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:

• Enrolling in Online or Mobile banking to monitor all your transactions daily.
• Online Transaction Alerts to monitor transactions the moment they occur.
• Electronic Statements to avoid mailbox theft of documents and information.
• Online Bill Pay to minimize exposure to the information on your paper checks as they travel through the mail to vendors.
• C&F Positive Pay service to notify us of the checks you’ve legitimately issued.
• ACH Control to tell us what electronic debits you have authorized.
• ACH Origination to send and receive payments electronically.
• Payroll Services to pay your employees by direct deposit or reloadable payroll card.

Learn more about Positive Pay and ACH Control

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. Fraudsters use urgency in their scams to put pressure on victims to gain quick access to funds.

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.
  

Additionally, businesses should be vigilant if a vendor changes payment instructions via email for this could be an attempt of business email compromise.

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

Phishing

Phishing

Phishing is an online scam where criminals send customers fraudulent emails, phone calls and texts that appear to be from their bank. Every year, thousands of people lose hundreds to thousands of dollars to these types of scams. The content in these fraudulent scams are intended to trick you into sharing confidential information like account numbers, passwords, or PINs.

What should you do if you receive a phishing communication?

Email or Text:

• Relax and breath. Most of the time its safe to open the phishing text or email. Most mail apps, like Gmail, detect and block any code or malware from running when you open the email.
• Do not click or download. Be sure NOT to click on any links or download any attachments. This is where fraudster can install their malware such as viruses, worms or spyware or direct you to their fraudulent website.
• Do not reply. If the sender is requesting urgent response with personal information, this is a scam! Ignore any of these requests.
• Report it. If you’ve experienced a phishing attempt, you can forward the email to the Anti-Phishing Working Group at reportphishing@apwg.org. If you got a phishing text message, forward it to SPAM (7726). Then, report the phishing attack to the FTC at reportfraud.ftc.gov.

Phone Call:

• Hang up right away. If you have caller ID and it displays a local area code, this doesn’t mean it’s not a phishing attempt. Fraudsters have figured out how to interpret your local area code to be misleading as a local number.
• Don’t respond to any requests. Banks will never call you and request your personal information.
  

Person to Person Payment Scams

Person to Person Payment Scams

Zelle® is a service that enables 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. 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 asks for payment through a payment service, it's likely a scam.
• Scammers often post fake online classified ads for items such as merchandise, and tickets to concerts or sporting events.
• Only make purchases from verified sources, and use Zelle® to send money only to people you know.

Check the username, email, and phone number of the person you are transacting with.

• If you send money to the wrong person, it can be challenging to recover it.
• If you are unsure, we suggest sending a small amount first to confirm the intended recipient receives it.

Always opt in for stronger security.

•  Zelle® is integrated into the C&F mobile banking app, which is great because it provides additional security features.
• You can set up additional authentication steps in mobile banking, such as Touch ID, strong passwords, and alerts.
• You will receive notifications when threshold amounts are met or when security information is changed.
  
  

Cashier's Checks

Cashier's Checks

Cashier's Checks can’t be fraudulent, can they? Absolutely!

Fraudsters use Cashier’s Checks because they are seen as safe and guaranteed. Fraudsters do this by washing checks, using software to create their own check, or altering a legitimate check. Here are signs to beware of:

• Were you asked for a portion of the cash back? – Fraudsters frequently state overpayment of a cashier’s check and then request a return of funds.
• Do you know where the check came from? – Who gave you’re the check? Can you confirm this is a legitimist payer?
• Confirm the phone number - An accurate and visible Bank issued phone number should be visible on the check.
• Check the amount – Fraudulent checks are often written exceeding the determined amount.
• Payee’s name – This should be printed on the check by the bank teller. It should not be handwritten or blank.

If you are unsure if a check is legitimate, its always a good idea to call or visit the bank before cashing or depositing a cashier’s check. If you fall victim to this type of scam, report it immediately to the bank where you deposited the check and the supposed bank who issued the check.

Holiday Shopping Tips

Holiday Shopping Tips

The holiday season is quickly approaching and with it, holiday shopping. You can expect to see special sales from retailers and sneaky scams from cybercriminals. During the holiday season, cybercriminals may try to trick you with spoofed apps and malicious email attachments.  

Watch Out for Spoofed Apps

Today, it’s common for retailers to have mobile apps that offer exclusive discounts and allow you to make purchases from your device. Cybercriminals can create spoofed apps that look like they’re from a legitimate retailer. These spoofed apps will even allow you to place an order. But instead of receiving your item, you’ll be delivering your payment information to cybercriminals. 

Watch Out for Malicious Attachments

Many retailers will send coupons and shipping information through email attachments. Cybercriminals often impersonate legitimate retailers’ emails to send malicious email attachments. These emails prompt you to act quickly to receive a discount or even free items. But if you download any of these attachments, the only free thing you're likely to get is malware.

What Can I Do to Stay Safe?

Follow the tips below to stay safe from shopping scams this holiday season:

• Only download apps from verified app stores or the retailer’s official website.
• Be cautious of unexpected opportunities to save money. Remember, if something seems too good to be true, it probably is. 
• Think before you click! Cyberattacks are designed to trigger you to click links impulsively.

Grandparent Scams

Grandparent Scams

Grandparent scams are carefully crafted scams targeted specifically towards older Americans.

In one common method of deception, a fraudster calls claiming to be a family member in need of urgent assistance. This urgency triggers the elder to quickly take action, such as wiring funds to help his or her family member out of the immediate danger in which they claim to be. Once the money is wired, the victim later finds out that it wasn’t the family member, but a scam!

Here are tips to keep you or a family member safe from grandparent scams.

• Use caller ID. Using this service can help you determine if your family member is on the phone.
• Ask the right questions. Fraudsters count on fear and innocence when conducting their scams. Asking questions can spook the fraudster into backing out of the scam altogether.
• Do not give any personal information out.
• Don’t rush into large financial decisions; trust your gut. Don’t be fooled into something that doesn’t feel right. You can say no and get more information before sending any money.

Identity Theft

Identity Theft

Identity theft is the use of another person’s identity for economic gain. Anyone can be a victim of identity theft, and people often put themselves at risk unknowingly.

One common method involve thieves using existing accounts to make purchases, pay for services, or withdraw money. Another tactic is to open new accounts/service agreements with stolen information.

Online Prevention:

• Only use secure bank connections to review your account or authorize transactions.
• Only use secure websites for making online purchases.
• Use strong passwords for all accounts.
• Set up security questions and answers for access to accounts.
• Never save credit/debit card information online.

Home Prevention:

• Shred all documents that obtain your personal information before discarding.
• Destroy labels on prescription drugs before discarding.
• Be guarded when entering PIN numbers.
• Keep a list of credit card, account numbers, and other personal information in a secure place.

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.

PayPal Scams

PayPal is one of the most well-known online payment systems that allow its users to send and receive money. However, even the most popular companies can be imitated by fraudsters to deceive victims.

We have noticed an increase in fraudulent activity that involves an incoming notification or call to customers, which appears to be from PayPal. The scammer requests you to make cash withdrawals due to an overpayment. The scammer may also instruct you to provide false information to the Bank regarding the purpose of the withdrawals.

Here are some tips to help protect you from this scam:

1. Legitimate companies will not ask you to lie to your bank or request payment/repayment in the form of Bitcoin or gift cards. In addition, remember that C&F Bank will not request your account or debit card information.
2. If you receive a pop-up alert, do not call or message the number. It's better to let it go to voicemail and listen to their message. If it sounds suspicious, don't return the call. Look up the phone number for the company online first before calling back.
3. Avoid downloading any apps you're unfamiliar with. Use official channels such as official websites or mobile apps to verify the authenticity of the company.

As always, monitor your C&F Bank account daily on desktop or mobile banking to watch for any unauthorized transactions!

Elder Exploitation

Every day, scammers are increasingly targeting seniors for financial exploitation. These scammers trick elders into giving them money or access to their financial information. The key to spotting financial exploitation is to look for changes in the behavior patterns of the victims.

Here are some red flags to watch for. 

Learn more