BSA stands for Bank Secrecy Act which affects all departments of the bank, as it’s the reporting of financial crimes. In my new role, I review customers’ accounts for fraud, financial abuse, scams, structuring, suspicious activity, and other financial crimes.
Looking towards the future we can expect to see scams and fraud about recent hot topics like Federal Student Loan Debit Relief and holiday shopping. How do we stop scams?!? What should we do to prepare? Talk about it! Talk to your customers, family, and friends about:
- Answering phone calls from unknown numbers - If a person is not expecting a call, they shouldn’t answer it. If the caller needs something they will leave a voicemail. If the voicemail has a phone number to call back, it’s best to find the number on your own. Fraudsters give out fake phone numbers and will request sensitive information like debit card numbers, account numbers, and social security numbers.
- Clicking on links in an email - If a person isn’t expecting an email, the person should use caution. Many phishing emails contain links for hackers to take over computers. Customers need to use caution when clicking links in an email – just like FSB employees do!
- Safely using Social Media - Many times, scam artists use Facebook or other social media platforms to lure in their victims. One example of a social media scam: Jeff uses Facebook Marketplace to sell a lawn mower for $500 and is given a $5,000 check for the payment. The Fraudster asks for $4,500 back because the fraudster “accidently” overpaid. Jeff becomes a victim when he gives $4,500 back because in a few days the check is returned leaving Jeff at a loss for the $4,500. Jeff is now overdrawn and has to pay FSB back. If Jeff doesn’t pay FSB back, FSB loses $4,500. These overpayment scams result in financial loss for customers and the bank! Please submit an Incident Report if you suspect a customer is being scammed or speak with your manager. You can also email me or call me directly at 4372.