What You Need to Know to Protect Yourself
Protect Yourself. Be Aware. BEWARE of Financial Fraud.
“The best defense the bank has in combating fraud is the education of our customers,” says Ashley Ottway, Paducah Bank’s Bank Secrecy Act (BSA) officer. “And some customers are reluctant to admit that they have fallen victim to fraud. It’s important they understand that we’re here to help them.”
Recently the FBI issued a warning with regard to financial fraud. The communication listed a number of questions to help identify the actuality of fraud. The communiqué addresses five different scams that have grown at an alarming rate, due in part to the explosive growth and use of the internet. Specifically, the information addresses the Internet Fraudulent Check Scam, Foreign Lottery Scam, Nigerian Fraud Scam, Re-Shippers Facilitating Illicit Money Transfer, and Phishing Scam. The questions can also address these scams used in combination or in tandem. “Scam artists are able to remain anonymous by using the postal system and the internet,” Ashley explains. “A majority of these scams are initiated from foreign countries which creates obstacles for U.S. and foreign law enforcement to prosecute the culprits.”
Because law enforcement has difficulty addressing all or even the majority of these cases, the FBI has pursued a proactive effort to educate the public and assist financial institutions. Simply put, the intent of this question and answer form is to prevent transactions stemming from these scams from ever being processed and to prevent citizens from falling victim to these scams.
The answer to these questions should help to discern if the suspicious transaction is the product of a scam.
If you can answer “yes” to any of the following questions, you could be involved in a FRAUD or about to be SCAMMED!(The term “check” in this case refers to any negotiable instrument such as a personal check, money order, cashier’s check, etc.)
q Is the CHECK from an item you sold on the internet, such as a car, boat, or jewelry, etc.?
q Is the amount of the CHECK more than the item’s selling price?
q Did you receive the CHECK via an overnight delivery service?
q Is the CHECK connected to communicating with someone by email?
q Is the CHECK drawn on a business or individual account that is different from the person buying your item or produce?
q Have you been instructed to either wire, send or ship money, as soon as possible, to a large U.S. city or to another country such as Canada, England, or Nigeria?
q Have you been asked to PAY money to receive a deposit from another country such as Canada, England, or Nigeria?
q Are you receiving PAY or a COMMISSION for facilitating money transfers through your account?
q Did you respond to an email requesting you to confirm, update, or provide your account information?
If you answered “yes” to any of these questions, contact Paducah Bank personnel immediately.