Mobile Payment App Scam Alert

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Mobile payment apps provide an extremely convenient way to quickly transfer cash to family or friends. Here at F&M Bank, we have noticed a recent uptick in mobile payment scams, and we wanted to provide a quick reminder on best practices when sending money electronically.

As a quick refresher, a mobile payment app, like Cash App or Venmo, essentially acts as an intermediary between two bank accounts. Once the app is downloaded, a user must link a debit card, credit card or checking account to begin transferring funds. Many financial institutions also offer secure mobile payment solutions through their app or online banking.

Scam Alert

Currently, scammers are using the coronavirus and the economic hardship it has created to their advantage. Across social media platforms, scammers are preying on users with messages that they have either won a cash giveaway, or the scammer is willing to send cash to those in need. The only catch? A small cash payment must first be sent as a deposit.

Here’s an example. Betty is scrolling through Twitter when she receives a direct message. Earlier in the day, Betty retweeted an offer to be entered to win a legitimate contest. The scammer noticed. He sends Betty a message, mentions he wants to help anyone in need, and offers to send a cash payment of $150. But, to complete the transaction, the scammer first needs $15 sent his way as a deposit. He insists there is a legitimate reason for the deposit, of course. It triggers the transaction and allows the $150 payment to be immediately sent. Betty send $15, the money is deposited into the scammer’s account, the scammer blocks Betty on the platform, and she never hears from him again.

While this scenario might not look identical in every situation, a few things stick out. These are common mobile payment scam warning signs!

  • A complete stranger is involved in the transaction.
  • A stipulation is required to receive the cash.
  • A legitimate reason for the stipulation is communicated, and it typically sounds rational.
  • A feeling of rush or “act now” is involved. The scammer jumps right to the chase.

Niki Park, BSA Specialist at F&M Bank, offers the following advice: “If someone ever requests money up front for a larger payout, or sends you money and requests part of it back, it’s almost always a scam. Don’t be afraid to consult with your local bank if you think something seems too good to be true, because it usually is.”

Tips to Avoid Scams

While any scam can be scary, the FTC says, “Don’t be afraid to use mobile payment apps — just empower yourself against scammers who also use them.” Here are some tips:

  • Never send money to anyone you don’t know.
  • If you get a cash request from someone you do recognize, call or contact them using a number you know to be right. Confirm they made the request before you send money – even if you’ve sent them money through the app before.
  • When you use an app for the first time, it will usually ask permission to access information on your device – like your contacts – to make payments easier. If you’re not comfortable with that, deny access or uninstall the app.
  • Read your bank statements closely and regularly check your online banking register. Ask the app company and your bank to reverse any transactions you didn’t authorize.
  • Find out more about mobile payments and securing your mobile device. The FTC is a great resource, as well as your local bank.

Support

F&M Bank is here to help you fight fraudulent activity and monitor scams. If you ever have a question regarding the legitimacy of a mobile app request for cash, please reach out to a customer service representative at your local branch. In potential scam situations, it is always best to take extra precautions to guard your finances.

Best Apps for Money Management

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With the proper tools, it’s never been easier to build your financial literacy, monitor daily transactions, and grow your accounts to meet short and long-term savings goals.

Do you like to use technology to problem solve and create more efficiency in your life? If you said yes, then “fintech,” a term that describes the merging of tech and finance, is a good match for you. With an ever-growing number of money management apps, access to everything from personal accounts to global markets is at our fingertips. People of all ages from kids to retirees, as well as business owners, can not only get a detailed overview of their financial situation but have fun tracking every dollar and cent. With the proper tools, it’s never been easier to build your financial literacy, monitor daily transactions, and grow your accounts to meet short and long-term savings goals.

Whether it’s creating a budget, organizing your personal finances, saving for vacations and retirement, or managing your small business’ spending, all aspects of your money can be managed directly from your smartphone. We’ve identified some of the best personal finance, investment, business, and kids’ apps to streamline your time and resources. All are free to download and use unless otherwise noted.

Best Personal Finance Apps

From credit cards to bank and retirement accounts, our financial lives are complicated. Understanding what you have and how to make it work for you is critical. Whether you’re trying to improve your credit score before making your first home purchase, or you want to save for a vacation or big purchase, these apps can help you take those specific steps as well as basic ones like creating a budget.

Know Your Credit Score

As your credit score is the backbone of your financial life, consider downloading Credit Karma. It gives you a free copy of your credit report as well as advice on steps you can take to get your score where you want it to be. In this age of online security threats, Credit Karma also provides you with notifications to alert you to new activity reflected on your report.

Banking Apps

Your bank account is at the heart of all you do, from paying bills to buying lunch on the go. A sound banking app, such as F&M Bank’s Mobile Banking app will make you the master of your domain from the convenience of your phone or tablet.  Your account is kept safe via passcode or touch ID entry to the app, where you can view transactions, pay bills, deposit checks through mobile deposit, and transfer funds between F&M bank accounts. Using the F&M mobile app will not save any sensitive information to your phone.

Best Apps for Business Owners

Companies with a business checking account can also use their bank’s mobile app to keep track of daily transactions and cash flow.

Beyond you’re a business banking app, inDinero is a tax compliance and accounting app that compiles information from all of your business bank accounts and credit cards to present a clear, comprehensive view of your company’s spending. Discover where your money goes and when, and obtain forecasts of future spending based on current trends. inDinero allows you to gain insight into the total picture of your business’ finances. Plans start at $295/month.

To take the pain out of small business accounting, consider adding Freshbooks to your life. This software makes your billing process seamless and straightforward, creating attractive, professional invoices in seconds. You can track your time on projects and follow-up with clients directly from Freshbooks, freeing you from cumbersome paperwork and administrative tasks. Freshbooks allows you to track your expenses and, because it’s cloud-based, you can have a snapshot of all of your business expenses anytime, anywhere. After a 30 day free trial, Freshbooks offers monthly plans starting at $10.

F&M Bank Treehouse Club ScreenshotBest Money Apps for Kids

F&M Bank Treehouse Club makes saving fun.  Kids can access their savings account as well as play games designed to increase their financial literacy. The app makes earning and learning can be exciting for little ones.

PiggyBot is a virtual piggy bank to make savings a more hands-on experience for kids. They can feature photos of the items they are saving for in PiggyBot for additional incentive to keep adding to their bank, combining the popularity of picture-based platforms into the app.

How will you use “Fintech” to manage your money?

Whatever your current financial situation and future goals, the range of quality personal finance and business apps can make the path to a sound financial future easier and more manageable than ever. With just a few apps added to your tablet or mobile device, you can understand your money in new ways and, more importantly, make it work for you. F&M Bank customers, and those who would like to open an F&M Bank account, can take advantage of our free Personal Financial Management Tool, Squirrel. It’s just another way we fulfill our mission as a community bank to meet the needs of our customers and community by offering the best financial products.

Join the Treehouse Savings Club!

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Maximize Your Mobile Banking Experience

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Mobile banking is more than just a convenient way to check your accounts on the go – it’s a toolbox.

In fact, when you log-in to your account, you have dozens of tools at your disposal, and the best part, they’re free! If you’re enrolled in mobile banking, but not taking advantage of various alerts and account preferences, use the below tips to turn your digital banking into an aid for managing your money and monitoring your account activity.

Mobile banking is more than just a convenient way to check your accounts on the go – it’s a toolbox.

In fact, when you log-in to your account, you have dozens of tools at your disposal, and the best part, they’re free! If you’re enrolled in mobile banking, but not taking advantage of various alerts and account preferences, use the below tips to turn your digital banking into an aid for managing your money and monitoring your account activity.

1) Set Up Alerts

In the F&M Bank mobile app, customers can set up various text alerts based on account activity. Here are a few alert options you can access in minutes.

Balance

If you are not proactive at checking your account balance on a regular basis, you can receive a text either daily, or monthly, depending on your preference. This is a great way to ensure your checkbook and online account balances match!

  • Daily balance – This will send an alert of your daily balance for a particular account.
  • Monthly balance – This will send an alert once a month of your current balance on a particular day.

Balances Above/Below

You also can set up alerts that notify you when your account balance falls below or goes above and indicated amount. For example, if you establish an alert and indicate $1,000 as your preferred checking account balance, you will be alerted via text if an expenditure drops your balance to $950. This tool can serve as a wake-up call for overspending, or a pleasant surprise for those trying to achieve a savings goal.

  • Balances above/below – This will send an alert when your balance falls below or goes above the amount you define.

Transaction

This tool alerts you when certain transactions are made. You can select which transactions interest you (ACH, Debit Card, Wires, etc.), or, you can select all. A dollar amount must be established. For example, if you want to receive a text every time a debit card transaction is made greater than $50, you can set up that alert in minutes. This is a great way to monitor fraud, and ensure you are aware of the purchases being made on your account.

  • Transaction – this will send alerts when particular transactions are applied to your account.

To begin setting up alerts, visit the “Text Banking” tab in the mobile app.

2) Make Savings Automatic

Take advantage of the automatic transfer tool in online banking to build your savings. If you know your paycheck posts to your account every Friday, schedule a weekly transfer from your checking account to savings. If you don’t think you can afford to save a large amount each week, start small. By setting up an auto-transfer, you’re consistently saving, and that is what is important. Just click, the “Transfers” tab in the mobile app to get started.

3) Protect Your Accounts with Touch ID

F&M Bank’s mobile app is extremely secure – it uses 128-bit SSL (Secure Socket Layer) encryption to protect your information and we don’t store any information on your phone. You are required to log in each time you access your account information or bill pay services through Mobile Banking. Instead of entering your username and password every time, use your thumb print instead! Just visit the “User Options” tab to set up this feature.

4) Deposit Checks on the Go

Deposit checks quickly and safely with the F&M Bank mobile app!

  • Sign in to the app.
  • Click on “Mobile Deposit Capture”.
  • Choose deposit checks. Or, click transactions to view recent deposits.
  • Follow the prompts on your mobile screen.
  • Confirm the details are correct and press “submit”.
  • You will come to the final screen – press “I agree”, and you are finished.

 

The Harm in Password Reuse

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Every day malicious cyber-actors compromise websites and post lists of usernames, email addresses, and passwords online. While this can be embarrassing, such as when thousands of government employees email addresses and passwords were exposed during the recent Ashley Madison breach, it also leaves users open to follow-on potential attacks due to password reuse.

Every day malicious cyber-actors compromise websites and post lists of usernames, email addresses, and passwords online. While this can be embarrassing, such as when thousands of government employees email addresses and passwords were exposed during the recent Ashley Madison breach, it also leaves users open to follow-on potential attacks due to password reuse.

Password reuse is when someone reuses the same password on multiple websites or accounts.  This is a vulnerability when the password is exposed in coordination with other information that identifies who is using the password, such as first and last names, login names, or email addresses.

How Password Reuse is a Threat

NEVER use your work email address when signing up for and accessing personal web sites.

Password reuse is a threat because malicious actors can take advantage of a reused password if there is other associated information that identifies you. This typically occurs through one of two potential scenarios:

In the first, and most common  scenario, the malicious actors can search for other accounts you use and try to login with the same password. In some cases the actors might try to find personal accounts such as Facebook, Twitter, or banking websites. If they can identify those accounts, and you reuse your password, they can login as you. In other instances the malicious actors may try to determine where you are employed and attempt to use for remote access, such as through a remote email or timecard access.

A second scenario involving a malicious website is much less common, but still poses a threat. In this scenario the malicious cyber-actor sets up a website that spoofs a legitimate web site, which requests you enter an email address, password, and potentially other information to gain access. Once you have done that, they know who you are and can search for your other accounts where you used the same password.

Avoiding Password Reuse

Avoiding password reuse can be challenging because of the number of websites and accounts that require passwords, some of which require updating your password every 30 days.  There are two ways to both avoid password reuse and to ensure any password meets the recommended password complexity requirements.

The first technique is to use a password manager to remember each unique password. Password managers are applications that can be stored on a computer, smartphone, or in the cloud, and will securely track passwords and where they are used. Most password managers can also generate complex random passwords for each account if you choose to do so. As long as the password to access the password manager is sufficiently complex, this technique can be affective. However, if the company running the password manager is compromised (which does happen!) it is possible that all your passwords will also be compromised. If you choose a password manager that is local to your computer or smartphone, that information may be compromised if malware gets on your computer or you lose your smartphone.  When choosing a password manager, ensure it is from a known, trustworthy company.

The second technique is to choose a repeatable pattern for your password, such as choosing a sentence that incorporates something unique about the website or account, and then using the first letter of each word as your password. For example the sentence: “This is my August password for the Center for Internet Security website.” would become “TimAp4tCfISw.” Since a strong password is complex, and includes upper and lower case letters, numbers, and a symbol, this password keeps the capitalization within the sentence, translates the word “for” to the number “4,” and adds the period to include to add a symbol. The vulnerability in this technique is that if multiple passwords from the same user are exposed it may reveal the pattern.

Regardless of how a unique password is chosen, it is critically important that every password is unique. Some companies, such as Facebook, have begun programs to identify password reuse. Facebook’s program to identify password reuse involves monitoring for lists of compromised usernames, emails, and passwords, and attempting to match those to the usernames or email addresses of existing Facebook users. If a match is found Facebook asks the user to reset their Facebook password.

Article sourced from the Desk of Thomas F. Duffy, Chair, MS-ISAC. Republished with permission.

Further advice on choosing a strong, complex password is available in the MS-ISAC Security Primer available at: http://msisac.cisecurity.org/documents/SecuringLoginCredentials.cfm

 

Netteller Password Self-Reset Instructions

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Password Self-Reset Instructions

Anticipate Forgetting Your Password (PIN)
It happens to many of us! But you can reset your Online Banking password yourself if you have forgotten it, or you’re not sure if you remember it correctly.

Please note: If you try the incorrect password three times you will “lock” your account and will need to contact us to release it.

Here are the steps for this process:

1) Set up the reset capability ahead of time: Log into Online Banking as usual, and go to the Options tab.

You will see two lines:
PIN Reset Question
PIN Reset Answer

Create your own question and answer. These will be used to identify you if you ever want to reset your PIN.
For example, your question and answer could be something like:
Q – What is my favorite animal? A – dog
Click “submit”

Now you have the capability of self-resetting your PIN any time you are in doubt, without logging into Online Banking.

OK, you’ve forgotten your password, or you’re not sure you remember it correctly!

1) Go to the usual login page and enter your ID (or alias that you have created)

2) To the right of the PIN entry box you’ll see the text “Reset Password.” Click on this text.

3) You will next see a screen asking for your Online Banking ID (or alias), the e-mail address you have on file via Online Banking; and a subject line that you create.

4) You will then receive an email alert from do-not-reply@fmbankva.com with wording as follows:

“You have requested that your Internet Banking PIN be restored. To confirm this request, please click here.”
This link will be valid for two hours.

5) After following the “click here” link you will be directed to enter your Online Banking ID and the answer to your security question. Be sure to click this link within two hours, as it will expire.

6) Once done, the PIN will reset to the last 4 digits of your tax ID# (Social Security number). You can then begin the process of logging in again using these 4 digits as your PIN, and then create a new PIN of your choosing.

 

Online Banking Browser Requirements

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F&M Bank’s Online Banking program supports the latest version of Safari, Chrome, Internet Explorer and Firefox. Each time a new version of these browsers is released the bank encourages you to update your internet browser for the best online experience.

 

Online Banking? To use or not to use, that is the question?

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Online Banking? To use or not to use, that is the question?
Tips and best practices for online banking

By Jackie Burner, Assistant Branch Manager, F&M Bank Bridgewater

online bankingThirty eight years ago when I started in banking you didn’t hear about the internet or online banking.

According to Wikipedia, experiments with online banking started during the early 1980’s, but it wasn’t until October 6, 1995 that Presidential Savings Bank first offered customers with an online alternative to the traditional banking experience.  It wasn’t long afterwards that Chase and other large banks jumped on board.  Today, internet banking is the norm.

Maybe you are like me and early on decided that you would never use the internet and especially online banking.  To have a personal computer in my home seemed outrageous, but as the years moved on, I knew that I was fighting a battle I couldn’t win. Computers and the internet were here to stay.

The very first computers took up an entire room.  Where was I to put such a machine?  I chuckle now as I look at my iPhone® which will do about anything I want it to, including my banking.

Now that we have a little history, I would like to discuss some questions customers usually have about online banking.

Is it safe?

One key to your safety when doing anything online, including your banking, is your personal login.  Your bank has done its part to keep your accounts safe. Consider these tips to make sure you are doing your part.

-when choosing your user ID and password make sure that it’s difficult for others to guess. Don’t use your own name or nicknames that others may know.  Make sure you use both upper and lower case letters, numerals and even punctuation marks if allowed by your financial institution’s software.  Passwords should never be shared with others.  I would recommend not using birthdates, phone numbers or street addresses.  I know we love our children and grandchildren, but this is not a good place to use them. Another idea is acronyms for a sentence. For example, (I love my Farmers and Merchants bank family! becomes- IlmFaMbf!)

-Change your password occasionally. It doesn’t have to be weekly or monthly, but maybe every six months or a year

–Don’t use the same ID and password on all your secure sites.  If someone would figure out your password for your grandchildren’s pictures, they would have the password to your online banking. Make your online banking login unique.

–Don’t share your information with anyone. This includes the person on the phone claiming to be your bank.  No one from your bank will ever need to know your password.

–Shut it down. Always make sure that you sign off when you are finished with your online banking.  Don’t just close your browser, but actually sign off or exit the program.  The bank’s software will automatically log you out after a lull in activity, but leaving your ID logged in leaves a gap in your security.

I have found internet banking to be very simple and saves a lot of time.  Use the necessary precautions and enjoy your journey.

Next time we will discuss some ways you can use your online banking to make your life easier.