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Community Bank News
Don’t Bite on Phishing Scams
Featured in Senior News February 2007
By Randall E. Snider, Community Bank of Parkersburg
President and Chief Executive Officer
Every day, millions of people receive emails warning them that their bank or online retail accounts are in jeopardy. All they need to do, they are advised, is to confirm their account information by clicking on a link.
The emails appear to be legitimate, carrying the appropriate logo and coming from official-sounding email addresses. However, as most of you know or have heard by now, they are scams perpetuated by identity thieves in hopes of obtaining consumers’ personal information.
The name for this practice is phishing, which online fraudsters use emails and copy-cat Web sites to trick consumers into revealing personal information – such as account numbers for banking, securities, mortgage or credit card accounts, social security numbers and the login IDs and passwords for online financial service providers.
Fraudsters who collect this information then use it then to steal the consumer’s money or identity, or sometimes both.
The Web site, fraud.org, claims that most victims of phishing scams are over age 60 because seniors tend to be more trusting of other people and are often not as knowledgeable about such frauds.
Victims often fall for phisher’s three most powerful tools: good old fear, greed and urgency.
Phishing messages urge consumers to put in their account specifics by saying, “Do it now or your account will be deactivated” or “Verify your information immediately.” Then there is the greed tactic, as in “You’ve just won $250,” so the consumer will hurry to input their account information to get the money.
By all accounts, phishing is getting more rampant by the month. According to the Anti-Phishing Working Group, an eye-popping 26,877 phishing Web sites were used to commit identity theft, fraud and malicious activity in October alone, the latest month for which figures were available. This is an astronomical rise from the 15,820 sites the group reported a year earlier.
The best way you can protect yourself from phony phishers is to understand what legitimate financial service providers and respectable online retailers will and will not do. Most importantly, legitimate businesses, such as Community Bank, will never ask you to provide or verify sensitive information through non-secure means, such as email.
We suggest you employ these four simple steps to protect yourself from phishers:
- Pick Up the Phone to Verify — Do not respond to any emails that request personal or financial information, especially ones that use pressure tactics or prey on fear. If you have reason to believe that a financial institution actually does need personal information from you, pick up the phone and call the company yourself — using the number you have on file, not the one the email provides!
- Do Your Own Typing — Rather than merely clicking on the link provided in the email, type the Web site address into your web browser yourself (or use a bookmark you previously created). Even though a Web site linked from the email may look like the real deal, fraudsters can mask the true destination.
- Be Skeptical – It is better to err on the side of caution. Unless you are 100% sure that a particular message is legitimate, assume it is not. You should never supply your username, password, account number or any other personal or confidential information via email and you should not reply directly to the email in question.
- Do Your Homework – When your bank statements or account details arrive, whether in print or through electronic means, analyze them closely. Make sure there are no transactions that you can’t account for and that all of the decimals are in the right spots. If you find any problems contact the company or financial institution in question immediately to notify them.
About Community Bank
Community Bank has assets in excess of $195 million and total deposits of $130 million. Founded in 1917, Community Bank offers full-service banking, including investment services, as well as making loans to consumers and local businesses. Community Bank delivers customized, personal service and local decision-making combined with the convenience of four Wood County banking offices and cutting-edge technology. For more information, visit www.communitybankpkbg.com.