Citizens Bank Takes Steps to Protect Customers from Cyber Scams
For Immediate Release:
In recognition of a recent article published by the American Banker, we at Citizens Bank of Mt Vernon are reminding customers of practical steps to help safeguard their sensitive data while using Person to Person Payment services and mitigate losses in the event of a data breach or compromise.
“While we do not advise the use of third-party digital payment platforms outside of direct Person to Person Payments (P2P payments) within our local banking system, we understand the importance of shielding data against a cyberattack with these platforms and want to educate consumers on how best to handle sensitive data so that it doesn’t fall into the wrong hands,” said Chief Technology Officer, Jeff Thrasher at Citizens Bank. “By staying vigilant and instituting proper protocols for digital payments, together we can create a culture of cyber hygiene throughout our community and fight back against cyber-attacks.”
There were 4.7 million reports of fraud and scams to the Federal Trade Commission in 2020, with phone calls being the most common contact method used. Citizens Bank encourages consumers to consider the following best practices when sending money digitally via P2P payments and using third-party digital payment platforms:
3 THINGS TO REMEMBER WHEN USING DIGITAL PAYMENTS
While there is no foolproof way to avoid online scams, you can minimize your risk by remembering these key best practices:
1. IF IT SEEMS TOO GOOD TO BE TRUE, IT PROBABLY IS.
In 2020, there were 4.7 million reports of fraud and scams to the Federal Trade Commission, with phone calls being the most common contact method used. Be careful who you send money to and only send money to those you trust.
2. DON’T GIVE IN TO THE PRESSURE OF “RUNNING OUT OF TIME.”
A sense of false urgency is a tool that scammers use to make you feel like you must make hard and fast decisions in order to keep or obtain something. Take the time to assess your situation before making any money decisions.
3. BE AWARE OF ROMANCE SCAMMERS. IS IT LOVE?
Online matchmaking is on the rise. Scammers will take advantage of their target’s emotions by pretending to be someone who cares about you online to receive money. Use caution when someone asks you for money early on in these situations.
As a local community bank, Citizens Bank considers security in every aspect of our banking services and products. Holding security in this high regard includes many steps to ensure that we are communicating with you about your money and how to best protect it. For example, we have terms and conditions set in place that will appear multiple times before you are able to use features such as Person to Person payments on your mobile device. This is to ensure that you are certain you want to use this service and you are aware of the possible risks that may accompany a service such as digital payments. We highly encourage all of our customers to fully read and comprehend the terms and conditions provided before using our services and products. If there are any additional questions, we are more than happy to assist in getting you the information you need.
Respond to a Data Breach
In the unfortunate event of a data breach, there are steps you can take to minimize your risk:
- Contact your bank immediately to minimize risk of fraudulent activity.
- Set up alerts so you can track purchases on your account in real time.
- Do not attempt to engage with the scammer and resolve matters on your own.
Learn more about how to protect yourself while using Person to Person online payment platforms, please visit us at www.citizensbankrb.com and keep up to date with the latest security news on our social media pages. #weareyourcitizensbank
Citizens Bank was established in 1904 and has offices in Somerset, Mt. Vernon, Brodhead and McKee.