The Federal Trade Commission has issued a warning that a new set of online scammers are taking advantage of the current economic climate: as several banks announce mergers, these scammers are sending out phishing emails exploiting consumers’ confusion about their banking situations.

The emails are meant to convince readers to hand over banking information as well as other sensitive personal information. They appear to come from financial institutions and usually describe an account that was recently acquired in a merger or buyout. These accounts include savings and checking accounts, as well as mortgages and other loans. If, in fact, your bank has changed names or your mortgage has been transferred to a new lender, these emails may seem legitimate on the surface:

• “We recently purchased ABC Bank. Due to concerns for the safety and integrity of our new online banking customers, we have issued this warning message… Please follow the link below to renew your account information.”
• “We recently acquired the mortgage on your home and are in the process of validating account information. Please click here to update and verify your information.”
• “During our acquisition of XYZ Savings & Loan, we experienced a data breach. We suspect an unauthorized transaction on your account. To ensure that your account is not compromised, please click the link below to confirm your identity.”

These messages are tricks intended to direct you to websites that look like the actual website of your financial institution. However, these websites are fakes meant to collect personal information that scammers can then use to steal your identity and make fraudulent purchases. Rather than clicking on links in an email message or call a phone number, make sure that you type in the address of your financial institution’s website by hand. Double check the message in your email against those appearing on the website.

There are a few other ways to keep your personal information safe:

• Don’t email your personal or financial information.
• Review your financial account statements immediately after you receive them to make sure there are no unauthorized charges.
• Contact your financial institution directly if you have any questions about the sources of emails or phone calls.

If you receive a phishing email, you can forward it to spam@uce.gov, where a governmental agency will take further action on it. You can also report such emails to reportphishing@antiphishing.org, an email address operated by the Anti-Phishing Working Group which coordinates a variety of organizations on fighting phishing. Lastly, you should report phishing emails to the institution or company that scammers are attempting to impersonate.

If you believe you’ve been the victim of a phishing scam, the Federal Trade Commission maintains a website listing the steps you should take to protect your identity as well as your finances.

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