Century Bank is concerned about cyber security for our clients. This page is dedicated to showing you pertinent information to protect you, your businesses and your families by sharing news, updates, and articles regarding cyber security.
Don't forget to check out our Identity Theft and Security page to learn more about this crime and ways you can protect yourself from having your identity stolen!
July 18, 2019
FBI Joins International Campaign to Stop Money Mules
The FBI is joining with law enforcement partners worldwide to raise awareness of and curtail this illegal movement of funds, which is fueling the growth of crimes across the globe. The FBI defines a money mule as a person who transfers illegally acquired money on behalf of or at the direction of another. Money mules often receive a commission for the service or provide assistance because they believe they have a trusting or romantic relationship with the individual who is asking for help. Aiding criminals by acting as a money mule can land you in prison and permanently damage your financial standing. The FBI has published an informative booklet explaining what a money mule is, the complicity spectrum, indicators, potential consequences, and how to protect yourself.
May 8, 2019
New Cyber Fraud
This week we learned of a new type of cyber fraud.
The Payroll clerk of a local company received an email from one of their “employees” requesting information on how to change his direct deposit information. The Payroll clerk responded via email to the “employee” and asked him for a voided check for the new account number. The “employee” provided a copy of a check in an email. Unfortunately, none of this communication or account information was from the real employee. The payroll clerk made the change and the direct deposit was sent to the account provided by the fraudster. Upon receipt of the direct deposit, the funds were immediately withdrawn and the account was closed.
Points to consider regarding this situation:
- The company email address for the “employee” was not used in the communication exchange. This may or may not have been a red flag if the company allows the use of both company and personal email addresses;
- There was no direct communication to verify the “employee’s” identity and confirm the request, such as a phone call.
Further research showed that the employee’s personal email was compromised and the fraudster was able to obtain a copy of the employee’s pay stub. This employer emailed pay stubs to employees. The pay stub included the employee’s name, address, confirmation of direct deposit and the email address of the Payroll Clerk.
Please revisit your procedures in distributing pay stubs and how you confirm requests to change direct deposit information. You may want to consider a phone call to the employee requesting the change for confirmation.
Emails requesting a change to payment information or sending funds via ACH or wire transfer should be confirmed in person or by phone with the person making the request. This would include any email from an employee, supervisor, manager, vendors or any other person making an unusual request.
Taking these precautions could prevent a potential loss. Should you have any questions about a situation you may be experiencing or need help with any transaction, feel free to contact any local Century Bank representative.
January 8, 2019
Securing New Devices
This technology provides a level of convenience to our lives, but it requires that we share more information than ever. The security of this information, and the security
of these devices, is not always guaranteed. Click here for important steps you should consider to make your Internet of Things more secure.