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Bank of the San Juans
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Stop Fraud

Wherever money or value can be found, thieves are sure to follow. Scammers are always looking for new ways to steal, both from individuals and businesses. It’s important to understand the techniques these criminals use. That way you and your business can be better protected.

What to do if you experience fraud, scams or ID theft

Contact us immediately, either by phone (866-618-2675) or by visiting any branch. The next steps to take will depend on the type of fraud. Bank of the San Juans staffers have seen just about every type of scam out there. We here to help and we know what the best course of action will be depending on the situation. The key is to contact us the minute you suspect you’ve been victimized.

Scam of the week... true story

If someone tells you to lie to the bank, it’s a scam. Thieves are now telling victims to claim graduation gifts are the reason for large cash withdrawals.

Case in point. A customer received an email about an “invoice that was paid” that the customer did not pay. The customer clicked through a link to “verify” the information. The customer then called a number on the message and spoke to a “representative” who wanting to make sure there was no malware on the customer’s computer --  for a $499 fee. The transaction failed. So the scammers made a demand: the customer needed to withdraw $3,000 and deposit the cash into a Bitcoin ATM or else they would install bad software on the customer's computer.  The scammers warned the customer to say that the withdrawal was "for graduation money for a family member" Sad but true. Fraudsters are using the graduation season as a lie to explain away suspicious activity.

Fraud is everywhere

Bank fraud comes in many shapes and sizes and uses various techniques like false accounts, stolen debit and credit cards, wire fraud, and more. Below are the most common types of bank fraud:

Scammers place links in texts and emails that appear to be from legitimate people/businesses but take you to a fraudulent site when opened. This is a deception that can put vital information in the wrong hands.
This happens when an attacker attempts to gain unauthorized access to a protected account using compromised credentials.
These can include ransomware, malware, cloud vulnerabilities, and other forms of “hacking.”
Using blackmail or some other form of psychological manipulation, hackers use this technique to extract sensitive data or info from a user who may be under some form of duress. 
Next time you’re at an ATM, you might want to give the machine—especially the area where the card is inserted—a closer look. By rigging ATMs with hidden recording devices, thieves can steal PINs and other information directly off the card itself. It’s something to consider next time you’re at a bank ATM, gas station, grocery store, or any place ATMs can be found. Those places have all been attacked by ATM skimmers.
Real-time payment tools, such as Venmo, CashApp, Zelle, and Apple Pay are convenient for many situations. However, it’s essential to be certain who you’re giving money to before hitting “Send” on your phone. In most payment types, a customer can recall a payment made in error, however, with instant payment, the transaction is processed in seconds. Likewise, the recipient can withdraw the funds immediately as well.
Emotion manipulation is a major driver of this form of fraud. Typically, a scammer will pose as a person the victim would trust such as a vendor, company, or even a family member, and request an immediate wire transfer. Often, the fraudster will create the illusion of some sort of emergency to create a sense of urgency and emotion, leading the victim to send the money before they have a chance to collect themselves and think better of the situation.