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Maine’s Bureau of Financial Institutions Issues Warning About Phony E-mails Using Names of Banks and Credit Unions

June 18, 2008

 

Contact: Lloyd LaFountain III
Phone:

 

Augusta -

GARDINER, MAINE – The Bureau of Financial Institutions warned consumers on Wednesday about phony e-mail messages circulating that purport to be from legitimate banks and credit unions. Known as “phishing”, this fraudulent activity attempts to acquire sensitive information, such as passwords or pin numbers, for use in accessing financial accounts.

“Although phishing has been ongoing for years, the enhanced sophistication of this activity may pose an increased threat to consumers,” noted Lloyd P. LaFountain III, Superintendent of the Bureau of Financial Institutions. “While earlier versions often used fictitious names of companies, more recent messages include the name of legitimate financial institutions in order to lure unsuspecting recipients—many of whom may have accounts with those established banks or credit unions.”

In issuing its warning, the Bureau indicated that phony messages circulating this month suggest they are being sent by a legitimate bank with locations in Maine. One such message encourages recipients to renew a financial certificate. It includes a website link that appears to be affiliated with the bank, but has no association with the company and is not legitimate.

“With interaction between customers and financial institutions increasingly happening online, it is more important than ever to be cautious when receiving unsolicited messages,” Superintendent LaFountain added. “While many of us receive legitimate payment reminders through e-mail and access our accounts electronically, we need to be wary of messages that are unexpected or unusual in any respect.”

The Bureau urges consumers to confirm the authenticity of all unsolicited messages from their financial institution. Additionally, the Bureau recommends that consumers:

Never provide personal information, including financial account details and Social Security Numbers, to anyone unknown to them.

Use great caution before providing personal information that could be used to access financial accounts through e-mail or the Internet.

Decline to provide account information over the phone when contacted unexpectedly by someone claiming to be from a bank or credit union; follow up with the institution by phone or in person.

Safeguard passwords, pin numbers and other account-accessing details or codes; never write that information on credit/debit cards or carry in a wallet or purse.

Contact the Bureau to report potentially fraudulent activity; to obtain more details about Financial Privacy (www.maine.gov/pfr/privacy_links.htm); or to access the agency’s Consumer Protection Library (www.maine.gov/pfr/financialinstitutions/consumer/library.htm).

The Bureau of Financial Institutions is part of the Department of Professional and Financial Regulation, which encourages sound ethical business practices through impartial and efficient regulation of insurers, financial institutions, creditors, investment providers, and numerous professions and occupations for the purpose of protecting the citizens of Maine. Consumers can reach the Bureau through the Department’s website (www.maine.gov/pfr); by calling 1-800-965-5235 or writing Bureau of Financial Institutions, 36 State House Station, Augusta, Maine 04333.

Last Updated: June 18, 2008 4:13 PM