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Fraud Protection

Fraud Protection
Is identity theft really a threat? The Federal Trade Commission estimates 10 million people fell victim last year. That's one in 30 Americans! Identity theft is the fastest-growing crime in the U.S., affecting individuals and businesses alike. This is scary stuff.

Learn the top 10 ways to combat identity theft
Watch a quick online video about identity theft

No person or business is immune to fraud and identity theft, but you can make it a lot tougher on the bad guys by taking the right proactive measures. Check out these resources for protecting your business or personal identity.

If you think you've become a victim of identity theft, immediately call the FTC hotline at 1-877-IDTHEFT.

If your credit card has been lost, stolen or compromised, contact one of the three major credit bureaus (any bureau will notify the other two for you):

  • Equifax - 800-525-6285
  • Experian - 888-397-3742
  • TransUnion - 800-680-7289

You can find other valuable resources at www.fraudwatchinternational.com, or if you want to talk about it, you can always contact us.

When you open a checking account with mobank, you'll be given the option to enroll in IDENTITY GUARD® GOOD START. With this program, your credit files will be monitored daily for fraudulent activity and you'll receive e-mail notification of any credit changes. It will also provide you with unlimited toll-free access to credit education specialists.

Click to enroll for IDENTITY GUARD® GOOD START.

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Current Fraud Alerts

FDIC - E-Mails

June 10, 2011

The FDIC forwarded an alert that some bank customers (no mobank customers that we know of) have received e-mails that appear to be from the Federal Deposit Insurance Corporation (FDIC), the federal agency that protects bank depositors from losses. These messages are not from the FDIC. In fact, the FDIC never sends unsolicited e-mails directly to bank customers.

In these e-mails, addressed to “Dear Business Customer”, recipients are told to click on a link to find out important information about their financial institution. Do not click on such links. Simply delete the e-mail and call us at 816-881-8200 if you have any questions.

From the FDIC website: http://www.fdic.gov/consumers/consumer/alerts/index.html

July 2, 2010

The FDIC forwarded an alert that some bank customers (no mobank customers that we know of) have received e-mails that appear to be from the Federal Deposit Insurance Corporation (FDIC), the federal agency that protects bank depositors from losses. These messages are not from the FDIC. In fact, the FDIC never sends unsolicited e-mails directly to bank customers.

In these e-mails, recipients are told to click on a link to “check your bank deposit insurance coverage.” Do not click on such links. Simply delete the e-mail and call us at 816-881-8200 if you have any questions.

From the FDIC website: http://www.fdic.gov/consumers/consumer/alerts/index.html

Business
Fake check scams are the fastest-growing types of fraud and could end up costing you thousands of dollars. Preventing it requires a team effort – your business and Missouri Bank.

The security of your accounts is mobank's highest priority. As white-collar crime continues to grow, it's important for businesses to take a proactive role in their own internal security and protection. (In fact, the Uniform Commercial Code requires businesses to take steps to prevent fraud.)

Thermochromic ink checks are one of mobank's strongest fraud prevention tools. Using Thermochromic ink check stock can both reduce your chance of check fraud and decrease your liability.

Here's how it works: To validate the check's authenticity, simply rub or breathe on the pink symbol. If the check is authentic, the symbol will disappear, then reappear after the Thermochromic ink cools. This special ink symbol cannot be duplicated, scanned or photocopied.

Thermochromic ink checks are just one of several tools we can recommend or offer. If you are interested in improving your internal financial security controls, we encourage you to give us a call. We would welcome the opportunity to work with you.

  • Find out more about the various forms of fraud and what you can do to protect your business at www.fraudwatchinternational.com.
  • View our cash management section to learn how mobank can keep your money safe.
  • If you think you might be a victim of identity theft, immediately call the Federal Trade Commission hotline at 1-877-IDTHEFT or click here to take action.

Want to talk about it? You can always contact us to learn more.

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Phishing Alert
By now you've probably received a “fishy”-looking e-mail or two – not just the one from the supposed heir to some foreign kingdom's treasury but also the kind that may appear legitimate, as if from a bank or other financial institution. In either case, the sender is asking or “phishing” for account numbers, passwords, Social Security numbers and other confidential information.

If/when they get it, these cyber thieves can use the info to loot your checking account, run up credit card bills, or even obtain a driver's license or credit cards in your name. Potential damage to your financial history and personal reputation can take years to repair.

Understanding how phishing works and how to protect yourself can help stop this crime:

  • Never provide your personal information in response to an unsolicited request, whether through e-mail, snail mail or over the phone. If you didn't initiate the communication, don't provide any information.
  • If you believe the contact may be legitimate, contact the company yourself.
  • Never provide your password over the phone or in response to an unsolicited Internet request. A financial institution should never ask you to verify your account information online.
  • Review account statements and Internet Banking regularly to ensure all transactions and charges are correct.

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Personal
No one expects to be a victim of identity theft, yet experts predict one in four people will be affected in the next four years. Indeed, identity theft may be the most random of all criminal acts. You can become a victim no matter how careful you are.

Another alarming aspect of identity theft is the time it often takes for victims to notice the damage done. You may not find out about the theft until you review a credit card statement or credit report and see charges you didn't make. The FTC recommends the following monitoring and prevention tips:

  • Closely review all checking, savings, credit and other account statements each month.
  • Shred any and all paper documents containing personal or financial data before disposing or recycling them.
  • Routinely check your credit report for activity you don't recognize.
  • Change user passwords for online accounts frequently.

Awareness is the best defense against identity theft and the best way to limit the damage when it does occur. For more information on identity theft, how to protect yourself and what to do if you suspect it, please visit www.fraudwatchinternational.com.

If you think you've become a victim of identity theft, immediately call the FTC hotline at 1-877-IDTHEFT.

If your credit card has been lost, stolen or compromised, contact one of the three major credit bureaus (any bureau will notify the other two for you):

  • Equifax - 800-525-6285
  • Experian - 888-397-3742
  • TransUnion - 800-680-7289

Want to talk about it? You can always contact us to learn more.

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Check 21
Substitute Checks and Your Rights

What is a substitute check?
To make check processing faster, federal law permits banks to replace original checks with “substitute checks.” These checks are similar in size to original checks with a slightly reduced image of the front and back of the original check. The front of a substitute check states: “This is a legal copy of your check. You can use it the same way you would use the original check.” You may use a substitute check as proof of payment just like the original check.

Some or all of the checks that you receive from us may be substitute checks. This notice describes rights you have when you receive substitute checks from us. The rights in this notice do not apply to original checks or to electronic debits to your account. However, you have rights under the law with respect to those transactions.

What are my rights regarding substitute checks?
In certain cases, federal law provides a special procedure allowing you to request a refund for losses you suffer if a substitute check is posted to your account. (For example, if you think we withdrew the wrong amount from your account or that we withdrew money from your account more than once for the same check.) The losses you may attempt to recover under this procedure may include the amount that was withdrawn from your account and fees that were charged as a result of the withdrawal (i.e., bounced check fees).

The amount of your refund under this procedure is limited to the amount of your loss or the amount of the substitute check, whichever is less. You also are entitled to interest on the amount of your refund if your account is an interest-bearing account. If your loss exceeds the amount of the substitute check, you may be able to recover additional amounts under other law.

If you use this procedure, you may receive up to at least $2,500 of your refund (plus interest if your account earns interest) within 10 business days after we received your claim and the remainder of your refund (plus interest if your account earns interest) within 45 calendar days after we receive your claim.

We may reverse the refund (including any interest on the refund) if we later are able to demonstrate that the substitute check was correctly posted to your account.

How do I make a claim for a refund?
If you think you have suffered a loss relating to a substitute check that you received and was posted to your account, please contact us at 816-881-8200. You must contact us within 40 calendar days of the date that we mailed (or otherwise delivered by a means to which you agreed) the substitute check in question or the account statement showing that the substitute check was posted to your account, whichever is later. We will extend this time period if you were not able to make a timely claim because of extraordinary circumstances.

Your claim must include:

  • A description of why you have suffered a loss (for example, you think the amount withdrawn was incorrect)
  • An estimate of the amount of your loss
  • An explanation of why the substitute check you received is insufficient to confirm that you suffered a loss
  • A copy of the substitute check and/or the following information to help us identify the substitute check: identifying information (check number), the name of the person to whom you wrote the check and the amount of the check.

If you have any questions please feel free to contact us.

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