Fraudsters are using the coronavirus as an opportunity to scam consumers and financial institutions.
Farmers & Merchants Bank of S.C. is committed to protecting your personal information. Farmers & Merchants Bank will NEVER request personal information by phone, email or text messaging including account numbers, personal identification information, passwords or any other confidential customer information.
Fraud through identity theft is growing rapidly, and we’d like you to be aware of what’s happening in the current online banking environment.
The security of your money and identity is as important to us as it is to you. Let’s work together to protect it!
What is Identity Theft?
Identity theft involves the unlawful acquisition and use of someone’s identifying information such as:
Thieves then use the information to repeatedly commit fraud in an attempt to duplicate your identity which may include opening new accounts, purchasing automobiles, applying for loans, credit cards, social security benefits, renting an apartment, and establishing services with utility and telephone companies. It can have a negative effect on your credit and create a serious financial hassle for you.
Methods of Identity Theft
Phishing – Phishing is the attempt to acquire sensitive information by pretending to be a trustworthy entity in an electronic communication.
Tips to identifying a “Phishing” email
Ransomware – Ransomware is a type of malicious software cyber criminals use to deny access to systems or data until a ransom is paid. Paying the ransom is discouraged because there is no guarantee your system or data will be released and there is an increased risk of being a future target.
Business E-mail Compromise – Business e-mail compromise is a type of scam targeting companies who conduct wire transfers or have suppliers abroad. Cyber criminals spoof the email accounts of high-level employees and request/conduct fraudulent transfers.
Account Takeover - Account takeover is a form of identity theft in which criminals steal your valid online banking credentials. The attacks are usually stealthy and quiet. Malware introduced onto your systems may go undetected for weeks or months. Account-draining transfers using stolen credentials may happen at any time and may go unnoticed depending on the frequency of your account monitoring efforts.
How Do I Protect Myself?
Internet Banking Security
Commercial Banking Internet Security
In addition to the information provided regarding "Internet Banking Security," Commercial & Small Business account holders should institute additional measures in order to further protect their online banking. For example:
Identity Theft Tips
Identity theft occurs when someone uses your personal information such as Social Security number, account number or credit card number, without your permission, to commit fraud or other crimes.
How Does the Electronic Funds Transfer Act (also known as Regulation E) Apply to Your Accounts with Internet Access?
Regulation E is a consumer protection law for accounts established primarily for personal, family, or household purposes. It protects individual consumers engaging in electronic funds transfer (EFT). Non-Consumer (or business) accounts, such as Corporations, Partnerships, and Trusts etc. are not protected by Regulation E.
What is an EFT?
Exclusion from Regulation E Protection
Corporate Customer Awareness
Businesses are not protected under Reg E, therefore they need to be diligent in reviewing their periodic statements. Businesses also need to have multiple controls in place to monitor their online banking accounts and users. As a non-consumer (or business) customer you should perform a periodic assessment to evaluate the security and risk controls you have in place. The risk assessment should be used to determine the risk level associated with any internet activities the non-consumer performs and any controls in place to mitigate these risks.
Unsolicited Client Contact
Farmers & Merchants Bank will only contact retail/consumers on an unsolicited basis for the following reasons:
If you receive an unsolicited contact from an FMBSC employee, your identity will be confirmed through a series of questions but remember FMBSC will NEVER ask for your logon security credentials.
Farmers & Merchants Bank Contact
It is important to contact Farmers & Merchants Bank in the event you discover that you have lost your debit card or if your online login information has been compromised. Immediately report unauthorized or unexpected transactions. If you want to report suspicious activity in your account, or if you have questions about the security of your account, you can call us at: (803) 496-3430.
The Fair Credit Reporting Act requires each of the nationwide consumer reporting companies to provide you with a free copy of your credit report once every 12 months. AnnualCreditReport.com is a centralized service for consumers to request free annual credit reports. It was created by the three nationwide consumer credit reporting companies.
Equifax - To order your report, call 1-800-658-1111, or report fraud, call 1-800-525-6285
Experian - To order your report, call 1-888-397-3742, or to report fraud call 1-888-397-3742
TransUnion - To order your report, call 1-800-916-8800 or to report fraud 1-800-680-7289
Federal Trade Commission (FTC) - Identity theft hotline 1-877-IDTHEFT (438-4338) or http://ftc.gov
FDIC Identity Theft & Fraud Web Site - www.fdic.gov/consumers
The Internet Crime Compliant Center – www.ic3.gov
Anti-Phishing Working Group – www.antiphishing.gov
Phone: (803) 496-3430
Activate Debit Card: 1-866-633-5293
© Copyright 2019 Farmers & Merchants Bank.
Your privacy is very important to us. We would like to advise you that Internet email is not secure. Please do not submit any information that you consider confidential. We recommend you do not include your social security or account number or other specific identifying information.
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