OCC Issues Warning – Fake Bank Site Spreads Malware December, 2011
A recently issued warning regarding a fake banking website highlights the need for stronger domain-naming practices, especially in the financial space.
The Office of the Comptroller of the Currency (OCC) recently issued a warning about HelpWithMyBank.com, an illegitimate website feigning to offer consumer information about bank accounts and loans. Once visited, the HelpWithMyBank.com URL directs users to a legitimate consumer information site, HelpWithMyBank.gov, attempting to convince users they are connecting to a legitimate site, according to the OCC. But connecting to the fake site before the redirect is believed to expose consumers to malware.
Doug Johnson, Vice President and Senior Adviser of Risk Management Policy for the American Bankers Association (ABA), says so-called typo-domains or domains that claim to offer legitimate consumer information in attempts to fool consumers into clicking malicious links are not new. "We have seen them from time to time, even purporting to be the ABA," he says.
The problem is that there is little the banking industry can do to prevent these types of sites from cropping up. It's relatively easy for fraudsters to register malicious sites under existing Domain Name System, or DNS, standards.
Dave Jevans of the Anti-Phishing Working Group says anywhere from 2,000 to 4,000 fake websites could be online on any given day. "Fake websites continue to be a big problem," he says. "Many are used in phishing and spear-phishing campaigns."
NOTICE OF CHANGES IN TEMPORARY FDIC INSURANCE
COVERAGE FOR TRANSACTION ACCOUNTS
All funds in a “noninterest-bearing transaction account” are insured in full by the Federal Deposit Insurance Corporation from December 31, 2010, through December 31, 2012. This temporary unlimited coverage is in addition to, and separate from, the coverage of at least $250,000 available to depositors under the FDIC’s general deposit insurance rules.
The term “noninterest-bearing transaction account” includes a traditional checking account or demand deposit account on which the insured depository institution pays no interest. It also includes Interest on Lawyers Trust Accounts (“IOLTAs”). It does not include other accounts, such as traditional checking or demand deposit accounts that may earn interest, NOW accounts, and money-market deposit accounts.
For more information about temporary FDIC insurance coverage of transaction accounts, visit www.fdic.gov.
Alerts
Don't Be a Victim!!
Click on the Safety Brochure link below for tips to help protect you.
Safety Brochure
Safety tips that reduce your exposure to fraud
F-Figure out your balance
Keep close tabs on the balances of any financial account that is accessible by a plastic payment card. Identifying a dramatic balance change in one of your accounts is the best early warning system a consumer can have. If your financial institution offers online banking or email balance alerts sign up for them immediately. Many programs offer balance information in email format or text format to most cell phones.
R-Respond to contact by unknown persons with extreme caution
It’s OK to hang up and call back! Do not trust text messages, emails or direct telephone calls from persons unknown to you especially if they identify themselves as an employee of our bank or credit union. If you are still in possession of your plastic payment card you can always find a toll free number on the back of the card to call when you have concerns about your account safety. NEVER call a telephone number that is provided to you by unknown persons. Obtain your bank or credit union phone number on your own and call them immediately to verify your account status.
A-ATM Safety
Never approach an ATM if anyone is lingering nearby. Never engage in conversations with others around an ATM. Remain in your automobile until other ATM users have left the ATM. Never use an ATM if you see loose or wobbly parts attached to the face of the ATM or a dramatic change in the appearance of the ATM since your last visit. If you feel uneasy do not use the ATM. Go to another ATM location where you feel safer.
U-Unreported incidents can hurt you
If your plastic card is captured inside of an ATM call your card issuer immediately to report the card capture. Sometimes you may think that your card was captured by the ATM when in reality it was later retrieved by a criminal who staged its capture. Either way, you will need to arrange for a replacement card as soon as possible.
D-Don’t hesitate
Ask your card issuer for a new card number if you suspect that your payment card may have been compromised at a merchant, restaurant or ATM. It’s important to change both your card number and your PIN whenever you experience a potential theft of your personal information.
For more information visit www.fico.com
FDIC Consumer News
Spring 2010
The Federal Reserve's new rules for credit card companies mean new credit card protections for you.
Click on the link below to read about the how the new rules could affect you.
