Mission Valley Bank News

New Scam – Done ‘Old School’

New Scam – Done ‘Old School’

From OnGaurdOnline.gov

In a recent twist, scam artists are using the phone to try to break into your computer. They call, claiming to be computer techs associated with well-known companies like Microsoft. They say that they’ve detected viruses or other malware on your computer to trick you into giving them remote access or paying for software you don’t need.

These scammers take advantage of your reasonable concerns about viruses and other threats. They know that computer users have heard time and again that it’s important to install security software. But the purpose behind their elaborate scheme isn’t to protect your computer; it’s to make money.…

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Posted by Mission Valley Bank in Fraud Alert, Security, Your Online Safety. Leave a Comment

What’s a CHIP Based Payment Card (EMV)?

What’s a CHIP Based Payment Card (EMV)?

About Chip-based Payment Cards (from the American Bankers Association)

A chip card is a standard-size credit card plastic with an embedded microprocessor chip that stores and protects cardholder data. If your card is lost, stolen or compromised in a data breach, the embedded microchip makes the card extremely difficult to counterfeit or copy. Although chip cards are not yet common in the U.S., this technology has been used around the world for many years and some U.S. banks already issue chip cards. The global standard is called EMV, short for Europay, MasterCard, Visa. There are currently more than 1.5 billion chip-enabled cards issued across the world.…

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Posted by Mission Valley Bank in Client & Community Education, Security. Leave a Comment

The Simplest Steps to Fight Fraud…

The Simplest Steps to Fight Fraud…

Protect Yourself

• Report any suspected fraud to your bank immediately.

• Use online banking to protect yourself. Monitor your financial accounts regularly for fraudulent transactions.

• Sign up for text or e-mail alerts from your bank for certain types of transactions, such as online purchases or transactions of more than $500.

• Beware of phishing scams. Never give out personal financial information in an e-mail or over the phone unless you have initiated the contact.

• Monitor your credit report. Order a free copy of your credit report every four months from one of the three credit reporting agencies at annualcreditreport.com.

• Check your monthly banking and credit card statements carefully as soon as they arrive – report any questionable activity immediately.

If You …

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Tips for Small Businesses to Combat Fraud

Tips for Small Businesses to Combat Fraud

Cybercriminals are targeting small businesses with increasingly sophisticated attacks. Criminals use spoofed emails, malicious software and online social networks to obtain login credentials to businesses’ accounts, transfer funds and / or steal private information, a fraud referred to as “corporate account takeover.”

Combating account takeover is a shared responsibility between businesses and financial institutions. Bankers can explain the safeguards small businesses need and the numerous programs available that help ensure fund transfers, payroll requests and withdrawals are legitimate and accurate. Companies should train employees about safe internet use and the warning signs of this fraud, because they are the first line of defense.

As part of National Cyber Security Awareness Month coming in October, Mission Valley Bank offers small businesses these tips to help prevent …

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Posted by Mission Valley Bank in E-Mail and Internet Fraud, Fraud Alert, Security, Your Online Safety. Leave a Comment

Financial Readiness in an Emergency

Financial Readiness in an Emergency

Financial Readiness in an Emergency

Unfortunately, the news in recent months has been full of headlines about natural disasters across the country. Home is where most people feel safe and comfortable. But sometimes when a hurricane, flood, tornado, wildfire, or other disaster strikes it's safest to pack up and go to another location.

When it comes to preparing for situations like weather emergencies, financial readiness is as important as a flashlight with fully charged batteries. Leaving your home can be stressful, but knowing that your financial documents are up-to-date, in one place, and portable can make a big difference at a difficult time.…

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Posted by Mission Valley Bank in Getting Things Done, Security. Leave a Comment

FINANCIAL RECORDS. WHAT TO TOSS & WHEN

FINANCIAL RECORDS.  WHAT TO TOSS & WHEN

Bank statements, credit card bills, canceled checks and other documents can be useful for tax purposes, as proof of a transaction or payment, or for other reasons. But how long should you keep them?

There is no hard and fast rule as to when it's safe to throw away financial documents. One thing to remember, though, is that federal tax rules require you to have receipts and other records that support items on your tax return for as long as the IRS can assess you additional tax.  Basically, the IRS has about six years to assess additional tax if you underreported your income by more than 25 percent. Many tax advisors recommend holding all tax records for about seven years, allowing extra time for any …

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Posted by Mission Valley Bank in Client & Community Education, Getting Things Done. Leave a Comment

Disaster Recovery — Is Your Business Prepared?

Disaster Recovery — Is Your Business Prepared?

Is your business prepared for a disaster? While it is not something any of us like to think about – we all should. Odds are that our community will face the unthinkable sometime in the not so distant future. Anything from an earthquake, fire, flood even a long term power outage or flu epidemic could prove to be devastating to even the strongest business. While many large businesses have contingency plans for catastrophes already in place, most small to medium companies do not, which according to many experts – can result in their demise in the wake of a disaster. David Paulison, former executive director of the Federal Emergency Management Agency (FEMA) in a recent phone conference stated "Small businesses that don't have a plan …

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Succession Planning for a Family Business

Succession Planning for a Family Business

When considering the transition of a family business from one generation to the next, clear communication and careful planning are integral to the ‘success of the succession’. Family business owners are well served to begin planning for the succession long before the event is necessary (experts suggest as long as 15 years prior to retirement). Unfortunately, most business owners fail to plan seriously for their own succession.

This ‘lack of planning’ may have a great deal to do with the fact that while 90% of US Small businesses are family owned, only 30% stay in the family from the first generation to the second and only 15% make it on to a third generation according the U.S. SBA.…

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