FDIC Consumer News
Important Update: Changes in FDIC Deposit Insurance Coverage
The FDIC deposit insurance rules have undergone a series of changes starting in the Fall of 2008. As a result, certain previously published information related to FDIC insurance coverage may not reflect the current rules. For details about the recent changes, visit Changes in FDIC Deposit Insurance Coverage. For more information about FDIC insurance, go to www.fdic.gov/deposit/deposits/index.html or call toll-free 1-877-ASK-FDIC (1-877-275-3342). For the hearing-impaired, the number is 1-800-925-4618.
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Winter 2003/2004
Fraudulent Ads Use Official Bank Logos
The FDIC has warned consumers about fraudulent newspaper advertisements featuring official bank logos in attempts to trick consumers into wiring advance payments for loans or providing personal information.
In the typical scheme, ads for mortgages, small business loans, debt consolidation offers and other loans are placed in small-market or community newspapers. Consumers who call a phone number in the ad are asked to provide application information, including a Social Security number, to a "third-party consultant" who later says the loan is "granted." A loan package then is faxed to the victim along with a request for bank account information and a faxed copy of a driver's license and Social Security card.
Victims of the scam also may be asked to make an advance payment or deposit by wire transfer outside the banking system (such as through Western Union), not to the legitimate bank supposedly making the loan. The FDIC has received reports that a number of unsuspecting consumers have applied for these fraudulent loans and wired payments.
If you believe you have been victim of this scam, contact your financial institution, the local police and the three major credit bureaus, as noted on "When Internet Scam Artists Go "Phishing," Don't Take the Bait."
