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Altabanking episode 22 with Stan Sorensen

Aug. 7, 2020

Stan Sorensen – Altabanking Interview KSL Radio Transcript:

Segment title: Common Scams and Fraud Protection Services

GRANT: Welcome to Altabanking. Weekly business talk geared toward elevating your financial future. Stan Sorensen is Vice President at Altabank. Welcome back, Stan.

STAN: Good to be back, Grant.

GRANT: With the rise in online banking and shopping, clients have reported to their banks an increase in fraud-related scams. What are some of the fraud trends that consumers need to be aware of right now?

STAN: Well there are a number of things that are happening out there right now, but there are four that I’d like to touch on briefly. Two are types of identity theft that allow third party access to a client’s accounts that they can then use to transfer money back and forth to other third parties without the client’s knowledge. Certainly there’s still email account takeover risk where you’ll see an email that has a document in it that looks like it’s coming from a trusted source, but when you click on the document, it downloads malware onto your computer that allows a third party to gain access to your accounts and financial information. And of course, we continue to hear about phone calls and emails coming from people posing as authorities like FBI agents or IRS agents demanding payment for debts that don’t exist.

GRANT: What are banks like Altabank doing to combat this rise in fraud?

STAN: One of the things we’re doing is we had deployed multi-factor authentication to all of our online banking and mobile banking applications, and what that requires is an additional verification before you are given access to your account as a user. We also have a lot of different ways, as all banks do, to identify suspicious behavior which may be taking place regarding fund transfers in and out of accounts. And we look to educating our clients using our social media assets and our customer care as well when we get phone calls from people expressing concern.

GRANT: So, Stan, I guess it’s really important for us to be proactive.

STAN: It is, Grant. Stay in touch with your financial institution and report anything that looks suspicious.

GRANT: Thank you, Stan. This has been Altabanking. Brought you by Altabank. Member FDIC.