudster poses as a foreign businessman or foreign government official who needs to move a large sum of money out of the country. How it works: You receive an email from someone claiming to be a foreign businessman or governmental official asking for assistance in moving a large sum of their country. You are offered a large sum, usually 25% to 40% of the proceeds, as payment for your trouble. You agree and receive a large check to deposit into your bank account. You are asked to wire transfer a large amount, an advance fee, to bribe an official, pay transfer fees, attorneys fees, or settlement fees. You believe the check you received is legitimate so you wire the money. The check or money you deposited is counterfeit, and you are liable for the money you wired to the foreign country. What to look for: Any offer to assist in transferring money from a foreign country into your banking account. What you can do: The scenario described above is bogus; do not agree to participate. Work-at Home-Scam In this scam a job seeker is tricked into receiving illegal money transfers or counterfeit checks or money orders and sending money to the fraudster. How it works: You post your resume on a popular Internet website or answer a newspaper ad and are offered a job as a “Payment Processing Clerk” or “Accounts Receivable Clerk.” Your are instructed to use your personal checking account to receive on behalf of the company funds transfers , checks or money orders. You are instructed to keep 5% to 10% of the money as your “salary” and wire the rest to your “employer.” The “employer” is a fraudster and you are responsible for the money you have wired. What to look for: Be skeptical of any “work-at-home” job if you are asked to use your personal checking account to deposit checks or receive money on behalf of your employer. If you are concerned, contact your Better Business Bureau or Chamber of Commerce to determine if the company is legitimate. 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