Check Fraud

Business Check Fraud is On the Rise!

We are proud to serve a wide range of businesses, including not-for-profits, yet all have one thing in common: the threat of fraud. Unfortunately, criminals are actively scheming ways to steal from business accounts and it’s important that we hear from you within 24 hours of a suspected fraudulent item posting to your account or it’s unlikely your funds will be recovered.

What is check fraud? Check fraud occurs when a criminal manipulates a legitimate business check for their own benefit OR when the fraudster simply steals the information necessary to create a counterfeit check. Many times, the perpetrator then negotiates the bogus check through an out-of-state bank. Here are a few examples of what this fraud can look like.

Learn more about check fraud

C&F Bank is dedicated to staying on the cutting edge of fraud detection and protection services and keeping best practices in place. We are working hard to protect your business and you can play an active role, too.

Here are steps that you can take to protect your account:

1. Use C&F Business Online and Mobile Banking to monitor your transactions in real time anytime and anywhere, and set online alerts to let you know when a charge has hit your account.
2. Learn more about Positive Pay, C&F’s system for matching transactions posting to your business account for checks you have already let us know that you’ve written.
3. Put internal safeguards in place to keep account information secure and only write a paper check when necessary.

We’re always here to help if you have concerns about fraud, and it’s important that you contact us within 24 hours of a suspected fraudulent item posting to your account or it’s unlikely your funds will be recovered.

Please call or visit your local C&F Branch or call our Customer Support Team at 800.296.6246 if you have questions about these tips or the fraud prevention services available to you through C&F Bank.

Contact us about fraud protection 

Skimming

Skimming

ATM skimming occurs when an unauthorized electronic device is placed on an ATM, scooping information from a bank card’s magnetic strip whenever a customer uses the machine. ATM skimming is a growing criminal activity that some experts believe costs U.S. banks hundreds of millions of dollars annually.

How skimming works

The devices planted on ATMs are usually undetectable by users, as the makers of this equipment have become very adept at creating them, often from plastic or plaster, so that they blend right into the ATM’s façade. The specific device used is often a realistic-looking card reader placed over the factory-installed card reader. Customers insert their ATM card into the phony reader, and their account info is swiped and stored on a small attached laptop or cell phone—or sent wirelessly to the criminals waiting nearby.

In addition, skimming typically involves the use of a hidden camera, installed on or near an ATM, to record customers’ entry of their PINs into the ATM’s keypad. There have also been reported instances in which, instead of a hidden camera, criminals attach a phony keypad on top of the real keypad. It records every keystroke as customers punch in their PINs.

Skimming devices are installed for short periods of time—usually just a few hours—so they’re often attached to an ATM by nothing more than double-sided tape. They are then removed by the criminals, who download the stolen account information and encode it onto blank cards. The cards are used to make withdrawals from victims’ accounts at other ATMs.

How to Avoid being Skimmed

• Inspect the ATM (as well any gas pump payment terminal or other credit card reader) before using it. Be suspicious if you see anything loose, crooked, or damaged, or if you notice scratches or adhesive/tape residue.
• When entering your PIN, block the keypad with your other hand to prevent possible hidden cameras from recording your number.
• If possible, use an ATM at an inside location (where there is less access for criminals to install skimmers).
• Be careful of ATMs in tourist areas—they are a popular target of skimmers.
• If your card isn’t returned after the transaction or after hitting “cancel,” immediately contact the financial institution that issued the card.

Wire Fraud

What is wire fraud?

Wire fraud is any event where an individual is tricked into sending money via wire transfer to a fraudster. Wire fraud is one of the fastest growing cybercrimes in the country.

Here are the two of the most common wire fraud scams.

Real Estate Transactions:

Fraudsters use online real estate shopping tools to seek out transactions getting ready to close. They will then hack into an email account and send wire transfer details to unsuspecting buyers.

• ALWAYS verify any suspicious correspondence associated with your home purchase or sale.
• NEVER react immediately to emails that are asking you to take some type of action.
• Follow up on known phone numbers for the individuals making the request to confirm.
  

Romance Scams:

Fraudsters predominantly exploit their potential victims who freely post details about their lives and personalities on dating sites. These scams will often involve the victim wiring money to the fraudster.

• Be careful what you post, scammers can use that information against you.
• ALWAYS use reputable websites and assume that fraudsters are trolling even the most reputable dating and social media sites.
• If you become a victim of a romance scam, you can file a complaint with the FBI's Internet Crime Complaint Center.
  

Tax Scams

Preventing Child Tax Credit SCAMS

What to Know: Incoming Child Tax Credit Vs. Child Tax Credit SCAMS

Many of our C&F customers will begin receiving Child Tax Credit direct-payments into their accounts, as part of the Federal Government’s American Rescue Plan. Below is further information about these payments and how you can protect yourself from SCAMS.

• How much will people get: The maximum benefit is $250 per month for children ages 6 and older or $300 per month for children 5 and younger.
• When to expect a check: On or about the 15th of the month, once per month, from July to December.
• How the payment will be delivered: By direct deposit, paper check or debit card.

Beware of unsolicited communication

• The IRS will not email, text, call or direct-message you as an initial contact for these payments. These tax credits are just that, based off of your previous tax filings, so there is no need to apply.
• If you receive a call, from someone stating that they are with the IRS and that you will need to apply for this benefit, it is a SCAM. You should hang-up immediately and should not give any personal information over phone or email.
• To check your eligibility for the Advance Child Tax Credit Payments or receive more information, please visit irs.gov

Person to Person Payment Scams

Person to Person Payment Scams

Zelle, the service that allows our customers to instantly send money to their friends and family. The features that make Zelle so useful for customers, also make it irresistible to thieves. At C&F is committed to providing our customers with the best products, but we also must work to educate and keep your accounts safe. These Zelle tips will help better protect you and your accounts. 

Do not use Zelle to purchase retail products.

• If an online retailer requires payment via payment to payment service, it’s likely a scam.
• Scammers will often place bogus online classified ads for merchandise, tickets to concerts/sporting events, and other sales.
• Only buy from verified sources and Zelle should only be used to send money to people that you KNOW.

Check the username, email and phone number of the person with which you are conducting the transaction.

• If you make a mistake and send the money to the wrong person, it can be very difficult to get the money back.
• If you’re worried you may have the wrong person, we recommend sending a small amount first to confirm that intended recipient receives it.

Always Opt-in for stronger security

• Zelle is built into the C&F mobile banking app. This is GREAT because it allows for additional security features.
• Set up additional authentication steps in mobile banking such as Touch ID, strong passwords, and obtaining alerts.
• Obtain proper notifications when threshold amounts are met, or security info is changed.

Real-Time Alerts

Protect your account from fraud with C&F Real-Time Alerts

C&F Bank works hard to protect our customer’s accounts from fraud. Over the years we’ve seen instances where fraudulent activity could have been avoided with just a few easy precautionary measures in place.

How do we prevent the losses from continuing? Applying C&F Real-Time Alerts to your personal or business account is an easy solution to help detect fraudulent activity.

What are Real-Time Alerts?

This feature allows you to pre-set alerts to arrive via phone text message, email, or within Online Banking at no charge.

• You are alerted when debits/transaction are posting to your account.
• You can pre-set an alert for balances that exceed a certain threshold.

View our Personal Digital Service Guide or Business Digital Service Guide below. This is a printable resource that gives step-be-step instructions on how to add Real-Time Alerts to your personal or business account.

Personal Digital Service Guide

Business Digital Service Guide

Of course, if you need further assistance in adding C&F Real-Time Alerts to your account, please give us a call at 800.296.6246 or visit one of our locations and a C&F Bank representative would be happy to help you get them set up.