Beware of Latest Credit Card Scam
New Tips on Protecting Your Online Brokerage Accounts from the US Securities & Exchange Commission
Free Credit Reports Can Protect Your Identity
Safeguard Your Personal Information
Wrong Number" Scam Targets Investors
Identity Theft and Tips for Prevention
Nigerian Letter Scam
Beware of Latest Credit Card Scam
Posted December 14, 2005
As scammers become more and more sophisticated in their operations, it becomes more difficult to identify fraudulent activity. Beware of this recent scam involving MasterCard and Visa cards, and be alert that this could easily be expanded to other card issuers. Take note that the callers DO NOT ask for your card number – because more than likely they already have it. They are hoping to get you to reveal the 3-digit PIN number on the back of your card – don't disclose this information!
The scam begins with a phone call as described below:
The caller will identify themselves as a representative of the Security or Fraud Department at your credit card company. They claim to be calling because your account has been flagged for an unusual purchase pattern and they ask you to verify a fictitious purchase, which you will of course say you did not make.
They will then indicate that they have been watching this company for fraudulent charges. They will arrange to issue a credit to your account. They will read your address to you and ask you to verify it as correct. The caller also says that a fraud investigation will be opened and tells you to call the 800 number on your card for more information. They will provide you with a control or reference number for the investigation. All of this is to convince you that this call is genuine.
The key to this scam comes next. The caller will ask you to verify that the card is in your possession. To do so, they will ask you to read back the 3-digit security PIN number printed on the back of the card. After they have this information, the caller will close the call. This security PIN number is the information they need to access your account and conduct fraudulent charges. YOU SHOULD NEVER SHARE THIS PIN NUMBER WITH ANYONE WHO CALLS YOU.
This PIN number is often required in the online ordering process for internet purchases that you initiate. You should only provide the PIN number to a legitimate online retailer with a secure site for internet ordering.
New Tips on Protecting Your Online Brokerage Accounts from the U.S. Securities & Exchange Commission
Posted November 7, 2005
The U.S. Securities & Exchange Commission recently issued a number of tips to protect yourself against identity thieves when you use your online brokerage account. A few suggestions on how to keep your personal information and money more secure when you go online are offered below. To review the complete SEC notice, visit their website at: http://www.sec.gov/investor/pubs/onlinebrokerage.htm
Beef Up Your Security
Personal firewalls and security software packages (with anti-virus, anti-spam, and spyware detection features) are a must for those who engage in online financial transactions. Make sure your computer has the latest security patches, and make sure that you access your online brokerage account only on a secure web page using encryption. The website address of a secure website connection starts with "https" instead of just "http" and has a key or closed padlock in the status bar (which typically appears in the lower right-hand corner of your screen).
Be Careful What You Download
When you download a program or file from an unknown source, you risk loading malicious software programs on your computer. Fraudsters often hide these programs within seemingly benign applications. Think twice before you click on a pop-up advertisement or download a "free" game or gadget.
Use Your Own Computer
It's generally safer to access your online brokerage account from your own computer than from other computers. If you use a computer other than your own, for example, you won't know if it contains viruses or spyware. If you do use another computer, be sure to delete all of the your "Temporary Internet Files" and clear all of your "History" after you log off your account.
Don't Respond to Emails Requesting Personal Information
Legitimate entities will not ask you to provide or verify sensitive information through a non-secure means, such as email. If you have reason to believe that your financial institution actually does need personal information from you, pick up the phone and call the company yourself – using the number in your Rolodex, not the one the email provides!
Be Smart About Your Password
The best passwords are ones that are difficult to guess. Try using a password that consists of a combination of numbers, letters (both upper case and lower case), punctuation, and special characters. You should change your password regularly and use a different password for each of your accounts. Don't share your password with others and never reply to "phishing" emails with your password or other sensitive information. You also shouldn't store your password on your computer. If you need to write down your password, store it in a secure, private place.
Use Extra Caution with Wireless Connections
Wireless networks may not provide as much security as wired Internet connections. In fact, many "hotspots" – wireless networks in public areas like airports, hotels and restaurants – reduce their security so it's easier for individuals to access and use these wireless networks. Unless you use a security token, you may decide that accessing your online brokerage account through a wireless connection isn't worth the security risk.
Log Out Completely
Closing or minimizing your browser or typing in a new web address when you're done using your online account may not be enough to prevent others from gaining access to your account information. Instead, click on the "log out" button to terminate your online session. In addition, you shouldn't permit your browser to "remember" your username and password information. If this browser feature is active, anyone using your computer will have access to your brokerage account information.
Free Credit Reports Can Protect Your Identity
Posted July 12, 2005
Identity theft is a growing problem in our country and thousands of people fall victim every year. And once the thieves get your personal information, they can begin opening credit card accounts and taking out loans with your name, wrecking your credit rating.
Many victims of identity theft are not even aware while it is going on. Illegal activity using your identity may not be detectable until months later and may be discovered only after a damaging credit report has prevented you from opening a line of credit or getting a loan.
While you may not be able to prevent becoming a victim, there are actions you can take to minimize the possibility. One such preventative measure is getting a free annual credit report to assure that all the information there is accurate.
There are three ways you can get a free credit report:
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Visit www.annualcreditreport.com and follow the instructions.
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Call the free credit report number, toll-free at 877-322-8228.
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Download the Annual Credit Report Request Form from the Federal Trade Commission web site. Fill out and mail to: Annual Credit Report Request Service, P.O. Box 105281, Atlanta, GA 30348-5281.
This free credit report service is now available to residents of the Western, Midwestern and Southern U.S. The service will be available to residents of CT, DE, ME, MD, MA, NH, NJ, NY, NC, PA, RI, VT, VA, WV, DC, P.R. and all U.S. territories beginning September 1, 2005.
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Safeguard Your Personal Information
Posted March 30, 2005
Morgan Keegan and Co., Inc. values our customer relationships, and we are committed to ensuring your privacy. As a customer, you can help protect your private information through identity theft education, practicing good security habits and reporting any suspicious contacts you receive via email, phone calls or the U.S. Postal Service.
Morgan Keegan does not contact customers via email to verify or request security information.
However, there has been an increase in "spoofing" or "phishing" emails that illegally use legitimate company names, logos, web site designs and/or graphics. The purpose of these fraudulent emails is to get you to divulge personal information in order to commit identity theft or to take money from your accounts.
In most cases, there will be an attention-grabbing subject line to entice you to open the email. A few examples are: “Billing Error,” “Security Update,” or “Verification Needed.” The body of the email will also often contain "urgent" messages such as “Your account will be shut down unless you update your information” or “Due to a technical update you need to reactivate your account.”
These fraudulent emails either request the recipient to send personal information (such as Social Security and account numbers) back to the sender via email; in other cases, they include a link to a Web site, which will then request the visitor to enter their private information.
If you receive an email requesting personal information appearing to come from Morgan Keegan, Regions, or any other institution that you conduct business with, please delete the email from your system and do not respond. If you would like to report a suspicious email regarding your Regions account, please forward it to phishing@regions.com and then delete it from your system. For more security information on your Regions account, visit their Web site at www.regions.com. Contact your Morgan Keegan financial advisor if you have any questions or concerns about your personal information.
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'Wrong Number' Scam Targets Investors
Posted September 28, 2004
The U.S. Securities and Exchange Commission recently issued an investor alert regarding what is called the "wrong number" stock tip scam. The scam is executed through a bogus phone message left on your answering machine designed to sound as if the speaker doesn't realize that he or she is leaving a hot stock tip on the wrong machine. If you get a message like this, it's not a wrong number at all. Instead, it is from someone who is being paid to leave these messages to trick you into buying over-inflated stock.
It is never a good idea to put your hard-earned money into a stock on the basis of a hot tip from somebody you don't know. Before you invest, check out the company through your Morgan Keegan financial advisor. For more information on the SEC's alert on the "wrong number" scam, visit the SEC Web site.
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Identity Theft and Tips for Prevention
Posted January 29, 2004
“Identity theft was the fastest growing crime in the U.S. last year, according to the Federal Trade Commission. Some experts estimate that as many as 1.1 million people were victimized last year.” This is a quote from an article recently on the website for CNN Money.
With the announcement last year that three men were arrested for the largest case known to date (approximately 30,000 victims and over $2.7 million), this issue has been a hot topic lately. This crime is often not detected until after quite a bit of damage has been done.
We wanted to give our employees steps for what to do if this happens to you or someone you know and a few tips for prevention.
If victimized, what do you need to do?
First thing, obviously, is to cancel any account with fraudulent activity.
Then report the crime to the police and get a copy of their report. (You may need to supply your creditors with this copy.)
This step is crucial, contact the following three major Credit Reporting Bureaus to report the activity and order a copy of your credit report:
EQUIFAX
Reporting fraud (888) 766-0008
Credit Report Request (800) 685-1111
EXPERIAN
Reporting fraud (888) 397-3742
Credit Report Request (888) 524-3606
TRANS UNION CORPORATION
Reporting fraud (800) 680-7289
Credit Report Request (800) 888-4213
Tips for Prevention
- Destroy anything with personal information and account numbers before throwing it in the trash. (Pre-approved credit card applications, loans or checks, bill statements, store receipts)
- Make a copy, front and back , of your credit cards. Keep the copies somewhere safe (not your purse or wallet). If anything happens, you then have the account numbers and company phone numbers so you can call and cancel the account.
- Do not use or include your Social Security Number on your driver's license.
- Do not include your Social Security Number, Drivers License Number or Telephone Number on your checks.
- Many times, theft occurs by stealing mail from home mailboxes, do not let mail accumulate in your mailbox.
- When mailing bills, drop them in a secure mailbox, such as the Post Office if possible.
- Order a copy of your credit report from the three credit bureaus previously mentioned (at least once a year) to check for accuracy.
- Close any accounts on your credit report that are no longer needed.
- Pay attention to your surrounding when using your debit/ATM cards. “Shoulder surfers” may be watching and try to memorize your password and account number.
- When setting up pin numbers for debit/credit cards and passwords for accounts, don't use your birthday or something that could be easily linked to you. Use something unusual.
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Nigerian Letter Scam
Posted January 29, 2004
Most commonly referred to as a Nigerian Letter, the “4-1-9” (Advance Fee Fraud) scheme has been around for a number of years. Recently, Morgan Keegan & Co., Inc. has been receiving many of these “requests for help”.
Here's how the scam works:
- The initial letter (fax or email) is usually addressed individually or to the manager's attention.
- Most often it will say something similar to Request for Urgent Assistance or Request for Urgent Confidential Transaction.
- A story is given as to why the services of Morgan Keegan are needed: Usually the person claims to be an official (political, business, etc.) or their representative, who needs to get funds out of the country – quietly.
- Large amounts of cash (as in millions) are mentioned with a promise to pay you a percentage if you will help them transfer the funds. (Often 20-30%)
- If you agree to help them, once they receive an official notification from you on our letterhead (so they can use that to promote the scheme to the next victim) they will often send official looking documents with various stamps of approval and “authenticity." To complete the transaction you will be required to show good faith by helping them maneuver the last few steps in the process.
- You will eventually be asked to provide up-front or advanced fees for expenses, miscellaneous taxes, attorney fees, etc. This is what they are after – your money.
- Once these initial advanced fees are paid, more expenses (often described as “the last item”) continue to arise that need to be paid before they can forward the money.
- The money you were promised will not be delivered until “the last item” is taken care of. When you realize your being scammed and refuse to pay any more money, this stops the transfer of the money originally promised to you.
The United States Secret Service estimates that this scheme “grosses hundreds of millions of dollars annually” and fears that it could be even higher as there are probably many cases never reported due to embarrassment or fear of retaliation.
IF IT SOUNDS TOO GOOD TO BE TRUE … IT USUALLY IS.
