March 15, 2023
Banking Scams: Beware Fraudsters Impersonating Banks
Silicon Valley Bank recently collapsed, creating the second-largest bank failure in U.S. history. Bank failures trigger opportunities for fraud and scams. Staff may receive an increase in fraudulent emails, texts, and calls attempting to capitalize on these events, such as changing bank accounts for employees or vendors.
- Fraudsters will pose as employees and vendors. Staff must take the necessary steps to ensure that NO changes are made to any banking information without fully vetting identity. Fraudsters may also seek to have a payment reissued, sent in a check, or through a wire transfer to another bank.
- Remind all fiscal staff that they are required to validate the identity in person, or visually through a video call along with showing official identification and providing copies if necessary.
- Staff should refer to documentation already on file, and not solely what is provided electronically.
- Questions that arise about banking changes or payments to Commonwealth employees and vendors impacted by any bank closure can be submitted to the CTR Solution Desk.
See our CTR Cyber page for more cybersecurity internal controls to keep you safe at work and at home.
Contact [email protected] with any incidents or suspected incidents of fraud or cyber threats or if you need support from our Statewide Risk Management Team.