Common Fraud Scenarios for Small Businesses to Avoid

August 31, 2020 by First Federal Bank

According to the 2020 Global Study on Occupational Fraud and Abuse, businesses lose about five percent of their annual revenue to fraud. And while large businesses can implement internal checks and balances for their accounting systems, small businesses often lack the resources to do so, making them even more vulnerable to certain types of...

Topics: Fraud Alerts/Scams, Small Business, Entrepreneurship

Protect Your Online Accounts from Phishing

August 28, 2020 by First Federal Bank

Phishing is an all too common way for scammers to learn your personal information and access your financial accounts. To help prevent yourself from falling victim to a scam, it’s wise to learn exactly how phishing works. 

Topics: Fraud Alerts/Scams, Technology, Financial Education

Mobile Payment Scams to Avoid

July 29, 2020 by First Federal Bank

Apps that allow you to conduct transactions directly from your mobile phone have been quickly growing in popularity. Unfortunately, scammers try to take advantage of this convenience by tricking you into inadvertently sending them money. You can avoid this by knowing:

Topics: Fraud Alerts/Scams, Personal Banking

Elder Financial Abuse Scams to Look Out For

June 03, 2020 by First Federal Bank

Financial scams against the elderly are on the rise — and getting more sophisticated. Whether you’re looking to protect yourself or others, it’s important to stay informed about the methods that scammers use to swindle people out of their money.Romance scamsRomance scams are one of the most common ways for fraudsters to target elderly people,...

Topics: Fraud Alerts/Scams

FDIC warns of scams during time of fear and confusion

March 19, 2020 by First Federal Bank

The COVID-19 pandemic has caused havoc on Wall Street and left many with more questions than answers. The FDIC is now reporting that scammers are using this situation to mislead people into giving their personal information or, in some cases, to send money.

Topics: Fraud Alerts/Scams, News