The Built for Better Banking Newsletter - March 2024

Union State Bank News & Events

AI Recovers $375M for U.S. Department of the Treasury


The U.S. Department of the Treasury announced that it has recovered over $375 million as a result of its implementation of an enhanced fraud detection process that utilizes Artificial Intelligence (AI) at the beginning of Fiscal Year 2023.


The process uses AI to mitigate check fraud in near real-time by strengthening and expediting processes to recover potentially fraudulent payments from financial institutions. 


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New Mortgage Program Provides $4.1M In First Month


The Homeownership Possibilities Expanded (HOPE) program has reached capacity, providing $4.1 million in reserved subsidy funds to qualified homebuyers within the first month of the program’s launch. 


HOPE provides up to $12,500 down payment and closing cost assistance to low- and moderate-income homebuyers, and removes the first-time home buyer requirement of other grants Union State Bank offers through FHLB Topeka. 


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Safeguarding Your Finances: Navigating Tax Refund Fraud

 

While the prospect of a tax refund brings excitement, it also opens doors for potential fraudsters to exploit vulnerabilities in the system. These deceptive practices can leave victims facing financial loss, emotional distress and bureaucratic nightmares.


Understanding the potential threats of tax refund fraud and taking steps to protect yourself is crucial in today's digital age.



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Visit www.MyUnionState.Bank to learn more.

Remote Desktop Robbery

In a recent scam, cybercriminals are tricking individuals into downloading software which grants the scammer access to their victims' computers. The scheme typically begins with a fake email from a familiar financial institution or tech support company. The email alleges an account-related issue that requires staff investigation. However, in reality, there is no issue, only the fraudster seeking to exploit the situation.


Scammers frequently use fake emails to trick individuals into downloading malicious files. However, in this particular scam, they employ a more sophisticated approach, persuading victims to download authentic remote desktop software commonly utilized by IT professionals for assistance purposes. While the software itself is legitimate, the individual urging its installation is, a scammer.


By granting the fraudster access to their desktop, victims unwittingly provide cybercriminals with complete control over their computers. These perpetrators may trick victims into divulging passwords or login credentials, enabling them to access financial accounts and compromise personal data.


To avoid falling victim to a remote desktop scam, it is important to always:


  • Be suspicious of any unexpected emails claiming that there is an issue with your account. If you have reason to believe the request is genuine, contact your bank using a verified number or email address.
  • Never give control of your computer to someone who contacts you, even if they claim to be from your bank or tech support.
  • Never share passwords or login information with anyone. This data is personal, and your bank will never ask you for it.



For additional information about online scams and cybersecurity visit our website: https://www.myunionstate.bank/services/mobile-and-online-banking/online-security-tips

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Please Report Scams


If you spot a scam, please report it to the Federal Trade Commission.

• Call the FTC at

1-877-FTC-HELP

(1-877-382-4357)

or TTY

1-866-653-4261.

• Go online: ftc.gov/complaint


Your report can help protect other people. By reporting fraud, you can help the FTC’s investigators

identify the scammers and stop them before they

can get someone’s hard-earned money. It really makes a difference.


Information provided courtesy of Federal Trade Commission. FTC.gov/PassItOn

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