Safeguarding Your Finances: First US Bank’s Guide to Combat Financial Fraud 

In today’s digital age, financial fraud has become increasingly sophisticated, preying on individuals’ trust and vulnerabilities. From check fraud to elaborate romance scams, perpetrators continuously devise new schemes to defraud innocent victims. First US Bank recognizes the severity of this issue and is committed to empowering its customers with knowledge and tools to protect their finances. 

Types of Financial Fraud: 

1. Check Fraud: With the rise of online banking, check fraud has evolved into a multibillion-dollar industry. Criminals steal checks from mailboxes or the post office, erase the ink using household chemicals, and rewrite them for fraudulent purposes. First US Bank advises customers to monitor their accounts closely and report any suspicious activity immediately.
2.  Romance Scams: Scammers exploit social media platforms to establish fake romantic relationships, often targeting vulnerable individuals such as the elderly or widowed. They manipulate emotions and fabricate stories to solicit money for various reasons, such as medical bills or travel expenses, while always having an excuse to why they cannot meet you in person. In some cases, they will even go as far as walking their victim step by step through the process of downloading an app to their cell phone that gives the scammer full access to it. First US Bank urges customers to remain cautious and refrain from sending money to strangers online, no matter the circumstance.
3.  New Job Scams: Fraudsters lure victims with promises of lucrative employment opportunities, only to send counterfeit checks and request a portion of the funds be returned. Unbeknownst to the victim, the check eventually bounces, leaving them liable for the entire amount. First US Bank reminds individuals to verify the legitimacy of job offers and never engage in financial transactions without  complete
4.  Utility Bill Scams: Scammers impersonate utility companies and coerce individuals into paying supposed overdue bills with gift cards or cryptocurrency. First US Bank emphasizes the importance of verifying the authenticity of such calls and making payments through official channels only.
5.  Investment Scams: Fraudulent investment schemes often involve coercing victims into withdrawing cash and depositing it into untraceable accounts, such as Bitcoin. First US Bank advises customers to exercise caution and consult financial professionals before engaging in any investment opportunities.
6.  QR Code Scams: Criminals exploit QR codes to redirect individuals to fraudulent websites, where they unwittingly provide sensitive payment information. First US Bank encourages customers to scrutinize QR code destinations and verify the legitimacy of websites before making any transactions.

Protective Measures:  

1.  Monitor Account Activity: Sign up for text alerts provided by First US Bank, but by other banks and credit unions as well, to receive real-time notifications of account transactions, enabling prompt identification of suspicious activity.
2.  Positive Pay Enrollment: Businesses can safeguard their accounts by enrolling in First US Bank’s Positive Pay service, which monitors and approves checks and ACH transactions, preventing unauthorized debits. Many banks charge for this service, but First US Bank offers this service free of charge to their business customers. Last year alone, First US Bank stopped nearly half a million dollars in fraudulent checks. 
3.  Exercise Caution on Social Media: Remain vigilant when interacting with strangers on social media platforms and refrain from sending money to individuals without verifying their identity.
4.  Caller Verification: Avoid answering calls from unknown numbers and verify the authenticity of requests for payment by contacting the company directly through official channels. Remember – no official company will accept payment for a bill through gift cards or bitcoin. 
5.  Consult Your Banker: Seek guidance from your banker if you encounter any suspicious requests for money, especially those involving gift cards, wire transfers, or cryptocurrency.
6.  Question Unusual Transactions: Be wary of employers or entities requesting funds to be returned after overpayment, as this is often indicative of a scam.
7. Verify QR Code Destinations: Before scanning QR codes, ensure the legitimacy of the associated website to prevent falling victim to fraudulent schemes.

First US Bank remains committed to combating financial fraud and safeguarding the interests of its customers. To learn more about how First US Bank can help you, feel free to reach out to Casey Young, VP, Treasury Management and Fraud Officer at 205-632-0626 or by email at cyoung@firstusbank.com.  

By staying informed and implementing proactive measures, individuals can mitigate the risks associated with fraudulent activities and protect their hard-earned assets. Stay vigilant, stay protected.