Businesses and consumers lose millions of dollars each year to wire transfer and ACH (Automated Clearing House) fraud - and that number is on the rise according to the Federal Trade Commission. Fraudsters disguise themselves as a trusted source by providing what appears to be legitimate information regarding a transaction and/or request for funds. The request may appear to be something you are expecting via an email, text message, or phone call. To avoid being a victim of electronic fraud, here are a few simple steps you can take to verify that a request to send or receive funds is legitimate.
Verify the Source of the Request
- Never initiate changes based only on email communication. Fake email addresses and phone numbers are the most common ways fraudsters request funds.
- Always investigate unusual requests. If you receive a request for payment that is out of your ordinary payment arrangement, confirm by phone with your vendor.
- Never use contact information provided by the requestor.
- Always verify changes to vendor information, including mailing address, bank routing number and bank account number.
- Always be suspicious of requests for secrecy or pressure to take action quickly. If you receive a request threating an action against you unless financial information or funds are provided, consult your banker, a trusted friend or expert immediately.
Compare Original Wire Information
- If this is a recurring transaction, confirm that ALL numbers and information match original wire documentation.
- Do not use account numbers or other private information that is provided by the requestor.
- Consult your banker if you see any discrepancies or have questions about the new information provided.
General Precautions
- Do not click on any links provided to you by the requestor. Cyber-criminals can install malware to gain access to your login credentials without your knowledge.
- Do not agree to receive money to purchase gift cards, to send to another financial institution, or withdraw cash from your account to purchase cashier’s checks or money orders to deposit into another person’s account.
- Beware of requests from unknown persons asking you to purchase gift cards and then to provide the card and pin number electronically or over the phone.
- Do not send money in response to an unexpected or urgent request from a loved one. Scammers often pretend to be someone you know who is in distress. Verify the legitimacy of the request.
Tip
Bank of Marin will never ask for your debit card PIN or digital banking password.
If you suspect your Bank of Marin bank account has been compromised, contact your local branch or call Customer Support (866) 626-6004.
For more information about protecting yourself from fraud visit https://www.ftc.gov Bank of Marin will never ask for your debit card PIN or digital banking password.
For additional information, visit our Security & Fraud Prevention Resources.