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Identity theft occurs when someone uses your personally identifying information, like your name, Social Security number, or credit card number, without your permission, to commit fraud or other crimes.
Identity theft can happen to anyone, but there are steps you can take to minimize your risk of becoming a victim.
Keep these tips in mind to protect yourself from identity theft:
If you suspect that you have been the victim of Identity Theft, Sterling National Bank is here to help. Download this printable step-by-step instruction guide on what to do.
Identity thieves use a variety of methods to gain access to your personal information, including:
With the increased dependency on and use of the internet, we are more susceptible to becoming a victim of fraud. Since occurrences of identity theft have been a growing trend, it is essential to take proactive measures in safeguarding our personal information.
Many people may not be aware how online activity builds a “digital footprint” that fraudsters can use to impersonate someone (usually for financial gain). If a fraudster is able to collect enough information about you from different sources, they may pose as you to deceptively acquire services in your name (such as bank loans or intercepting tax checks).
Personal information such as your bank account number, date of birth, social security number, address, mother’s maiden name, and email address are common banking security questions and can be acquired easily if used online. Once gathered, this information is known to be traded amongst criminals to perpetrate identity theft.
When using social networking sites, be sure to enable the privacy settings and practice limiting the amount of personal information you disclose for public access. Be mindful about what you share, like, and comment on your social network page – your digital footprint is an extension of who you are.
Convenience can sometimes come at a cost. In today’s digital era, fraudulent activity on debit cards occurs far more often than it should. For this reason, it is important to understand how debit cards can become compromised and how to be proactive in protecting our ourselves.
Crimes from mail theft and obtaining unauthorized access to sensitive data (such as a debit card number or bank PIN) are enabling scammers to steal funds from client bank accounts or make expensive purchases using their debit cards. There have been instances where cards are duplicated, or counterfeit debit cards are created, leaving the client unaware they have been victimized.
What You Need to Know
Clients will receive a call from our card member services if we believe suspicious transactions are being conducted and your prompt response is necessary in order to prevent any unauthorized transactions from posting.
Below are several tips that will help clients to avoid becoming victims of debit card fraud.
1. Check bank activity regularly
Enroll in online banking or mobile banking in order to check account balances and recent transactions. Any unfamiliar charges to your bank account should be reported to the bank immediately.
2. Safeguard debit cards via mobile banking application
3. Cover your pin when making transactions
Whether using an ATM, paying at a register or using a handheld card machine, it’s a wise precaution to cover your pin.
4. Guarding and storing data
Secure your wallet or purse in a safe place. If stolen, immediately call the bank to cancel your debit card. Additionally, a debit card number or PIN should not be stored on any smartphone.
5. Keep debit cards safe when shopping online
Clients should ensure that the webpage has “https” in the address bar (the “s” means secure), be vigilant of phishing scams, and avoid responding with any personal information unless you initiated the contact.
In proactively safeguarding our exposure to unauthorized Real-Time & Peer-to-Peer payments; such as, Zelle®, it’s important for us to understand how fraud and scams are defined since the consumer protections available by the bank may differ for each scenario. A simple way to distinguish between a fraud and a scam is to classify them as authorized transactions vs. unauthorized transactions. The descriptions of each transaction are outlined below.
| FRAUD | SCAMS |
|---|---|
| Someone who gains access to a client’s account and makes a payment via Zelle, Bill Pay, or External Transfers without their permission is considered to be digital banking fraud.
Since the client did not authorize the payment, they may be able to get their funds returned after a timely reporting of the incident to their financial institution. |
A client is deceived or persuaded into authorizing a payment for a service they were promised but not fulfilled, this would be defined as a scam.
Due to the payment being authorized, the client may not be able to get their funds returned. |
1. Only send money to those you trust
Zelle is a great way to pay friends and family, but it shouldn’t be used to pay strangers. Since Zelle does not offer a protection program for authorized payments, you should only use Zelle to pay people you know and trust.
2. Treat Real-Time & Peer-to-Peer Payments like cash
Clients should always confirm they have the recipient’s correct U.S. mobile number or email address to ensure funds are sent to the correct individual.
3. Report all unauthorized transactions immediately
If you have fallen victim to a scam or had unauthorized transactions through your online banking platform, immediately call the Contact Center at 1-855-SNB-7500 (1-855-762-7500).
Fraudsters have become more sophisticated at obtaining personal information from unsuspecting victims, and their methods are becoming increasingly advanced. There is a growing trend in fraud stemming from identity theft and one type in particular is Synthetic identity theft.
Synthetic identity theft is a type of fraud in which a criminal combines real and fake information to create a new identity. The real information used is usually stolen.
How it Works
The fraudsters begin by stealing legitimate Social Security numbers from people who aren’t using their credit (typically children, the recently deceased, or the homeless), and then add fake addresses, phone numbers, and social media accounts. They then open new accounts, acquire credit cards, cell phones, and other goods and services.
Fraudsters create synthetic identities through the following three ways:
Synthetic identity theft creates a sub-file to the victim’s main credit file. Since synthetic identity theft does not have an effect on their main credit file, it typically does not hit their credit report so a fraud alert or credit freeze wouldn’t be effective. It usually takes longer for individuals to discover that they are a victim, making it more difficult for them to clear their name.
Ways to Protect Yourself
| RED FLAGS OF IDENTITY THEFT | ACTIONS YOU CAN TAKE |
|---|---|
| An address change made soon after opening an account | Minimize your exposure and never give out your Social Security number if you don’t have to |
| Little or no credit use for years followed by frequent use or requests for large credit limit increases | Conduct regular checks on your credit |
| A credit file with a rapidly increasing FICO score | Protect your children’s personal information as children often get their identities stolen because they have a clean, blank slate |
| No other information or history for the client’s name | Keep a close eye on your communications and follow up right away if you receive any mail or phone calls regarding you or your children that seem like a red flag |
As a reminder, please Report all potential suspicious account activity your local SNB Financial Center or call the Contact Center at 1-855-SNB-7500 (1-855-762-7500).
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