Don't Take the Bait: Simple Ways to Stay Ahead of Fraud

7/11/25  | Stan Sorensen, Chief Marketing Officer

Fraud is on the rise.  Individuals and businesses are targets, and across Utah they have reported an increase in attempted and successful fraud, leading to monetary losses in the thousands, and in some cases hundreds of thousands, of dollars.  In many cases the loss is permanent, so it is critical to take steps to protect yourself, and if applicable your business.

Fraudsters are smart and are using new technology to perpetrate their crimes.  Fighting technology with technology is a long process.  So the best way to protect yourself is to use simple, proven ways to minimize fraud risk.

What follows is a summary of common types of fraud and how to protect yourself to minimize risk.

Before we get there, please remember that banks, including Altabank, will never email, text, or call you to ask for personal information such as account numbers or passwords, contact information, driver’s license number, Social Security number.  If you get such a request, delete the email or text or hang up the phone and contact your bank immediately.

 

Phishing

Phishing is a way for a fraudster to impersonate your bank using email or text.  The victim receives an email or text that appears to be from the bank.  The message frequently includes a link with instructions to click, and from there provide some type of personal information.  Once done the fraudster can access your accounts.

While you can recognize a phishing attempt in a couple ways, the best way to prevent it is by following the adage “when in doubt delete.”  If you aren’t entirely sure that the message is not legitimate, at minimum call your bank and ask if they sent the message before clicking any links.

It is also important to point out that sometimes phishing emails include attached documents.  It is not unusual for the document to have a name that suggests it is legitimate, like a statement or agreement of some type.  Once opened the document loads malicious software onto your computer, giving the fraudster access to personal information. 

This type of phishing attempt works because of the increase in electronic statements.  Altabank does not send e-statements as separate documents.  Our e-statement notices remind you to login to online banking to access your statement.

If you receive a suspicious email, whether it has an attachment or not, do not open it.  Delete it and immediately call your bank.

 

Social Engineering

Social engineering occurs when a fraudster contacts a potential victim and impersonates someone with whom the victim might have contact. 

Recently, bank customers in Utah have reported an increase in phone calls from someone claiming to be a bank employee, often using the name of an actual employee.  Once trust is established, the fraudster is able to get personal information and access the victim’s accounts.

Altabank, like all banks, will never call a customer and ask for personal information.  If you receive a call from someone claiming to be from your bank asking for personal information, hang up and call your bank to report the call.

A particular type of social engineering scam that is growing in Utah is known as a “sweetheart scam.”  In this scam the victim connects to the fraudster on social media.  The person the fraudster claims to be never lives in the same state as the victim.  Once trust is established, the fraudster claims some type of financial hardship and asks the victim to go to a bank to take an action, such as deposit a fraudulent check, add the fraudster as a co-signer on an existing account, or open a new account in the fraudster’s name.  This gives the fraudster unfettered access to funds.

 

Check Washing

Check washing mostly affects businesses but can impact individuals as well.  Fraudsters steal checks from the mail and use chemicals to erase the ink.  They then fill out the check with their own information and cashes or deposits it.  Because the check itself appears to be a legitimate check, check washing is hard to catch in the moment.  It normally gets reported long after it happens.

For businesses, a way to protect yourself from this risk is to use Altabank’s Positive Pay product.  Positive Pay allows you to set up an approved list of check recipients.  Checks written to people not on the list are sent to you for approval before the check clears. 

 

Conclusion

Fraud is an ongoing problem.  The good news is that banks across Utah are starting to work together, and with law enforcement, to create ways of better communicating new scams and sharing how to identify and prevent them. 

Nonetheless you can take steps to minimize your risk:

• Do not click links in texts or emails from senders who are not in your contact list.
• Do not open documents in emails unless you are 100% certain of the validity of the sender.
• When in doubt, delete emails and texts.
• Never give out personal or account information over to phone to anyone.
• Never share your personal or account information with anyone, period.

Altabank is committed to keeping your personal information and money safe.  If you have any questions, please contact your local branch or your Altabank banker.