Victory State Bank Advises Senior Citizen Fraud Protection Tips

 

STATEN ISLAND, N.Y. – Victory State Bank would like to remind you that senior citizens are at a higher risk of being victimized by scam artists. In order to help keep the seniors in your life safe, it is important to understand why they are more susceptible.

According the Federal Bureau of Investigation, Senior Citizens especially should be aware of fraud schemes for the following reasons:

  • Senior citizens are most likely to have a “nest egg,” to own their home, and/or to have excellent credit—all of which make them attractive to con artists.
  • People who grew up in the 1930s, 1940s, and 1950s were generally raised to be polite and trusting. Con artists exploit these traits, knowing that it is difficult or impossible for these individuals to say “no” or just hang up the telephone.
  • Older Americans are less likely to report a fraud because they don’t know who to report it to, are too ashamed at having been scammed, or don’t know they have been scammed. Elderly victims may not report crimes, for example, because they are concerned that relatives may think the victims no longer have the mental capacity to take care of their own financial affairs.
  • When an elderly victim does report the crime, they often make poor witnesses. Con artists know the effects of age on memory, and they are counting on elderly victims not being able to supply enough detailed information to investigators. In addition, the victims’ realization that they have been swindled may take weeks—or more likely, months—after contact with the fraudster. This extended time frame makes it even more difficult to remember details from the events.
  • Senior citizens are more interested in and susceptible to products promising increased cognitive function, virility, physical conditioning, anti-cancer properties, and so on. In a country where new cures and vaccinations for old diseases have given every American hope for a long and fruitful life, it is not so unbelievable that the con artists’ products can do what they claim.

 

About Victory State Bank:

VSB Bancorp, Inc. (NASDAQ: VSBN) is the one-bank holding company for Victory State Bank. As Staten Island, N.Y.’s only community-based commercial bank, Victory State Bank operates five full-service locations on the Island: The main office in the community of Great Kills, and branches in the communities of West Brighton, St. George, Dongan Hills and Rosebank. For additional information, Victory State Bank may be reached at 718-979-1100 or visited online http://www.victorystatebank.com. .

 

Media Inquiries:

Relevant Public Relations, LLC

Headquarters: 718 682 1509

www.RelevantPR.com

Mobile: 917 715 8761

Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

 


Victory State Bank Defines Credit-Reporting Agencies


STATEN ISLAND, N.Y. – Although credit-reporting agencies play a major role in how lenders view the financial stability of a borrower, some consumers do not have a clear understanding of what a credit-reporting agency is.

Because such agencies play a crucial role in the lending process, Victory State Bank recommends that consumers have an understanding of why these agencies are important to them.

In a nutshell, credit reporting agencies:

  • Collect an individual’s financial information,
  • Compile it into a credit report and,
  • For a fee, make it available to the individual and to other authorized parties, including financial institutions.

The New York State Department of Financial Services explains it this way: Generally, when you apply for a loan you give the lender permission to get a copy of your credit report.

Companies that lend money rely on credit reporting agencies and the credit reports they generate to help them assess a customer’s ability to repay what they borrow.

Although there are many local and regional credit bureaus throughout the United States, most credit bureaus are either owned or under contract to the nation's three major credit reporting agencies: Equifax, Experian (formerly TRW) and TransUnion.

You can learn more about credit reports by logging onto the Web site of the Department of Financial Services.

About Victory State Bank:

 

VSB Bancorp, Inc. (NASDAQ: VSBN) is the one-bank holding company for Victory State Bank. As Staten Island, N.Y.’s only community-based commercial bank, Victory State Bank operates five full-service locations on the Island: The main office in the community of Great Kills, and branches in the communities of West Brighton, St. George, Dongan Hills and Rosebank. For additional information, Victory State Bank may be reached at 718-979-1100 or visited online http://www.victorystatebank.com

Media Inquiries:

 

Relevant Public Relations, LLC

Headquarters: 718‑682‑1509

www.RelevantPR.com

Mobile: 917‑715‑8761

Email: This email address is being protected from spambots. You need JavaScript enabled to view it.


How To Help Moore, Okla., Tornado Victims


STATEN ISLAND, N.Y. – The hearts and prayers of Staten Islanders are reaching out to the victims of the deadly tornado in Moore, Okla.

We are posting the following article from msn.com in hopes of expediting assistance to those who were devastated by this horrific event.

-- Victory State Bank

A massive tornado ripped through the middle of the Oklahoma City suburb of Moore on Monday, leveling hundreds of homes and buildings, including at least one elementary school with children still inside.

 At least 51 people have been killed, and dozens are still missing, many of them children.

Authorities are asking people who would like to help to stay out of the area until further notice but welcome assistance for the people affected in other ways: READ MORE …

 



Victory State Bank Warns of Advance Fee Schemes

 

STATEN ISLAND, N.Y. – Victory State Bank would like to share the following information from the Federal Bureau of Investigation.

An advance fee scheme occurs when the victim pays money to someone in anticipation of receiving something of greater value—such as a loan, contract, investment, or gift—and then receives little or nothing in return.

Tips for Avoiding Advanced Fee Schemes:

If the offer of an “opportunity” appears too good to be true, it probably is. Follow common business practice. For example, legitimate business is rarely conducted in cash on a street corner.

 

  • Know who you are dealing with. If you have not heard of a person or company that you intend to do business with, learn more about them. Depending on the amount of money that you plan on spending, you may want to visit the business location, check with the Better Business Bureau, or consult with your bank, an attorney, or the police.
  • Make sure you fully understand any business agreement that you enter into. If the terms are complex, have them reviewed by a competent attorney.
  • Be wary of businesses that operate out of post office boxes or mail drops and do not have a street address. Also be suspicious when dealing with persons who do not have a direct telephone line and who are never in when you call, but always return your call later.
  • Be wary of business deals that require you to sign nondisclosure or non-circumvention agreements that are designed to prevent you from independently verifying the bona fides of the people with whom you intend to do business. Con artists often use non-circumvention agreements to threaten their victims with civil suit if they report their losses to law enforcement.

 

About Victory State Bank:

VSB Bancorp, Inc. (NASDAQ: VSBN) is the one-bank holding company for Victory State Bank. As Staten Island, N.Y.’s only community-based commercial bank, Victory State Bank operates five full-service locations on the Island: The main office in the community of Great Kills, and branches in the communities of West Brighton, St. George, Dongan Hills and Rosebank. For additional information, Victory State Bank may be reached at 718-979-1100 or visited online http://www.victorystatebank.com. .

 

Media Inquiries:

Relevant Public Relations, LLC

Headquarters: 718 682 1509

www.RelevantPR.com

Mobile: 917 715 8761

Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

 


Victory State Bank Asks, “Is It Truly Made in The USA?”


STATEN ISLAND, N.Y, -- With the upcoming holiday shopping season, many of you will be rushing to stores and ecommerce sites in hopes of securing the best gift for loved ones. Victory State Bank would like to remind you that there are laws in place to ensure you are given accurate information on where your purchased products were made.

The Federal Trade Commission has laws and guidelines to help businesses know when it’s appropriate to use the Made in USA label. That, in turn, helps consumers trust the labels they see.

  • A company that makes a “Made in the USA” or other United States origin claim for its product should be able to prove that all or almost all of that product was made in the United States. Products with these labels should contain virtually no material or components from other countries.
  • In general, products processed or finished in the USA that contain materials from other countries should not be labeled “Made in the USA” without further explanation. Look for qualifying statements near the claim that explain which components of the product come from the USA.
  • By law, most textiles and wool products must identify where they were made.
  • The law requires automobiles made since October 1, 1994, for sale in the U.S., to have a label stating where the car was assembled.

 

About Victory State Bank:

VSB Bancorp, Inc. (NASDAQ: VSBN) is the one-bank holding company for Victory State Bank. As Staten Island, N.Y.’s only community-based commercial bank, Victory State Bank operates five full-service locations on the Island: The main office in the community of Great Kills, and branches in the communities of West Brighton, St. George, Dongan Hills and Rosebank. For additional information, Victory State Bank may be reached at 718-979-1100 or visited online http://www.victorystatebank.com. .

 

Media Inquiries:

Relevant Public Relations, LLC

Headquarters: 718 682 1509

www.RelevantPR.com

Mobile: 917 715 8761

Email: This email address is being protected from spambots. You need JavaScript enabled to view it.