STATE BANK OF SOUTHERN UTAH BLOG

Fraudulent secret accounts



Paying Bills with Secret Accounts at the Federal Reserve is Illegal!

Misinformation is circulating on social media platforms falsely claiming that consumers can use certain routing numbers and their Social Security Numbers (SSNs) to pay bills from “secret accounts” at the Federal Reserve, government agencies or some banks. 




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Topics: Cybersecurity, Banking Security, Fraud, Paying Bills


Preventing Tax Return Fraud




Identity theft continues to be a booming business: In 2014, 17.6 million Americans fell victim, and cyber criminals made off with $15.4 billion. And tax refund theft remains a lucrative piece of that business, despite the IRS' efforts to stamp it out.




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Topics: Taxes, Tax Returns, Fraud


Why you should care about the Yahoo breach




 


User names and passwords were not the only thing crooks stole during the massive Yahoo breach.  They also snagged the answers to challenge-questions for 500 million users.   If you ever used Yahoo mail, you are affected.

Challenge-question answers can be used by crooks to reset account passwords and gain access, sometimes without your knowledge.

Using the same answers to challenge questions at different web sites is common.   How many answers can there be to “Name of your first pet?” or “What’s your favorite color?”

Now the crooks may have the ability to gain access to your other accounts, not just at Yahoo.   

State Bank offers the following tips:

  1. Replace your challenge questions with text message authentication. With this method a code is sent by text to your phone, which must be entered to access your account.
  2. Some providers offer a mobile app that generates an access code. Use that option, as it provides better protection than a text message. 
  3. As always, be on guard for phishing E-mail and be careful what you click. If you get an E-mail from someone you haven’t heard from in a while, call the person before you click on any link or attachment to make sure he or she really sent it.

This is serious, folks.   The breach appears to have started late 2014.  Crooks have a long head start.




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Topics: Fraud, Scam, Education


10 Holiday Shopping Scams in 2015



 

Santa isn’t the only one keeping track of who is naughty and who is nice! Better Business Bureau is warning consumers to beware of these common holiday scams.




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Topics: Fraud, Education


How Tokenization Technology Can Protect You from Fraud



Tokenization of credit cards is the latest buzz-word in security. One example of Tokenization is in Apple Pay, where your true card number remains hidden during the transaction. Instead, a temporary number issued by your payment network allows your transaction to be processed without revealing your true card number. Even if the one-time number is intercepted, it cannot be used for additional transactions.




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Topics: Tokenization, Security, Banking Security, Credit Cards, Fraud, Education, Technology, Apple Pay


About SBSU

Hometown banking was established in southern Utah with the opening of State Bank of Southern Utah in 1957.

Hometown banking is important because people who live and work in southern Utah make the decisions. Bank employees and officers understand the banking needs of area residents because they are affected by the same economic climate. Find out what hundreds already know - hometown banking is better.

Visit us at sbsu.com

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