FDIC Insurance Scam
by Lucy Griffin, BOL Guru
Nothing seems to be sacred any more. The latest technique for defrauding consumers involves FDIC insurance - but not the FDIC itself. Consumers receive calls, letters and e-mail that purport to be from the FDIC. They are not, but the smarter consumers call the FDIC. While this results in swamping the FDIC's consumer hotlines, they are glad that consumers are asking them rather than doing what the fraud actor suggests.
Using various threatening scenarios, such as homeland security, consumers are asked to provide information to "verify" their account and insured status. This provides the fraud actor with information that can be used to drain accounts, steal identities, and more.
Advise customers to question messages that ask them to provide or confirm information. Encourage them to contact your institution or the FDIC with questions. This kind of willingness to help customers is critical to helping fight identity theft.
FDIC has established an e-mail address for reporting insurance fraud scams. Anyone can send information directly to the FDIC at alert@fdic.gov.
Copyright © 2004 Compliance Action. Originally appeared in Compliance Action, Vol. 9, No. 2, 3/04
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