Security Corner

Beware of Latest Scams

Europay Mastercard Visa (EMV) or Chip Card - 8/3/15

Chip Card FAQs

In the wake of numerous large-scale data breaches and increasing rates of counterfeit debit/credit card fraud, U.S. card issuers are migrating to a new technology to improve security and to make it more difficult for fraudsters to successfully counterfeit cards.

What is EMV?

It's that small, metallic square you'll see on new cards. That's a computer chip, and it's what sets apart the new generation of cards. Unlike magnetic-stripe cards, every time an EMV card is used for payment, the card chip creates a unique transaction code that cannot be used again.

You are going to do what is called 'card dipping', which means inserting the card into a terminal slot. The card must remain dipped for the length of the transaction. When an EMV card is dipped, data flows between the card chip and the issuing financial institution to verify the card's legitimacy and create the unique transaction data.

The Small Business Guide to Corporate Account Takeover

 

What is Corporate Account Takeover?

Corporate account takeover is a type of fraud where thieves gain access to a business’ finances to make unauthorized transactions, including transferring funds from the company, creating and adding new fake employees to payroll, and stealing sensitive customer information that may not be recoverable.

 Cyber thieves target employees through phishing, phone calls, and even social networks. It is common for thieves to send emails posing as a bank, delivery company, court or the Better Business Bureau. Once the email is opened, malware is loaded on the computer which then records login credentials and passwords and reports them back to the criminals.

 

 

How do I protect myself and my small business?

The best way to protect against corporate account takeover is a strong partnership with your financial institution. Work with your bank to understand security measures needed within the business to establish safeguards on the accounts that can help the bank identify and prevent unauthorized access to your funds.

A shared responsibility between the bank and the business is the most effective way to prevent corporate account takeover. Consider these tips to ensure your business is well prepared:

  • Educate your employees.  You and your employees are the first line of defense against corporate account takeover. A strong security program paired with employee education about the warning signs, safe practices, and responses to a suspected takeover are essential to protecting your company and customers.

     

  • Protect your online environment. It is important to protect your cyber environment just as you would your cash and physical location. Do not use unprotected internet connections. Encrypt sensitive data and keep updated virus protections on your computer. Use complex passwords and change them periodically.

      

  • Partner with your bank to prevent unauthorized transactions. Talk to your banker about programs that safeguard you from unauthorized transactions. Positive Pay and other services offer call backs, device authentication, multi-person approval processes and batch limits to help protect you from fraud.

     

  • Pay attention to suspicious activity and react quickly. Look out for unexplained account or network activity, pop ups, and suspicious emails. If detected, immediately contact your financial institution, stop all online activity and remove any systems that may have been compromised. Keep records of what happened.

     

  • Understand your responsibilities and liabilities. The account agreement with your bank will detail what commercially reasonable security measures are required in your business. It is critical that you understand and implement the security safeguards in the agreement. If you don’t, you could be liable for losses resulting from a takeover. Talk to your banker if you have any questions about your responsibilities.

 

 

 

Stay tuned for more tips and tricks to protect against fraud.

 

Protect Your Privacy

We have been notified of several Internet scams requesting personal banking information. PLEASE DO NOT RESPOND to any calls or emails of this type. Post Oak Bank, N.A. will never NEVER ask for your account information via email, telephone call, or direct mail. If you have any questions about a request you receive, please contact us ASAP. We want to help you PROTECT YOUR PRIVACY!

Reporting Fraud

To report fraud on your Post Oak Bank account or if you have questions, call a Post Oak Bank Customer Service Specialist at (713) 439-3900. Contact one of the three major credit bureaus to place fraud alert on your credit report, as well as a victim's statement asking the creditors call you before opening new accounts or charging existing ones.You can review credit reports at www.annualcreditreport.com or by calling 877-322-8228.

Equifax (800) 525-6285

Experian (888) 397-3742

TransUnion (800) 680-7289

As required by law, the selected credit bureau will report the information to the other two bureaus for you.

You should also:

  • File a complaint with the Federal Trade Commission at www.ftc.gov/idtheft or call the Identify Theft hotline, toll free, at 877-IDTHEFT (438-4338).
    Contact creditors for any accounts that have been affected.
  • Always follow up with a letter and keep copies of everything.
  • Close affected accounts and assign passwords to new ones.

For more information, visit: 


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