02 Mar What to do if you experience fraud
What to Do If You Are a Victim of Fraud
Cybercriminals are targeting the financial accounts of individuals and businesses alike, using increasingly sophisticated methods to commit fraud and scam innocent people and businesses worldwide. For small to medium-sized businesses and individuals, having information stolen or falling victim to a fraudulent transaction or data breach can result in significant disruptions and financial losses. At Sunwest Bank, we prioritize the safety and security of our customers’ accounts. We are dedicated to providing you with the information you need to stay vigilant, identify potential fraud, and know the steps to take if you become a victim.
Recognize the Warning Signs of Fraud
Understanding the early warning signs of fraud can help you respond quickly and limit potential damage. Cybercriminals often target senior executives, accounting personnel, and HR staff through phishing emails or social engineering tactics that trick recipients into downloading malware or divulging sensitive information. Unfortunately, it is also very common for victims of a natural disaster to be targeted by criminals looking to take advantage of those in need. In these disaster fraud schemes, cybercriminals will act as disaster relief organizations to get information and money.
Common signs of fraud include:
- Unexpected alerts for account activity
- Unauthorized transactions or new payees
- Emails from unfamiliar addresses asking for sensitive information
- Changes to account settings, such as a new phone number, address, or email
- Calls from unknown numbers following a natural disaster
If you notice any of these signs, you must act quickly and follow the steps outlined below.
Immediate Actions to Take if You Experience Fraud
In the event of a fraud incident, it is key to quickly contact the proper organizations and law enforcement partners. Follow these steps to secure any compromised accounts and minimize the risk of further fraudulent activity.
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Stop and Disconnect from the Internet
If you suspect a cybercriminal has accessed your system through malware, disconnect the affected device from the internet immediately. This can prevent further data from being transmitted to the attacker.
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Contact Sunwest Bank Right Away
As your financial partner, Sunwest Bank should be your first point of contact if you suspect fraud. Our fraud team will guide you through essential steps, including:
- Disabling online access to compromised accounts
- Changing online banking passwords
- Reviewing recent transactions and canceling unauthorized transfers
- Creating new accounts as necessary to further secure your finances
We’re here to provide fast support and assist you in regaining control of your accounts.
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Document the Fraud Incident
As soon as possible, document the details of the fraud incident, including the time and date, the nature of the suspicious activity, and any correspondence you’ve had with potential fraudsters. A well-documented chronology will assist law enforcement and Sunwest Bank investigate the incident and fill out a fraud report.
Reporting Fraud: Steps to Take with Law Enforcement and Other Agencies
Once you have secured your accounts, reporting the fraud is essential. Fraud reporting helps law enforcement track criminal activity, which benefits everyone. Here’s where to report fraud based on the type of incident:
Local Authorities and Law Enforcement
For incidents involving significant financial losses or identity theft, contact your local police department. Provide them with documentation of the fraud and request a police report, which is often required for insurance claims and credit repair services.
Federal Agencies and Specialized Resources
Various federal agencies specialize in fraud and internet crime. Depending on the type of fraud, you may also want to file reports with:
- Internet Crime Complaint Center (IC3): Ideal for internet-based fraud, the IC3 serves as a clearinghouse for cybercrime complaints.
- Federal Trade Commission (FTC): The FTC provides resources for identity theft victims and can help prevent the further exploitation of personal data.
- Postal Inspection Service: If mail fraud is involved, file a complaint with the Postal Inspection Service.
- Local Bar Association: A local bar association may provide additional support if the fraud involves financial services or legal documents.
Contacting Your Insurance Company
If your business has cybersecurity or fraud coverage, notify your insurance provider immediately. Some policies cover costs associated with fraud recovery, and your insurer may have additional resources to help you address the incident.
Restoring Security After Fraud: Steps to Protect Your Future
Once you’ve reported the fraud, it’s crucial to assess any vulnerabilities and take steps to prevent similar incidents. Use these recommendations to reinforce your defenses:
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Conduct a Forensic IT Review
Consult a professional in IT forensics to examine your systems for malware and other security vulnerabilities. This step helps identify how the fraud occurred and provides insights into preventing future incidents.
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Evaluate Potential Data Compromises
Assess whether other sensitive information, such as identity documents or business credentials, was accessed. If you suspect a data breach, review all accounts that could be affected and change login credentials immediately.
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Review Lessons Learned and Update Employee Training
At Sunwest Bank, we recommend learning from the incident and updating employee training protocols. Encourage staff to follow best practices for identifying and avoiding potential fraud and reinforce the importance of reporting suspicious activity.
Essential Tips for Fraud Prevention
Protecting yourself from fraud begins with proactive measures. Sunwest Bank is committed to helping you maintain a secure financial environment, and we recommend implementing these preventative steps:
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Enable Strong Account Security
Ensure that all your accounts, especially those used for financial transactions, have strong, unique, and regularly updated passwords. Multi-factor authentication (MFA) requires two verification forms and adds an extra layer of protection.
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Monitor Financial Accounts Regularly
Review your bank and credit card statements regularly for unauthorized transactions. Sunwest Bank provides transaction alerts to help you monitor account activity, and we encourage you to contact us if you notice anything unusual.
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Be Cautious with Personal Information
Avoid sharing sensitive information over the phone or email, especially if you’re not sure of the recipient’s identity. Scammers often use social engineering to gain trust and access to personal data.
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Educate Employees on Fraud Risks
For businesses, employee training is a crucial defense against fraud. Sunwest Bank can provide resources on best practices for spotting phishing emails, suspicious messages, and potential security threats.
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Stay Updated on Fraud Trends
Cybercriminals continuously adapt their tactics. By staying informed about new forms of fraud, such as social media phishing or new malware variants, you’re better equipped to recognize and avoid scams.
Sunwest Bank, Your Partner in Fraud Prevention
Experiencing fraud can be unsettling, but following these steps can help you take swift action to minimize damage and secure your information. At Sunwest Bank, we are dedicated to guiding you through every step of fraud prevention, detection, and recovery. With our support, you can take charge of your financial security and confidently navigate the digital landscape.
Remember, if you ever become a fraud victim, Sunwest Bank is here to help you report fraud, recover lost assets, and restore security. Contact us immediately for assistance; we can build a safer financial future together.