Financial Fraud Prevention: What Your Bank Will Never Ask

Fraud is an ever-evolving challenge affecting every scope of life. It can be frustrating to be on constant alert, but it is a necessary step to avoid becoming a victim. Scams are increasing at an alarming rate. In fact, according to the Federal Trade Commission, consumers reported losing nearly $8.8 billion to scams in 2022 alone.

Scammers employ various types of fraudulent schemes and target a wide range of individuals regardless of age, race, geographical location, education level, financial situation, etc. Fraudsters relentlessly pursue their victims through phone, email, physical mail, text messages, and more.

Stearns Bank has always made safeguarding consumer information a top priority. Through a variety of extensive monitoring and reporting programs in place, we work diligently to recognize and reduce instances of fraud. Regardless of any financial institution’s efforts, customers are reminded to stay on high alert to protect their personal identifying and financial information.

All consumers should be aware that Stearns Bank, and any other financial institution, will NEVER ask:

• For your Online Banking username OR password
• For your Online Banking Secure Access Code, sent to your cell phone or email to log in or transmit money via ACH or Wire
• To take control of your computer or phone
• For your computer’s IP Address

DO NOT share your personal identifying or your financial information should you receive an unexpected call, text, email, or other method requesting this information. Call us immediately at 800-320-7262 if someone claiming to be Stearns Bank contacts you and asks for the above information.

Fraud schemes are constantly changing – Stearns Bank can help you stay up to date with the latest tactics and schemes used to defraud victims. Review fraud notices, report fraud incidents, and hear tips from our fraud experts at https://www.stearnsbank.com/business-banking/fraud.

About Stearns Bank N.A.

Minnesota-based Stearns Bank National Association is a $2.2 billion, independently-owned financial institution with locations in Minnesota, Florida and Arizona, and over 35,000 small business customers nationwide, in every state across the U.S. Recognized as having a bullet-proof balance sheet with 25% capital and earning top rankings as one of the nation’s highest-performing banks by American Banker, and most recently ranked fourth in the U.S. among banks having more than $1 billion in assets by Independent Banker’s 2023 Best of the Best ranking of banks with the highest 3-year average Return on Assets, Stearns Bank specializes in nationwide commercial construction lending, USDA and SBA lending, and small business and equipment financing. Driven by a passion to help others achieve their greatest ambitions, Stearns Bank’s mission is to Get the Job Done! For more information, visit StearnsBank.com.