NOVEMBER 16TH – 22ND
Fraud Awareness Week
As your community partner and financial advocate, MainStreet Bank is dedicated to helping you protect yourself, your family, and your business from the ever-evolving threat of financial fraud. Fraud Awareness Week is the perfect time to arm yourself with the knowledge you need to stay secure.
Scammers are constantly adapting their tactics, making it critical for both our consumer and small business customers to know what to look out for. Your vigilance is our best defense!
TOP FRAUD SCHEMES TO WATCH
Fraudsters target both your personal and business finances with a variety of sophisticated methods
Fraud Scheme
How It Works
Key Red Flag
Imposter Scams (Bank, Gov't, Tech Support)
A scammer calls, texts, or emails, pretending to be a bank employee, a government agency (like the IRS or FBI), or a tech company. They create urgency (e.g., "Your account is frozen!") and pressure you to transfer money, buy gift cards, or provide login credentials.
Anyone asking you to pay immediately, transfer money, or provide an account password. MainStreet Bank will NEVER call you and ask for your full password or one-time codes.
Phishing, Smishing, & Vishing
These scams use email (Phishing), text (Smishing), or voice calls (Vishing) with malicious links or attachments. They look like they're from a trusted source (like a vendor, utility company, or even a co-worker) to trick you into revealing sensitive information or installing malware.
Unexpected communication with urgent language and a link or attachment to click. Always inspect the sender's email address and hover over links before clicking.
Overpayment & Fake Order Scams (Business Target)
A "customer" places a large order and intentionally sends a check or wire for more than the total. They then ask you to refund the difference immediately to a third-party account before their fake/stolen payment clears (which can take days or weeks).
A customer offering to pay more than the agreed-upon amount and asking for a refund/re-direct of the excess funds.
Business Email Compromise (BEC)
The scammer hacks or spoofs the email of a high-level executive (like the CEO) or a trusted vendor. They send a fraudulent email to an employee in accounting, requesting an urgent wire transfer to an unknown account.
An urgent request for a wire transfer or payment change that bypasses standard business protocol or comes from an unfamiliar email address. Always verify high-value transfers verbally.
Check Fraud/Mail Theft
Checks are stolen from mailboxes, "washed" with chemicals to remove the ink, and then re-written with a new payee and dollar amount.
Any checks that you mailed that take an unusually long time to clear or that you see an unexpected debit for in your account statement.
Your proactive fraud fighting toolkit
Protecting your finances is a team effort. Here are the actionable steps you can take today:
For all customers
- Set up account alerts: Use your MainStreet Bank Digital Banking to set up alerts for specific activity—like large withdrawals, transfers, or logins. You’ll get notified immediately if something is wrong
- Use multi-factor authentication (MFA): This is your best defense! Always enable MFA (like a code sent to your phone) for your bank accounts, email, social media, and any financial services
- Guard your credentials: Never give out your online banking password, one-time security codes, or PIN to anyone—even if they claim to be from MainStreet Bank. A legitimate banker will never ask for this
- Verify, verify, verify: If you get an urgent call, hang up. If you get a suspicious email, do not reply. Contact us directly using the number on the back of your card or the official number from our website
- Shred sensitive documents: Always use a cross-cut shredder for bills, credit card offers, statements, and anything with personal or account information
For small business customers
- Implement payment controls: Utilize services like Positive Pay and ACH Positive Pay to automatically filter and block unauthorized check or electronic transactions before they hit your account
- Enforce strict procedures: Establish a “dual control” policy where two employees must approve large transfers or vendor payment changes. Never change vendor payment details based solely on an email request
- Educate your team: Your employees are your first line of defense. Train them to recognize phishing attempts, identify suspicious invoices, and report any unusual activity immediately
What to do if you suspect fraud
If you believe you have been targeted by a scam or have accidentally shared information:
- Contact us immediately: Call us at 703-481-4567 or visit your local branch. The sooner we know, the faster we can protect your accounts.
- Change your passwords: Immediately update the passwords for the compromised account and any other accounts that use the same password.
- Report to authorities: File a report with the Federal Trade Commission (FTC) and consider filing a police report.
