What You Might Want to Know about the “ATM CASH-OUT” Scheme

On August 12, 2018, Kreb’s On Security reported that “The Federal Bureau of Investigation (FBI) is warning banks that cybercriminals are preparing to carry out a highly Photo of worried woman after checking her bank balancechoreographed, global fraud scheme known as an ‘ATM cash-out’, in which crooks hack a bank or payment card processor and use cloned cards at cash machines around the world to fraudulently withdraw millions of dollars in just a few hours.”

Since this initial report, news agencies around the globe have reported the story in an effort to forewarn ATM and Debit Card holders of the potential risk.

Are You at Risk? Possibly. According to the FBI memo, it is believed that the cybercriminals behind the impending attack already have the personal data in hand needed to carry out the attack. If your personal data has been previously compromised, your information could be used.

What has Mission Valley Bank Done to Protect Your DepositsProtecting our client’s assets is our number one priority. Mission Valley Bank continually uses many different systems to protect your information and your accounts. These systems include rigorous security standards, varying levels of encryption, fraud detection software, as well as transaction monitoring and limits.

What Can YOU Do? First and foremost, protect your information – beware of phishing scams or emails that might contain malicious links. Cybercriminals continue to improve their tactics to gain access to your information. Update your passwords on a regular basis. Monitor your accounts and report any suspicious transactions to the bank immediately.

Additionally, we highly recommend using an “Alert System” to assist you with monitoring your cards and your accounts. Various types of alerts are available to you via Online & Mobile Banking as well as our CardValet® product. With CardValet® you can easily turn your debit card on and off, set transaction controls and limits, and receive alerts when your card is used, approved, or exceeds the transaction controls set by you. CardValet® alerts allow you to stay informed of potential fraud 24/7. For more information visit www.cardvalet.com.

If you would like additional information about activating alerts via Online Banking or accessing CardValet® – please call us at (818) 394-2300.

IMPORTANT: If you are a customer of Mission Valley Bank and have already responded to a suspicious e-mail, and provided any personal or sensitive information, please contact us immediately at (818) 394-2300.