Wire-Transfer Scams Pose Threat


Staying Alert to Wire-Transfer Scams

Staten Island business bank extols virtues of vigilance

STATEN ISLAND, N.Y. – Whereas scammers have been keeping federal watchdogs busy, Victory State Bank, Staten Island's only community-based commercial bank, advises that Islanders be no less vigilant.

Everyone wants to please the boss, and this became the basis for a scam that was expensive for its victims.

In one of its frequently posted scam alerts, the Federal Trade Commission (FTC) tells of a wire-transfer request to a new vendor, as seemingly sought by a workplace boss.

It's bogus, however, because a hacker posed as the senior executive in a scheme called masquerading.

Such schemes often go undetected, the FTC says, until a company's fraud department questions it or executives talk about it. 

In some instances, a deliberate typo slightly changes a real email address to a fake one, or hackers invade the email system and post requests from genuine accounts.

Ways to prevent being victimized include a multi-person approval process, purchase orders needing a manager's approval, and confirmation that a request is from an authorized source.

Also, suspicion about the need for urgency or secrecy should be red flags, the FTC warns.


About Victory State Bank

VSB Bancorp, Inc. (OTCQB: 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 at www.VictoryStateBank.com.

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