Fraud Protection

For more information about how to protect yourself from identity theft, and what to do if you suspect it, visit FraudWatch International.

If you think you might be a victim of identity theft, call the FTC hotline immediately at 1-877-IDTHEFT.

If your credit card has been lost, stolen or compromised, contact one of the three major credit bureaus (any bureau will notify the other two for you):

  • Equifax - 800.525.6285
  • Experian - 888.397.3742
  • TransUnion - 800.680.7289

There’s no denying it. Fraud happens. Read on to learn more about common scams and ways you can protect yourself.

Identity Theft

No one expects to have his or her identity stolen. Unfortunately, it’s more common than you think. The Federal Trade Commission estimates 10 million people were victims of identity theft last year, or one in 30 Americans. Identity theft is the fastest-growing crime in the U.S., affecting businesses and individuals alike. Experts predict one in four will be affected in the next four years.

Another alarming aspect of identity theft is the time it often takes for victims to notice the damage done. Because the theft often flies under the radar, many victims don’t notice until a credit card statement or credit report shows fraudulent charges.

While no person or business is immune to fraud and identity theft, you can make it a lot tougher on the bad guys by taking proactive measures. Awareness is the best defense against identity theft and the best way to limit the damage when it occurs.

The FTC recommends the following monitoring and prevention tips:

  • Closely review all checking, savings, credit and other account statements each month.
  • Shred paper documents containing personal or financial data before disposing or recycling them.
  • Routinely check your credit report for activity you don't recognize.
  • Change user passwords for online accounts frequently.

Specific Scams

Debit Card Scams

Scammers often rely on time-sensitive threats to push their victims into making hasty decisions. Some scammers conceal their identity, posing as an IRS officer. A recent scam widely reported in Missouri involved automated phone calls or letters telling individuals their debit cards have been frozen or compromised. The scam includes threats to freeze or deactivate debit cards if no immediate action is taken. Scammers encourage recipients to provide them with their debit card numbers and PINs over the phone.

As a reminder, mobank will never contact you requesting account numbers, card numbers or PINs. The only type of automated call a customer would ever receive from mobank would be to confirm a specific transaction charged on your account suspected of being fraudulent. For your protection, we mail notices to customers who haven’t used their debit card in more than a year. The notice will tell you to make a transaction or to give us a call to keep the card active. Feel free to contact us with questions about any suspicious letters, calls, emails or texts you think came from mobank.

As a general security precaution, never give your bank account, debit card or personal identification number to anyone who contacts you. Requests like these are typical of a scammer phishing for information. When in doubt about a call, email or text, don’t give out information. Instead, contact the company directly.

Fake Check Scams Target Businesses

Check scams are the fastest-growing type of fraud and could end up costing you thousands. Preventing it is a team effort between your business and mobank.

The security of your account is mobank's highest priority. As white-collar crime continues to grow, businesses need to play an active role in their internal security and protection. In fact, the Uniform Commercial Code actually requires businesses take steps in preventing fraud.

Thermochromic ink checks are one of mobank's strongest fraud prevention tools. It reduces your chance of check fraud and decreases liability by using heat to validate its authenticity. If the check is authentic, the symbol will disappear on the pink spot, then reappear after the Thermochromic ink cools. This special ink symbol cannot be duplicated, scanned or photocopied.

Ready to beef up your internal financial security?

Give us a call. We’re happy to help.

  • Learn more about different kinds of fraud and what you can do to protect your business.
  • View our cash management section to learn how mobank can keep your money safe.
  • Think you might be a victim of identity theft? Call the Federal Trade Commission hotline immediately at 1-877-IDTHEFT.

Phishing Scams Attempt to Gain Confidential Information

Phishing is an attempt by a scammer to get your private information to steal your identity or gain access to funds. Emails are an extremely common platform for phishing attempts. And they’re not just the obviously fraudulent emails – some look and sound very authentic. Either way, never divulge private information whether it’s through email, letter, phone call, etc. Private information someone might “phish” for could include account numbers, passwords, Social Security numbers and other confidential information. 

If a cyber thief gets this information, they can use it to loot your checking account, run up credit card bills, or even obtain a driver's license or credit cards in your name. Potential damage to your financial history and personal reputation can take years to repair.

Understanding how to protect yourself can help stop these crimes:

  • Never provide your personal information in an unsolicited request, no matter the form of communication.
  • If you believe the contact may be legitimate, contact the company yourself.
  • Never provide your password in an unsolicited request over the phone or Internet. A financial institution should never ask you to verify your account information online.
  • Review account statements and your online accounts regularly to ensure all transactions and charges are correct.