If the recent changes in the financial marketplace have you confused, you’re not alone. The financial institution where you did business last week may have a new name today, and your checks and statements may come with a new look tomorrow. A new lender may have acquired your mortgage, and you could be mailing your payments to a new servicer. Procedures for the banking you do online also may have changed. According to the Federal Trade Commission (FTC), the nation’s consumer protection agency, the upheaval in the financial marketplace may spur scam artists to phish for your personal information.
Phishers (pronounced “fishers’) may send attention-getting emails that look like they’re coming from the financial institution that recently acquired your bank, savings and loan, or mortgage. Their intent is to collect or capture your personal information, like your credit card numbers, bank account information, Social Security number, passwords, or other sensitive information. Their messages may ask you to “update,” “validate,” or “confirm” your account information. For example, you may see messages like:
“We recently purchased ABC Bank. Due to concerns for the safety and integrity of our new online banking customers, we have issued this warning message... Please follow the link below to renew your account information.”
“We recently acquired the mortgage on your home and are in the process of validating account information. Please click here to update and verify your information.”
“During our acquisition of XYZ Savings & Loan, we experienced a data breach. We suspect an unauthorized transaction on your account. To ensure that your account is not compromised, please click the link below to confirm your identity.”
The messages direct you to a website that looks like the actual site of your new financial institution or lender. But it isn’t. It’s a bogus site whose purpose is to trick you into divulging your personal information so the operators can steal your identity and run up bills or commit other crimes in your name.
The FTC suggests these tips to help you avoid getting hooked by a phishing scam:
For more tips from the federal government and the technology industry to help you be on guard against Internet fraud, secure your computer, and protect your personal information, visit www.OnGuardOnline.gov.
The FTC works for the consumer to prevent fraudulent, deceptive, and unfair business practices in the marketplace and to provide information to help consumers spot, stop, and avoid them. To file a complaint or to get free information on consumer issues, visit ftc.gov or call toll-free, 1-877-FTC-HELP (1-877-382-4357); TTY: 1-866-653-4261. The FTC enters consumer complaints into the Consumer Sentinel Network, a secure online database and investigative tool used by hundreds of civil and criminal law enforcement agencies in the U.S. and abroad.