One of the fastest growing forms of identity theft is phishing. Although this form of fraud is relatively new, its prevalence is exploding. From November 2003 to May 2004, phishing attacks increased by 4000%. Phishing attacks use 'spoofed' e-mails and fraudulent websites designed to fool recipients into divulging personal financial data such as credit card numbers, account usernames and passwords, social security numbers, etc. By hijacking the trusted brands of well-known banks, online retailers and credit card companies, phishers are able to convince up to 5% of recipients to respond to them.

While Spam was (and continues to be) annoying, distracting and burdensome to all its recipients, Phishing has already shown the potential to inflict serious losses of data and direct losses due to fraudulent currency transfers. Phishing uses bogus e-mail and websites that bear a significant resemblance to a tried and true online brand. Typically, the victim provides information into a form on the imposter site, which then relays the information to the fraudster.

A typical phishing scam will show up as an email from your financial institution, Credit Card Company, etc., stating that there has been a security breech and that you need to change your personal account information as an added measure to protect yourself.

Phishers Build Credibility by:

• Spoof of a Real Company
• Spoofed Company Sender
• Links to the Company site

Create a Reason to Act

• Plausible Premise
• Generate Urgency
• Raise Security Concerns
• Expiring Account
• Require a Quick Response

Immediate Call to Action

• Click Here

In a panic, you may comply with the email and begin to enter your information by clicking on the link that is provided to your credit union or banks website. Generally, as you click on the link, a pop up window will appear asking for your entire account information including debit card account numbers, addresses, PIN’s and much more. The cyber- criminals know that people’s panic over their financial accounts will drive them to protect it and enter the information, which at that time, you have just fallen victim to the rising crime of identity theft.

Ann Arbor Commerce Bank will never contact you via email asking for you to verify or change your account information. Nor, when visiting www.annarborcommerce.com will we ever have pop-up windows asking for this information. If you do happen to receive an email like this, or a pop-up window asking for this information, please do not fall victim to a cyber-criminal and instead contact an Ann Arbor Commerce Bank representative at 734.887.3100 or send us an email to Ebank.

Never save your password to your desktop.
Saving your password to your desktop may seem like a timesaver but it allows others to access your personal information without your permission.

How personal is your password?
Avoid using passwords that are relevant to your personal situation or are common words. Do not use passwords with your phone number, date of birth, or social security number. Create passwords that contain letters and numbers that cannot be easily attributed to you. Change your password every 60 days or as often as you feel comfortable. Keep in mind that the longer the password, the harder it is to break it. Also, use a combination of uppercase and lowercase letters and numbers.

Read between the lines!
Emails do not have boundaries. You may be the recipient of a fraudulent email from any country in the world. Pay close attention to the finer details of any email that you receive. Are there typographical errors or unusual grammatical mistakes within the letter? Is there a hyperlink in the email that directs you to a website address that also bears noticeable errors in language and grammar? Use extreme caution. Do not input your personal information until you verify the website with your financial institution.

Spam filters do NOT catch Phishers!
Phishing is NOT Spam. Unlike Spam, Phishing is designed to look like something a user needs. It is based on establishing credibility with the email recipient.

REDUCING THE RISK OF FRAUD
While online banking and e-commerce is very safe, as a general rule you should be careful about giving out your personal financial information over the Internet. Here are some tips for consumers to fight the 'phishing' scam:
•Regularly log into your online accounts
•Regularly check your bank, credit and debit card satements to ensure that all transactions are legitimate if anything is suspicious, contact your bank and all card issuers
•Ensure that your browser is up to date and security patches applied
•Always ensure that you're using a secure website when submitting credit card or other sensitive information via your Web browser

If you do receive a suspicious email:
•Don't trust e-mail headers, which can be forged easily.
•Avoid filling out forms in e-mail messages. You can't know with certainty where the data will be sent and the information can make several stops on the way to the recipient.
•Try not to click on links in an e-mail message from a company. Too many scam artists are making forgeries of company's sites that look like the real thing.
•If you go to a link offered in an unsolicited e-mail, check to see if there is an 's' after the http in the address and a lock at the bottom of the screen. Both are indicators that the site is secure. Although this provides an extra layer of security, it is not definitive proof that the site is legitimate.
•If you want to do business online, don't click on an e-mail link. Go to the company's Web site yourself and fill out information there.