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 BusinessesSchemes 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.