Attorney General warns of e-mail banking scams

Actors

try to

imitate

banks

By FRITZ BUSCH

Journal Staff Writer

ST. PAUL -- Although online banking with a reputable bank is usually a secure practice, a new e-mail scam, targeted at individuals and businesses, may jeopardize the security of your financial account information.

According to a news release from the Office of Minnesota Attorney General Mike Hatch that was routed to the New Ulm Police Department, fraudulent actors send out mass e-mails to individuals, businesses and other organizations, claiming to represent financial institutions.

The e-mails usually indicate the financial institution experienced problems with their records, due to a security breach or computer system failure.

The e-mail typically indicates that the recipients bank account may be frozen if they don't respond to the e-mail by clicking on the internet link on the page.

By clicking on the link, the recipient is navigated to an official-looking web site that asks them to disclose their account information and other personal information, in order to "verify" their identity.

Once the fraudulent actors have obtained the personal information, they are able to make unauthorized withdrawals from the account in question, or apply for credit in the account-holder's name.

Individuals and businesses tricked into disclosing their information have reported losing large sums of money in this scam.

Scam artists have copied the logos of well-known banks to trick customers of these financial institutions into disclosing their information. Since the logos are well-mimicked, the e-mails can trick even cautious consumers.

Fraudulent actors use sophisticated tricks to cloak the URL of the web site. The URL is the address of the web page that appears at the top of most internet browsers.

Although the false URL may indicate the page belongs to a financial institution, it really belongs to a scam artist, who is often located outside the United States.

Protect your account by:

* Being beware of e-mail requests to "verify" your account information online. Your bank already knows your account number and does not need to verify it. In case of a security breach or computer problem, most banks contact their customers in writing or by telephone to discuss the matter.

* Contact your bank through trusted channels. If you are concerned about receiving such an e-mail, call your bank immediately.

* Don't be rushed by suspicious e-mails.

* Use a URL checker. Computer users may access software that allows them to check the accuracy of a given URL. This will help you know who you are dealing with.

If you are concerned about internet scams, call the Federal Bureau of Investigation at (612) 376-3200, Federal Trade Commission at 1-877-382-4357, the U.S. Secret Service at (612) 348-1800 or the Office of the Minnesota Attorney General, 1-800-657-3787.

Fritz Busch can be e-mailed at fbusch@nujournal.com.