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October 12, 2022

Tips to keep your account safe.

Customers can fall victim to a compromised account without even realizing it, until it's too late. Electronic Funds Transfers (EFT) between individuals and/or businesses are a quick and easy way to send money. However, that's what makes it a popular target for fraud.  

So how does this electronic transfer fraud work?

  • The scammer tricks the customer into giving them their online banking credentials and logs into the customer’s account to schedule the electronic transfer.
  • Once the electronic transfer is credited to the compromised account, the scammer will use sophisticated mental tactics to convince their victim to withdraw the funds and send them to the scammer. The victim may be instructed to withdraw the cash and send it through the mail, purchase gift cards, or send via wire transfer.
  • The scammer will pressure their victim and demand payment quickly. The scammer needs their victim to send the funds before the electronic transfer is identified as fraudulent.
  • Once the other victim identifies the fraudulent electronic transfer, a dispute will be filed and the funds will be demanded to be returned to the other financial institution.
  • If the victim who received the electronic credit transfer already sent any the funds to the scammer, they will be responsible to cover that amount.

This scheme has the potential to result in significant financial loss for victims.

You can avoid becoming a victim of this scam by following these tips.

  • Do not share online banking credentials with anyone.
  • Do not send gift cards as payment.
  • Do not accept credits into your account that do not belong to you.
  • Do check your balance and account activity regularly

Contact your bank immediately if you identify account activity you did not authorize or does not belong to you.