The holiday season brings more than just the arrival of festive gatherings. Fall is also a time when criminals ramp up their efforts, taking advantage of the holiday rush. Union State Bank has seen a recent increase in fraud attempts by scammers and is spreading awareness in hopes of protecting their customers as well as others within the community.
“We are currently seeing an uptick in social engineering scams,” said Ryan Valencia, Union State Bank’s Director of Retail Services. “In these scams, the perpetrator manipulates a victim into voluntarily giving away sensitive personal information, like passwords, credit card numbers, or access to systems, by pretending to be a trusted entity like a bank, tech support, or family member.”
According to data released by the Federal Trade Commission, $10 billion was lost through 2.6 million scams in 2023. Credit reporting agency TransUnion reported the risk increases by as much as twelve percent over the holiday season.
“New threats and new risks come onto the scene every day,” stressed Union State Bank’s Chief Technology Officer Shawn Wilson. “Internally, we develop procedures and adopt systems to help identify and combat fraud as these new risks come to light, and externally we try to educate our customers when we see misleading information circulating.”
Fraud attempts may come from a variety of sources including emails, phone calls, text messages, social media, fake websites, and in person.
“Banks do not ask for your social security number, your complete credit card number or the security code. If you receive a call, text or email asking for that information, something isn’t right,” said Stephanie Quiggle, Fraud and Financial Crimes Manager for Union State Bank. “Do not respond to these types of messages by providing your personal information. If you receive a call from a legitimate bank, you need to have them provide you with the information only the bank would know.”
Many scammers seek out older victims who may have larger bank accounts, be less familiar with current fraud tactics, and are more reluctant to reach out for assistance.
“It’s extremely important to remain cautious with any information or requests that require immediate action, especially, when it involves money,” explained Mike McWhirt, Union State Bank’s Chief Risk Officer. “A great option is to contact bank staff through a trusted phone number. We are a great resource because we deal with these types of situations all the time and only have your best interest in mind. You may also check with a trusted relative or friend and run the situation by them.”
If you believe you are the victim of fraud, contact your financial institution immediately and alert them to the situation.
About Union State Bank: Founded in 1908, Union State Bank has banking locations serving communities of Arkansas City, Newton, Udall, Winfield, and Wichita in Kansas and in Bartlesville and Edmond, Oklahoma. Union State Bank offers a full range of electronic, deposit and cash management services, as well as business and agriculture, commercial real estate, construction, mortgage, residential and consumer loans. Member FDIC. Equal Housing Lender, NMLS# 412388