Blog   Tagged ‘information security’

7 Tips to Prevent Tax ID Fraud

  |  Posted by

As the 2017 tax season gets underway, it’s a good idea to take extra precaution to prevent exposure to tax fraud. As we saw in 2016, criminals are using new and innovative methods to try to gain your trust or scare you into lowering your defenses and making a costly mistake. These tactics have continued‡ into 2017.

Tax identity fraud takes place when a criminal files a false tax return using a stolen Social Security number in order to fraudulently claim a refund. Identity thieves generally file false claims early in the year and victims are unaware until they file a return and learn one has already been filed in their name.

To help prevent tax ID fraud, the Federal Trade Commission (FTC) ‡ and Internal Revenue Service (IRS) ‡ offer the following tips:

  • File early – File your tax return as soon as you have all of your documentation giving criminals less time to use your information to file a false return.
  • File on a protected Wi-Fi network – If you’re using an online service to file your return, be sure you’re connected to a password-protected personal network. Avoid using public networks like a Wi-Fi hotspot at a coffee shop.
  • Use a secure mailbox. If you’re filing by mail, mail your tax return at the post office or an official postal box instead of your mailbox at home. Some criminals look for completed tax return forms in home mailboxes during tax season.
Continue Reading
  • Find a tax preparer you trust. If you’re planning to hire someone to do your taxes‡, get recommendations and research a tax preparer thoroughly before handing over all of your financial information.
  • Shred what you don’t need. Once you’ve completed your tax return, shred the sensitive documents that you no longer need and safely file away the ones you do.
  • Beware of phishing scams by email, text or phone. Scammers may try to solicit sensitive information by impersonating the IRS‡. Know that the IRS will not contact you by email, text or social media. If the IRS needs information, they will contact you by mail first.
  • Keep an eye out for missing mail. Fraudsters look for W-2s, tax refunds or other mail containing your financial information. If you don’t receive your W-2s, and your employer indicates they’ve been mailed, or it looks like it has been previously opened upon delivery, contact the IRS immediately‡.

If you believe you’re a victim of tax identity theft or if the IRS denies your tax return because one has previously been filed under your name, you should:

  • Alert the IRS Identity Protection Specialized Unit at 1-800-908-4490
  • Respond immediately to any mailed IRS notice and complete IRS Form 14039‡, Identity Theft Affidavit
  • Contact your bank immediately, to determine if any accounts have been opened without your permission or if your current accounts have been tampered with
  • Contact the three major credit bureaus to place a fraud alert on your credit records:
  • Continue to pay your taxes and file your tax return, even if you must do so by paper

More information about tax identity theft is available from the FTC at‡ and the IRS at‡. To learn more ways to keep yourself protected online, visit UMB’s Security & Privacy page.

Content adapted from the American Bankers Association (ABA).

When you click links marked with the “‡” symbol, you will leave UMB’s website and go to websites that are not controlled by or affiliated with UMB. We have provided these links for your convenience. However, we do not endorse or guarantee any products or services you may view on other sites. Other websites may not follow the same privacy policies and security procedures that UMB does, so please review their policies and procedures carefully.

UMB Financial Corporation (Nasdaq: UMBF) is a diversified financial holding company headquartered in Kansas City, Mo., offering complete banking services, payment solutions, asset servicing and institutional investment management to customers. UMB operates banking and wealth management centers throughout Missouri, Illinois, Colorado, Kansas, Oklahoma, Nebraska, Arizona and Texas, as well as two national specialty-lending businesses. Subsidiaries of the holding company include companies that offer services to mutual funds and alternative-investment entities and registered investment advisors that offer equity and fixed income strategies to institutions and individual investors.

Leave a Comment

Tagged: , ,

The Anatomy of a Romance Scam

  |  Posted by

It’s important to be wary of scammers looking to use emotion to get you out of your comfort zone and convince you to reveal personal information. Unlike other scams that happen solely online, romance scammers have also been known to call their victims. These types of scams are also known as catfishing.

Romance scammers will go to great lengths to gain your interest and trust, showering you with compliments, sharing what appears to be details about their life and emphasizing what you have in common. This process may take months as the scammer goes to great lengths to make the target fall in love.

Warning signs:

  • Their profile on the dating website or Facebook page is not consistent with what they tell you. For example, the images they use don’t match how they describe themselves, or they say they are university educated but their English is poor.
  • After gaining your trust, they tell you an elaborate story and ask for money, gifts or your bank account/credit card details.
  • They don’t keep their promises and always have an excuse for why they can’t travel to meet you and why they always need more money.
  • If you don’t send money straight away, their messages and calls become more desperate, persistent or direct. If you do send money, they continue to ask you to send more.
Continue Reading

Protecting yourself:

  • When you meet someone online, always consider the possibility that s/he could be a scammer – particularly if any of the warning signs are present.
  • Perform a Google image search‡ of the individual who contacted you to see if the images consistently match to the name and aren’t featured on unusual websites.
  • If you agree to meet with an individual in person, always tell family and friends where you are going and how long you’re going to be away. Meeting in a public place is another way to protect yourself.
  • Be wary of money requests. Never send personal information that could be used to open up credit cards or accounts in your name, and carefully consider the possibility of a scam before you agree to give anyone money.

For more tips, visit‡, or visit UMB’s Security and Privacy page to help you stay current on security best practices.

romance scam infogrpahic

When you click links marked with the “‡” symbol, you will leave UMB’s website and go to websites that are not controlled by or affiliated with UMB. We have provided these links for your convenience. However, we do not endorse or guarantee any products or services you may view on other sites. Other websites may not follow the same privacy policies and security procedures that UMB does, so please review their policies and procedures carefully.

Ms. Flores serves as senior vice president and Chief Information Security Officer, providing oversight of UMB’s information security and privacy programs. She joined UMB in 2010 and more than 15 years of experience in information technology and information security. She attended Kansas State University with a focus on management information systems and is a Certified Information Security Manager (CISM), Certified Information Privacy Professional (CIPP/US) and Certified Information Systems Auditor (CISA).

Read One Comment

Tagged: , ,

Balancing Act: The changing landscape of commercial banking

  |  Posted by

Technology has changed the way people do business. It’s also changed the way they do business banking. You can transfer money between two business accounts in minutes with online banking or complete and submit your entire expense report on the computer. Technology gives you the convenience of having greater control over your company’s finances. But that shouldn’t change the business partnership you have with your company’s bank.

Continue Reading

Like any relationship, creating and maintaining an effective partnership requires regular communication between you and your bank partner.  A strong relationship with your company’s financial institution not only enhances your customer experience, but also helps the bank balance quality service with a high level of information security.

Customer Experience

Your banker should know your company beyond what can be learned from a monthly commercial credit card statement. Your bank should act as an extension of your business and not just a place for you to keep your corporate accounts. Understanding the business cycles and unique financial needs of your engineering firm or your agriculture business gives your bank the insight to be a partner working with you on developing ideas to help your business succeed. This experience begins with a simple but powerful idea: know your customer.

For example, a bank that uses “know your customer” requirements for you to access your account can take this information and use it as a chance to get to know you and your employees better. At UMB, we require you to provide information that will uniquely identify you as the customer you say you are when you call us. These precautions are also good security measures to reduce potential fraud on your accounts.

Information Security

Having a strong relationship with your bank is important to your information security. Most banks will monitor spending habits to check for fraudulent activity on your commercial cards. For example, if a commercial card for a construction company starts posting a series of expensive charges at a department store within several hours, UMB might flag that account for suspicious activity or even put a hold on the card to stop any further transactions. Some might see this as too constrictive and even intrusive, but if you have a good working relationship with your financial institution you’re more likely to view this type of monitoring as a partner looking out for your company’s financial well-being.

So what can you do as a customer to keep the two-way communication open? Keeping your profile with your bank up-to-date makes it easier to verify who you are when you need to contact them. This also helps your bank ensure an accurate and safe customer experience.

Balancing self-service, customer service and information security is a challenge. A good bank should maintain the fine line between giving you the freedom to run your business and manage your finances, while remaining a loyal business partner who will always looks out for your best interests and the financial safety of your company.

Mr. Wegner is vice president and commercial card product manager at UMB. In this role, he is responsible for product development and program design for new and existing programs. He joined UMB in 2011. He earned an MBA in Management from Rockhurst University in Kansas City MO. He is a member of the NAPCP Public Sector Advisory Board.

Leave a Comment

Tagged: , , , , , , , , , , , , , ,