Ask Your Financial Institution How They Are Keeping You Safe

Four financial institutions are the cornerstone of the safety for fraud. Big Sky Senior Services works with multiple banks and credit unions to help keep seniors in our community safe.  When you do anything with your bank it is important to ask how they are keeping you safe from fraud.  

This fall we ran into one financial institution with some great ideas.  They do two things before wire transfers which can hopefully help victims slow down and realize when fraud is happening to them.

1.  They have all people take a questionnaire before a wire transfer that hopefully will highlight a needed conversation before the transaction takes place.  A conversation that might include a question of if this transaction is really what the person wants to do.

2.  They ask all people doing a wire transfer to sign a statement that they understand the consequences are permanent.

Both of these measures will not stop fraud completely, but we applaud them because they slow down the transactions and give the institution and the customer time to talk and think through a serious transaction. 

We encourage you to ask your financial institution to use tools like these and inquire what they will do to keep you safe. 

(The questions and signature sheet are below.)

Questionnaire

1. Have you received an unsolicited call indicating that you’ve won money in a lottery? Yes No
2. Have you been instructed to send a wire to pay taxes on lottery winnings? Yes No
3. Does this transaction involve someone you’ve never met in person, but have communicated with via the internet or social media sites (email, Facebook, Snapchat, etc.)? Yes No
4. Does this transaction involve communicating with someone via the internet who states they are an old friend/relative you’ve had no recent contact with? Yes No
5. Have you been instructed to send excess funds back to an individual or a business after they mistakenly sent you too much? Yes No
6. Has someone promised to redeposit this money for you or pay you back later? Yes No
7. Are you sending funds to an individual or business to pay a bill, invest in something, or unlock your computer?  Yes No

Statement they sign off on: 
If your response to any of these questions is “yes”, please consider the following:
Verify you personally know the individual you are sending to or can confirm the legitimacy of the
business you are sending to.
· Scammers often impersonate friends or family members. Verify that the person you’re communicating
with truly is your friend or family member.
· Review the transaction and any concerns you have with your financial institution representative.