Fraud and Scam Updates – February 2018

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Review our most recent fraud alerts and updates to help keep your personal information secure. Want to be automatically updated about recent scams and fraud? Sign up for our Alerts emails here.

Computer Pop Up Scam

Have you heard of this scam? You are on your computer when a pop-up warns that your computer is compromised. If you don’t act now, your computer will crash. Offering to help, a scammer dials into your computer to try “fix” the issue, meanwhile gleaming your personal information. Sometimes, the scammers require a payment to “fix” the computer. In the end, the scammers have what they wanted all along, the personal information they got off your computer and now your credit card information you used to pay them. Please be on the lookout for this scam to protect your private information.

Stolen Mail

Our customers have reported an increase in stolen mail, including people who use their mailbox for outgoing mail.

We’d like to remind all customers to be cautious when sending or receiving personal information, bank account information or checks through the mail. If you’re expecting something to arrive and it doesn’t, check on it – balance your checkbook to make sure all checks clearing your account are for the amount you issued. If you are sending checks through the mail, consider putting your mail in a United States Postal Service Collection Box or take it to the Post Office.

Sharing Login Credentials

It’s never a good idea to share your login credentials, or any private information, with anyone, even people you know or think you know. This tip is especially important to remember when you’re talking to someone over the phone on a call you did not initiate. Please remember that Merchants Bank will never ask for your personal information unless you have previously initiated a conversation with us about your accounts or an application.

Family Emergency Scam

Merchants has recently seen an increase in imposter scams. Customers have almost fallen for some emergency scams, including being asked by a fraudster posing as a relative to send money for bail. If you’re asked to send money in an emergency situation, verify the true location of your friend or relative before responding – even if the person you’re talking to sounds like someone in your family.

Be a skeptic. If the situation doesn’t sound right, it’s time to do some more investigating. If you have doubts, just call or come in to discuss the situation with us. We’re here to help.

Next Steps If You’ve Experienced Fraud

If you notice fraud on your statement, be sure to contact us within 60 days from the date your statement was issued. In most cases, if the fraud is reported within 60 days we have a better chance of resolving the issue. After 60 days from the statement’s issue date, there is nothing we can do to retrieve the lost funds.

If you think your bank account information has been compromised or you are a victim of identity theft, contact your local Merchants Bank and ask to speak to a Customer Service Representative.

Are You Using These 7 Tips to Protect Your Identity?

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Security Awareness Week: June 5-9, 2017

It may feel like keeping your personal information secure is impossible in a world tech-savvy hackers and scammers. Every day the news reports on new data breaches and scams. But, you can play an important role in protecting yourself from identity theft and fraud by taking small steps.

Here’s where to start:

  1. Check your financial activity. It only takes a few minutes, but reviewing your bank, credit card and other financial activity and statements for fraud is an important first step. If you see any suspicious activity, report it.
  2. Don’t use the “remember password” option. Using this feature on your computer or mobile device makes it easier for someone to access your accounts.
  3. Set up automated account alerts. Get a text or email alert for certain transactions, balances and more. We offer free alerts through Merchants Bank Online Banking for your checking, savings and loan accounts and through My Mobile Money for your debit card transactions.
  4. Be cautious when asked for personal information. If you are asked to provide personal information through a phone call, email or website pop-up page, think before you act. Verify the company or person asking for the information through a third party, like a phone book or other trusted resource.
  5. Store private information securely. Whether at home or work, do not leave your personal information out where others can see it.
  6. Make a fraud kit. Keep a list of your credit and debit cards, account numbers, expiration dates and customer service of fraud department telephone numbers in a secure place away from the cards for easy access.
  7. Be a skeptic. If a situation sounds too good to be true, it probably is. You can’t win the lottery if you haven’t entered. You don’t need to send a payment to claim prize winnings.

To stay up-to-date on Merchants Bank fraud alerts and scams, sign up for our alerts emails.