Just like the summer heat, bank fraud is reaching record-breaking highs. Truth is: Even in the summer months, scammers don’t take a break.
We spoke with Penn Community Bank Director of Fraud & Security Rick Cimakasky about the most common scam attempts customers and financial institutions are seeing today.
“While traditional email phishing and phone spoofing tactics remain prevalent, an old scam incorporating new technology seems to be back on the streets,” says Rick.
Computer hardware devices implanted inside ATMs, also known as “skimmers,” are becoming more popular than ever with today’s broad availability of tiny pinhole cameras and ultra-thin and flexible deep insert skimming devices. As an individual puts their debit card into the ATM machine to make a withdrawal, the illicit device captures the sensitive data and stores it. Paired with a small digital camera that records the keystrokes of your pin number, the scammer receives your information, gains access to your accounts, and shortly thereafter beings making withdrawals at other bank ATMs from your account.
Everyone is vulnerable to this sort of scam, but it’s easy to defend against. Simply cover your hand when inputting your pin, as that will defeat any camera that may be recording your keystrokes. Avoid ATMs that are difficult to insert your card into, stand-alone machines that are not in well-lit areas, and be especially vigilant when withdrawing money on a weekend. Scammers know that banks have shorter hours on the weekends, which gives them uninterrupted time to install and later remove the skimming devices. ATMs are more frequently used during this time as well, which gives them more cards, PIN numbers, and sensitive data to choose from.
Still, as a precaution, branch staff have been trained on a new procedure for regularly inspecting bank ATMs for these highly concealable devices to ensure the security of our customers’ information.
Penn Community Bank is committed to protecting our customers and working to prevent fraud, but it’s crucial to remember that customers should also take steps to protect their personal information as well.
“Rarely, if ever, is a financial institution the source of information obtained by a scammer, as it’s almost always through social engineering, phishing, spoofing, and fraudulent checks – all tactics with the awareness, can be avoided,” says Rick.
Social engineering is also more prevalent than ever before. Fraudsters are becoming increasingly talented in the deceptive practice of creating false email campaigns or bank communications. They have practiced their routine thousands of times, they are very convincing over the telephone, text, instant message or email, and once you click, you’re hooked. Counterfeit checks and stealing mail continue to be a problem, too. These professional scammers know exactly what to look for and how long to wait before taking action.
Goodbye are the days of just checking your monthly statement when received in the mail, says Rick. Make it a habit to monitor your accounts and transactions daily. Penn Community Bank offers Card Valet compatibility – an app that allows you turn your card on and off and set parameters to receive real-time alerts for transactions that might be fake. Having your mobile banking app at your fingers tips at all times means there’s no room for excuses.
Rick advises that if something seems suspicious, call the Bank immediately – there is no concern too big or too small for us to help solve, and rest assured that your accounts are safe and secure with us, but stay ever vigilant for spoofs, scams and skimmers, monitor your account often, and never hesitate to call us direct through Customer Care at 215-788-1234, or your local branch.
