Isn't That Rich Podcast

Fraud—a word that strikes fear and uncertainty into the hearts of many. It's a topic we often hear about but never really think could happen to us, until it does. In this episode, we unravel tales of deception, close calls, and ingenious fraudsters, all to shed light on the importance of vigilance and the steps we can take to safeguard our finances.

The Phone: A Tool Turned Weapon

Imagine this: you receive a text message asking you to verify a recent Amazon purchase. Seems harmless, right? Wrong. Fraudsters are getting smarter by the day. They prey on our trust, urging us to click on links that lead to compromised websites. They’ll even go as far as impersonating banks, digging for personal information like Social Security numbers and addresses.

One unfortunate customer fell victim to this scheme when a fraudster posed as her over the phone. Armed with personal details, the fraudster gained access to her online banking account and initiated unauthorized transfers. It was only through the vigilant eye of our Farmers State Bank customer service team that the fraud was detected and rectified.

The Perils of In-Person Fraud

While digital fraud dominates headlines, in-person fraud still lurks in the shadows. One benefit of banking with a community bank is that our tellers and customer service team take protecting your accounts into their own hands. They become guardians against fraud. With intimate knowledge of our customers’ habits, spending patterns, and history, your community bank serves as the first line of defense.

There have been numerous instances where fraudsters were caught in the midst of attempting to steal money from our customers in-person at the bank. One particularly audacious fraud attempt involved a caller posing as a bank representative, seeking sensitive online account information. Unperturbed, the bank staff employed a clever ruse, prompting the fraudster to visit in person. The result? A dramatic standoff, reminiscent of a movie scene, where law enforcement swooped in to apprehend the impostor, armed with a trove of stolen identities.

Thanks to the quick thinking and action of our front line, we were able to protect our customers from thousands of dollars in fraud.

Protecting Your Checks

Checks, once a trusted means of payment, now pose significant risks. From stolen checkbooks leading to fraudulent purchases to clever impersonations with near-identical payee names, let this serve as a reminder to secure your paper checks as if they were cash and monitor your check transactions diligently.

It’s also important to monitor your credit reports and you may want to consider freezing your credit to prevent any unauthorized activity from taking place.

Tips to Stay One Step Ahead

With fraudsters lurking at every corner, staying alert when it comes to your finances has never been more important. Farmers State Bank has a few preventative measures you can take to help safeguard against financial fraud:

1. Beware of Unsolicited Requests: Banks will never ask for your PIN, password, or personal information over the phone. We already have all that information on file. If you’re unsure about whether it’s your bank on the phone, hang up and call your bank at their number you have on file for them.

2. Enable Two-Factor Authentication: Annoying but effective, two-factor authentication adds an extra layer of security to your online accounts. Be sure to activate this option in all your online banking accounts as it often deters fraudsters from attempting to gain unauthorized access.

3. Update Your Passwords Regularly: How often do you update your passwords? It’s extremely important to get into the habit of changing your passwords regularly. Avoid using the same password for multiple accounts and opt for longer, unique passphrases. Have trouble remembering your passwords? We suggest creating complex yet memorable passphrases from your favorite song or quote.

4. Consider Identity Protection Services: Services like Kasasa Protect offer 24/7 monitoring of your credit and personal information. For a minimal fee, you can ensure that your accounts will be flagged should any unusual spending behaviors occur. We also recommend taking full advantage of your free annual credit report to stay ahead of potential fraudsters and report them immediately.

5. Switch to E-Statements: You can reduce the risk of your paper bank statements falling into the wrong hands by opting for electronic statements. Although it seems like a small change, e-statements keep the information that’s for your eyes only, for your eyes only.  

Amidst these tales of deception we’ve shared today, there is a beacon of hope: knowledge and vigilance. By arming ourselves with awareness and implementing simple yet effective safeguards, we can navigate the financial landscape with confidence.

So, next time your phone buzzes with an unfamiliar text or you receive an unexpected call from your bank, remember the lessons we’ve shared. In the battle against fraud, knowledge truly is power.

For more insights into financial security and fraud prevention, visit Farmer State Bank's website at www.myfsb.com or drop by one of our five locations in Southern Illinois. And remember, in the world of finance, being informed is the greatest defense against fraud.