BBB Warning of Independence Day Holiday Scams

Morning News

WEST MONROE, La. (7/1/2019) – Joann Deal of the Better Business Bureau talks to NBC 10’s Randi Ayala about the latest scam to be aware of ahead of the Independence Day Holiday.

Find the details here or watch the video above.

A national holidays means government agencies will take a day off…but scammers use them to get a leg up!

FDIC Cautions Customers That FDIConnect.com Is Not Affiliated With a Government Agency and Should Not Be Confused With FDICconnect.gov

The Federal Deposit Insurance Corporation (FDIC) advises bank customers on the potential for confusion between FDIConnect.com and the FDIC-run website, FDICconnect.gov. The FDIC is aware of the website FDIConnect.com, which advertises itself as a consumer-focused provider of FDIC pass-through insurance for bank deposits. The public should be advised that FDIConnect.com is not affiliated with the FDIC.

WHAT HAPPENED TO BRING UP A NEED FOR THIS WARNING?

It first came up in California…

A similar warning was recently issued by the California Department of Business Oversight

“The Department of Business Oversight (DBO) has been notified of a website, FDIConnect.com, that advertises itself as a bank-deposit broker that can obtain higher interest rates on bank deposits for consumers. FDIConnect.com is not licensed as a bank and is not insured by the Federal Deposit Insurance Corporation (FDIC).  Further, FDIConnect.com should not be confused with FDICconnect.gov, the official FDIC channel for FDIC-insured institutions.  The DBO notes that the choice of lettering in the name of the business and its advertising could be confusing.

The DBO urges consumers to exercise caution before responding to any website seeking deposits or promoting savings accounts or other offers. “

What CAN Federal Deposit Insurance Corporation customers DO to verify that they are interacting with the REAL FDIC?

  • FDICconnect.gov is a secure electronic portal for the FDIC to connect with financial institutions – not with individual bank customers.
  • Through FDICconnect.gov, bankers can download official FDIC correspondence and conduct secure file exchanges with the FDIC.

The FDIC recommends that bank customers do their due diligence to confirm that a financial institution is FDIC-insured before doing business with the institution.

The FDIC’s BankFind database can help customers determine if an insured bank has certain branches or a website that use a “trade name” that is different from the bank’s official name, often for marketing purposes.

  •  BankFind will provide customers with the name of the bank that owns the branch or website, if applicable, along with other pertinent information regarding that bank.
  • Customers may also call the FDIC toll-free at 1-877-275-3342 to check whether the FDIC insures a specific bank or savings association.

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