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Sovereign
Bank and other financial institutions are serious about combating
identity fraud. They are working hard to comply with the new and
stronger online authentication (customer validation) guidelines
recently established by the Federal Financial Institute Examination
Council (FFIEC).
Ironically, according to the US Office of the Controller of the
Currency (OCC), this effort to provide enhanced security is
simultaneously presenting serious identity thieves with a perfect
opportunity to perpetrate fraud upon unsuspecting consumers. Why
perfect? Because fraudsters can now exploit the public by linking the
desire for greater protection with the sense of urgency to put these
new, more secure processes in place.
Don’t let a sense of
urgency drop your guard.
Feeling pressured to get the processes in place can lead to mistakes.
Fraudsters know this. So the faster they can get you to take action,
the less they can make you think about what you’re doing, the
more likely you are to be taken in by their scams. Add to this the fact
that the communications you’re likely to receive from
fraudsters regarding security enhancements will appear to be coming
from Sovereign — containing our logo and very likely the OCC
and/or FFIEC logos as well — and you have the foundation for
identity theft.
Free advertising and publicity
for fraudsters.
All the hoopla surrounding the need for banks to implement the new
FFIEC guidelines actually helps to serve the fraudsters’
cause. Expect these clever thieves to use this publicity to add
credibility to their scam.
You could, for example, receive an email ostensibly from Sovereign
saying that, due to the new FFIEC guidelines, we are required to change
security procedures and, consequently, you must re-register or provide
personal data. Otherwise your account will be closed. You will then be
asked to click on a link that will take you to the
fraudster’s web site, which will likely mirror the look and
content of Sovereign’s web site. Don’t be taken in
by any of it.
How can you tell the difference
between real and fake?
The simple truth is this: Sovereign will never ask you to provide your
personally identifiable information including an account number, card
number, or password via an email or pop-up window. Case closed. We
cannot, however, stop fraudsters from creating and sending
communications that appear to come from us. Nor can we stop them from
building bogus Sovereign-like web pages.
What we can do and will continue to do is implement the latest and best
possible online security as well as keep you informed regarding
measures you can take to protect your identity. Over the next few
months you will receive information from Sovereign via eNews, e-mail,
on our website and through the mail updating you on the new processes
we will be implementing in early 2007. We encourage you to read this
and share with your joint account holders. For more tips about
protecting yourself, click here or call 1.877.SOV.BANK.
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Equal Housing Lender - Member FDIC
