Resources to help you safeguard your private and financial information.  


Tis' the Season for Scams

#BanksNeverAskThat This is the time of year that fraudsters are especially likely to reach out to you in attempts to compromise your information. Please remember to take extra precautionary measures to safeguard your personal and banking information from fraud schemes. 


Remember that Third Coast Bank will never ask you: 

For your online banking credentials 

For your personal or business information via text message

For your full debit card payment information

For your Zelle registered token (email or mobile phone number) 

 

These are the most recent and prevalent forms of attack that have been witnessed this season.  Stay alert and always be aware of outsiders requesting your personal information.  Remember, we already have your information so we do not need to ask for it.


If you receive forms of communication that you are wary or hesitant about, do not hesitate to contact your banker or branch.

Stay safe this holiday season!

 

Recent Fraud Schemes Targeting Businesses

 
Schemes that use your bank account information:
  • Fraudulent Checks - fraudulent checks are imitations or copies of genuine customer checks.  They are drawn on valid bank accounts and may or may not be a precise duplication of an actual check.  Fraudsters are able to collect valid bank information and begin producing fraudulent checks to pass for valid payment or cashing.  
  • ACH Drafts - ACH debits or drafts are electronic withdrawals that post against your account.  Fraudsters are able to collect valid bank information and begin originating ACH transactions to pay for goods and services.

The best way to protect your bank information is to keep it secure, limit employee access to authorized individuals only, use Treasury Management Services such as Positive Pay and ACH Positive Pay to manage your authorized payments.



Schemes that involve your authorized online banking users:
  • Wire Fraud - New Payment Information - your business receives new payment instructions from an existing vendor relationship either via fax or email, then your authorized online banking user updates the information in the online banking system to send wire payments to the vendor.  Your users send a wire and validate the information with the bank.  Later, your business learns that the new payment information was fraudulent.  
  • Wire Fraud - Deposit Check, Send Funds - your business is contacted by a new or potentially new customer.  You begin the process of working with the customer to sell your goods or services.  The customer sends  you a check for the amount of proposal.  You deposit the check into your bank account.  However, at some time before fulfillment, the customer changes their mind and asks to only fulfill a lesser amount of your goods or services.  They then request a wire for the excess funds, returning only a portion of the original amount.  Later, your business is notified that the original check has come back returned insufficient or account closed, but you have already sent the wire. 

The best way to protect your business is to verify all payment instructions with a call back to the vendor contact before entering into the online system, and waiting at least 10-15 days for a refund of any amount to a customer especially if the original payment was a check deposit.


If you suspect that your business may have been targeted by any of these schemes, please contact your banker or branch immediately.  We recommend closing  your account to stop any additional fraud attempts.

FDIC Consumer News

The FDIC has issued a warning of 10 scams being used to target bank customers.  Learn more about how you can protect your personal information and your money. FDIC Scam Warnings

Homeland Security

Stop. Think. Connect.

Homeland Security has provided a great toolkit called Stop. Think. Connect.  It's full of important resources for both businesses and individuals. Take a look and learn how to protect yourself from today's cyber criminals.
Business Email Compromise

The Federal Bureau of Investigation issued a Public Service Announcement entitled BUSINESS E-MAIL COMPROMISE: THE 3.1 BILLION DOLLAR SCAM. You can see the PSA Video here.

FBI Video

FBI officials are warning potential victims of a dramatic rise in the business e-mail compromise scam or “B.E.C.,” a scheme that targets businesses and has resulted in massive financial losses in Phoenix and other cities.

The schemers go to great lengths to spoof company e-mail or use social engineering to assume the identity of the CEO, a company attorney, or trusted vendor. They research employees who manage money and use language specific to the company they are targeting, then they request a wire fraud transfer using dollar amounts that lend legitimacy.

There are various versions of the scams. Victims range from large corporations to tech companies to small businesses to non-profit organizations. Many times, the fraud targets businesses that work with foreign suppliers or regularly perform wire transfer payments.

Equifax Data Breach

Equifax has experienced a data breach impacting approximately 143 million US consumers.

Please read the Federal Trade Commission Consumer Information's article to find out if your information has been compromised and what you can do to protect yourself. 

Equifax Breach: What to Do
For more steps you can take to protect yourself and your credit, read more from the Consumer Financial Protection Bureau.

Identity Theft Protection after Breach


Scam Warning - The Federal Trade Commission provides important warnings about Equifax calls in this article.

Equifax isn't Calling

Security Threats

Identity Theft

Protect your Business

Fraud Information

Check your Credit Report Annually

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