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Identity Theft & Fraud

Online Security

Identity Theft and Fraud

At Lake Elmo Bank, the security of your online banking and personal information is our highest priority.  Learn how to minimize your risk and protect yourself online.

We have also included some of the latest scams aimed at obtaining your personal financial information and how to keep you from becoming a victim.

Identity Theft

Identity theft is when fraud is attempted or committed using identifying information of another person without their authority such as name, date of birth, social security number, or mother’s maiden name. Fraud is committed when these criminals:

  • Conduct unauthorized transactions on existing accounts.
  • Take over an existing account through prolonged use or by emptying an account.
  • Establish or attempt to establish new accounts (credit cards, loans, etc.) using acquired information.
  • Use your Social Security number to steal your tax refund.
How to Protect Yourself
  • Protect your personal information. Only give out this information if you know how it will be used or shared and you have initiated the contact.
  • Go digital.  Pay bills online and sign up for e-statements to reduce the risk that checks and statements containing personal information may be stolen out of your mailbox. 
  • Monitor accounts online and frequently. Use Lake Elmo Bank’s and other financial institutions’ websites to check for signs of fraud, and report suspicious or unauthorized activity immediately. 
  • Check your credit report.
  • Do not keep unnecessary information you do not need in your purse or wallet.
Make sure you are updating your antivirus, browsers and operating systems to the most current versions available on all the devices you use for online or mobile activity.  

Fraud Awareness

Protect Yourself & Your Personal Information

We have received reports from customers that Spoofing Call Fraud and Tech Support Scams are active in our area.

Spoofing Call
This type of fraudulent activity occurs when a call comes through with the caller identification listing Lake Elmo Bank or another reputable business. The fraudster’s intent is to gain your trust by using a local business on caller ID and then they work to obtain your personal information such as your social security number, login credentials or credit/debit card numbers/information.

Tech Support 
In this scam, a caller tries to convince you to pay for tech support by scaring you into believing your computer has a virus or other serious problems. They ask you to send money via debit/credit card, gift cards or by using a money transfer app. These payments often times cannot be reversed and once authorized, the customer is out the money.

If you receive one of these calls or a text/email – for your protection, please do not engage and do not give them any information. Contact Lake Elmo Bank directly at 651.773.4700 to report the incident. And always remember that at Lake Elmo Bank, we will never call to solicit your personal information. We may ask for personal information as a way of identifying you only when you contact the bank.

COVID-19 Economic Impact Payment & Tax Return Scams

With the Economic Impact Payments and Tax Returns being sent out a new wave of scams are occurring.  Criminals are constantly changing their tactics, and you can help protect yourself by acting as the first line of defense.  

  • The IRS does not send unsolicited texts or emails
  • The IRS does not call people with threats of jail or lawsuits
  • The IRS does not demand tax payments be made on gift cards
  • Phishing schemes using email, letters and social media messages with key words such as "Coronavirus," "COVID-19," and "stimulus" in varying ways. These communications are blasted to large numbers of people and aim to access personally identifying information and financial account information (including account numbers and passwords).

COVID-19 Vaccine Scams

Scammers are taking advantage of fears surrounding the Coronavirus. While vaccination details are getting worked out, here's what you can be sure of:

  • You can't pay to put your name on a list to get the vaccine. 
  • You can't pay to get early access to the vaccine.
  • Nobody legit will call about the vaccine and ask for your Social Security, bank account, or debit/credit card number.  
These are all scams! Do not provide your account or debit card number to anyone.

There has been reports of malicious links and PDF’s that claim to contain information on how to protect yourself from the spread of the disease. Scammers know that during uncertain times people become desperate for information and reassurance.

Attackers often tailor phishing scams to seasonal events like holidays or tax season. Different scammers try to launch variations of the same scam to steal login credentials, distribute spyware, or collect personal information from their victims.

Take a moment to think before downloading attachments or clicking links in any email or message, especially from someone you don’t know personally.

For more information on the latest scams and other helpful information visit the following websites:

Debit Card Fraud Management Tool

Lake Elmo Bank offers a great tool to help you safeguard your debit card and funds in your account simply and easily from your mobile device. Download the “CardValet ” app. It allows you to manage your debit card and protect yourself from fraud. You define when, where, and how your Lake Elmo Bank debit card used.

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There are steps you can take to prevent or stop fraudulent charges on your credit or debit card.

Check your accounts for unauthorized charges and continue monitoring your accounts.
  • Don’t wait for your monthly statement to arrive in your mailbox, enroll for online banking. You then are able to view transactions daily online or your mobile device.
  • If you receive paper statements it’s a good idea to enroll for e-Statements. These are delivered to your online banking account and not left in your mailbox for someone to steal.
  • Set-up email or text alerts through your online banking account. This is a great way to be alerted when a debit transaction is clearing your account.
  • Keep paying attention- fraudulent charges to your card or fraudulent debits to your account might occur many months after a data breach. 
Contact Lake Elmo Bank immediately if you suspect an unauthorized charge.
  • Contact the Bank during regular business hours if you suspect you have fraud on your account.
  • If after business hours and the fraudulent item is a debit card transactions contact 1.800.264.5578 to have your card closed immediately.
  • If you have a credit card through Lake Elmo Bank contact 1.800.558.3424. 
Identity theft has developed into one of the fastest growing crimes in the United States. It happens when someone steals your personal information and uses it without your permission. If you suspect that someone has stolen your identity, acting quickly is the best way to limit the damage.

Here is what you should do:
  • Contact your financial institution immediately and alert them to the situation. Lake Elmo Bank has an ID Theft packet available to help you walk through steps to take.
  • File a police report immediately with your local agency.
  • Notify the Social Security Administration if this information has been compromised. The Social Security Fraud hotline number is 1.800.269.0271
  • File a compliant with the Federal Trade Commission’s Identity Theft division:
    • FTC Website: Go to www.identitytheft.gov
    • Toll-free number: 1.877.438.4338
    • Write to the FTC at: Identity Theft Clearinghouse, Federal Trade Commission, 600 Pennsylvania Ave NW, Washington, DC 20580
  • Contact one of the three major credit bureaus and discuss whether you need to place a fraud alert and/or a credit freeze on your file, which will help prevent thieves from opening a new account in your name.
Equifax
800.525.6285
P.O. Box 740250
Atlanta, GA 30374

Experian
888-397-3742
P.O. Box 1017
Allen, TX 75013

TransUnion
800.680.7289
P.O. Box 6790
Fullerton, CA 92634