Taking a Personal Interest in You and Your Business

“Lottery” or Internet Purchase Scam

Given our uniqueness as a bank that actually does “take a personal interest in you and your business”, here is an example of a Fraud attempt we recently prevented against two of our customers:

Two separate envelopes were recently mailed to the bank, each containing a check and instructions to deposit them into two different customer accounts. One check was drawn on an American based bank and the other check was drawn on a foreign bank. The check amounts were for $58,400 and $54,830. The instructions for depositing the checks included a valid customer name and bank account number, and informed us that these were payments for goods purchased from our customers. Instead of simply accepting these deposits without close inspection, we examined the requests and found them to contain a misspelled name of one drawee bank along with incorrect grammar and misspelled common words. We then proceeded to contact our customers and discovered that one of them had received requests for quotes for goods along with e-mails from the sender of these deposits informing our customer that they mistakenly had overpaid for these goods. Due to our careful examination of these checks and deposit request, along with knowing our customers and contacting them, we avoided depositing fraudulent items into our customers’ accounts and saved them from a potential loss.

The checks and the deposit instructions contained actual legitimate names. What the fraudsters were counting on was that the bank would not examine them closely or notice anything out of the ordinary. Their next move was to request a refund from our customers’ for a “phantom” overpayment amount, again counting on the companies to simply issue a refund.

In this period of increasingly sophisticated fraud attempts, it is important to partner with a bank that takes a personal interest in protecting your business. This is part of 1st Enterprise’s value added service.
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