Christmas is over but the fraudsters aren’t done trying to steal your holiday cash, says bankers from The First National Bank & Trust Co.
They said returning items because they don’t work for you is normal, so thieves are churning out lots of scams related to returns. Some of their fake emails and texts pretend to be from Amazon and most major retailers.
“Return those items inside the app you use for purchases,” said Mike Van Sickle, chief experience officer at FNBT. “Every app you use carries a relationship with it, a relationship you authorized previously. If you get a random text or email saying, ‘click here to help with your return,’ you could be visiting a fraud site. “
Van Sickle said this is tragic, but it’s happening, and FNBT wants to help its customers stay safe.
“Instead of clicking that link, we recommend you visit the retailer’s app on your phone or desktop (Amazon, JC Penney, Macy’s, etc.), and click ‘returns’ inside the app,” Van Sickle said.
In the past, most fraud happened with paper checks. Today, check fraud represents only one-third of all fraud reported by banks, according to Financial Crimes Enforcement Network (FinCEN). These days, thieves prefer digital means.
According to the Federal Trade Commission (FTC), Americans lost $330 million to text scams in 2022, reports Andy Zavoina with BankersOnline. com. That is up from $86 million in 2020. The number is expected to rise for 2023. Text messages are fast, cheap, and easy to send from anywhere. The median loss in cases like these is $1,000.
Van Sickle warns that fraudsters can appear as family or friends.
“Even if you pay another person directly every month with an electronic transfer, if you get an email or text saying their banking information has changed, and you should click some link to “update your banking information to assist in this monthly transaction,” you should call that person directly to confirm, Van Sickle said Such a text or email could be a scam by someone who has hacked into your accounts and knows too much.
Digital thieves also send fake invoices, so if any invoice you receive seems questionable, you should call the service provider immediately if you weren’t expecting that bill. Naturally, you should use a phone number you already know is associated with that business and not the phone number on a suspicious fake “invoice.”
At FNBT, bankers are more concerned than ever with customer security.
“It’s another step, but we recommend multi-factor authentication (MFA) when customers access banking services, said Chuck Daye, chief information security officer at FNBT. “MFA creates another layer of difficulty for thieves getting into your money or your business,” Daye said.
MFA happens when the app or website asks you to receive and enter a special code for authorization.
“People should not resent that second security step but appreciate the layers of security built into these points of access. We really do want to protect our customers’ money,” Daye said.
In order to avoid fraud, customers are encouraged to ask the following questions:
• Do I review my bank statements or at least regularly review their balances and transactions online? You should review your accounts online, at least weekly. You may recognize fraud before any bank or service does.
• Do you know to never give out your security code shared by a bank or website? Here’s a common scam, shared by Zavoina: A thief sends thousands of text messages like “XYZ bank — we need to verify your $5,026 transaction at Big Box, reply “Y” to accept the charge and “N” to deny. If you have a question, call the bank at 623387-6862.” The phone number is a fake. It’s a trap. When the customer replies “N,” the thief gets verification that this is a fish and is ready to take the bait. Or, the customer will call the fake number, and the hook will be set. As part of the scam, the bank (thief) will send a six-digit code and the customer needs to give them that number back. The thief empties your account and changes your password.
How to avoid this scam? Don’t share codes. Never call back on the number given but call your bank/vendor with a number you know.
Do I use four-digit security codes? You should know that a hacker can break a fourdigit codes in seconds with a computer program. Real passwords are better, and biometric safeguards (like fingerprint or face recognition) are the safest.
“Scammers are using text and email more than ever,” Daye said. “We encourage customers to never click on links in text and email. Even if you see a logo from a company you recognize (Summit, Netflix, Amazon, etc.), don’t click.
“If you are reading a message that needs a response — like your account balance is low or you missed a payment — just call the company directly, using a number you already know or get from you monthly bill.
You may act on the information in the email if you think you need to, but pretend it has no helpful links or numbers. This can help you avoid being victimized.”
The ”undeliverable package” is a new favorite tool by scammers, Daye said, especially around the holidays. “People order and receive a lot of packages, so one stray text or email informing us that a package can’t be delivered seems pretty normal. But in most cases, it’s a scam, even if it contains a pasted logo from UPS or other shippers.
“If the text or email is asking you for address and credit card, etc., think about how unlikely it is for a company to need your information confirmed. It smells bad because it is!”
Bankers at FNBT have five tools to enhance your security. Ask your banker for assistance. Four of these services are available at no extra charge. Information on these services and other information about FNBT is available at www.bankfnbt.com.
