Protect Your Finances This Holiday Season

As the holiday season approaches, Lexicon Bank is committed to empowering you with the knowledge and tools necessary to safeguard your financial well-being. We understand that this time of year often sees an increase in fraudulent activities, particularly vishing, smishing, and ghost tapping attempts.

Vishing, Smishing, and Ghost Tapping

Vishing (voice phishing) and smishing (SMS phishing) are increasingly prevalent social engineering threats where fraudsters impersonate trusted organizations via phone calls or text messages to manipulate individuals into revealing sensitive personal or financial information. These criminals often leverage technologies like Voice over IP (VoIP) and Caller ID spoofing to make calls or messages appear legitimate, even mimicking local numbers or official bank lines. They may also utilize various messaging apps such as WeChat, WhatsApp, and Facebook Messenger to broaden their reach.

An additional form of compromise that has been on the rise recently and has definitely been prevalent in the Pacific Northwest is ghost tapping, which occurs when scammers exploit mobile wallets and tap-to-pay cards by exploiting close-range payments in crowded situations or taking advantage of a cardholder’s distraction. This can happen when somebody bumps into you and secretly charges your card or when scammers pretend to be vendors or charity organizations asking you to tap for payment.

Tips to Protect Yourself Against Vishing, Smishing, and Ghost Tapping

To minimize your fraud risk during the holiday season and beyond, Lexicon Bank recommends the following best practices:

• Set Up Online and Mobile Banking Notifications & Alerts. Be wary of suspicious charges and unusual bank alerts. Check your account regularly and report to your bank any activity you do not recognize.

• Confirm Payment Details. Always check the charge on payment terminals before inserting your card or tapping to pay.

• Protect Your Card. Use an RFID-blocking wallet to protect your card from skimming devices. Be aware of your surroundings and consider swiping or inserting your card when paying.

• Verify the Sender/Caller. Always be suspicious of unsolicited calls or text messages, even if they appear to be from a familiar number or organization. Lexicon Bank will never ask for your full Social Security number, account passwords, or PINs via phone call or text message. If you receive a suspicious call claiming to be from Lexicon Bank, hang up and call us back using the official phone number listed on our website or your bank statements. For text messages, do not click on any links or reply to the message. Instead, delete it and report it as spam if possible.

• Be Wary of Urgency and Threats. Fraudsters often create a sense of urgency or threaten negative consequences (e.g., account suspension, legal action) to pressure you into immediate action without thinking critically. Take a moment to pause, verify the information independently, and never feel rushed into making decisions about your finances.

• Do Not Share Sensitive Information. Never provide personal or financial information, such as your account number, debit/credit card details, CVV, PIN, or online banking credentials, in response to an unsolicited call or text message. Legitimate organizations will not request this information through these channels.

• Use Official Channels for Communication. If you need to contact Lexicon Bank, always use the official contact information provided on our website (www.lexiconbank.com) or your official bank statements. Do not rely on contact information provided in suspicious calls or text messages.

• Monitor Your Accounts Regularly. Regularly review your bank statements and credit reports for any unauthorized transactions or suspicious activity. Promptly report any discrepancies to Lexicon Bank. You can access your account statements through our secure online banking portal at lexiconbank.com.

• Update Your Contact Information. Ensure Lexicon Bank has your current contact details so we can reach you promptly regarding any potential fraud alerts or suspicious activity on your accounts.

• Shop Securely Online. When making online purchases, only use trusted and reputable websites. Look for “https://” in the website address and a padlock icon in your browser’s address bar, indicating a secure connection.

• Use Secure Networks. Always shop online using a secure Wi-Fi connection or a Virtual Private Network (VPN). Avoid making financial transactions over public or unsecured Wi-Fi networks, as they can be vulnerable to eavesdropping.

• Check for Payment Terminal Tampering. When using physical payment terminals, prioritize chip or contactless payments whenever possible. Be vigilant for any signs of tampering on card readers at ATMs or point-of-sale terminals, as these could indicate a skimming device.

• Limit Personal Information Sharing. Be mindful of the amount of personal information you share online, especially on social media. Fraudsters can use this information to craft more convincing phishing attempts.

• Verify Deals and Offers. Be cautious of “too good to be true” offers or deals received via email or SMS. These are often tactics used by fraudsters to lure victims into clicking malicious links or providing personal information.

• Protect Physical Mail. Monitor your mailbox regularly and shred sensitive documents before discarding them. Identity thieves can intercept mail to gather personal information.

• Use Strong Passwords. Use different passwords for your bank accounts, social media, and email.

At Lexicon Bank, we prioritize the safety of our accountholders by providing timely information about potential threats and offering resources to help you stay secure online. We encourage you to take these precautions seriously as part of maintaining your financial health and security.

Should you need assistance with your personal or business banking account at Lexicon Bank, click below to schedule an appointment, or speak with your relationship manager at 702.780.7700—we’re here to help!

Schedule time with a Lexicon Bank relationship manager today.

*Disclaimer: The above information is advisory and general. It does not constitute definitive or legal advice.