Fraud Prevention

We put your security first, and as fraud tactics become more sophisticated, we work to stay ahead by implementing proven safeguards, and by keeping you informed.

This page is your resource for the latest scam threats and guidance, updated regularly with information we gather and with the latest guidance from the Independent Community Bankers of America (ICBA). Bookmark it and check back often.

If you ever feel you’ve spotted fraud: Don’t open or respond. Visit our Contact Us page to reach our team right away.

Intracoastal Bank Will Never:

  • Ask for your login credentials, passwords, or PINs
  • Send unexpected emails or texts asking you to click a link or open an attachment
  • Use urgent or threatening language
  • Ask you to send a payment, transfer funds, or deposit money on our behalf
  • Request your account or login information through unsecured email, text, or chat

Tips to Minimize Your Risk (ICBA)

(Press Release: ICBA Shares Consumer Tips to Protect Financial Data During Cybersecurity Awareness Month Oct. 01, 2024)

While no method is completely foolproof, you can significantly reduce the risk of online identity theft by:

      • Never respond to unsolicited requests for personal information, such as your banking ID, account number, username or password, even if they appear to originate from your bank, government agencies or companies with which you have a relationship.

     

      • Creating strong and unique passwords: Use complex, unique passwords for each of your online accounts to avoid a domino effect if one password is compromised. Consider using a password manager to securely store and generate passwords and change them regularly.

     

      • Enabling security features: Use the strongest multifactor authentication options offered by your bank. This adds an extra layer of security by requiring a second form of verification, such as a code sent to your mobile device, in addition to your password. Consider using an authenticator app or a secure token.

     

      • Guarding against phishing attempts: Be cautious of emails, texts, or phone calls asking for personal information. Phishing scams often mimic legitimate companies, so double-check the sender’s details, avoid clicking on unknown links, and report suspicious messages.

     

      • Maintaining up-to-date software: Regularly update your devices’ operating systems, apps, and antivirus software to protect against the latest security vulnerabilities. Automatic updates can help you stay protected without the hassle of manual intervention.

     

    • Monitoring accounts for unusual activity: Frequently review your bank and credit card statements for unauthorized transactions. Notify your bank immediately if you spot anything suspicious.

Other Articles, Presentations and Video Tips on Protecting Your Information…

There are numerous publicly available corporate, organization and government resources that provide a significant amount of valuable information on how to protect yourself from fraud and cybercriminals. Here are just a few sites for you to visit:

FTC Consumer Advice: 

The FTC will never threaten you, say you must transfer your money to “protect it,” or tell you to withdraw cash or buy gold and give it to someone. That’s a scam. https://consumer.ftc.gov/

American Bankers Association (ABA):

“Banks Never Ask That!”

Don’t fall for fake. Take action to protect your hard-earned cash against phishing scams. https://www.banksneveraskthat.com/

“Practice Safe Checks”

While the use of checks has declined 25%, reports of check fraud have nearly doubled since 2021. https://practicesafechecks.com/

“Protecting Your Identity”

Fraud complaints increased 19% in 202 … ABA recommends following these tips to keep your information – and your money – safe. https://www.aba.com/advocacy/community-programs/consumer-resources/protect-your-money/protecting-your-identity

“Protect Your Money”

Protect your personal information and your financial assets with these resources from the ABA Foundation https://www.aba.com/advocacy/community-programs/consumer-resources/protect-your-money

          “Protecting Your ATM Card”

Always protect your ATM card with these tips from the ABA
ABA ATM Safety Tips

FDIC:

In addition to identity theft, every year millions of people are victims of frauds and scams, which often start with an email, text message, or phone message that appears to be from a legitimate, trusted organization. https://www.fdic.gov/consumer-resource-center/cybersecurity

 

KnowBe4’s (www.knowbe4.com) Ultimate Resource to Phishing:

Did you know that 91% of successful data breaches started with a spear phishing attack?  https://www.knowbe4.com/resource-center/phishing

Protecting Your Business Starts With Awareness

Many business owners assume cybercrime and financial fraud mainly affect large corporations. In reality, small and mid-sized businesses are now the primary target. Why: Because criminals know local businesses move money every day — payroll, vendor payments, ACH transfers, and wires — but often lack formal internal security procedures.

The Most Common Fraud We See Today

Email Invoice Fraud (Business Email Compromise) – A criminal impersonates a vendor and asks you to update payment instructions.
Payroll Diversion – An employee email is hacked and direct deposit information is changed.
Check Fraud – Stolen or altered checks are deposited using mobile deposit technology.
ACH Fraud – Unauthorized withdrawals occur after account information is exposed.
Urgent Executive Requests – A manager receives a message appearing to come from an owner requesting an immediate transfer.

Sequence For A Typical Fraud Attempt

  1. Criminal research your company online
  2. Impersonates a vendor, employee, or owner
  3. Creates urgency
  4. Requests a payment change
  5. Employee processes transaction
  6. Money is gone within minutes

Red Flags You Can Watch For

  • Urgent tone: “Please process immediately — I’m in a meeting.”
  • Change in payment instructions: “We changed banks — use this new account.”
  • Email anomalies: Slight spelling differences in addresses
  • Secrecy requests: “Don’t call — I’m unavailable”
  • Pressure from authority: Appears to come from owner/executive

The Most Important Habit: Pause & Verify

No financial transaction should rely on email alone.
Always confirm using a known phone number, not the one provided in the message.

The Good News: Fraud Is Preventable

Most business fraud succeeds because procedures don’t exist — not because systems fail. Implement these simple controls:

Payment Controls

  • Require verbal confirmation for vendor payment changes
  • Never update banking info from email alone
  • Establish payment approval limits

Employee Controls

  • Separate who enters payments and who approves them
  • Require manager approval for wires and ACH
  • Train staff to question urgency

Account Controls

  • Review transactions daily
  • Reconcile accounts promptly

Technology Controls

  • Use multifactor authentication
  • Limit user permissions

Protection Works Best When Procedures and Tools Work Together

Internal controls protect your processes. Bank treasury services protect your accounts.

Utilize Our Fraud Prevention Tools

  • Positive Pay: Stops altered or counterfeit checks before they clear
  • ACH Filters & Blocks: Prevents unauthorized electronic withdrawals
  • Account Alerts: Notifies you immediately of suspicious activity
  • Dual Approval Online Banking: Prevents a single employee from sending funds

Fraud prevention should make operations easier, not harder. These tools reduce manual monitoring, support employee procedures, protect cash flow, and provide peace of mind. Intracoastal Bank is not just holding your money, we help protect how it moves. Contact us to review your current procedures and identify simple improvements.

FTC Consumer Advice Site

Banks Never Ask That!

Practice Safe Checks

Protecting Your Identity

Protect Your Money

Ultimate Resource to Phishing

FDIC Cybersecurity Resources