Author: admin

Categories
Fraud & Security Safety & Security

Protect yourself from cryptocurrency scams

At Vallant Bank, we’re committed to helping our customers protect their financial well-being. With cryptocurrency scams becoming increasingly sophisticated, it’s crucial to stay informed about common tactics used by fraudsters. 

Here’s what you need to know to protect yourself and your assets.

Know the red flags

Never trust cryptocurrency payment demands

If someone demands payment in cryptocurrency, especially a supposed business or government agency, it’s almost certainly a scam. Legitimate organizations won’t require cryptocurrency as payment.

Be wary of “guaranteed” returns

Investment opportunities promising guaranteed profits or quick returns in cryptocurrency markets are classic warning signs of fraud. 

Remember: if it sounds too good to be true, it probably is.

Watch out for romance scams

Be extremely cautious if an online romantic interest suddenly starts offering investment advice or requesting cryptocurrency transfers. These “romance scams” have become increasingly common and can be financially devastating.

Common crypto scams

Investment scams

    • Unsolicited contacts from “investment managers” promising high returns
    • Fake celebrity endorsements claiming to multiply your cryptocurrency
    • Promises of free cryptocurrency or guaranteed profits
    • High-pressure tactics to invest quickly

Impersonation scams

    • Fraudsters posing as legitimate businesses like Amazon or Microsoft
    • Fake government officials claiming you owe money
    • Job scams requiring cryptocurrency payments to start work
    • Utility company impersonators threatening service disconnection

Protecting yourself

    • Verify all investment opportunities thoroughly
    • Never share private financial information with unsolicited contacts
    • Be skeptical of unexpected communication about your accounts
    • Research thoroughly before investing in any cryptocurrency
    • Consult with trusted financial advisors before making investment decisions

Remember: When it comes to cryptocurrency, if someone is pressuring you to “act fast” or demanding payment in crypto, take a step back and reach out to your trusted banking partner first.

For more information about protecting yourself from financial fraud, visit your local Vallant Bank branch or contact our customer service team at customerservice@Vallant.Bank.

Categories
Blog Business

Beneficial Ownership: An important update for businesses

Businesses must file Beneficial Ownership (BOI) reports, which have been fluctuating between being required and being halted by the courts due to legal challenges. For the most recent updates, please check the Financial Crimes Enforcement Network (FinCEN) website regularly at https://fincen.gov/boi.

Who needs to report?

Under the original mandate, BOI reporting applied to most corporations, LLCs and entities created or registered in the United States. Exemptions include publicly traded companies, nonprofits and certain large operating companies.

Why this matters

Even if mandatory compliance is temporarily paused, voluntarily submitting BOI reports can demonstrate good faith and support transparency. Staying informed about your obligations and the latest updates is crucial to ensuring your business is prepared when requirements are reinstated.

We’re here to help

At Vallant Bank, we’re committed to informing our customers about important regulatory updates. If you have questions about BOI reporting or other compliance matters, email us at CustomerService@Vallant.Bank, call 877.759.7939 or visit your nearest Vallant branch.

Find a Branch Near You

Let us guide your business through these developments.

Categories
Blog Fraud & Security Safety & Security

Recognizing and avoiding digital phishing scams

At Vallant Bank, your security is our priority. In an increasingly digital world, protecting the financial health of our community, especially for small business owners, is more important than ever. Phishing scams pose a significant threat to long-term stability and growth, impacting real people and businesses.

To help you and your business remain resilient, we’re breaking down the common red flags to watch out for in email and payment app scams.

Email scams

 

Unusual email addresses: Slow down and take a look. Does that email address seem off? If it’s not one you usually see from your bank, be cautious. Scammers often use addresses that look almost right, but not quite.

Misspelled words: Spot check! If you see misspelled words or odd grammar, it’s a red flag. Real banks take care to spell things correctly.

Scare tactics: Don’t panic. If an email tries to scare you with urgent warnings about your account, it’s likely a scam. Legitimate banks don’t use fear to communicate with you.

Suspicious URLs: Hold up — we don’t ask you to log in through an email. Phishing emails often include links to fake websites. Never click on unexpected links.

Unexpected attachments: Something’s phishy if you receive an email from Vallant with attachments you didn’t ask for. We don’t send attachments out of the blue. These could contain malware.

If you feel odd about opening, just give us a call at 877.759.7939.

Payment app scams

 

Unexpected requests: If you get a random request to send money through a payment app, be cautious. This is often a scam.

Sending money to yourself: If someone claims to be us and says to send money to yourself, it’s definitely a scam. We never ask for this.

Overpayment claims: Be wary if someone says they overpaid you and asks for a refund through Zelle®. Scammers use this trick to steal your money.

Suspicious links: If a payment app message includes a link, don’t click it. Scammers use these links to steal your login details.

Pressure and urgency: Scammers love to create urgency. If you’re told about emergencies, unverified transactions, account suspensions or surprise winnings, it’s likely a scam.

Staying informed and vigilant is crucial in protecting your business from phishing scams. At Vallant Bank, we are committed to supporting you in this effort. If you ever encounter any suspicious activity or have concerns about the legitimacy of an email or payment request, don’t hesitate to reach out to us at 877.759.7939. 

Together, we can keep your financial health secure and your business thriving. Stay safe!

Categories
Blog Fraud & Security Safety & Security

Recognizing red flags in phone-based phishing attempts

At Vallant Bank, we prioritize your safety and security, especially when it comes to protecting the financial health of our community from scams. All small business owners understand staying vigilant against phishing scams is critical for long term stability and growth–things that carry true human impact.

So, to help you and your business stay strong, let’s break down some common red flags to watch out for in phone and text scams.

Phone scams


Unusual Caller ID: Even though caller IDs can be faked, our calls usually come from a known number (your local branch). If it’s not familiar, be skeptical and let it go to voicemail.

Scare tactics or threats: Phishing calls often use urgency to pressure you. If a caller demands immediate action or threatens you, hang up and call us directly at 877-759-7939 or the number on your card.

Asking for personal information: We don’t ask for your account number, PIN or password over the phone, and we never ask for a one-time code. Don’t share these details unless you initiated the call.

Calling you unexpectedly: Be wary of unexpected calls. We usually contact you only if you’ve reached out first. If in doubt, hang up and call us back.

Text scams


Strange phone numbers: Slow down. Is that the usual number your bank uses for texts? Legitimate bank texts come from official short codes, not random phone numbers.

Urgent warnings or requests: Take a breath. Phishing texts create panic, threatening to suspend your account or urging you to log in. We won’t send texts like this.

Odd grammar or spelling mistakes: Spot check! Misspelled words or weird grammar in a text? That’s a clear sign of a scam.

Requests for personal information: If a text asks for personal details like account numbers, PINs or passwords, it’s a scam. We never ask for sensitive information via text.

Suspicious links: Banks rarely send links in texts. Don’t click them. Instead, visit our official website (Vallant.Bank) or call 877.759.7939 to verify.

Verification codes: If and when we do send a verification code, do not give any codes sent to you via text message to anyone who contacts you.

By keeping these red flags in mind, you can help protect yourself and your business from scammers. Remember, Vallant Bank is here to support you — if something feels off, don’t hesitate to reach out to us directly. 

Stay safe and stay vigilant!

Categories
Blog Business

Treasury Management

Regardless of the size of a business, the seamless and efficient handling of assets, holdings and day-to-day transactions remains a top priority. Treasury management is vital to balance cash flow levels and maximize liquidity across a business. Recognizing this need for the clients and communities we serve, Vallant Bank proactively built a team with the capabilities and resources to equip various organizations with precisely what’s needed — and nothing more.

What is Treasury Management?

Proper treasury management creates a robust portfolio of tools, services and guidance that help streamline cash management, enhance transactions and vendor operations and ultimately reduce any risk across an enterprise. Additionally, it helps retain compliance with the regulatory and governing bodies of a company. Lastly, treasury management establishes and maintains procedures and policies dealing with overall cash flow such as accounts payable, receivable, the costs of borrowing and any exchange rates.

Within Vallant Bank, our Treasury Management Services team is a specifically trained, highly specialized group carved out to directly assess and address our business customers’ unique investment and risk coverage. Like any professional relationship, the Vallant Bank team first seeks to understand what those needs might be, often requiring a certain degree of consultation and discussion.

In summary, Treasury Management Services at Vallant Bank are available, however and whenever your business may need them. We’ll never try to sell you anything and will always suggest a product or service we think will truly benefit your organization.

What are Treasury Management Services?

In addition to the traditional business banking offerings we offer, like business checking and savings accounts, our Treasury Management Services include the following:

  1. Merchant Capture – We get it. When your establishment is open, you need all hands on deck tending to the business. It’s tough to get away and get to us, even if we’re across the street. With Merchant Capture, you can quickly and securely scan endorsed checks for deposit. We’ll handle the transmission and processing on our end so you can keep your business running. For more, visit: https://vallant.bank/business/treasury-management-services/merchant-capture/
  2. Fraud Defense – Unfortunately, scammers and thieves have been targeting businesses for some time, thinking they can exploit any weaknesses for their own gain. That’s why we offer Positive Pay for Precision® to protect against check fraud, notifying you promptly should it determine any suspicious activity. Our Fraud Defense is crafted to give you more control over the payment of checks. For more, visit: https://vallant.bank/business/treasury-management-services/fraud-defense-with-positivepay/
  3. Business Credit Cards – These days, credit can help businesses secure the goods and materials needed before future payment. As part of our Treasury Management Services offering, we’ve sourced five different MasterCard® credit cards built specifically for business. With slightly different features and benefits, businesses may choose from a Platinum Classic, Platinum Payback, Platinum Preferred, World Elite and World Elite Plus Vallant Bank Business Credit Card. For more, visit: https://app.thecardservicescenter.com/SelectionBusiness/index/7990
  4. Business Online Banking – We invested in our financial technology to help individuals and business customers get ahead. With online business banking, your people can save time, enhance your cash flow and make cash management easy, all with the peace of mind in knowing your company’s information security is top of mind. For more, visit: https://vallant.bank/business/treasury-management-services/business-online-banking/

The above summary only touched on what these products and services entail. We invite you to learn more about them by clicking on their individual links to determine how our Treasury Management Services can help your business today and tomorrow.

If you or someone in your company would benefit from an introductory discussion about our Treasure Management Services, feel free to reach out to any of our dedicated specialists here.

 

Categories
Business Fraud & Security

How to protect your business from common scams and fraud

In recent years, phishing and other scams have increased and small businesses are not immune. In fact, many small businesses are the target of fraud because they’re more likely to trust scammers and may not have the proper protections in place.

How will you know if it’s a scam?

Scammers pretend to be someone you trust and make themselves as believable as possible. They create a sense of urgency and try to rush you into deciding about something before you’re ready to do so. Scammers also use fear and even intimidation to get you to send money quickly. And most importantly, they typically ask you to pay using an untraceable payment method, such as wire transfers, reloadable cards or gift cards.

Top small business scams to avoid

      • Phony invoices. Scammers will give you a fake invoice for products or services your company uses, such as office supplies or domain name registration. They hope you’ll pay the invoice and ask questions later (after they’re gone).
      • Unordered supplies. Scammers call to confirm an existing order (that you never made), verify your address and even offer a free catalog or sample. If you agree, unordered merchandise arrives at your door, followed by demands to pay for it. Remember, if you receive merchandise you didn’t order, you have a legal right to keep it for free.
      • Directory listing and advertising. Scammers pretend to be from the Yellow Pages or some other well-known directory or advertising service and offer you a free listing. All you need to do is provide your financial details to get the process going. You then receive a hefty bill and the scammer may use your call or even a recording of your call to pressure you into paying.
      • Government agency imposter. Scammers impersonate a government agent (including the U.S. Department of Labor), threatening to suspend your business license, impose fines, or take legal action if you don’t immediately pay taxes, renew your business license or registration, or other fees. Additionally, a scammer may call or write a letter stating to be from the U.S. Patent and Trademarks stating you’ll lose your trademark if you don’t immediately pay your registration fee.
      • Phishing, social engineering and ransomware. Scammers send an email or social media message that appears to be from a familiar source asking you to update a password or provide access to sensitive company information. If you or an employee click on the link provided, malware or other harmful files are used to gather personal financial information. Additionally, scammers may also use malware to take your files “hostage” and hold them for ransom.

How can you protect your business?

Follow these tips to protect your business from scammers and other fraud:

      • Train your employees. Your best defense is knowledge. Explain your concerns about scams to your staff. Share what to look for and provide easy ways to report anything they experience to you or another coworker. Additionally, make it a policy not to send passwords or sensitive information by email, so if employees are asked for this information, they’ll know it’s not a legitimate request.
      • Review invoices and payments closely. Never pay a bill unless it matches what you ordered and the items were delivered as promised—and tell your staff to do the same. Make all procedures for approving and paying invoices clear and limit the number of employees allowed to perform these functions.
      • Pay attention to payment methods. If you’re asked to pay for something with a wire transfer, a reloadable debit card, or a gift card, it’s likely a scam.
      • Keep your personal and financial information secure. Password-protect sensitive files and keep any paper files in a locked file cabinet. And control access to this information so only you and a few employees can use it.
      • Don’t provide sensitive information via email. Typically, legitimate companies won’t ask you to provide sensitive information via email or over the phone. For example, Vallant Bank will never ask you to update your account or other personal information via email. Additionally, don’t click on links or attachments provided in an email, especially if you didn’t request the interaction.
      • Be careful with social media. Scammers can hack into social media accounts and send messages that appear to be from people you trust. Don’t open any attachments or download files from something unexpected.
      • Do business with legitimate companies. Before you do business with any new company, search their name online with the term “scam” or “complaint.” Use your best judgment based on what you find. 

What should you do if you spot a scam?

Above all else, if you spot a scam or if you’ve been a victim, report it to FTC.gov/Complaint. Your report can help stop the scam. Additionally, it would be best if you alerted your state Attorney General.

Important: If you believe you’ve been a victim of fraud or you notice an unauthorized transaction in your Vallant Bank account, please notify us immediately at 877.759.7939.

 

 

Categories
Safety & Security

Wire transfer scams — what you need to know

When you need to send money to someone you trust, you can do so in many different ways at Vallant Bank, such as Zelle, Bill Pay and wire transfers. But if someone requests funds from you and mandates that you use wire transfers to do so, that’s likely a sign of fraud.

Common wire fraud scams

Wire transfer fraud has become more prevalent over the past several years. Let’s take a look at some of the common ways it occurs:

Fake check

You receive a check saying you’ve won a prize, encouraging you to deposit the check. Then, they ask you to wire money back to cover taxes and fees. Another fake check scam occurs when you receive an assignment to evaluate a wire transfer service as a mystery shopper, and all you have to do is use the service. And finally, you may get notified that you received a job you applied for, and the “company” asks you to wire money immediately to pay for your initial supplies (which they’ll reimburse in your first paycheck).

Family emergency

When you receive a call from someone stating they need cash for an emergency and ask you to wire the money right away. For example, someone pretends to call from the police department and tells a grandparent to wire $10,000 immediately to bail a grandchild out of jail.

Apartment rental

You’re searching for an apartment, and you find a perfect option with very low rent. Before you check out the apartment, the rental company asks you to wire money to cover your application fee or security deposit to secure the apartment for you. 

Relationships

Scammers create fake profiles on dating sites or apps and strike up a relationship with unsuspecting people to establish trust. As time progresses, they ask these victims to help them out of a jam by wiring money.

How to protect yourself

Don’t wire money to:

    • Anyone you don’t know or haven’t met in person.
    • Any person or any company when you didn’t initiate the contact (whether over the phone or the internet, by email or in-person).
    • Any person stating to be from a Government agency, asking you to wire money to pay off debt or taxes and threatening negative recourse if you don’t do so quickly.
    • Don’t wire money to anyone who pressures you to pay immediately.
    • Any person or entity that says a wire transfer is the only way you can make a payment.
What to do if you’ve been a victim

Unfortunately, most scammers know that wire transfers are difficult to trace. But if you sent money using a wire transfer company (MoneyGram or Western Union), contact them immediately to try to reverse the transfer and get back your money. If you used your bank, such as Vallant Bank, contact us immediately to report the fraudulent transfer and stop payment on the wire transfer.

Additionally, it’s imperative to report any wire transfer scam to the FTC so they can follow up on the fraud and stop it — report it here.

 

Categories
Blog Personal Safety & Security

Tools to prevent identity theft

Protecting your identity

The number of Americans who have experienced identity theft has surpassed 27 million, with the incidence rate increasing every year. Substantial measures are in place at your bank to protect your identity and your accounts against theft and fraud. For example, stringent bank privacy policies protect your personal and financial information. Password protection for online transactions helps assure online security. When using our online services, you develop a secret password that only you know. Encryption of online transactions with your bank converts your information into secure code, protecting you against hackers.

Maximum security is possible only with your help. Here’s what you can do to stop these crimes before they happen:

    • Do not give out financial information such as checking and credit card numbers, or your Social Security number, unless you know the person or organization.
    • Report lost or stolen checks immediately. Your bank will block payment on them.
    • Notify your banker of suspicious phone inquiries such as those asking for account information to “verify a statement” or “award a prize.”
    • Closely guard your ATM Personal Identification Number and ATM receipts.
    • Shred any financial solicitations and bank statements before disposing of them.
    • Put outgoing mail into a secure, official Postal Service collection box.
    • If regular bills fail to reach you, call the company to find out why.
    • If your bills include questionable items, don’t ignore them. Instead, investigate immediately to head off any possible fraud.
    • Periodically contact the major credit reporting companies to review your file and make certain the information is correct. (See related article on the FACT Act to learn about obtaining free reports.)

FACT Act helps to fight identity theft

Free credit report, other provisions help consumers.

 

The Fair and Accurate Credit Transactions Act (FACT Act) will help reduce identity theft according to Congress and the Federal Trade Commission. For example, one provision requires the three major credit-reporting agencies to provide consumers with a free copy of their own credit report.

Another provision to help prevent identity theft is the National Fraud Alert System. Consumers who reasonably suspect they have been or may be victimized by identity theft, or who are military personnel on active duty away from home, can place an alert on their credit files. The alert will put potential creditors on notice that they must proceed with caution when granting credit.

Other measures will help consumers recover their credit reputation after they have been victimized:

    • Credit reporting agencies must stop reporting allegedly fraudulent account information when a consumer establishes that he or she has been the victim of identity theft;
    • Creditors or businesses must provide copies of business records or fraudulent accounts or transactions related to them. This information can assist victims in proving that they are, in fact, victims.
    • Consumers will be allowed to report accounts affected by identity theft directly to creditors—in addition to credit reporting agencies—to prevent the spread of erroneous information.

Credit Reporting Bureaus

Equifax 

Place a fraud alert: 1.888.766.0008

Order a credit report: 1.800.685.1111

Experian

Place a fraud alert: 1.888.397.3742

Order a credit report: 1.888.397.3742

TransUnion

Place a fraud alert: 1.800.680.7289

Order a credit report: 1.800.888.4213

The bottom line: If you have any questions or concerns about protecting your financial identity, come in and visit your banker.

Categories
Blog Business Fraud & Security

Things Vallant Bank will never ask

Fraudsters use email or text messages to try to trick you into giving your private information to them; this is called phishing. These emails or text messages look like they’re from a company you may know or trust, asking you to give them information, such as your Social Security number, Tax Identification number or account information. But don’t be fooled – it’s a trick with real consequences.

Vallant Bank is continuously working to protect you from fraudsters, especially as we enter the holiday season (a time when fraud usually increases). We will NEVER call or email to ask for:

  • Your account number or full Social Security number
  • Your full debit or credit card number and CVV number
  • Your PIN for your debit or credit card
  • Your online banking password or security questions

Additionally, we’ll never address you as “user” or “yourname@gmail.com” in an official email from Vallant Bank, nor will we ask you to complete a “test” transaction using your account. And, we won’t ask you to text personal or banking information.

Tips for your employees

Your employees play a vital role in helping protect your business from phishing attempts. Here are a few tips to pass along:

  • Never open attachments in an email where you’re unsure of the sender. If you know the sender, contact the company using a phone number or website you know to verify that the email or text message is real.
  • Be cautious of the apps you install on your work mobile device or desktop. Review the apps to ensure the logo is accurate and the user experience is what you’d expect. NOTE: It’s best if you ask employees to only download approved apps on their work mobile device or desktop.
  • Avoid clicking through on promoted social media content. Encourage employees to use social media only for work-related needs to help thwart phishing attempts.
  • Trust your instincts. If something feels wrong, don’t “bite.” Scammers who use phishing tactics are counting on people to throw caution to the wind – don’t be fooled.

What should you do if you think you’ve been scammed?

If you received a phishing email or text message, report it immediately to the Federal Trade Commission (FTC). Your quick action will help eliminate future phishing incidents with others. Here’s what you should do:

  1. If you received a phishing email, forward it to the FTC’s Anti-Phishing Working Group at reportphishing@apwg.org. If you received a phishing text message, forward it to SPAM (7726).
  2. Report the phishing attack to the FTC at ftc.gov/complaint.

If you have any questions or concerns about an email or text from Vallant Bank, please give us a call at 877-759-7939. We’re happy to make sure you’re protected as your safety and peace of mind is our priority.

 

For more information on identity theft and keeping your online banking experience safe and secure, visit https://vallant.bank/why-vallant/online-banking-security/.

Categories
Blog Fraud & Security Managing Your Business

How to protect your digital life

Nowadays, we do nearly everything virtually – from having staff meetings to purchasing supplies and paying bills. It also means that protecting your personal information is more critical than ever. Here are some things you should do to protect your digital life:

Keep security software current

Be sure every computer your business owns is properly protected with the latest security software, web browser and operating system. Turn on automatic software updates (if that’s an available option) to defend against any known or unknown risks. You should also scan USB and any other external devices to ensure they aren’t infected by viruses or malware.  

Use secure passwords and authentication options

Because you use online accounts for many purposes, you must fortify them with the most robust authentication available, such as biometrics, security keys, or two-factor authentication. Additionally, you should update your passwords regularly – make sure they aren’t easy to detect (and ask your employees to do the same). You may also consider using a password manager to keep track of your passwords and those used at your company.

Be smart with your connections

You should avoid using any type of Wi-Fi hotspot to conduct any financial business. While some places may say their Wi-Fi is secure, don’t take any chances. Either use your mobile network to conduct your business or wait until you return to a safe location. Additionally, never open a link in an email or social post when you are unsure of who the sender may be. Even if you know the source, if something looks suspicious, delete it.

Back up your business and personal information regularly

Every day you work on things that matter to your business. Protect your valuable work and financial information by making an electronic copy and storing it safely. Many business owners use external hard drives or the cloud for this purpose. Additionally, secure your storage location with strong passwords and keep them updated regularly.

Keep your online presence private

Be thoughtful about who gets your personal information and how it’s collected through apps and websites. Set privacy and security settings on web services and devices to limit how and with whom you share information. And think before you post anything about yourself or your employees on social media – you want to ensure privacy is protected above all else.

Taking these precautions can help protect your digital life so you can feel more at ease as you continue to help your customers and employees. If you do find any unauthorized transactions in your Vallant Bank checking account or another account, contact us at 877.759.7939. We’ll help resolve your issue immediately so you can move on to what matters most.