Standard Bank Blog

Last time we talked about the basic money mule game plan.  Today we’ll talk about some variations and schemes fraudsters use at each stage to see what we’re really up against.  I promise this is going to be fun!

• Can you trust an Angry Bird? Emails are disguised as the Angry Birds game or as a Microsoft software update, these look extremely real and are very hard for you to ignore.  When you click on the link to play the game or download the update, you instead get malware loaded onto your computer, often without you even knowing it

I bet you know someone that has been the victim of identity theft – perhaps a friend or even a relative.  They were probably the victim of credit card fraud, internet fraud or mail theft.  This probably proliferated into all sorts of complications in their life including compromised credit.  Identity theft is our country’s fastest growing crime.  The FTC reported that last year, more than 9.9 million Americans were victims of this crime costing nearly $5 billion. 

There are some simple things you can do to protect yourself against fraud.  The U.S. Postal Inspector, who is a leader in fighting against identity theft, suggests that you:

It’s Time!  Uncover the Harley and polish the chrome until it shines.  Get your Runabout out of winter storage and check its sea worthiness from stem to stern.  Hose down the Jayco, check the tires, and call your favorite campground to reserve your spot for the season.  Oh and one last thing, call your insurance agent and review your protection for all of your recreation vehicles!

Summer adventures are right around the corner and it is important to protect all of the toys that enhance your summer fun.  Whether it is two wheeled, four wheeled or no wheels at all, your recreational vehicles need to be protected in a similar manner to your vehicles and home.

Did you know that your auto and home policies rarely provide protection for your recreational vehicles?  And if they do, it is quite limited and restrictive. 

Mule train!! (Hyah, hyah)
Mule train!!
Clippety cloppin' over hill and plain
Seems as how they never stop, clippety clop, clippety clop
Clippety, clippety, clippety, clippety, clippety cloppin' along

-    Mule Train, Boxcar Willy

More and more, Fraudsters are targeting the swollen account balances of commercial banking customers and hiding behind the more frequent account activity present in business-to-business transactions. The larger amounts and frequency of fund movements common between organizations are making fraud harder to detect by financial institutions and their customers until the money is gone. As with consumer banking fraud schemes, the crooks rely on money mules to break the final bottleneck – getting the money out. However, because of the complexity of corporate transactions, fraudsters are employing human actors earlier in the process… and closer than ever to the victimized company.

What is Identity Theft?

One person (or more), using information gathered from various sources, takes on the identity of another person without permission and conducts illegal activities using that identity.  The intent is to use that identity for personal monetary gain, with the intent to defraud others. Identity theft is serious. While some identity theft victims can resolve their problems quickly, others spend hundreds of dollars and many days repairing damage to their good n ame and credit record.  Some consumers victimized by identity theft may lose out on job opportunities, or be denied loans for education, housing or cars because of negative information on their credit reports. In rare cases, they may even be arrested for crimes they did not commit.

How do thieves steal an identity?

Identity theft starts with the misuse of your personal identifying information such as your name and Social Security number, credit card numbers, or other financial account information. For identity thieves, this information is as good as gold.
Skilled identity thieves may use a variety of methods to get hold of your information, including: dumpster diving, skimming, phishing, changing your address, lost or stolen purses, stolen mail from mailboxes, etc.  Some thieves go “wholesale” by getting lists of personal information through computer hacking, theft or bribery.  This information can be re-sold to other criminals or used numerous times by the original thief or thieves.  Identity theft is the fastest growing crime in the United States.  

Educating our account holders about online banking fraud and what they can do to protect themselves is an important part of Standard Bank’s fraud prevention strategy.  While it’s a fact that today’s complex fraud schemes have demonstrated an ability to get by end user defenses, whatever our valued account holders can do will make it that much harder for cyber criminals.  Every layer of defense that we can individually and collectively put in place will only make all the protections stronger.  We value our customers highly and the more you know about the fraudsters and how they attack, the more effective you can be in defending your own account, both here at Standard Bank and elsewhere.

The Home Insurance Policy serves as protection from natural disasters, weather, unexpected damages, and civil disobedience.  Should one of these events occur to you and your home, a home insurance policy will help you eliminate any significant financial burden and assist in placing you and your family back on your feet.

The three most important parts of a home insurance policy are:

• Dwelling Coverage – This covers the actual structure.
• Personal Property – This provides protection for your personal items that are not permanently attached to the home.
• Personal Liability – Provides protection against lawsuits arising from occurrences that result in a non-resident being injured on the property.

A home insurance policy can be tailored to meet your needs based on your specific situation including the addition of water backup, identity theft, home based businesses, etc.  Combining your home and auto policies with the same company can result in significant discounts for both products.

2011 was a very exciting year at Standard Bank!  We completed our first year of blogging and would like to share the top five posts of the year with you.  It was an exciting mixture of posts from Veteran's Day to paying off your mortgage early.  We hope this diverse mix of information is what you are looking for.

5. Loose Change Can Add Up To Make a Big Impact - Creative ways to save money starting with the change in your pocket

What is a happy retirement?  Is it peace of mind? Own your home without making monthly mortgage payments, with extra money set aside for unexpected expenses or healthcare costs.  Freedom? Easily pay your monthly bills, with enough extra cash to live comfortably and enjoy the occasional luxury.  Recreation & Leisure? Enjoy time hosting friends and family, participating in social opportunities and pursuing your favorite hobbies.  Travel & Adventure? Look forward to taking that long-awaited vacation or family cruise, sooner rather than later.

• Debit MasterCard purchases made in a foreign country
• Debit MasterCard purchases or payments made through a company that is located outside of the United States
• Debit MasterCard purchases or payments made where the transaction is processed by a payment processor that is located outside of the United States