As most of you make your way home from the shore or prepare your last barbecue of the summer, be sure to count your expenses and keep your banks on high alert.
We know Labor Day as the end of summer; however, this is a prime weekend for fraud and the beginning of the holiday fraud season which lasts until the end of December.
For individuals, please make sure that you are monitoring your accounts, credit, and personal information from this Labor Day weekend. We typically see spikes in fraud attempts beginning the Friday of the weekend when many businesses may have employees leave early so that checks cannot be verified. If you are away through the weekend, be particularly aware in shopping centers and restaurants and try not to have all of your cards with you. Do not access public Wi-Fi and make sure that you are set up for text or e-mail alerts with your financial institution to ensure that you are notified immediately if there is unusual activity on any of your accounts.
For businesses, banks have had a spike in unauthorized ACH debits from accounts with lesser known payroll companies and payday loan businesses. Please make sure that your account number is only shared when absolutely necessary and that you have measures in place to monitor your accounts a few times a day. Also, use caution when changing payroll companies. Are you moving to a well know payroll company or is it a start-up offering a great deal?
Finally, make sure that your financial institution has your contact information and that you have designated a contact, should the institution need to contact you, to verify or prevent any activity that is out of your pattern.
We hope you have enjoyed your Labor Day weekend and continue to have a safe and fraud free holiday season.
A message from your friends at Brinker Simpson & Company.
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