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Protection Resources

The following sites are excellent resources to help you learn more about privacy, deposit insurance and identity theft and what to do if it happens to you.  These sites are not associated with Bank of Canton.

• Anti-Phishing Working Group
• Depositors Insurance Fund (DIF)
• FakeChecks.org
• Federal Trade Commission Consumer Credit Rights Information
• Federal Trade Commission Identity Theft Site
• Federal Deposit Insurance Corporation (FDIC) Consumer Information
• Identity Theft Assistance Center
• Massachusetts Executive Office of Elder Affairs (Report Elder Abuse)
• National Cyber Security Alliance
• National Fraud Information Center
• Social Security Administration

5 Ways to Avoid Fake Check and Money Order Scams

There's been explosive growth in counterfeit personal and business checks, cashier's checks and money orders in the last few years, due in part to new technologies and the growth of the Internet for transactions among strangers. But what's especially troubling is that individual consumers and businesses are losing significant sums in these scams – often thousands of dollars – because they deposited a check from a stranger, withdrew the funds and then sent money or merchandise before their bank discovered that the check was fraudulent.

In these cases, the depositor most likely will be held responsible for the entire amount of the fraudulent check. Why? Because by depositing the check and withdrawing money, the consumer is taking responsibility for the funds that have been spent or sent before the check is found to be worthless. And often the withdrawal cannot be cancelled or reversed, especially with wire transfers, in which funds are transferred out of the account immediately. Also, the person who receives the check usually is in the best position to realize that it may not be good.

In order to protect yourself from financial loss, please consider taking the following actions:

1. If you deposit a check from a stranger, discuss the situation with your branch manager before spending that money or handing over anything of value.
2. Walk away from any deal if you get a check for more than the amount due and you're instructed to return the difference.
3. Recognize other warning signs of a check scam.
4. Take additional precautions to make sure a check is good.
5. Immediately report if you think you're a victim of a check fraud or if you notice something suspicious.

Visit FDIC Consumer News to learn more about the 5 steps the FDIC recommends for avoiding fake check and money order scams.

10 Tips to Protect Yourself Against Online Theft

Online banking, bill pay and shopping are conveniences that most people want to enjoy. And most of the time, high-tech transactions are completed quickly and without a glitch. However, just as with other transactions, in a small percentage of cases something goes wrong. That's why you need to take precautions against theft and errors.

In particular, even as banks and merchants tighten up security, Internet thieves devise new, sophisticated ways to trick consumers into sending money or into revealing information that can be used to commit fraud. "Today's Internet threats wear many different disguises, from fake Web sites to fraudulent text messages on cell phones," warned Michael Benardo, Chief of the FDIC's Cyber-Fraud and Financial Crimes Section. "That's why online consumers need to be aware that they may be targeted and they should always be on guard."

David Nelson, an FDIC fraud specialist, added: "Online fraud is an ongoing game of cat and mouse. Crooks continuously hunt for security holes, banks and merchants plug those holes, and then the criminals find new ones to slink through. But consumers play an important role in keeping crooks at bay by being aware of the potential risks, taking precautions and remaining vigilant."

Visit FDIC Consumer News to learn more about the 10 steps the FDIC recommends for protecting yourself against online theft.

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Investment and insurance products and services are offered through INFINEX INVESTMENTS, INC. Member FINRA/SIPC. B.O.C. Financial Services is a trade name of Bank of Canton. Infinex is not affiliated with the bank. Products and services made available through Infinex are not insured by the FDIC or any other agency of the United States and are not deposits or obligations of nor guaranteed or insured by any bank or bank affiliate. These products are subject to investment risk, including the possible loss of value.