Top Business Fraud Updates – April 2018

FraudPrevention-Blog

Please review our most recent fraud alerts and security reminders to help protect your business.

Email Spoofing On the Rise

Our business customers have reported an increase in email spoofing scams. Fraudsters are posing as a customer or employee of the business and sending an email to the business asking for a wire transfer or ACH payment. Only after completing the wire transfer have businesses found out that they were dealing with fraudsters and not their actual customers or employees.

Before you complete transactions to your customers, make sure to verify who you are speaking with over the phone or through an email through a secondary source. Call your customer directly through a phone number you have verified. When working with customers via email, remember to look at both names and email addresses for consistency. If you notice anything suspicious, take the extra time to make sure both your business and your customer’s information is safe. When in doubt – check it out and verify.

Directory Listings Scam

Have you been contacted by someone wanting to verify or confirm your business information for a directory listing? Be cautious. Scammers have been calling business claiming to be able to help them with their online directory listings for a fee. In the end, the business is out the money and their information was verified for a directory listing that doesn’t exist. To avoid falling for this scam, make sure to verify who you are speaking to and confirm the phone number through a third party, like the phone book or Yellow pages. Read more details about this scam here.*

Steps to Take Now to Prevent Fraud

Here are three simple things you can do now to prevent fraud on your business accounts. We recommend:

  • Checking your business bank accounts daily for fraudulent transactions. If you are suspicious of a transaction, contact the Bank immediately.
  • Using a fraud transaction detection service, such as Positive Pay, to help you prevent fraudulent checks and transactions from hitting your account.
  • Using our free debit and credit card security apps to track and review all of your transactions immediately. Learn more about My Mobile Money for your business debit card and SecurLock Equip for your business credit card.

Protect Your Business from Cyber Attacks

This tip is part of the FCC’s top ten cyber security tips for small businesses. Protecting and cleaning any computer that handles business information or touches your network is a must. One of the best defenses against online threats is making sure you have the latest security software, web browser and operating system in place too. You can set each of these to automatically install when a new software update is available. In addition, your antivirus software can run a scan after each update to ensure your machines are adequately protected. Take half an hour to check your settings and update your software now. Get more tips here.*

Consider Security First

Use this guide from the FTC to create a security first approach to your business. This in-depth article gives you-step-by-step best practices for protecting sensitive information your business may handle. Read the FTC’s Start with Security Guide now.*

Next Steps If You Have a Security Concern

If you think your business bank account information has been compromised or have a security concern, contact your local Merchants Bank and ask to speak to your Cash Management Specialist or a Customer Service Representative.

 

*You will be linking to another website not owned or operated by Merchants Bank, NA. Merchants Bank, NA is not responsible for the availability or content of this website and does not represent either the linked website or you, should you enter into a transaction. We encourage you to review their privacy and security policies which may differ from Merchants Bank, NA.

Cell Phone Porting Fraud: Check Your Phone

Shot of a businesswoman using technology at work

Fraudsters are getting names, phone numbers and other personal identifiable information of real people and transferring their phone number to a different cell phone service provider. They pose as the victim and report the phone lost to the current provider and request the number be transferred (or “ported”) to a device with a different cellular service provider. Once they do this they can find where the victim may have bank accounts, click a “forgot password” link and request a password change code be sent to the stolen phone number via text message, now directed to their device. Then they can change their account’s password and can then access and manipulate those accounts.

What to watch for:

If your phone suddenly loses service, switches to “Emergency Calls Only,” receives any alert messages or unexpected text messages in regards to authenticating an action you did not request, notify your cellular service provider and financial institution immediately.

Take action to protect yourself:

You can take action against cell phone porting (or “port-out”) fraud by contacting your cell phone service provider. Ask them about their porting/port-out security and request they ask for security verification (that you would set up) when action is requested for your account.

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.

Top Business Fraud Updates – January 2018

FraudPrevention-Blog

Please review our most recent fraud alerts and security reminders to help protect your business.

Stolen Business Checks

Fraudsters are using stolen checks from local businesses to make purchases. To prevent your business from losing money due to stolen checks, we recommend:

  • Checking your business bank accounts daily for fraudulent transactions. If you are suspicious of a transaction, contact the Bank immediately.
  • Using a fraud transaction detection service, such as Positive Pay, to help you prevent these checks from hitting your account.

The sooner you can notify the Bank of a fraudulent transaction, the more we can do to help you. Dedicating time to review your accounts regularly can definitely help keep your business more secure.

Lessons to Learn from Uber Hack

You may have heard about the hack and attempted cover-up at Uber that has recently surfaced in the news. The personal information of more than 57 million customers and 600,000 drivers was stolen in a data breach in October 2016. The company then paid the hackers $100,000 to delete the data and keep quiet. What can we learn from this series of events?

First and foremost, it’s important to create a plan for how your company will handle cybersecurity breaches. Simply thinking, “it won’t happen to us” is hardly an option in today’s tech-savvy world. Being prepared beforehand can help you take the right steps if something happens. The FCC provides a free guide, called CyberPlanner*, to help small businesses create cyber plans.

Train Employees on Security Principles

This tip from the FCC* is an important reminder of the role your employees play in protecting your business from security threats. It’s important to establish basic security practices and policies for employees, such as requiring strong passwords and establish appropriate Internet use guidelines, that detail penalties for violating company cybersecurity policies. Establish rules of behavior describing how to handle and protect customer information and other vital data.

Next Steps If You Have a Security Concern

If you think your business bank account information has been compromised or you have a security concern, contact your local Merchants Bank and ask to speak to your Cash Management Specialist or a Customer Service Representative.

 

*You will be linking to another website not owned or operated by Merchants Bank, NA. Merchants Bank, NA is not responsible for the availability or content of this website and does not represent either the linked website or you, should you enter into a transaction. We encourage you to review their privacy and security policies which may differ from Merchants Bank, NA.

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.

How to Control Debit Card Activity

mymobilemoney

Security Awareness Week: June 5-9, 2017

Take control of your debit card transactions with our free My Mobile Money app. Use it to:

  • Set card transaction alerts
  • Set spending controls
  • Turn your debit card(s) on and off
  • Deny transactions based on criteria you choose
  • And much more!

Learn how to enable the top three features recommended by our staff. Before you begin, make sure you have downloaded the app, enrolled and signed in.

Feature 1: Transaction Alerts

From Customer Service Manager, Michelle Schroeder: “I can’t say enough about the automatic notifications for all transactions. I love seeing everything that goes through my debit card. It’s perfect in case I forget about an automatic withdrawal I had approved or someone is attempting fraud on my account.”

To receive alerts for certain transactions on your mobile device:

  1. Choose the card you wish to set alerts for.
  2. Select Alert Preferences.
  3. If you would like alerts on all transactions, click the “Send alerts for” drop down and select All Transactions.To set specific alerts, such as alerting for all online purchases, click the “send alerts for” drop down and selected Preferred Transactions. Then choose the type(s) of alerts you wish to set.

Feature 2: On/Off and Automatic Denials

From Commercial Banking Officer, Mike Swanson: “My wife and I have used the on/off feature for our debit card more than once. If one of us misplaces our card…leaves it in the car, forgets it on the counter or something else, we can just turn it off on the app until we find it. If our cards really were lost, it would prevent anyone else from using them. It’s just nice peace of mind.”

To turn off a debit card:

  1. Choose the card you wish to turn off.
  2. Slide the Card ON/OFF button from green to red.

To deny debit card transactions based on dollar amount:

  1. Choose the card you wish to set up for denials.
  2. Select Control Preferences.
  3. Select Spend Limits and slide on Per Transaction.
  4. Simply enter in the maximum amount that will be allowed for a transaction.
  5. Click Save.

Feature 3: Location Controls

From Customer Service Representative and Lead Teller, Tina Bechtel: “I’ve used the location feature and that’s really handy. You just set up if you only want to allow transactions based on a city, region or state. Transactions attempted from outside that area are then automatically denied.”

Although these options give you the flexibility to protect your card while traveling, you still need to notify us (contact your local Merchants Bank) of travel plans outside of Minnesota, Iowa and Wisconsin to ensure your debit card can be used while out of town.

To deny transactions based on the location of your mobile device:

  1. Choose the card you wish to set up location controls for.
  2. Select Control Preferences.
  3. Select Locations.
  4. Swipe the My Location function on.
  5. All attempted transactions outside of the zip code where your mobile device is located will be denied.

To allow transactions based on locations you select:

  1. Choose the card you wish to set up location controls for.
  2. Select Control Preferences.
  3. Select Locations.
  4. Swipe the My Regions function on.
  5. Select the plus symbol.
  6. Add a region by entering a zip code or using the map to zoom.
  7. Give your region a title and choose save.
  8. Repeat steps 5-7 to add up to two other regions.
  9. All transactions within the regions you selected will be allowed.

If you have questions about My Mobile Money, contact your local Merchants Bank.

Privacy Code: Why You Need One

PrivacyCode-Blog.jpg

Security Awareness Week: June 5-9, 2017

As part of our privacy standards, we would like all Merchants Bank customers to have a privacy code in place to protect you and your data from being accessed by someone other than you.

What is it?

A privacy code is a word or numbers or combination between 4 to 30 characters that you choose and will easily remember. This will be used to identify you and protect your data from being accessed by someone other than you. It is not the PIN associated with a card, phone banking or online banking system. It is a part of identifying you as a person.

When will it be used?

Merchants Bank staff will use a privacy code to identify that it is really you on the phone before we give you information on your accounts. If you do not have your photo ID with you, we may also use this to identify you in person.

Why do I need one?

Fraud and identity theft are increasing. Without a privacy code you may no longer be able to call in and obtain information over the phone.

To set up a privacy code, please call or visit your local Merchants Bank branch.