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Scammers, hackers, and identity thieves are always looking to steal your personal information...and your money. But there are steps you can take to protect yourself, like keeping your computer software up-to-date and giving out your personal information only when you have a good reason. Queenstown Bank of Maryland prides itself in the confidentiality of our customers' information and encourages our customers to do the same, especially when using your computer, tablet or mobile device.
The Business Email Compromise/Email Account Compromise (BEC) is a sophisticated scam that targets both businesses and individuals who perform legitimate transfer-of-funds requests. The scam is frequently carried out when an individual compromises legitimate business or personal email accounts through social engineering or computer intrusion to conduct unauthorized transfers of funds. Often times BEC variations involve compromising legitimate business email accounts and requesting employees' Personally Identifiable Information in order to compromise other accounts that may be related to other scams.
According to the FBI’s Internet Crime Compliance Center (IC3) characteristics of BEC complaints that have been reported include, but are not limited to, businesses and personnel using open source e-mail, individuals who have been identified as being responsible for handling wire transfers within a specific business, spoofed e-mails that very closely mimic a legitimate e-mail request, and hacked e-mails that often occur with a personal e-mail account.More information about this Public Service Announcement issued by the FBI and the measures you can take to protect yourself and your business from BEC can be found here: Internet Crime Complaint Center (IC3) | Business Email Compromise: The $55 Billion Scam
Online Account Takeover occurs when someone other than an authorized account holder gains access to accounts online. Fraudsters typically use phishing scams as a way to install virus or malware (malicious software) on a computer. When the user clicks on the link in a phishing email, the virus or malware is downloaded and an alert is sent to the fraudster when the user logs into a secure site, like internet banking. Internet banking user information is then logged by the virus or malware and sent to the cyber thieves allowing them access without the users knowledge.
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