Over the past few months, criminals have developed a new set of fraud schemes in an attempt to profit off the pandemic crisis. We want to share some of the specific tactics we have seen to help you spot the signs of pandemic-related fraud.
Unemployment Insurance Fraud
This fraud happens when a deposit is received into your account for an unemployment insurance claim that may or may not be in your name. You then receive an urgent and sometimes threatening phone call stating this deposit was an error, and that you must wire the money back quickly. The fraudster is trying to get you to do this before the *ACH transfer comes back fraudulent.
Free Loan
This fraud happens when you receive a phone call or letter indicating that you are going to receive a free loan. This loan may be to start a business or repair for your home. While they say it is free, it comes with a catch; you need to wire some of the money back to cover a fee. The fraudster is hoping that you will wire the money before the deposit comes back fraudulent.
Compromised Debit Card
This fraud happens when the fraudster calls claiming to be from your bank, and that your debit card has been compromised. They will then ask you to provide your full debit card number. Once they have your debit card number, they will start charging purchases to your card.
At NebraskaLand Bank, we take protecting your personal information very seriously. We are committed to providing you with the tools, tips and resources you need to keep your information safe and secure.
One of the easiest and most effective ways to protect your accounts are to monitor them closely with tools like Online and Mobile Banking. With these services, you can check your account balances, transactions and more- any time in real time. You can also sign up for Account Alerts which are customizable notifications to help stay on top of your account activity.
As a NebraskaLand Bank customer, you also have access to the free CardValet app, which gives you more control over your debit card. You can turn your card on or off, set spending limits and even choose geographical areas where your card will or will not work.
*ACH: Automated Clearing House is a network that coordinates electronic payments and automated money transfers for financial transactions in the United States. ACH processes large volumes of credit and debit transactions in batches. ACH credit transfers include direct deposit, payroll and vendor payments and is a way to more money between banks without using paper checks, wire transfers, credit card networks or cash.