Don’t Let the Funeral Notification Scam Fool You

 

 

Scam artists have no heart when it comes to tricking their victims. Victory State Bank is pointing to a ruse that may shock and sadden, as well as rob, the victim: The “funeral notifications” scam.

In this email hoax, as described by the New York Department of State’s Division of Consumer Protection, the term "funeral notification" is written in the subject line. The intention is to deceptively inform recipients of an upcoming farewell ceremony in remembrance of a friend or loved one.

These emails appear to be sent from legitimate funeral homes and instruct recipients to click on a link for “more detailed information.” 

Beware the link – it sends victims to a third-party website where malware, or “malicious software,” is downloaded. The software causes computer havoc and allows scammers to gain access to the user’s computer information, which can then be used in fraudulent activity.

If you receive such an email, delete it immediately.

 

 

 

 

ABOUT VICTORY STATE BANKVSB Bancorp, Inc. (OTCQX: 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, including the main office in the community of Great Kills and branches in West Brighton, St. George, Dongan Hills and Rosebank.

A planned sixth branch, to be situated in Meiers Corners, has received both regulatory and building department approvals.

For additional information, Victory State Bank may be reached at 718-979-1100, or visited online at www.VictoryStateBank.com.

Media Contact: 

Relevant Public Relations, LLC

Headquarters: 718‑682‑1509

Mobile: 917‑715‑8761

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

 

 

 

Credit Card Travel Protections

 You May Not Know About

 

As the summer vacation season nears, some Staten Islanders may already be thinking about their travel plans. When using your credit card for travel purchases, make sure you’re aware of additional safeguards the card may offer, advises Victory State Bank.

To help ensure you take best advantage of such perks, the only community-based business bank on Staten Island is sharing the following information from USA.gov:

Your credit card may offer you some protections that are not typically advertised.

For example, when using your credit card for travel purchases, your credit card issuer may offer you travel insurance in certain situations:

 

§  Your trip is delayed.

  

§  You need to cancel your trip because you or a family member becomes ill.

  

§  Your luggage gets lost during travel.

 

If you rent a car, you may be offered auto insurance coverage as part of the rental. Some credit card networks even offer return assistance programs that extend the window for returning unused merchandise.

Keep in mind: The rules vary between cards and the issuers.

 

FIND YOUR CREDIT CARD AGREEMENT

Check out the Consumer Financial Protection Bureau’s (CFPB) credit card agreement database to find your credit card agreement and learn which additional protections you have. 

 

 

ABOUT VICTORY STATE BANK

VSB Bancorp, Inc. (OTCQX: 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, including the main office in the community of Great Kills and branches in West Brighton, St. George, Dongan Hills and Rosebank.

A planned sixth branch, to be situated in Meiers Corners, has received both regulatory and building department approvals.

For additional information, Victory State Bank may be reached at 718-979-1100, or visited online at www.VictoryStateBank.com.

Media Contact: 

Relevant Public Relations, LLC

Headquarters: 718‑682‑1509

Mobile: 917‑715‑8761

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

 

 

Report: Consumers Continue to Carefully Manage Credit Card Debt

 

As an advocate of financial literacy and responsibility, Victory State Bank – Staten Island’s only community-based business bank – stresses the importance of using credit wisely. When it comes to the use of credit cards, in particularly, a newly released report indicates American consumers are maintaining manageable levels of debt.

According to the American Bankers Association’s latest quarterly Credit Card Market Monitor, Credit card use continued to grow in the fourth quarter of 2017 on the back of a strong holiday season for consumer spending. On an annual basis, monthly purchase volumes rose 3.9 percent for prime accounts and 5.1 percent for super-prime accounts, but fell 3.0 percent for subprime accounts. Since mid-2015, monthly purchase volumes for prime and super-prime accounts have increased 16 and 19 percent respectively, but are up just 2.9 percent for subprime accounts over the same period.

The April 2018 Monitor, which consists of credit card data from October through December 2017, also found that the number of new accounts (those opened in the previous 24 months) declined compared to the previous quarter for the first time in nearly five years (though new account opens rose slightly on a year over year basis). The total number of open credit card accounts expanded in the fourth quarter, but at the slowest pace in nearly three years.

Credit card credit outstanding as a share of disposable income increased 13 basis points to 5.73 percent in the fourth quarter, consistent with seasonal spending patterns. This metric remains well below pre-recession levels and is essentially unchanged from where it stood in late 2011 and early 2012.

 “Consumers have worked hard to ensure credit card debt remains at manageable levels,” said Jess Sharp, executive director of ABA’s Card Policy Council. “Even as spending levels increase, credit card debt as a share of disposable income remains low by historical standards.”

 Consumers Continue to Carefully Manage Credit Card Debt

Data from the fourth quarter also show that credit card users were slightly more active, with the share of Dormant accounts falling 0.6 percentage point. Meanwhile, the share of Transactors (those who pay their monthly balance in full each month) increased 0.4 percentage point to 29.5 percent of all accounts, while the share of Revolvers (those who carry a monthly balance) rose 0.3 percentage point to 44.0 percent — the same level at which it started 2017.

Average credit lines among all accounts rose across risk tiers compared to the previous quarter, but remain well below post-recession highs, particularly for prime (26 percent lower) and subprime (23 percent lower) accounts. Among new accounts, average prime and subprime credit lines increased to levels not seen since 2010, while super-prime credit lines are now above 2008 levels.

“The economy is performing well, and consumers are benefitting,” Sharp said. “The strong labor market is helping to drive consumer confidence levels near all-time highs, and card issuers are responding by judiciously expanding credit access to new and existing customers.”

 The full report with detailed charts and statistics is available here.

ABOUT THE CREDIT CARD MARKET MONITOR

The American Bankers Association Credit Card Market Monitor is a quarterly report that provides key statistics on industry trends and relevant economic factors affecting the industry.  The credit card data used in the report is taken from a nationally representative sample provided by Argus Information Services LLC.  Credit card data are presented as national averages for all accounts based on actual credit card account information.  No individual account holder’s information or specific financial institution’s data can be identified from the data set.  Other data used in the report are taken from various public and private sources, including the Department of Commerce’s Bureau of Economic Analysis and the Federal Reserve.

 

 

ABOUT VICTORY STATE BANK

VSB Bancorp, Inc. (OTCQX: 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, including the main office in the community of Great Kills and branches in West Brighton, St. George, Dongan Hills and Rosebank.

A planned sixth branch, to be situated in Meiers Corners, has received both regulatory and building department approvals.

For additional information, Victory State Bank may be reached at 718-979-1100, or visited online at www.VictoryStateBank.com.

Media Contact: 

Relevant Public Relations, LLC

Headquarters: 718‑682‑1509

Mobile: 917‑715‑8761

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

 

 

 

 

 

 

8 Common Types of Fraud that Target Seniors

 

 

Criminals often see seniors as an easy mark for scams. Being aware of the variety of frauds that are commonly perpetrated against seniors is a vital step in protecting yourself, Victory State Bank says.

To assist in your anti-fraud efforts, Staten Island’s only community-based commercial bank issharingthe following list from the U.S. General Services Administration’s “Consumer Action Handbook,” which highlights eight types of fraud that are commonly committed against seniors:

§  Caregiver fraud

A staff member at a nursing home, friend, or family member steals your money.

§  Funeral and cemetery fraud

You pay unnecessary charges for funeral and burial services.

§  Health care or health insurance fraud

You receive bills for medical services or equipment that you never received or ordered.

§  Housing fraud

Real estate professionals attempt to gain access to the equity from your property. They may also fail to explain repayment requirements on reverse mortgages.

§  ID theft

Scam artists use your personal information to apply for loans, file taxes, or get medical care.

§  Internet fraud

Emails, online ads, pop ups, and search results may be designed to trick you into sending money and personal information.

§  Investment schemes

Seniors may fall victim to advanced fee schemes, pyramid schemes, and other financial crimes.

§  Telemarketing fraud

Scammers call, selling bogus products and services over the phone.

WHERE TO REPORT FRAUD

To report fraud, contact your state consumer protection office or the relevant federal agency listed here:

§  Financial Fraud: Consumer Financial Protection Bureau

Phone: 1-855-411-2372

Online: www.consumerfinance.gov/complaint

§  Housing Fraud: U.S. Department of Housing and Urban Development

Phone: 1-800-669-9777

Online: www.hud.gov/complaints_home

§  Identity Theft: Federal Trade Commission

Phone 1-877-382-4357

Online: www.ftccomplaintassistant.gov

§  Internet Fraud: Internet Crime Complaint Center (IC3)

Online: www.ic3.gov

§  Investment Fraud: Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA)

Phone: 1-800-732-0330

Online: www.sec.gov/complaint.shtml

FINRA Phone: 1-844-574-3577

§  Medicare Fraud: U.S. Department of Health & Human Services, Office of the Inspector General

Phone: 1-800-447-8477

Online: https://oig.hhs.gov/fraud/report-fraud/

§  Not Sure What Type of Complaint

If you are uncertain about the fraud category, contact the Senate Special Committee on Aging Fraud.

Phone: 1-855-303-9470

Online: www.aging.senate.gov/fraud-hotline

 

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ABOUT VICTORY STATE BANK

VSB Bancorp, Inc. (OTCQX: 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, including the main office in the community of Great Kills and branches in West Brighton, St. George, Dongan Hills and Rosebank.

A planned sixth branch, to be situated in Meiers Corners, has received both regulatory and building department approvals.

For additional information, Victory State Bank may be reached at 718-979-1100, or visited online at www.VictoryStateBank.com.

Media Contact: 

Relevant Public Relations, LLC

Headquarters: 718‑682‑1509

Mobile: 917‑715‑8761

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

 

 

5 Tips for Avoiding Business Fraud

 

As explained by the FBI, business fraud consists of dishonest and illegal activities perpetrated by individuals or companies in order to provide an advantageous financial outcome to those persons or establishments. Also known as corporate fraud, these schemes often appear under the guise of legitimate business practices.

To assist in protecting individuals from such crimes, Victory State Bank, the only community-based commercial bank on Staten Island, is sharing the following information from the FBI. The government describes the existence of an array of crimes falling under business fraud, including:

  • Charity fraud: Using deception to get money from individuals believing they are making donations to legitimate charity organizations, especially charities representing victims of natural disasters shortly after the incident occurs.
  • Internet auction fraud: A fraudulent transaction or exchange that occurs in the context of an online auction site.
  • Non-delivery of merchandise: Fraud occurring when a payment is sent but the goods and services ordered are never received.
  • Non-payment of funds: Fraud occurring when goods and services are shipped or rendered but payment for them is never received.
  • Overpayment scheme: An individual is sent a payment significantly higher than an owed amount and is instructed to deposit the money in their bank account and wire transfer the excess funds back to the bank of the individual or company that sent it. The sender's bank is usually located overseas, in Eastern Europe for example, and the initial payment is found to be fraudulent, often after the wire transfer has occurred.
  • Re-shipping scheme: An individual is recruited to receive merchandise at their place of residence and subsequently repackage the items for shipment, usually abroad. Unbeknownst to them, the merchandise was purchased with fraudulent credit cards, often opened in their name.

TIPS FOR AVOIDING BUSINESS FRAUD:

1)       Purchase merchandise from reputable dealers or establishments.

2)       Obtain a physical address rather than simply a post office box and a telephone number, and call the seller to see if the telephone number is correct and working.

3)       Send an e-mail to the seller to make sure the e-mail address is active, and be wary of those that utilize free e-mail services where a credit card wasn’t required to open the account.

4)       Consider not purchasing from sellers who won’t provide you with this type of information.

5)       Purchase merchandise directly from the individual/company that holds the trademark, copyright, or patent.

 

 

ABOUT VICTORY STATE BANK

VSB Bancorp, Inc. (OTCQX: 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, including the main office in the community of Great Kills and branches in West Brighton, St. George, Dongan Hills and Rosebank.

A planned sixth branch, to be situated in Meiers Corners, has received both regulatory and building department approvals.

For additional information, Victory State Bank may be reached at 718-979-1100, or visited online at www.VictoryStateBank.com.

Media Contact: 

Relevant Public Relations, LLC

Headquarters: 718‑682‑1509

Mobile: 917‑715‑8761

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