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CONSUMER ADVISORY

Charles J. Commons, Vice President and Director of Security, Cortland Savings and Banking Company, has issued an advisory to all Valley residents to be aware of three scams circulating in our area targeting unsuspecting consumers.  The scams vary in appearance but all have the common goal to entice the unsuspecting victim to send money to the con artist.

Spoof E-mail

(Wednesday, October 22, 2008) Cortland Banks has become aware of a spoof e-mail purportedly sent by the bank security department regarding ‘Internet Banking Security’. Cortland Banks did not originate this e-mail, nor will we notify you of a problem in this manner and ask you to click on or use a link provided in an unsolicited e-mail.

Spoof e-mails are designed to look like they are sent from a legitimate web site and attempt to trick the recipient into providing personal information or to click on a link that may ask for personal or financial information that will permit the perpetrator to commit fraud or identity theft. Cortland Banks will never ask you for this type of information in an unsolicited e-mail. If you have received an unsolicited e-mail from Cortland Banks (Reply To may say Cortland.Banks), please contact the bank Security Department at (330) 637-8040.

Lottery Winner Scam

According to Commons, the most prominent scam circulating in NE Ohio and W Pennsylvania is the lottery or sweepstakes winner scam.  NBC News recently reported this national scam. In this scam, the victim receives a letter, e-mail, or even a phone call stating the recipient is the winner of several hundred thousand, even millions, of dollars in an international lottery or sweepstakes.  Then, an official-looking letter will arrive instructing the recipient to phone an agent to confirm the winnings and may include a bank Cashier’s Check or Official Check for several thousand dollars (usually between $2,400.00 to $5,800.00) to pay fees and taxes in order for the lottery or sweepstakes to release the funds.  The letter emphasizes confidentiality.  The recipient is instructed to deposit the check at their bank then withdraw the funds a day or two later, and wire the money by Western Union or other non-bank wire transfer services outside the US, usually in the United Kingdom or Nigeria.  Many of these letters originate in Canada.  The checks appear to be drawn on various US banks, but in every case are returned as counterfeit.  If the consumer withdraws the funds from their bank account before the check is returned, the consumer will suffer the loss.

Tips to Recognize This Scam

In addition to the description above, Commons offers these tips to help identify this scam:

• The letter containing the Cashier’s Check or Official Check is poorly written containing obvious grammatical and punctuation errors
• The check will be drawn on an out-of-state bank, usually far removed from our area, and may even be non-existent
• The check will be business size and usually is a light blue, pink, or green, and contain white cloud-like swirls
• Ask your bank branch manager or security department personnel to verify the authenticity of the check before it is deposited.  Never call the phone number listed on the check itself, if any is listed
• Ask yourself if you actually entered this sweepstakes.  A sign of a scam is a claim to have won a sweepstakes/lottery you haven’t entered.

Internet Web Site Seller/Buyer

Commons and his department have investigated incidents involving bank clients selling large ticket items on Internet websites, and receiving e-mail correspondence from potential buyers overseas.  The clients subsequently receive letters and checks similar to those described above.  The checks are for amounts greater than the selling price.  The seller is instructed to deposit the check and wire the difference to a designated individual overseas in the same manner as shown above.  As with the lottery or sweepstakes scam, if the funds are withdrawn from the bank account prior to the check clearing or being returned, the unsuspecting seller will sustain the loss.  Commons’s advice is to discuss the proposal with your bank before wiring or sending any money to unknown parties.  With both scams, local and federal law enforcement can do little to stop this activity that has been going on for years and is getting worse.  Cortland Savings and Banking Company is a locally owned, mid-sized commercial bank headquartered in Cortland, Ohio, with offices in Trumbull, Mahoning, Portage, Geauga and Ashtabula Counties.