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Being vigilant can help you avoid being a victim of fraud. Here are the most recent schemes identified by federal authorities.

Customers have reported receiving mailers indicating that they “recently closed on a mortgage with FARMINGTON SAVINGS BANK” and that an “important matter” needs to be discussed in regards to the loan.  This mailer was not initiated by Farmington Bank, or any legitimate third-party providing services to Farmington Bank.  Do not call the phone number mentioned in the mailers as the scammers are attempting to steal money and/or personal information.

Federal agencies are warning those who are anxious to donate money for victims of Hurricane Harvey to be especially wary of con artists. Criminals are known for creating fake charities or other relief effort scams to benefit from your good will. Before you give, be sure to research the organization to ensure they’re a reputable source that will use the money as promised. The Federal Trade Commission (FTC) offers the following suggestions:
 

On May 4, 2017, the Federal Bureau of Investigation released a public service announcement mentioning that business email compromise and online bank account takeover has grown to a $5.3 billion dollar scam between October 2013 and December 20216. This scam is carried out by a criminals using sophisticated techniques such as; email spoofing, social engineering, stealing email account credentials, or taking control of online bank accounts.

This scam impacts  businesses of all sizes and  includes some of the following scenarios:

  • A business working with a longstanding foreign supplier in which the business receive a request to wire funds into an alternative account.
  • A high-level business executive receiving a wire request from an individual impersonating another high-level business executive within the company.
  • A business email account is hacked and the criminal attempts to request wire transfers via email.
  • A criminal impersonates an attorney claiming to handle a confidential and time sensitive transaction for the business.
  • A criminal impersonates a buyer, seller, agent, or lawyer of a real estate transaction in which the funds are wired into an alternative account.

Based on reported incidents, Asian banks located in China and Hong Kong remain the primary destinations of fraudulent funds; however, financial institutions in the United Kingdom have also been identified as prominent destinations.

Here are some tips to better protect your business.

Many financial institutions in the Connecticut area, including Farmington Bank, have noted an increase in fraudulent text messages to customers stating that their account has been deactivated.  The text message includes a hyperlink to a website that asks for the customer’s account number, debit card number and/or Social Security number to resolve the issue.
While Farmington Bank customers have not been targeted in this attack, we are using this opportunity to remind you that such messages are phishing attempts.

  • If you receive a message of this nature via text message, phone or email, do not respond in any way or click on any links. Immediately contact the Farmington Bank Customer Contact Center at toll-free 877.376.2265.
  • Farmington Bank will NEVER initiate communications asking you for personal information.
Phone calls are circulating from a phony mortgage company asking you to provide your Online or Mobile Banking log in information. If you receive a call from anyone asking for your User ID or Password, you should hang up immediately. Then, contact us at 877-376-2265. Remember, Farmington Bank will never initiate communications asking you for personal information. Be sure to use strong passwords which contain a minimum of eight characters with a combination of upper and lower-case letters, numbers and symbols.

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