Security Awareness and Tools
We provide a suite of security tools to help protect you and your company.
Protecting Email
Business Email Compromise (BEC)
Mastering the Perfect Password
Understanding the Threat of Public USB Charging
Phishing
Social Engineering
Mobile Security
Preventing Check Fraud
Security Awareness Series
Recommended Tips and Tools:
Password Protection: Create Strong, Secure Passwords in 2024
California Bank of Commerce remains committed to the safety and security of your information. We invest heavily in systems, software, and networks to safeguard your data. As part of our ongoing security education series, Safe and Secure Banking, this issue focuses on the critical first line of defense: strong passwords.
According to the 2022 Verizon Data Breach Investigations Report, 80% of breaches still involve compromised credentials, highlighting the importance of strong passwords. They act as your initial barrier against unauthorized access. Here is what you need to create unbreakable passwords:
- Length and Complexity: Aim for at least 12-16 characters, combining uppercase and lowercase letters, numbers, and symbols.
- Avoid Personal Information: Don’t use your name, birthday, address, pet names, or any details easily found online.
- Uniqueness is Key: Don’t reuse passwords across different accounts or services. A single data breach can compromise multiple accounts if you use the same password everywhere.
Beyond Passwords: Strengthening Your Security
While strong passwords are essential, consider these additional security measures:
- Multi-Factor Authentication (MFA): Enable MFA whenever available. It adds an extra layer of security by requiring a second verification code after entering your password. This code can be sent to your phone via text message or generated by an authentication app.
- Password Manager: Utilize a reputable password manager to create and store complex, unique passwords for each account. These tools can also help you update passwords regularly.
A Modern Case of Stolen Credentials:
In 2021, attackers compromised the login credentials of a cryptocurrency exchange employee. This breach resulted in a theft of millions of dollars’ worth of cryptocurrency.
Remember, stolen passwords are a gateway for cybercrime. Do not let a weak password be the only obstacle protecting your accounts. Implement these best practices to secure your information and financial well-being.
Tax Scams: Protecting Yourself in 2024Tax Scams:
California Bank of Commerce prioritizes the safety and security of your financial information. Today, we discuss a growing concern: tax scams. With complex tax laws, rising data breaches, and evolving tactics, these scams pose a significant threat.
The Evolving Threat:
Common Scams to Watch Out For (2023-2024):
- Phishing Emails: Cybercriminals impersonate the IRS in emails, often claiming tax refunds or outstanding balances. These emails may contain malicious links or attachments designed to steal personal information.
- Smishing: Similar to phishing emails, scammers use text messages (SMS) to trick you into clicking on fraudulent links or revealing personal details.
- Social Media Scams: Criminals leverage social media platforms to spread misinformation about tax laws and deadlines, luring unsuspecting victims into fake websites or divulging personal information.
- Fake Tax Charities: Be wary of unsolicited calls or emails from unknown organizations claiming to be tax charities. Research any charity before donating.
Protecting Yourself from Tax Scams:
- Don’t Click on Suspicious Links or Attachments: Verify the legitimacy of emails and text messages before clicking on anything. Contact the IRS directly if unsure.
- Never Give Out Personal Information Over the Phone: The IRS will not call you demanding immediate payment or threatening arrest.
- Verify Tax Information with Official Sources: Refer to the IRS website (https://www.irs.gov) for accurate tax information and updates.
- File Electronically and Use Strong Passwords: Consider filing your taxes electronically and utilize strong, unique passwords for your IRS account and other financial platforms.
If You Suspect Fraud:
Report suspected tax fraud to the IRS immediately. You can find resources and reporting instructions on the IRS website.
A Recent Example (2024):
In July 2024, a California resident lost a significant sum of money after receiving a call from a scammer posing as an IRS agent. The scammer used aggressive tactics and threats of legal repercussions to pressure the victim into revealing bank account details. This highlights the importance of awareness and the constantly evolving tactics used by fraudsters.
By staying informed and implementing these safeguards, you can protect yourself from becoming a victim of tax scams. Remember, vigilance is key!
Beware of Wire Fraud Scams: Protecting Yourself in 2024
California Bank of Commerce remains committed to safeguarding your financial information. Today, we focus on a persistent threat: wire fraud. With increasingly sophisticated tactics, wire fraud continues to be a significant concern.
The Evolving Threat Landscape (2023-2024):
Wire fraud scams are becoming more elaborate, often targeting businesses and individuals alike. Scammers leverage various communication channels and exploit vulnerabilities to steal money. Here are some common tactics to be aware of:
- Business Email Compromise (BEC): Criminals impersonate executives, vendors, or business partners via email. They exploit social engineering techniques and stolen personal information (often gleaned from data breaches or social media) to convince victims to authorize fraudulent wire transfers.
- Fake Invoice Scams: Fraudsters send invoices that appear legitimate, requesting payments to unfamiliar accounts. These invoices might arrive via email or even through compromised online vendor portals.
- Remote Desktop Access (RDA) Scams: Criminals gain unauthorized access to a victim’s computer through phishing or malware. They then manipulate financial data or initiate unauthorized wire transfers.
Protecting Yourself from Wire Fraud:
- Verification is Key: Always verify the legitimacy of wire transfer requests independently. Don’t rely solely on email or phone calls – contact the sender using established phone numbers or secure communication channels.
- Beware of Urgency: Fraudulent requests often create a sense of urgency to pressure victims into acting quickly without proper verification.
- Scrutinize Account Details: Be cautious of requests to transfer funds to unfamiliar accounts, especially those overseas.
- Implement Multi-Factor Authentication (MFA): Enable MFA for your financial accounts whenever available. This adds an extra layer of security during the login and transaction process.
- Educate Your Employees: Businesses should train employees on identifying and responding to suspicious wire transfer requests.
Stay Vigilant:
By being aware of these evolving tactics and implementing these safeguards, you can significantly reduce the risk of falling victim to wire fraud scams. Remember, vigilance is key!
Reporting Suspicious Activity:
If you suspect wire fraud, report it immediately to your bank and the authorities. You can file a complaint with the FBI’s Internet Crime Complaint Center (IC3) at
https://www.ic3.gov/.
Check Fraud: A Resurgent Threat in 2024
California Bank of Commerce prioritizes the security of your financial information. Today, we revisit a persistent form of fraud: check fraud. While cybercrime dominates headlines, check fraud is experiencing a resurgence.
The Check Fraud Comeback (2023-2024):
Why the Comeback?
Several factors contribute to the resurgence of check fraud:
- Shifting Focus: As institutions invest heavily in cybersecurity, fraudsters may see checks as an easier target.
- Convenience for Criminals: Checks remain a viable payment option for some businesses and individuals, offering criminals an avenue for exploitation.
- Technological Advancements: Advances in technology make it easier for criminals to create counterfeit checks that appear legitimate.
Protecting Yourself from Check Fraud:
Safeguard Checks: Store checks securely and limit access to them.
- Limit Personal Information: Avoid including unnecessary personal information like Social Security or driver’s license numbers on checks.
- Monitor Accounts Regularly: Review your bank statements and online banking activity frequently to identify suspicious transactions.
- Report Missing Checks Promptly: Notify your bank immediately if you lose or misplace checks.
- Secure Mailbox: Use a secure mailbox or drop-off location for mailing checks.
- Consider Alternatives: Whenever possible, utilize more secure payment methods like ACH transfers or online bill pay.
- Dual Authorization: Businesses can implement dual authorization processes for approving high-value checks.
A 2024 Case of Check Fraud:
Stay Vigilant:
By implementing these precautions and remaining alert, you can significantly reduce your risk of falling victim to check fraud. Report any suspected check fraud to your bank and the authorities immediately.
Remember: Even with the rise of digital transactions, check fraud remains a threat. Stay informed and protect your finances!
Additional Resources:
- You can find more information on check fraud prevention on the Federal Trade Commission (FTC) website: https://www.ftc.gov/
Identity Theft:
https://www.usa.gov/identity-theft
https://www.identitytheft.gov/
Steps to recover from Identity Theft
Credit Bureau Contacts
Not all network intrusion is for your data – Sometimes it is for you computing power
