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Customer Education

Montecito Bank & Trust will never call you and ask for you to provide us with account information or social security number. We already have that information.

Fraudulent activities are currently on the rise so be safe and do not provide any such requested information over the phone.

Transaction Account Guarantee Program

Montecito Bank & Trust is participating in the FDIC's Transaction Account Guarantee Program. Under that program, through December 31, 2010, all non-interest bearing accounts are fully guaranteed by the FDIC for the entire amount of the account. Coverage under the Transaction Account Guarantee Program is in addition to and separate from the coverage available under the FDIC's general deposit insurance rules.

Android Phone Users - Beware of Fraudulent Mobile Banking Apps

05/24/10 - The growing popularity of Android-powered phones has led to the development of potentially fraudulent mobile banking apps for download in the Android Marketplace. Montecito Bank & Trust customers should be aware that at the current time our mobile banking service does not use apps downloaded from either the Android Marketplace or Apple iTunes Store.

If we do release a Mobile Banking App in the future, customers are advised to only download banking software directly from the Montecito Bank & Trust website www.montecito.com.

FDIC Issues Guidance on Online Banking, Bill Paying and Shopping

03/23/10 - In their Winter 2009/2010 Consumer News issue, the FDIC has published an informative bulletin with precautions you can take to help protect your money when conducting business on the Internet. Read the article "Online Banking, Bill Paying and Shopping: 10 Ways to Protect Your Money" on the FDIC website.

Read more about the FDIC .

Email Scams Now Targeting Companies Through Employee Emails

02/15/10 - While individuals have been targeted for email scams for some time, banks are being alerted to companies being more and more targeted with email scams. A company employee, who is generally a person who can initiate funds transfers or payments on behalf of the business, receives a seemingly legitimate "spear phishing" e-mail which either contains an infected attachment, or directs the recipient to an infected Web site. When recipients open the attachment or visit the Web site, malware is installed on their computer that harvests their business or corporate bank account log-in information.

The victims in this scheme are called "money mules" because they simply serve as a conduit between the business bank account and the hacker's bank account. In most cases, the funds disappear into a foreign bank account too quickly for the cyber-theft trail to be detected.

In a joint effort between the Federal Bureau of Investigation (FBI), the Financial Services Information Sharing and Analysis Center (FS-ISAC), NACHA - the Electronic Payments Association, and other Federal government agencies, recommendations have been provided to guide companies in best practices to use when conducting business online.

Learn more.

Latest Email Scam Targets Financial Institutions

12/11/09 - The California State Department of Financial Institutions was advised the Financial Services Information Sharing Analysis Center (FS-ISAC) today raised its threat level from 2 (Guarded) to 3 (Elevated) due to the critical vulnerabilities addressed in December's Microsoft Security Bulletin and related information.

This includes a recent trojan phishing scam using the US Treasury and Federal Reserve theme.

Financial institutions may want to advise end users not to click on links within these types of email as they contain malware which can lead to credential stealing and account takeover. Computer system administrators are advised to maintain heightened awareness, apply all appropriate updates and update anti-virus and intrusion detection and prevention signatures.

NACHA Phishing Alert - Email Claiming to be from NACHA

11/12/09 – NACHA – The Electronics Payments Association has received reports that individuals and/or companies have received a fraudulent e-mail that has the appearance of having been sent from NACHA. The e-mail includes a link which redirects the individual to a fake web page which appears like the NACHA website and contains a link which is almost certainly executable virus with malware. See sample below.

= = = = = Sample E-mail = = = = = =
From: nacha.org [mailto:report@nacha.org]
Sent: Thursday, November 12, 2009 10:25 AM
To: Doe, John
Subject: Rejected ACH transaction, please review the transaction report
Dear bank account holder,
The ACH transaction, recently initiated from your bank account, was rejected by the Electronic
Payments Association. Please review the transaction report by clicking the link below:
Unauthorized ACH Transaction Report (this is the how the link is presented)
------------------------------------------------------------------
Copyright ©2009 by NACHA - The Electronic
= = = = = End of Sample E-mail = = = = = =

ABA Warns of Fraudulent Letters, Fake Checks

8/28/09 - The ABA (American Bankers Association) has been alerted that individuals sending cash prize letters purporting to be from the ABA are part of a fake check scam. The con artists are sending letters asking people to call a phone number to find out how to collect a prize - a popular technique to get personal financial information from letter recipients.

     Read more     View a letter

Many of the letters contain one or more fraudulent checks, and a number of individuals have attempted to cash or deposit these fraudulent checks. The fraudulent checks are listed as from ABA and ABD Federal Credit Union, but the association believes other financial institutions may be targeted. The check amount is typically between $1,000 and $5,000. ABA is working with law enforcement to identify and disrupt the source of the letters.

Credit Card and ATM/Debit Fraud on the Rise

July 2009 - During the month of July, Montecito Bank & Trust received information about a specific Electronic Card Skimming scam at some Southern California Valero gas stations. Montecito Bank & Trust wants to educate our customers on how to detect compromised gas pump electronic card reader equipment or compromised ATM machines. Read more.

Card Skimming: Card skimming is now happening all over the world and is not simply a Southern California problem. Special data capture devices are affixed to ATMs, cash dispensing machines and gas pumps, in the case of the Valero gas stations, in order to capture data from the magnetic strip on the back of credit, ATM or Debit cards. These data capture devices used for fraudulent activities can be small and not always readily detectible.

PIN Capturing: PIN capturing is another fraudulent worldwide activity on the rise. In this fraudulent scheme, cameras or other imaging devices are affixed to ATMs in order to capture your personal identification number (PIN) as you enter it. Once a PIN is obtained, it can be encoded onto fraudulent cards for cash withdrawals from accounts.

These devices can be located at the top of the ATM, in the speaker area, near the card input slot, or even near the ATM keyboard. In this scheme, a customer's actual account number is not divulged, but by capturing your ATM PIN, fraudulent transactions can occur on your account.

It's important to review your monthly statement and if you see any transactions that you did not make yourself, then you should contact your Montecito Bank & Trust branch immediately. Become vigilant in looking at the ATM itself before you use a machine.

FDIC Insurance Increase Extended

On May 20, 2009, President Barack Obama signed the Helping Families Save Their Homes Act, which extends the temporary increase in the standard maximum deposit insurance amount (SMDIA) to $250,000 per depositor through December 31, 2013. Learn more.

Read more about the FDIC .

Learn how to Recognize Scams

Telephone Scam

12/22/08 This scam involves fraudsters attempting to obtain personal information through automated phone calls. Read more.

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