RCU Response to Heartbleed Bug

There has been a lot of news about the Heartbleed bug over the past week.  Here is what you need to know in a nutshell:

1. The Heartbleed bug did not affect Rocky Credit Union’s online banking site.  Information was properly encrytped at all times on our online banking site.
2. The Heartbleed bug is a bug that affects technology used to protect online accounts for email, instant messaging and e-commerce.
3. The Heartbleed bug has been able to read “encrypted” internet links on many websites for just over 2 years.
4. The type of encryption that the bug was able to crack is called OpenSSL which is used on about 17% of encrypted sites throughout the world, including Facebook, Pinterest, Gmail, and Twitter. 
5. A new release for OpenSSl  has been released, but it is up to the encrypted sites to perform the update.  
6. Because of the prevalence of the use of OpenSSL encryption on so many of the world’s most popular sites, we recommend that members change their passwords for all sites that require you to login and use a password.  If you do not, there is potential for someone to access your information, and possibly to even steal your identity.

This is a major event in the world of cybercrime.  Again, Rocky Credit Union’s online banking site was not affected by the Heartbleed bug, but if you use the same password on our online banking site as well as any others, for the safety of your information we recommend that you change them all.  Jerry

New type of debit card skimming

Updated from September 2012.

Over 86% of Canadian adults have at least 1 debit card and about 74% have at least 1 credit card. Despite the convenience and popularity of these cards, there is a risk of fraud. It is important to protect your cards, just as you would cash or cheques. Some of the risks associated with debit/credit card fraud are the same as carrying around your account numbers, so protect your card information in your wallet, online and over the phone.

There is, however, another threat to card users that is unique - it's called "skimming." Skimming occurs when thieves set up a device that captures the magnetic stripe and keypad information from point of sales terminals.   It is important to note that debit card fraud has been decreasing in Canada because of the conversion away from magnetic striped to chip cards, but skimming with magnetic stripe cards still occurs.  

Crooks are now trying to get around the CHIP protection by somehow replacing a store/restaurant/gas station’s debit keypad with their own version.  The criminal’s keypad makes you push your debit card in over half of the length of the card so that a scanner can copy the magnetic strip.  The keypad then records your PIN as you enter it.  To combat this keypad switch many retailers are putting locks or other types of protection on the keypads themselves.  

March Means Fraud Prevention Month

I posted the following article 4 years ago but it is a scam that keeps showing up, so I thought it would be worth posting again.

Two years ago I posted an article on our blog about how crooks are using classified ads and other websites to perpetrate a scam that can be called "Overpayment."  The scam artist says he will buy your $2,000 stereo from you based on the ad he has seen in the newspaper or online.  He sends a cheque for $4,000.  You, being the honest person you are, e-mail him saying that he overpaid.  The scam artist replies that it was his secretary's fault and says it would be easier if you just deposit the cheque and than mail a money order for the difference back to him, even offering $100 as a reward for your honesty.

You deposit his cheque, take out the $1,900 as a money order and mail it off.  A day or two later you find out that his cheque was fake and that it has bounced, while the money you sent from your account as a money order is very real.  This overpayment scam has grown and is being used all over the country, including targeting people in the Rocky Region.  It is generally best to meet the buyer/seller in person so you can see the goods or the money you will be getting.

A new version of the scam

There is a slightly modified version of this scam going around this past year.  It preys on people who are looking for work.  It goes like this:

Fraud Prevention Month

March is Fraud Prevention month.

I have written several articles for this blog about fraud over the past few years.  My goal with each article is to help people recognize fraud and to help them warn others about it as well. 

Fraud covers a lot of categories; from identity theft to lying about damage to a home that is for sale, from stealing a credit card to billing someone for work that was never done.

Two of the most famous types of fraud are the Nigerian Prince Letter Scam and the International Lottery Scam.

The Nigerian Prince Letter Scam is quite old and is so-named because the letters originally said they were from a Nigerian Prince who is a prisoner in his country after a violent government turn over.  The Prince has money in another country but cannot access it.  If you would be willing to send money to a contact that will bribe the guards keeping the Prince under house arrest, he could sneak out of the country and then reward you with millions of dollars for the help.  The reality is if you send money they will keep asking for more as long as you are willing to send it.

Overpayment Scam Returns

Two years ago I posted an article on our blog about how crooks are using classified ads and other websites to perpetrate a scam that can be called "Overpayment."  The scam artist says he will buy your $2,000 stereo from you based on the ad he has seen in the newspaper or online.  He sends a cheque for $4,000.  You, being the honest person you are, e-mail him saying that he overpaid.  The scam artist replies that it was his secretary's fault and says it would be easier if you just deposit the cheque and than mail a money order for the difference back to him, even offering $100 as a reward for your honesty.

You deposit his cheque, take out the $1,900 as a money order and mail it off.  A day or two later you find out that his cheque was fake and that it has bounced, while the money you sent from your account as a money order is very real.  This overpayment scam has grown and is being used all over the country, including targeting people in the Rocky Region.  It is generally best to meet the buyer/seller in person so you can see the goods or the money you will be getting.

A new version of the scam

There is a slightly modified version of this scam going around this past year.  It preys on people who are looking for work.  It goes like this:

Lessons Learned from 2010

After a very enjoyable Christmas holiday, it's time to get back to work and the regular busy routines of life.

I must admit that while my family stayed very close to budget with Christmas gifts this past year, we went way over on the food budget during the holidays.  We only had some family over one evening, but we had other friends over a few times and we ended up buying a lot of snack foods.  While the snacks tasted good in the moment, I found that later on I wanted something more filling or substantial that wouldn't leave me feeling so groggy.  After seeing the bill for all the snack food, I really wished we'd just spent the money on a meal of ham, scalloped potatoes and corn rather than potato chips and fried spring rolls; in the end it would have tasted better and been far less expensive. A lesson learned for next time.

I'm starting out 2011 by looking at the things I've learned in 2010.  Here are a few of them:

Debit and Credit Card Skimming

Protect Your Cash by Protecting Your PIN

Over 84% of Canadian adults have at least 1 debit card and at 74% have at least 1 credit card.  Despite the convenience and popularity of these cards, there is a risk of fraud. It is important to protect your cards, just as you would cash or cheques. Some of the risks associated with debit/credit card fraud are the same as carrying around your account numbers, so protect your card information in your wallet, online and over the phone.

However, there is another threat to card users that is unique - it's called "skimming." Skimming occurs when thieves set up a device that captures the magnetic stripe and keypad information from ATM machines, gas pumps, restaurants, and retail stores. By doing the following, your information will be protected and you will reduce the risk of having your information stolen.

Investments Too Good To Be True

I have a family member who was taken in by a con artist.  Actually, it was a group of con artists.  It was a very slick, smooth, and quick con that took advantage of my family member’s preconceived notions about the investment world.  They lied about their investment opportunities and ended up taking a lot of money from many different people.  Unfortunately, because these con artists were from another country and the people who were conned feel quite embarrassed about the situation, no-one has ever been prosecuted.  Some victims, in fact, still believe in the con artists and insist that the investment is growing and will pay off any day now.  Pretty sad, and I just hope they aren’t still giving the crooks money out of incredibly misplaced faith.

I shared the above because I want to emphasize one thing:  If it seems too good to be true, it probably is.  Now, I have to say that there are many investment opportunities out there, from investing in large corporations, to buying into a business, to helping fund private investment firms.  However, there are many crooks that are quite willing to take your money, and they are very good at it.  The following are a few of the things you will want to think about before trying to invest your hard earned money:

Fraud Prevention

During these tough economic times, criminals are growing more creative in their acts of fraud. There seem to be a lot of letters, phone calls and e-mails going around right now, offering everyone the chance to get a lot of money for doing very little. That by itself is almost a sure sign of a scam.

You work hard for your money, and Rocky Credit Union doesn’t want some crook from who-knows-where to end up with your life savings. Be on the look out for a few of the following typical warning signs that a criminal is out to get your money:

Scams & Fraud

We have seen a rise in the number of attempted scams over the past year, and we really want our members to protect themselves from these crooks.

The most common scam that is hitting our members right now is called the Cheque Overpayment Scam.  This is how it works:

You are selling something through an internet site or the newspaper classifieds.  The purchaser sends you a cheque that is larger than the amount needed.  When contacted, the buyer blames the secretary or accountant and says you can cash the cheque and send the difference by money order or official order.  You go ahead and do this, mailing the money order right away.  Their cheque then bounces, but you are out the difference of the money order amount.

We have seen this for supposed purchases of items from less expensive items like speakers all the way up to a motorbike.  As long as the crooks can make money off of it, they will try it.

You can go to our website Scams page at http://rockycreditunion.com/default.aspx?PageID=1090  for information on other scams that keep popping up.

Keep your money safe.
Jerry