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When it comes to managing finances in a digital world, headlines can be overwhelming, and sometimes, downright scary. It can be difficult to know what technology is safe to use and what products pose risks. To help sort it out, we’re offering up some insights and strategies for modern money management from Assistant Vice President and Client Care Manager, Kristin Grow.
What are common concerns people talk to the Client Care Center about?
The Client Care Center is a full-service “branch” – the Fidelity Bankers here offer the same service and guidance as the Bankers in any of our branches – so we get a myriad of calls and chats! Often though, the questions focus on the soundness of digital banking tools. Some people think their account numbers will be compromised if they use online banking. Others have experienced an issue in the past with debit cards being compromised, and they worry that’s going to happen again. None of that is really the case. Technology always changes, and Fidelity Bank is constantly taking measures to ensure electronic banking tools are secure and safe for its clients.
What is multi-factor authentication?
It’s an authentication method that recognizes the device that people regularly use. If someone logs in using their mobile device, it recognizes that mobile device. It requires people to input the username and password that they create. If they sign in on a different device, it will ask them to validate their identity in a different way and ask additional security questions. That prevents fraudsters from accessing bank information. It’s very secure.
What’s the difference between mobile and remote deposits, and does multi-factor authentication apply to them, too?
Absolutely. Mobile deposits allow clients to deposit funds into their checking or savings accounts anytime, anywhere, simply by taking a picture of the check on their cell phone. The app uses multi-factor authentication. Plus, many people set up their phones with Touch ID or Face ID, which requires biometrics to access apps. ( Read the guidelines on best practices for safely making mobile deposits).
Remote deposit for businesses is great. It allows business owners to scan checks on their computer or mobile device and transmit the images or data to Fidelity in just a few simple steps. All of these mobile applications save time, which is vital when you’re running a business.
How is the Fidelity Mobile Banking App protected?
The app is password protected and uses multi-factor authentication. Clients can also set up biometrics to log in, which requires a physical characteristic of that user. Plus, clients may password-protect their mobile device(s), too. The system is created with the highest level of security available to provide peace of mind when you access your accounts.
Paper bank statements via snail mail vs. electronic bank statements via email… What’s safest?
Electronic statements are so much safer than paper. The latter go through the mail and then sit in a mailbox, and they include account numbers, waiting to be compromised. If someone wants a physical statement, they can print their electronic statement. That way, it’s not passing through several hands before it gets to the mailbox.
Are digital wallets safe?
The Fidelity Bank Visa® Debit Card can be added to the digital wallet of your choice: Apple Pay, Android Pay, or Samsung Pay. Once your debit card is in your digital wallet, you can pay using your phone instead of physically swiping a debit or credit card. Digital wallets transmit a one-time authentication code, which means the card number never passes through to a merchant, eliminating the chance that the account number could ever be compromised through that merchant. It’s safer than using a card. It’s quicker than using a card, and clients don’t have to worry about cards getting lost or stolen.
Setting up the digital wallet properly is important. For complete instructions, click here, and feel free to reach out to a banker in the Client Care Center at 1.800.388.4380 for help with enrollment.
Web Bill Pay vs. automatic deductions with service providers, what’s safer, more efficient?
Web Bill Pay. It saves time and money. Web Bill Pay can be set up to make individual payments or recurring payments on pre-scheduled dates. Clients can access Web Bill Pay any time, and the system is available for both personal and business use. The service is free to clients who use it to pay a minimum of two bills per month.
Learn more about Web Bill Pay.
A few more tips …
Questions?
Fidelity’s Client Care Center Bankers are here to help. For assistance, call 1.800.388.4380. The hours are Monday through Friday, from 8:30 a.m. to 6 p.m. and Saturday from 9 a.m. to 1 p.m.
Learn More
Fidelity Bank has built a strong history as a trusted financial advisor and continues its mission of exceeding client expectations through a unique banking experience. It operates 20 full-service offices throughout Lackawanna, Luzerne, Lehigh, and Northampton Counties, along with a limited production commercial office in Luzerne County and a Fidelity Bank Wealth Management Office in Schuylkill County. Fidelity Bank provides a digital banking experience online at www.bankatfidelity.com, through the Fidelity Mobile Banking app, and in the Client Care Center at 1-800-388-4380. Additionally, the Bank offers full-service Wealth Management & Brokerage Services, a Mortgage Center, and an array of personal and business banking products and services.
Pop quiz…
Could you be a victim of debit card fraud if you still physically have the card in your possession?
The answer is yes!
Unfortunately, technology has made it possible for thieves to steal your card without ever laying a hand on it.
Beware of Skimmers
Skimmers are devices that capture the data from the magnetic stripe on your card. Criminals target ATMs because if they can get the card information (by skimmer) and PIN (by sight or camera), they can get cash. They can transfer the data to a blank card and use it to make transactions, causing serious financial damage.
So, how do you protect yourself?Follow these 7 useful tips and you’ll be on your way.
In addition, remember to check your balances on a regular basis so that you can notify your financial institution as soon as you suspect something is amiss. You can reach Fidelity Bank at 1-800-388-4380, seven days a week.
The way we do business has changed drastically over the past 3 years. With an emphasis on online sales, curbside and delivery services, and remote work environments, businesses have adapted to ensure the safety of their employees and customers. Unfortunately, this shift has created a golden opportunity for scam artists and criminals specializing in business fraud. Now, more than ever, it’s important to protect your business.
How community banks can help:
Community banks have an advantage over national banks because they know their customers. They are more apt to recognize a fraudulent request or a reach-out from an imposter. Fidelity Bank takes its clients’ safety very seriously, and regularly trains, mentors, and educates bankers to be vigilant on your behalf.
7 strategies that can help keep your business safe:
Business Email Compromise (BEC) is a phishing email that targets businesses. Email is by far, the most common way for a business to communicate within the organization and with outside vendors or partners so this is a big threat. Since 2016, there has been over $43 billion lost to BEC scams. There are 5 types of BEC types, but there are a few below.
Business Email Compromise (BEC) – A type of phishing attack that targets an employee within an organization. An email is sent to trick someone into divulging sensitive information or to steal money. They will either impersonate someone you know or convince you that they can be trusted.
Sometimes it can be hard to identity a BEC email but there are a few things to look for. Criminals may be able to use a co-worker’s email, but that does not mean they write emails like your co-workers. When reading through an email take note of the following:
The sender of the email will try to imitate a higher executive, but they will use generic terms to address you and they might misspell words within the email. They will send urgent requests in the hope that you will overlook that the request is out of place.
Be suspicious of contacts that only want to converse through emails or text messages. Always ask for a phone number and call it to verify that it is a good number.
If you receive an email from a known vendor and requesting changes to the account you send payments to, call the vendor to verify. If you send the money to the fake business account, you may never recover that money.
If the sender of an email asks that you keep the conversation secret, you should be wary. Sometimes criminals will ask you to transfer money with urgency, but to not disclose the transaction to anyone because it is a surprise. After this request, they could go dark and be unreachable.
If you become a victim of a BEC scam, the FBI say you need to act quickly. You will need to contact your financial institution as soon as possible. They will be able to contact the bank where the money was transferred to and try to get your money back. There is a chance that you will be able to recover the money, but it is unlikely. You will also need to contact your local FBI office to report the crime. Lastly, File a complaint with the FBI’s Internet Crime Complaint Center.
The holiday season is almost upon us, but that doesn’t mean everyone is in the festive mood. Cyber criminals don’t slow down. Here are a few tips to keep in mind while shopping for the holiday.
You’ve won a contest that you never participated in? Your payment was declined, but you never ordered from that site? These are some email subject lines that scammers will use to get you to click a suspicious link. Don’t open an email from someone you don’t know. If there is a link to click, check the URL first.
Website Check — How to Check Website Safety | AVG | AVGHoliday Cybersecurity Tips | NCDIT
The more diverse your passwords are, the harder it will be for someone to hack into your accounts. You should never reuse passwords or make them very simple. Use two-factor authentication on websites if it is available. If it is not available, you can use secure password managers or use a passphrase that consists of letters, numbers, and symbols.
It might be convenient to hop onto a public wi-fi while you are out shopping, but you will be opening yourself up to danger. When you are on a public wi-fi, malware or viruses can be forcibly installed on your device. Once its installed criminals will be able to monitor your activity. If you type in a password or credit card information; they will be able to see it too. They don’t always lurk in the background though. Some hackers have been able to hijack smartphones by sending fake system updates alerts.
Risks of Using Public Wi-Fi Networks for Businesses (wgu.edu)How To Safely Use Public Wi-Fi Networks | Consumer Advice (ftc.gov)Public Wi-Fi: What are the risks? + how to stay safe – NortonHoliday Online Shopping Safety from CISA | Homeland Security (dhs.gov)
When looking for the right gifts, you might come upon an unfamiliar website or vendor. To avoid falling for scams, research the company before you submit a purchase. Look over the reviews. If the seller has no or low reviews, be careful about buying from them.
Hacked for the Holidays Toolkit5 Most Dangerous Holiday Cyber Scams (Forta’s TerraNova Security)Holiday Scams — FBI
At Fidelity Bank, it is our goal to always serve as your trusted financial advisor. Remember that a Banker will NEVER call you and ask for sensitive information like your social security number, account number, or the like. When in doubt, you can call our Client Care Center at 1-800-388-4380.
Fidelity Bank has multiple local branch offices throughout Lackawanna and Luzerne counties, and our full-service Client Care Center is at your service. Call or visit your local branch office today.
Walk through any downtown or Main Street right now, and visitors will notice a different climate as businesses across the country have modified their operations in response to COVID-19. With an emphasis on online sales, curbside and delivery services, and remote work environments, businesses have adapted to comply with health and safety regulations. This shift has created a golden opportunity for scam artists and criminals specializing in business fraud. Now, more than ever, it’s important for business owners to be aware of potential threats, and take the necessary steps to help protect themselves. Kerry Lobel, SVP, Chief Information Officer, of Fidelity Bank, shares information on some of the most prevalent fraudulent schemes occurring now, and offers strategies every small business owner should implement.
Be aware, and prepare.
Kerry said professional scammers view the situation created by the pandemic as a profit center, and they are highly skilled in identifying opportunities to commit fraud. As many business owners are pre-occupied with the everyday tasks, and challenges, of conducting business right now, they may not be following established protocols as strictly as they had prior to the pandemic. This creates a window of opportunity for scam artists.
So what are they up to? Business identity theft and spear phishing are two types of fraud prevalent right now.
How a community bank can help.
When it comes to protecting against fraud, community banks, such as Fidelity, have an advantage over national banks because they know their customers. “Bank with a community bank with professionals who care and pay attention,” Kerry said. “If we receive a request that doesn’t look right, we know instantly.” For example, “We have customers who prefer to call us — they’re phone people. If we get an email from them saying, ‘send money from my account to this place,’ we know that isn’t right because they would have called us. Having that relationship with your bank is a huge protection. It’s saved a lot of our customers over time.”
Establishing a relationship with a community bank can also be helpful in terms of business identity theft protection. “Another benefit to banking with a community bank is that your bank knows you, and if we see a loan application coming through that doesn’t make sense, we can flag it. That’s not the case with bigger banks. So, a lot of businesses are very susceptible to fraud right now.”
7 strategies to employ now.
Kerry advises business owners to monitor their credit reports carefully. Look for new accounts that have been opened, and any changes to existing accounts.
One of the advantages to working with a community bank is developing relationships with Bankers who know their clients, and their businesses. This is important when it comes to fraud prevention. “Stay in contact with your Banker so they know what you’re applying for, and what you’re not applying for,” Kerry said.
Be very cautious when it comes to attempts at spear phishing through phone calls, emails, or any unexpected communication.
Additional Resources
Save It or Shred It? De-Clutter Financial Records. Gain Peace of Mind.
Clutter. It can sneak up on even the most well-intentioned, organized people, and it comes in many forms, from mementos and collectibles, to clothing and electronics — and even financial records. It’s estimated that 1 in 4 Americans is concerned, and stressed, about the amount of clutter in their homes. Fortunately, there is a substantial amount of information available on how to tackle those piles of financial records, and build some peace of mind. Here are a few general guidelines on what to save, and what to shred:
Cancelled Checks
Save for 1 to 3 years
Books of old, outdated cancelled checks — a blast from a less than digital past — can take up a desk drawer (or two, or three) in no time. Perhaps cancelled checks are just one of those things that no one really knows how to deal with properly, so they end up sitting in reserve and taking up precious storage space.
Regardless of how this little pileup may have happened, for those who have cancelled checks lying around, there is good news: the general rule of thumb is to only keep them for 1 to 3 years, and then shred them.
Sales Receipts
It all depends…
When it comes to organizing receipts, it’s important to sort out why the receipt was saved in the first place: was it a gift for someone from the holidays 10 years ago? Shred it. That item has long since been returned and exchanged or used and loved for the past decade. Is it for everyday, household items that don’t qualify for a tax deduction? Shred it. However, if the receipt was part of the documentation for an income tax deduction in the past 3 to 7 years, save it and store it with the appropriate copy of the income tax return.
Once the stack of receipts from holidays and tax seasons’ past are purged and organized, a good rule of thumb to observe moving forward is to keep receipts for 3 years in a designated file. Sort them annually and determine what to save and what to shred.
Pay Stubs
Save for 1 year
January is a great time to gather pay stubs from the previous year, and compare them with W-2s. If the W-2s are correct, feel free to shred that stack of pay stubs that has piled up over the last 52 weeks. Out with the old, in with the new. A little de-cluttering starts the year off right!
Bank Statements
Save for 1 to 7 years
Generally, monthly bank statements can be shredded (or purged if the files are digital) after 1 year. Save annual bank statements for 3 to 7 years if they are documentation for income tax returns.
Utility Bills
If utilities are a tax deduction, save those records for 3 to 7 years with copies of the appropriate income tax return. Otherwise, utility bills can be shredded after 1 year.
Credit Card Statements
In most cases, credit card statements should be saved for 1 year, and then shredded. Save them for 3 to 7 years if the statements are documentation for income tax returns. Statements indicating zero balance because the debt has been paid in full should be saved in a safe place for at least 7 years.
Record of Satisfied Loans
Save it for at least 7 years
Is that loan paid off? Congratulations! Celebrate this milestone, and then be sure to save the final statement indicating a zero balance in a safe place for at least 7 years. Some experts recommend saving these records forever.
Income Tax Returns
Save for 3 to 7 years, or maybe longer
While every situation is different, the general consensus is to err on the side of caution when it comes to saving income tax returns, W-2s, and other supporting documentation. Some experts recommend keeping them forever, and if anything falls into the “better safe than sorry” category, this is probably it.
The IRS can initiate an audit up to three years after a tax return is filed. For those who have not reported at least 25% of their income, the IRS can initiate an audit up to 6 years. So, if keeping those records forever just isn’t an option, it’s a good idea to keep income tax returns and supporting documentation for at least 3 to 7 years.
Supporting documents may include:
· Form W-2s reporting income
· Form 1099s showing income, capital gains, dividends and interest on investments
· Form 1098 for mortgage interest that was deducted
· Canceled checks and receipts for charitable contributions
· Records showing eligible expenses for withdrawals from health savings accounts and 529 college-savings plans
· Records showing contributions to a tax-deductible retirement-savings plan, such as a traditional IRA
Small business owners have additional considerations. The IRS addresses record-keeping for businesses, which is a great resource for anyone who is self-employed.
For those who just aren’t sure what their situation warrants, a discussion with their financial advisor or accountant may be in order.
Financial Keepsakes
Save these documents forever
Once the purging process is underway, it can really feel invigorating to throw away outdated and useless items, but don’t give in to the temptation to just wildly toss everything. There are some documents worth retaining forever. Save these documents in a secure location, such as a safe deposit box:
· Birth and Death Certificates
· Adoption Papers
· Social Security Cards
· Marriage Licenses
· Divorce Decrees
· Military Discharge Papers
· Records of Paid Mortgages
· Wills and Estate Planning Documents (Save these documents forever, but review them every 5 years as they may need to be updated to reflect life changes).
· Life Insurance Policies
· Statements for Loans that are Paid in Full (showing $0 balance)
· Credit Card Statements reflecting balance is Paid in Full (showing $0 balance)
Sources
Information for this article was compiled from the following:
Credit Karma
IRS
Kiplinger
NerdWallet
Suze Orman
Fidelity Bank has multiple local branch offices throughout Northeastern Pennsylvania and the Lehigh Valley, and our full-service Client Care Center is at your service 7 days a week. Call or visit your local branch office today.
Economic uncertainty and job loss means a record number of Americans are looking for new employment opportunities. According to the U.S. Department of Labor, the unemployment rate was 6.7% in December 2020. By comparison, the unemployment rate was 3.5% in February 2020. The increased need for employment has also created increased opportunities for fraud. While some scams are blatant, others may be more subtle. That’s why it’s critical to be aware and educate yourself about the potential for identity theft and fraud connected to your job search. Here are few warning signs that a potential employer may not be legitimate:
The Federal Trade Commission (FTC) has identified a host of work-from-home scams preying upon people who want to work remotely. From data entry, virtual personal assistants and caregivers to government and postal jobs, the fraudulent ads will tout the benefits of flexible schedules where you can “be your own boss,” earn thousands of dollars per week, with very little time and effort, and you can start right away. If you come across a job posting with claims like this, do not apply. These positions are not real. They are simply a cover for criminals to access your personal information or have you complete work with a promise of a paycheck that never arrives. Remember, if it sounds too good to be true, it probably is. The FTC lists industries that are particularly vulnerable to fraudulent postings on its website. It’s a great resource for current information to help keep your identity safe during your job search.
It should never cost you money to apply for a job. Legitimate companies do not require application, processing, or training fees when applying for employment. They won’t ask you to purchase a starter kit. If a potential employer requests a personal check or asks you to pay a fee with a credit or debit card, don’t do it. These are warning signs of potential identity theft. Scammers are eager to access personal financial information, including Social Security numbers, checking accounts, and passwords. Don’t give them the opportunity. Shut them out, and move on.
An employer’s refusal to meet with you through a video conference is a red flag. Prior to the pandemic, video conferences were common practice for companies interviewing out-of-state candidates. The practice is even more prevalent during the pandemic. If a prospective employer only communicates through text, email, or chats, consider this a warning sign. There’s no good reason for them to be elusive.
Until you formally accept a position, there is no reason for an employer to request your Social Security number or access your bank account. Never provide personal information at this stage of the process. The same holds true for companies that offer to pay you in advance. While it may be tempting to grant them permission to directly deposit funds into your account before you even start working, don’t do it. You could be left with no job and a compromised identity.
Some job scams are packaged in a neat, tidy email bundle with a message that appears to be promising for your future. Through popular social media sites, they may offer employment or the opportunity to interview for a job. If you didn’t apply for a position, proceed with caution. Flex Jobs advises job seekers to treat all unsolicited job offers as scams, and don’t engage.
When it comes to preventing fraud, we hear it time and time again: never click a link in an email from an unknown source. This is good advice, and it applies to job applications, too. If an employer encourages you to apply for a position through a link, do not click that link. If the position is legitimate, it will be posted on the company’s website and you can apply there.
One final tip for job searchers: avoid vague job descriptions. Pay particular attention to whether the position is for a full- or part-time employee, or if the company is looking for independent contractors or freelancers. It’s important to understand the difference because this will impact the way you handle your finances.
According to the Internal Revenue Service (IRS), “employers are required to withhold income taxes, withhold and pay Social Security and Medicare taxes, and pay unemployment tax on wages paid to an employee. You do not generally have to withhold or pay any taxes on payments to independent contractors.” If you are not hired as an employee, those financial responsibilities fall to you as the independent contractor or freelancer. That’s why it’s so important to be clear about the types of jobs you’re pursuing.
If you’re unsure about the type of job you’re applying for, just ask. Legitimate companies will make that information readily available. If freelance or independent contract work is something you may want to pursue, consider discussing it with your accountant, financial planner, or Banker. They can help you create a financial plan for success in your new endeavors.
Fidelity Bank has built a strong history as trusted advisors to clients served, and is proud to be an active member of the community. With branches located throughout Northeastern Pennsylvania and the Lehigh Valley, Fidelity Bank offers full-service Trust & Investment Departments, a mortgage center, and an array of personal and business banking products and services. The Bank provides 24 hour, 7 day a week service to clients through a variety of digital banking tools, branch offices, online at www.bankatfidelity.com, and through the Customer Care Center at 1-800-388-4380.
Skimming and shimming and scams, oh my!
Keep a few security measures in mind when shopping with credit and debit cards. While many consumers are well-versed in the perils of skimmers, they may not realize that criminals have upgraded their tactics with Skimmer’s evil cousin — the Shim. What’s the difference between the two?
The Pennsylvania Department of Banking and Securities provides clarity. “Skimmers are malicious card readers often attached to an actual payment terminal that can gather data from a credit or debit card’s magnetic stripe when inserted or swiped.” Skimmers can be easily seen on the outside of the payment center at a gas station or retailer, or on the outside of an ATM. Shimmers, however, are much better at going incognito. “A shim is a paper-thin, card-size device embedded with a microchip or flash storage inserted directly into the machine’s card slot. The shim reads and stores payment information until the scammer can return to collect it.” Criminals employ both methods to harvest the personal data they need. Here are a few simple ways consumers can protect themselves:
Embrace ‘tap-and-go’ technology.
Tap-and-go technology allows consumers to make payments using credit cards or services such as Apple Pay, Samsung Pay, Android Pay, or Google Pay without swiping or inserting their cards. This adds a nice layer of protection because magnetic strips and chips are never compromised, and PIN numbers do not need to be entered.
Guard PIN numbers.
When it comes to guarding PIN numbers, channel the power of a nerd desperately shielding their test answers from classmates with wandering eyes, or the vigor of a mother bear protecting her cubs from prey. That PIN number is an essential piece of the puzzle when it comes to identity theft. Never share it with anyone, and cover the keypad when entering it at the checkout or at an ATM to shield it from hidden cameras and others waiting in line.
Use ATMs inside bank vestibules.
Whenever possible, use ATMs housed inside a bank, or on the premises of a bank, for an extra layer of protection. Be sure the area is well-lit with heavy traffic, and be aware of the surroundings.
Do a quick inspection.
PC Magazine recommends consumers conduct a quick inspection of ATMs and retail card readers. “Check for some obvious signs of tampering at the top of the ATM, near the speakers, the side of the screen, the card reader itself, and the keyboard. If something looks different, such as a different color or material, graphics that aren’t aligned correctly, or anything else that doesn’t look right, don’t use that ATM.” Other signs of trouble may include:
Review bank and credit card statements, and credit reports.
Online banking makes it easier than ever to monitor bank statements. Check bank and credit card statements regularly to ensure that all transactions are accurate. If something looks amiss, contact the bank or credit card company immediately. Check credit reports periodically, too.
Consumers who believe they have been the victim of a card skimmer or shimmer should also contact local or state police to file a report.
When it comes to swindling people out of their hard-earned money, scam artists are on top of their game. Continually crafting new schemes to prey upon people of all ages and backgrounds, anyone can become a victim if caught unprepared. In just the first quarter of 2019, the Federal Trade Commission (FTC) reported nearly 300,000 cases of fraud nationwide. About 22,000 of those cases were prizes, sweepstakes, and lottery scams. For advice on how we can avoid the latest sweepstakes and lottery scams, we turned to Fidelity Bank’s expert on such matters, B. James, Vice President/Security-Fraud Manager.
10 Warning Signs
Think Rationally and Know the Facts
If you take a step back from the initial excitement you may feel from thinking your ship has finally come in, you’ll see right through these schemes. Consider this:
Concerned? Here’s What To Do
We’re here to help. If alarm bells are going off, and you think you may have been contacted by a scam artist, reach out to us. “Always talk to your Fidelity Bank trusted advisor, no matter how ‘secret’ the letter tells you to be,” B. James advises. “Fidelity is required to follow the Bank privacy laws for all of our customers, so your ‘secret’ is safe with us. And, we are trained to help you avoid a financial disaster and heartache if someone tries to scam you.”
