Summer is here and the temperature is rising, and while you might be thinking of vacation, we are here to remind you that criminals don’t take vacations. At Fremont Bank we take protecting your money seriously, so we’d like to inform you about a popular mule scam and how you can avoid being a victim.
A common form of fraud has been splashing across the country this summer, known as a mule scam. During this scam, people are recruited through social media through what appears to be a work-at-home job as a money transfer manager. They are told that they will receive money into their account with instructions on withdrawing the funds and forwarding it to a specific person. The promise is that they will receive a percentage of the proceeds as commission but they have to provide their online or mobile banking credentials. This allows the fraudster to access mobile deposit and deposit the money. The victim sees the money in their account and sends the remaining money off, but the checks are later returned and they lose that money.
While you relax on summer vacation, don’t relax your security. There are a number of things you can do so you don’t wipe out with this mule scam or any other new scam that the fraudsters will devise, we’ve put together some security tips to help you keep your personal and account information secure:
- Do not share your username or password with anyone. Fremont Bank will never ask you for your username or password to your online or mobile banking account and you should never share this information with anyone.
- If you are selling something to a stranger, insist on cash or a cashier’s check for the exact amount. If they want money back from their check, it’s probably a scam.
- Stay up to date on your account by using Mobile and Online Banking to review your transactions as quickly as they happen. You can even set up account alerts in Online Banking to be notified when certain activity occurs on your account. If you see any unauthorized transactions, report it right away. Learn more about the best way to report fraud.
- Sign up for e-Statements. Your paper statements can be lost or stolen and should be shredded before being thrown away so no one else can access them. E-statements are delivered electronically within Online Banking ensuring that they don’t end up in the wrong hands.
Don’t let the fraudsters dampen your summer break. From time to time Fremont Bank will be highlighting ways to help protect you from scams. Use common sense and employ these proactive measures to help keep your personal and account information safe and secure.