Fraud and identity theft crimes continue to grow at rapid rates.  Valley Bank wants to keep you up-to-date on the latest trends, so you can protect yourself from becoming a victim.  Being aware and informed are keys to keeping your personal information safe. Below is information on some of the latest fraud and identity theft scams targeting consumers.

• Lottery Scams
• Advance Fee Scam
• Bank Employee Impersonator
• Internet Sale Scam
• Fake Inheritance
• Pigeon Drop Scam
• Bank Examiner Fraud
• Other Resources

Lottery Scams are generally telemarketing and Internet scams that target consumers, informing them they are winners of a lottery or sweepstakes. Often times, variations of this scam originate from other countries such as Australia, Canada, the United Kingdom, or Spain and will target older adults.

• Consumers are told that they must pay the taxes, handling fees or conversion fees on the winnings before they can receive their jackpot.
• Consumers are asked to mail or wire a large sum of money to a location outside of the United States, and consumers may never receive any other correspondence.
• In a variation of the scheme,consumers may receive a “certified” check in the mail for a large sum of money, which they deposit into their account.
• The “certified” check turns out to be counterfeit and is charged back to the consumer’s account.

Consumer receives a letter, fax or e-mail asking for assistance to transfer funds from a foreign country to the United States for safekeeping.

• In appreciation of the consumer’s assistance, they are promised a percentage of the funds – often millions of dollars.
• Consumer is asked to provide an initial payment to secure the transaction (the advanced fee), which is then followed by additional taxes, fees, etc.
• Consumer never receives the promised percentage of the funds.
• In variations of this scheme, the fraudster will send worthless checks that look legitimate to the consumer for deposit with a large portion being wired to another location. Once the checks are deposited, the consumer soon discovers they are left with an overdrawn account.

Consumer receives a telephone call from someone claiming to be a bank employee.

• Consumer is told there is a computer problem or security investigation and asked to provide their account information for verification.
• Consumer later discovers that funds are missing from their bank account. 

Consumer advertises an item for sale on the Internet and a buyer offers consumer’s asking price.

• Consumer is advised a bank check will be sent in advance to pay for the item.  When the check is received it is for more than the agreed upon sale price.
• Consumer contacts the buyer who states “the bank made a mistake” and asks the consumer to send back the difference via wire transfer.
• The money is sent via the wire, and the next day the bank check is returned as fraud and the full amount is deducted from the consumer’s bank account.
• Consumer is left with a large negative account balance and the buyer cannot be located.

Tips for Selling Merchandise Over the Internet
Before selling expensive merchandise over the Internet or through newspaper ads, remember the following basic tips that can help protect you from becoming a victim of various fraud crimes.

• Be cautious of dealing with potential buyers who agree to buy the merchandise unseen – especially if you are selling items such as a vehicle, computer equipment, electronic equipment or other high-end items. 
• If the purchaser indicates he is overseas or planning to ship the merchandise overseas consider this a major red flag of potential fraud.
• A sale made over the Internet should not call for you, the seller, to provide funds back to the purchaser.
• If you receive a check that claims to be an Official Bank Check for an amount greater than the purchase with a request to wire transfer the excess funds back to the purchaser or another party – this should be a red flag that the transaction is potentially fraudulent. 
• Remember that any check can be counterfeited or altered, including checks claiming to be Official Bank Checks, Cashier’s Checks, Certified Checks or Personal Money Orders.  As the depositor, you can be held responsible for the overdrafts or losses of the deposited check item if is not honored by the drawing bank – even if the check hold on the item has expired and your bank has made the funds available to you. Always ask to talk to your bank’s fraud prevention department and explain the details of the transaction to them.

Consumer receives a letter or e-mail advising them they are entitled to an inheritance from a distant relative they do not know.

• Consumer is asked to provide bank account and personal information to complete the necessary paperwork.
• Later a bill is received for inheritance taxes and the consumer is advised to send the money in advance of receiving the inheritance.
• The consumer sends the large sum of money, but never receives the inheritance, and in some cases may receive a worthless check.

A stranger – often a team of two strangers – approaches a consumer on the street or in a public area with a story about a large sum of money they allegedly found. 

• Consumer is invited to share the wealth with the stranger, but in order to show good faith, the consumer is asked to withdraw a large sum of money to contribute in the sharing.  The stranger may provide explanations of why they need the participation of the consumer, i.e. they don’t have a bank account, are in a new area, don’t have legal status in the country, etc.
• Consumer enters bank and negotiates a cash withdrawal from their account and gives the money to the stranger who places it with the found money in a bag or box.
• Stranger then gives all the money in the container to the consumer entrusting them with the funds while they leave to verify something.
• Consumer later discovers, after the stranger does not return, that the money has been replaced with paper.

Someone claiming to be a bank official, FBI agent or police officer contacts a bank customer and indicates that they are investigating suspected employee fraud at the bank and needs the customer’s help in trapping the thief. 

• The official asks the customer to go to the bank and withdraw a sum of cash from the teller. They ask that the money be placed in a bank envelope and brought directly to them.
• The official receives the envelope and pretends to count the cash. They inform the customer that it appears the teller took one or two $100 bills and they will need the money as evidence.
• The official departs and the customer never hears from the official again.

Other resources for information or assistance may include:

• The Federal Trade Commission, (877) FTC-HELP, www.consumer.gov/idtheft/.
  
• The National Fraud Information Center, (800) 876-7060, www.fraud.org.
  
  
• The Internet Crime Complaint Center, http://www.ic3.gov/.
  
  
• The National Center on Elder Abuse, (800) 677-1116, www.elderabusecenter.org.
  
  
• Contact Adult Protective Services located in the following states:
• Connecticut, (888) 385-4225
• Delaware, (800) 223-9074
• District of Columbia, (202) 541-3950
• Florida, (800) 962-2873
• Georgia, (800) 677-1116
• Maryland, (800) 917-7383
• New Jersey, (800) 792-8820
• New York, (800) 342-9871
• North Carolina, (800) 662-7030
• Pennsylvania, (800) 490-8505
• South Carolina, (800) 868-9095
• Virginia, (888) 832-3858
• All other states, contact the National Center on Elder Abuse (NCEA),(800) 677-1116.
• If you live in Philadelphia, contact the Philadelphia Corporation for Aging (PCA), (215) 765-9040.