How to Keep Your Business Safe from New Fraud Attempts
The level of sophistication in fraud attempts is rising and so is the frequency of the attempts on customers and clients of Maine and New Hampshire banks, including Norway Savings Bank. Knowing some simple facts and warning signs can make the difference between protecting yourself and falling prey.
Please read these Norway Savings Bank policies:
NSB will NEVER ask you for your NSB Online or Mobile Banking login credentials, your PIN, or your token passcodes.
NSB will NEVER call, email, or text a customer asking you to provide personal details or confidential information.
NSB will NEVER call, email, or text a customer asking you to confirm personal details or confidential information.
NSB will NEVER text you and ask you to click on a link in the text.
NSB will NEVER send you a link via email or text to deny fake charges or resolve fake activities.
NSB will NEVER call you and ask you to help the bank with “an internal investigation.”
Perhaps most importantly, if you suspect you’re a target of fraud or think that you or your business may have been victimized, please call us as soon as possible at 1.888.725.2207 where an NSB Customer Care Center representative will be waiting to help in any way they can.
Types of Recent Fraud Attempts at Maine and NH Banks
Fraud and scam attempts can come in many shapes and sizes, but particular types of fraud attempts observed at Maine and New Hampshire banks in recent months are:
A fraudster, posing as an NSB team member or a representative of an agency (local police, FBI, IRS, CIA, etc.), contacts a customer and asks them to transfer a large sum of money from their account to another account as part of an investigation into a bank team member or another reason. In addition, the fraudster asks the customer to keep them on speakerphone when the customer goes to a branch to make the transfer arrangements. If someone is listening to you make a transaction in this manner, HANG UP. It’s a scam.
A fraudster contacts a customer with a convincing story regarding why the customer needs to go to the bank and withdraw money to convert to bitcoin, purchase gift cards, or complete another type of “purchase and send” activity. HANG UP. It’s a scam.
A fraudster “spoofs” a bank’s actual number so your caller ID will display “Norway Savings Bank” or another financial institution. They might even refer to themselves using the name of an actual bank employee. Again, NSB will never call you and ask for personal or confidential information or ask you to transfer/withdraw your funds. When in doubt, HANG UP and CALL US at 1.888.725.2207.
Here is a list of additional scams being perpetuated by fraudsters today. Norway Savings Bank can’t thank you enough for your vigilance in safe banking and never hesitate to call the NSB Customer Care Center at the number listed above with any concerns or questions.
Building a Culture of Cybersecurity Awareness at Your Business
Cybersecurity threats are constantly evolving and pose significant risks to businesses of all sizes. From ransomware to phishing scams, no organization is entirely immune. Unfortunately, all too often it’s human error that leads to the success of these attacks which can cause financial losses, reputational damage, compliance violations, and operational downtime. Your business can mitigate this risk by fostering a culture of security awareness across all levels of your organization, significantly reducing your vulnerability to cyberattacks:
Access Controls: Implement role-based permissions to ensure employees only access what’s necessary for their roles.
Create the Right Cybersecurity Environment and Culture: Employees should feel empowered to prioritize security, ask questions, and report potential threats without fear of repercussions. In essence, employees should never feel nervous about reporting a cyber threat.
Data Protection: Use encryption, backups, and secure storage solutions to minimize the risk of data breaches.
Incident Response: Establish protocols that detail how to handle security breaches, including communication strategies and recovery plans.
Multi-Factor Authentication: Implement MFA wherever possible to add an extra layer of login security. Even if a password is compromised, MFA can prevent unauthorized access.
Ongoing Education: Hold regular training sessions so employees stay informed about the latest threats and best practices.
Phishing Simulations: Surprise simulations with phishing emails provide hands-on experience for employees to test their ability to recognize red flags with no risk.
Prompt Reporting: Encourage staff to quickly report suspicious emails, unauthorized activity, or unclear policies.
Investing in cybersecurity awareness is not just about mitigating threats; it’s about fostering an organizational culture that values safety, trust, and responsibility.
NSB Fraud Prevention Solutions for Businesses
At NSB, we are proud to offer businesses with the opportunity to automate their monitoring ability to detect suspicious transactions and reduce the risk of financial loss, protecting accounts and assets in the process.
With Check Positive Pay, NSB matches checks presented for payment against a list of checks businesses authorized and issued. If a check doesn’t match, we flag it and notify the business. If the business tells us it’s fraudulent, we return the check and control back to the business.
With ACH Positive Pay, NSB notifies businesses when electronic payment transactions present to their accounts. The business decides whether to accept or reject the transactions and can set parameters for known and recurring payments to save time.
With Payment Security/Dual Control, businesses can add an additional layer of protection. Dual Control requires two individuals to complete a transaction, reducing the risk of payment errors and fraud.
For more information on our Fraud Prevention Solutions, please call 1.888.725.2207 and ask for a member of Cash Management or e-Services.
Guarding Your Business Against Fraud Starts with Protecting Personal Accounts
Increasing your awareness of financial scams empowers you to make the right decisions, offers peace of mind, and safeguards yourself and your money from widespread threats. NSB has produced a video series featuring both our employees and community members to raise awareness about today’s most prevalent financial scams. Protecting your business on multiple fronts is more than proactive, it’s necessary. Learning to guard against fraud starts with protecting your personal accounts, and this series was created to help consumers avoid potential damage to their financial well-being by presenting many of the warning signs they could encounter. The series is free to all and available for viewing at www.norwaysavings.bank/security.
