News and Resources

Don't Fall For Scams

As a reminder, Legacy Bank has your account information and will never contact you by phone, e-mail, or text to ask for sensitive or confidential details such as:

• Online banking usernames or passwords
• One-time passcodes or security codes
• Debit card numbers or PINs
• Full account numbers or other confidential details

Fraudsters may attempt to create a sense of urgency or appear legitimate by using familiar names, logos, or phone numbers. If you receive a call or message that seems suspicious, do not respond, click links, or provide any information.

If you are unsure about a communication claiming to be from the bank, please contact us directly by using the phone number listed on our official website or your regular banking contact.

Planning A Trip?

Remember if your summer plans include a trip out of the country, there are a few places your Legacy VISA® Debit Card may not work. Due to an increased fraud risk, certain or all transactions have been blocked in the following locations...

Point of Sale Transactions:

• Pakistan
• Romania
• Russia
• Africa

ATM & Point of Sale Transactions:

• Ukraine
• Syria

ATM & Point of Sale Transactions greater than $200:

• Great Britain
• Spain
• France
• Luxemburg

Others may be added in the future.

Tips for Mobile Banking

It’s important to take a common sense approach to mobile banking. Use caution on your phone just like you would a computer. If you’re careful, you can really enjoy mobile banking’s benefits safely and securely. Following a few simple steps can prevent a big headache later.

• Avoid storing sensitive information like passwords and social security numbers on your mobile device.
• Password protect your mobile device and lock it when you’re not using it.
• Be aware of your surroundings. Don’t type any sensitive information if others around you can see.
• Log out completely when you complete a mobile banking session.
• Protect your phone from viruses and malware just like you do for your computer by installing mobile security software.
• Download the updates for your phone and mobile apps.
• Use discretion when downloading apps.
• If you change your phone number or lose your mobile device, let your financial institution know right away.
• Monitor your accounts regularly and report suspicious activity to your financial institution immediately.

Get Your Credit Report

Are you resolving to improve your financial situation? Start with a thorough check of your credit report. Get a free copy and check to make sure every item listed is up to date and accurate. The central site, www.annualcreditreport.com , allows you to pull a report once every 12 months from each of the nationwide consumer credit report companies: Equifax, Experian, and TransUnion.

FDIC Insurance Explained

The Federal Deposit Insurance Corporation is an independent federal agency created to promote public confidence and stability in the nation’s banking system. Watch this video to find out more about the FDIC.

View the FDIC Insurance video 

Fraudulent Emails Claiming to Be From FDIC

The Federal Deposit Insurance Corporation (FDIC) has received numerous reports from consumers who received an e-mail that has the appearance of being sent from the FDIC. The e-mail informs the recipient that "in cooperation with the Department of Homeland Security, federal, state and local governments…" the FDIC has withdrawn deposit insurance from the recipient's account "due to account activity that violates the Patriot Act." It further states deposit insurance will remain suspended until identity and account information can be verified using a system called "IDVerify."

If consumers go to the link provided in the e-mail, it is suspected they will be asked for personal or confidential information, or malicious software may be loaded onto the recipient's computer.

This e-mail is fraudulent. It was not sent by the FDIC. It is an attempt to obtain personal information from consumers. Financial institutions and consumers should NOT access the link provided within the body of the e-mail and should NOT under any circumstances provide any personal information through this media.

The FDIC is attempting to identify the source of the e-mails and disrupt the transmission. Until this is achieved, consumers are asked to report any similar attempts to obtain this information to the FDIC by sending information to alert@fdic.gov.

ICBA Offers Tips on How to Manage Accounts and Guard Against Overdraft Fees

Many of the nation’s more than 8,000 community banks, including Legacy Bank, offer overdraft services to their customers who would otherwise inadvertently overdraw their accounts and thus become subject to fees and complications. To ensure that consumers have the information they need, the Independent Community Bankers of America (ICBA) has issued the following tips to help consumers manage their accounts wisely so they can avoid overdraft fees.

Keep an eye on your account balance prior to writing a check or using your debit card. Prevention is your best medicine.

Review your transactions on an ongoing basis.
Use services, such as online banking, your bank may provide to help you keep up-to date with your balance.
Remember to record and deduct checks, automatic recurring payments and debit card transactions and to add any deposits that have not yet been posted to your account.
Do not use your debit card like you use your credit card. Your debit card is like an electronic check and the funds are automatically deducted from your account.
Ask your bank about all of its overdraft services. Community banks generally offer three types of overdraft services: overdraft lines of credit, transfers or sweeps from a savings account or another checking account, and overdraft coverage.

Overdraft lines of credit charge interest but provide a safety net. They may also have a transaction and/or annual fee. If needed, disbursements can be repaid over a period of time.
Transfer or sweep arrangements allow customers to cover overdraft using their own funds for a small transaction fee.
Many times a bank will choose to pay an overdraft for a fee to avoid consumers having the inconvenience of returned transactions – embarrassment, fees and hassles from merchants.
Talk to your community banker about the best choice(s) for you.
Overdrafts on ATM and One-Time Debit Card Transactions.

Consumers who want their bank to consider covering overdrafts on ATM and one-time check card transactions will now be required to opt-in to their bank’s overdraft services program for those types of transactions. Otherwise your check card transaction at a gas station, restaurant, or other retailer may be declined if your account is overdrawn and another form of payment must be available.
Be sure and review any fees associated with the program before making the decision to opt-in with your community bank.
"During these challenging economic times, consumers are making tough financial choices—more so than they have ever had to do in the past. Community bankers want to be sure that consumers manage their accounts wisely," said Michael Menzies, ICBA chairman. "Most community banks provide some form of overdraft services, and do so in a way that best meets the needs of their customers. Remember that community bankers are there to help you."

ID Theft Prevention

It is important to remember to keep your personal information safe at all times.

Identity theft happens when someone steals personal information from your wallet, mail box, by a phone call, over the Internet, or however a clever thief can get it. Your information is then used to establish bogus credit or commit other fraud – in your name.

Here are a few simple steps you can take to protect your identity...

• Review your account statements promptly. Report any unauthorized activity to your financial institution immediately.
• Shred old bank statements, receipts, and any documents with personal information.
• Select random passwords and personal identification numbers that would be difficult for others to guess. Don’t share this information with anyone and don’t write it on your ATM card or keep it in your wallet or purse.
• Unless you’ll be shopping for a new credit card, submit the "opt out" information included with any solicitation you receive. This will remove you from pre-screened lists for 5 years or even permanently if you choose. You can also opt out by calling 888-5OPT-OUT or visit www.OptOutPrescreen.com.
• Don’t get "phished". Beware of e-mails warning you of an urgent problem with your account. Never click on a link provided in an e-mail to supply personal information. To access internet sites manually type the URL and set a bookmark for future visits.
• Get a free credit report annually by visiting www.annualcreditreport.com

If you do fall prey to identity theft, contact your financial institution to close any accounts that might be affected and place a fraud alert on your credit report.

Credit Report Freeze

It is possible to freeze or lock down your credit report so that it can’t be viewed on request. It’s a drastic step in the effort to protect personal identity. But is it the right thing to do?

Frozen Credit Report: A frozen credit file prevents new creditors from accessing the credit file without the consumer’s consent. This can help prevent thieves from opening fraudulent accounts in the consumer’s name. Freezing credit files does not lower a consumer’s credit score, but it is considered an extreme measure and should not be done lightly.

Here are a few examples of how freezing your credit report could impact you. It would be difficult if not impossible to...

• get new credit for a new purchase
• get a cell phone
• apply for a home loan
• even apply for a job

Is there a good reason to freeze a credit report? For someone who has been the victim of ID theft this could be a good decision. Also for the elderly who are not likely to be making new credit purchases and whose homes are likely paid for, there would be little need to have a credit report requested. Consumers that are victims of identity theft or over the age of 65 years can have their credit frozen for free. All other consumers must pay the fees set by the credit bureaus.

Fees involved: It costs $10 per bureau to have a credit file frozen, so $30 total. Different lenders use different credit bureaus, so consumers must freeze their file within all three bureaus. A married couple would have to pay $60 to have their credit file frozen across all three credit bureaus, and it would cost an additional $60 each time the couple lifts the freeze.

How does a consumer freeze their credit? Consumers must write a certified letter to each of the three credit bureaus. Once they have verified the consumer’s identity they will freeze the credit file and issue a personal identification number. This number will be required to lift or remove the freeze. Credit bureaus have five business days once the request is received to freeze the credit file.

Can a consumer unfreeze their credit? To lift the freeze on a credit file, the consumer must contact each bureau, using their personal identification number, and specify how long they want the lift to be in effect. The credit bureaus are promising to process the lift within three business days of receiving the request.

Things to consider before freezing credit...

• It can be as much as $60 per freeze and lift for a married couple under the age of 65.
• Insurance companies, potential employers, utility companies, cell phone companies and apartment complexes all pull credit reports on consumers.
• It cannot prevent the theft of current credit card numbers or accounts.
• It does not prevent existing creditors or certain government, state and local agencies from accessing credit files.
• It can take up to three business days to lift the freeze.
• It is time consuming to have the freeze put in place and lifted.
• Consumers will have to plan in advance and be methodical about getting all business done during the specified lift time.

If you’re concerned about ID theft, there are alternatives to freezing your credit report. The credit bureaus and independent contractors offer credit monitoring services for a monthly fee.

Click here to see a comparison of ID protection services and vendors ↗︎

If you have questions about credit report freezes, contact us ↗︎

Phishing Advisory

Please be advised that there are several new phishing schemes that are using the dual authentication signup process to lure banking and credit union customers to bogus phishing websites.

The phishers are scamming their victims by directing them to sign up for their bank or credit union's new dual authentication solution intended to help protect their online banking activities from fraud. The phishing scam directs the institution's customers to enter their account number and PIN so that they can register for their new "dual authentication code and phrase." The phishing email lets them know that a dual authentication code and phrase is now required to do their online banking, as directed by the FFIEC.

In October 2005, the FFIEC issued guidance requiring banks and credit unions to strengthen how Internet banking users authenticate who they are, to help combat "new or changing risks such as phishing, pharming, malware, and the evolving sophistication of compromise techniques." The guidance requires financial institutions to have this in place by December 31, 2006.

A phisher can simply browse a website, grab screenshots of the customer login page and mount a copy of that page on another server. From there he or she can begin targeting customers by sending them e-mails which appear to be from a legitimate source, leading the customer to the spoofed log-in page where they are tricked into revealing confidential account information.

Once entered, the customer is immediately directed back to the legitimate website. Therefore, there is little evidence to alert the customer that they have been phished.

Customers should never access the Legacy Bank website from a link provided in an email, but only by typing in the actual URL. Legacy Bank will NEVER ask for personal banking information via an email, and customers should ignore any emails that are requesting that type of information.

Cashier's Check Fraud

At Legacy Bank we are committed to providing you with information and tools for your financial protection and security. To continue that commitment, we would like to call to your attention the rising occurrence of cashier's check fraud that is taking place throughout the country. Below are some of the most common scenarios dealing with cashier’s check fraud, as well as ways you can prevent this kind of fraud from happening to you.

 

Typical Fraud Scenarios

These first two examples apply to risks with selling merchandise to someone you don’t know, possibly on an internet service like eBay®...

• You are selling an item in the marketplace or on the internet, and after you ship the item the buyer sends a fraudulent cashier's check.
• Another scenario would be where the buyer sends you a fraudulent cashier's check for more than the purchase price of the item you sold, and then wants you to send them the excess money by wire.

This next example covers scams where you are told you will be receiving a large sum of money...

• You receive a letter telling you that you have won a foreign lottery
• You are notified that you are the beneficiary of an estate.

In both cases you will be told that a partial payment in the form of a cashier's check is included with the letter. You are then told to wire transfer money in order to cover a tax or processing fee to receive the rest of the money promised.

In each of the above scenarios, you might believe the cashier's check is valid when it is actually fraudulent. If you deposit the fraudulent check it will ultimately be returned to the bank without being paid. When this happens, the deposit you made to your account is reversed, resulting in a loss of any funds wired, or to the goods sold, or both.

 

How to Prevent Cashier’s Check Fraud

With recent counterfeit check fraud appearing all across the country, here are a few tips to protect yourself if you receive a cashier’s check from an unknown source...

• Verify The Check: Immediately contact the bank or credit union listed on the check to verify the authenticity of the check. Confirm the check number, amount of the check and the name of the person to whom the check was issued.
• Accept Exact Payment: Never accept a cashier’s check for an amount greater than the purchase price. In some scams, a buyer provides payment with a cashier’s check that is more than the purchase price. The seller is then asked to return the extra money, usually a large sum of money, to the buyer. Unfortunately, the transfer of funds back to the buyer is complete before the check clears. It could be a genuine mistake, or a way to cheat you out of your money.
• Hold The Merchandise: You should never give merchandise to the buyer until you have verified that the cashier’s check is legitimate.

If you have questions or concerns that we could be of assistance with, please contact your local Legacy Bank.

Service Provider Assistance Against ID Theft

With the increasing concern and awareness of identity theft, a new industry is emerging: service providers to assist consumers with ID theft related issues. These providers describe their services using terms like protection, detection and recovery. While Legacy Bank does not provide a specific package of services, nor do we endorse any provider that does (including those listed here), we do offer this information to assist you in your search for a company if you are looking for these types of services.

 

Please note: This information was obtained through independent study and provided for comparative purpose only. It is recommended that all data be verified prior to making any purchase decision.