Magyar Bank is committed to keeping your banking and financial information safe and secure. We're continually monitoring existing and emerging threats and have procedures in place to respond with preventive measures as needed. The security section of our Web site outlines a few of the ways Magyar is protecting your information.
About Online Fraud
The Internet and email have revolutionized how we communicate today, both personally and professionally. But as hackers learn new ways to intercept personal information, the Internet and email have also helped perpetrate online fraud.
The speed with which email can be circulated and the inexpensive cost of sending email make it easy for fraudsters to create messages that look and sound credible. As a result, consumers can find it difficult to differentiate between legitimate communications and deceitful ones.
For a safer online experience, you can identify and avoid many of these scams by learning about phishing and spoofing.
Spotting Online Fraud
The following are examples of typical phishing attacks using spoofed sites to lure readers into the scam:
- Request for Updates
Some spoof sites request verification of personal information to update billing records or falsely attempt to protect and enhance the customer's online security.
- Request for Updates to Avoid Account Termination
Some phishing schemes request that readers update their banking, password and other personal information by threatening account suspension, termination or closure unless the request is completed quickly. Remember, financial institutions and other reputable businesses understand the magnitude and the danger of Internet scams and would neither request personal information via email, nor would they close or terminate an account as a result of your refusal to provide information by email.
- System Upgrades and Account Verification
From a spoofed site, some phishers will claim that new or updated systems changes require identity verification to use the upgraded service.
- Promotional or Lottery Fraud
Individuals or groups of people who commit fraud use exciting news within the email in efforts to get readers to respond quickly. They might promise money, trips, gifts and lost funds with the caveat that the reader respond with personal "verification" details, or with an advance fee to become eligible for the false winning. Remember, if it sounds too good to be true, it probably is. Verify the offer with the company first. Legitimate companies will typically contact prizewinners by phone or postal mail.
- Advance Fee or 419 Fraud
Developed in Nigeria, the Advance Fee Fraud or 419 scheme is named after a section in the Nigerian criminal code covering such activity. The fraud begins with unsolicited letters and email messages offering the recipient a generous reward for helping to transfer large amounts of money from another country. To the victim, it may seem like an easy, get-rich-quick scheme. But the fraud goes beyond an identity theft con and becomes more involved and dangerous when additional funds are requested.
- Virus Hoax Emails
While many virus notices should be taken seriously, some are sent purely to cause concern for readers and to disrupt businesses. While some virus warnings may be legitimate, check with other sites to confirm before sending the message to colleagues
How to Avoid Online Fraud
Your best defense against online fraud and computer viruses is education and discipline.
- Verify the validity of the sender and legitimacy of the request
- Never input personal or banking information online without checking that the website is in a "secured" environment
- Look for an "https://" in the website address line (URL) at the top of your browser. The 's' in "https://" denotes that the Internet session is secured by encryption to keep the information you transmit online protected from unauthorized users. In addition, a locked padlock symbol in the bottom right corner of your Internet browser window also indicates that an Internet session is secured through encryption. But be aware that even secure sites can be spoofed to include the "https://" prefix and locked padlock.
- Typical phishing requests are not personalized. Unlike your own bank or credit card company that may include your name and/or an account identifier or type, phishing requests typically keep the salutation and information about you generic.
- Remember: Magyar Bank, as well as credit card issuers and other financial institutions will not ask you to send or verify your password, Social Security number, or PIN within an email message, or ask you for this information over the phone.
- Again, only provide information that you initiate through an application, an online transaction or through the normal log-in/sign-up process
- Be suspicious of numerical web addresses or URLs
- Typically, a company's web address or URL includes part or a portion of the company name followed by .com, .org, or .net. A spoof site that uses a numerical web address (or an IP address) or includes an "@" sign within the address could be a tip-off that the site is fraudulent.
- Become familiar with the websites you frequently visit and bookmark these sites
- Learn about other online attacks-staying abreast of current fraud reports, trends and sample fraudulent email can help reduce the likelihood of becoming a victim.
- Check your accounts, online and offline. Regularly check your bank account statements as well as debit and credit card statements to be sure all transactions are legitimate. Consider enrolling in a credit-monitoring program that can keep you aware of any changes to your credit. If you suspect fraud or identity theft, contact one of the three nationwide credit bureaus for more information, Equifax, Experian or TransUnion.
- Report suspicious email or online fraud. If you receive a fraudulent email, you should forward it immediately to firstname.lastname@example.org or call 1.888.990.BANK. This email address is solely intended to address issues related to online fraud targeting Magyar Bank. Please do not use this email for general questions about your account. If you believe you have given out personal information in response to a fraudulent email, you should immediately call 1.888.990.BANK and request that an alert be placed on your account. You can also alleviate your risk of online phishing attacks by securing your computer and Internet experience.
Phishing & Spoofing Scams
Phishing (pronounced fishing) is a scheme used to lure consumers into providing personal and financial information online.
Individuals or groups who commit fraud in this manner do so by creating email messages that masquerade as messages from reputable banks, credit card companies, online auctions, and department stores. The email messages include a link to a fraudulent site known as a spoof site that's crafted to look just like the reputable company's site.
The spoof site then asks consumers to provide or update their personal information. When consumers provide the requested information to the spoof site, the consumer is phished and becomes at risk for account theft, identity theft and computer infection.
The typical objective of this scheme is to obtain the following information:
- Social Security numbers
- Credit card and/or ATM/debit card numbers
- Password or PIN
- Bank account numbers
- Online banking log-in/password information
If you receive any unusual email requests that appear to be from Magyar Bank, remember that no one at Magyar Bank will ever ask you for a password, credit card number, account number or social security number via email.
If you receive a fraudulent email, you should forward it immediately to email@example.com or call 1.888.990.BANK. This email address is solely intended to address issues related to online fraud targeting Magyar Bank. Please do not use this email for general questions about your account.
If you believe you have given out personal information in response to a fraudulent email, you should immediately call 1.888.990.BANK and request that an alert be placed on your account.
A good rule of thumb is to only provide the personal information when you initiate an application, an online transaction, or sign-in to your account through the normal process.
Spoofing or Spoof Sites
As part of a phishing scam, Internet fraudsters create authentic-looking websites that resemble legitimate sites. Financial institutions are the most targeted groups to be spoofed (or have their sites copied). Through email, the spoofed sites attempt to persuade readers to input personal and banking details by creating a sense of urgency around the request.
Because many spoofed sites look legitimate, it is sometimes difficult to detect fraud. Spoofed sites may use company logos, graphics, text and credible-looking links and website addresses. Remember, do not provide any information to a suspicious site without verifying its authenticity with the bank or company first.
Visit any Magyar Bank location, call 1-888-990-BANK or complete our contact form for more information and to open your account.