Don't Get Scammed for Thanksgiving

Wisconsin consumers need to be prepared for the possibility of a phone scam targeting the upcoming Thanksgiving holiday, warns the Wisconsin Bankers Association (WBA). A similar fraud was perpetrated on Manitowoc County residents over the 2007 Thanksgiving holiday and potentially could victimize other Wisconsin residents. The same type of scam occurred recently in Northeastern Wisconsin.

The phone scam in Manitowoc County, carefully timed to coincide with Thanksgiving Day, informed people that their bank account was frozen and provided a toll-free-number to have it reinstated if the customer could verify their personal information. Timed to occur when banks were closed and just before the biggest shopping day of the year, the criminals dialed 40,000 area residents and got 20,000 people to answer the phone.

WBA believes such a scam could again target consumers on the upcoming Thanksgiving holiday.

An educated, cautious consumer is the number one defense against any scam. When consumers receive phone calls or e-mails from agencies claiming to be a financial institution and requesting verification of their personal information, consumers should protect themselves by following these steps:

• Stop. Do not respond immediately.
• Think. Why would my bank need this information?
• Call. The number on your bank statement or in the phone book.

“No bank or legitimate business will request a customer to verify personal information such as PINs, bank account numbers or Social Security numbers over the phone,” explained Eric Skrum, WBA’s communications director. “Unless you initiate the contact, you should never give this information out.”

Personal information that you should never release in a conversation not initiated by you includes:

• Bank Account Numbers
• Bank Card Numbers - Credit or Debit
• Personal Identification Numbers (PINs)
• Social Security Numbers

If a person receives this type of request over the phone, WBA suggests they should note the name of the caller, the institution represented and contact information. The consumer should then contact said institution, using contact information gleaned from a different source like a bank statement, to verify the request.

If the request was not legitimate, the incident should be reported to the police, the misrepresented institution and the consumer’s financial agencies. The same guidelines and suggestions apply to e-mail requests for personal information.

“Criminals are constantly inventing new techniques or variations on old ones to steal personal information,” Skrum said. “If a consumer is ever in doubt about a request, they should immediately contact the police or their financial institution. Both agencies are well equipped to determine the legitimacy of the request and will be happy to offer assistance.”
 

Automated Telephone Verification Scam

You may have heard on the news or radio of a telephone scam that is going around. It starts with a phone call. The automated voice on the line states they are calling from your bank and need to verify your debit card number and or account number. The automated voice then states if you do not verify your account information, your account will be shut down within 24 hours. Do not give any information.

This is a scam that has been circulating Wisconsin. The Wisconsin Department of Consumer Protection is cautioning all people to be aware of this scam. The automated voices on the telephone are not from your financial institutions, but rather are scam artists trying to obtain your account/debit card information to defraud you.

No one from Fox Valley Savings Bank will call or email you requesting to verify personal account information. If you call Fox Valley Savings Bank, we may request to verify certain information – but never your entire account number. If you are ever in doubt of who you are talking to, ask the person if you can call them back and request their phone number. Then call Fox Valley Savings Bank and we will assist you.