Once someone, who worked in the fraud department of one big financial institution has told me: “It’s not the question if
you’ll be a victim of fraud- the question is when?”
A couple of weeks ago I was meeting with one individual who has been in the banking industry for more then 10 years,
and as we are discussing some of the theoretical aspects of one of the courses in the Financial Literacy program, he told
me a story about the fraud with plastic cards through ATM. He has told me the story and even showed some pictures, and
I felt that I do not know even 75% of what is going on in the financial world. The gentleman has told me that on some
private ATMs, which are serviced by private individuals, a significant amount of fraud is committed on the daily basis. He
has told me that these ATMs have had a card reader mounted on top of the actual card reader of the ATM with a small
hidden camera that are recording your PIN number as you are punching this number in to the keyboard of this ATM. The
card number and the pin of your card will then get electronically sent out to a receiver that is attached to somebody’s
computer. This person who gets your information can then go and purchase anything they would want over the internet,
or even withdraw cash from the ATM!
What do you do then? Where do you go? Do you know what to do in this situation? You might say, “Well, I just call my
bank and tell them that I did not purchase these things!” Why do you thing that the bank will believe you? To them you
have purchased it because you have punched in the account number and the PIN. You will have to start the investigation
to prove that this is not you, or even retain the services of an attorney! Could this happen to you, or to someone that you
know? I think that this could happen to anyone, and we should be aware of the steps that we have to follow in order to
prevent ourselves from being a victim of another fraud or scam!
Slavic Community Center has been getting ready to launch their new Financial Literacy. Some of you have heard of it and
some of you have not, some of you may think that there is no need for this program and some of you think that this
program may be useful. We wanted to know the opinion of what some people in our community think of this program, and
whether or not they may find it helpful for establishing their financial future. What we were not surprised to find out was
that everyone in our community knows everything that there is to know about financial industry in the United States.
If you think that this will not going to happen to you because you believe that by using only checks or withdrawing money
at the bank can prevent the fraud- you are mistaken! One of the reasons behind this is that most of the retailers and
service providers are switching to non-check systems. Companies do this to protect themselves form fraudulent checks or
checks that were written for the amount of money, which are not supported with funds in the actual checking account.
This, however, is not the only reason why most of us should start using plastic cards. About a month ago middle-aged
gentleman came in to the bank to tell the banker that someone has forged his signature on one of his checks, and wrote
the check for “CASH”. The bank has told the gentleman that they will file a fraud report within the internal department of
investigations with no guarantee to him that this money will be credited back to him. The forged check was written for
over $4,500.00! The gentleman has stated that he never lost his checkbook or giving the empty checks to anyone. Even
though the police report has been filed immediately, and the bank was notified as well, this gentleman will have to wait for
over a month just to see if there is anything that the bank can do for him and hope that he will get his money back.
This person was not aware of this and he thought that he would just get his money credited back to his account by the
bank. Unfortunately, he did not know that the bank can not be hold liable for the forged checks, and the customer will
assume full responsibility for the loss if the investigation will be unsuccessful. These terms and conditions have been listed
in the account agreement, which most of us do not read or even sometimes understand. We just let it be, thinking that we
know everything either because our sons and daughter had told us, or because we just know.
These examples just indicate that know one is protected, and we should always seek knowledge and understanding
especially when the subject is about the proper money management and its protection. We are finishing up the
preparation of the learning materials for you and establishing the best locations that will fit your needs. We would like you
to think about at least one reason why should you put your money, financial future of your family and your personal
security at risk? When you find this reason, you must contact Slavic Community Center in order to register for these
courses, as our capacities are limited! There should be no reason for you to ignore this invitation, unless you know
everything! DO YOU?
For registration contact us by phone at 651-690-2395 or 612-801-6682. You also may send us an email at
gmeerovich@sccmn.com. We will send you the flyer and the information on the time and location of the course.
You should not miss this opportunity to gain the knowledge from the best experts in our community in the metro area!!!
you’ll be a victim of fraud- the question is when?”
A couple of weeks ago I was meeting with one individual who has been in the banking industry for more then 10 years,
and as we are discussing some of the theoretical aspects of one of the courses in the Financial Literacy program, he told
me a story about the fraud with plastic cards through ATM. He has told me the story and even showed some pictures, and
I felt that I do not know even 75% of what is going on in the financial world. The gentleman has told me that on some
private ATMs, which are serviced by private individuals, a significant amount of fraud is committed on the daily basis. He
has told me that these ATMs have had a card reader mounted on top of the actual card reader of the ATM with a small
hidden camera that are recording your PIN number as you are punching this number in to the keyboard of this ATM. The
card number and the pin of your card will then get electronically sent out to a receiver that is attached to somebody’s
computer. This person who gets your information can then go and purchase anything they would want over the internet,
or even withdraw cash from the ATM!
What do you do then? Where do you go? Do you know what to do in this situation? You might say, “Well, I just call my
bank and tell them that I did not purchase these things!” Why do you thing that the bank will believe you? To them you
have purchased it because you have punched in the account number and the PIN. You will have to start the investigation
to prove that this is not you, or even retain the services of an attorney! Could this happen to you, or to someone that you
know? I think that this could happen to anyone, and we should be aware of the steps that we have to follow in order to
prevent ourselves from being a victim of another fraud or scam!
Slavic Community Center has been getting ready to launch their new Financial Literacy. Some of you have heard of it and
some of you have not, some of you may think that there is no need for this program and some of you think that this
program may be useful. We wanted to know the opinion of what some people in our community think of this program, and
whether or not they may find it helpful for establishing their financial future. What we were not surprised to find out was
that everyone in our community knows everything that there is to know about financial industry in the United States.
If you think that this will not going to happen to you because you believe that by using only checks or withdrawing money
at the bank can prevent the fraud- you are mistaken! One of the reasons behind this is that most of the retailers and
service providers are switching to non-check systems. Companies do this to protect themselves form fraudulent checks or
checks that were written for the amount of money, which are not supported with funds in the actual checking account.
This, however, is not the only reason why most of us should start using plastic cards. About a month ago middle-aged
gentleman came in to the bank to tell the banker that someone has forged his signature on one of his checks, and wrote
the check for “CASH”. The bank has told the gentleman that they will file a fraud report within the internal department of
investigations with no guarantee to him that this money will be credited back to him. The forged check was written for
over $4,500.00! The gentleman has stated that he never lost his checkbook or giving the empty checks to anyone. Even
though the police report has been filed immediately, and the bank was notified as well, this gentleman will have to wait for
over a month just to see if there is anything that the bank can do for him and hope that he will get his money back.
This person was not aware of this and he thought that he would just get his money credited back to his account by the
bank. Unfortunately, he did not know that the bank can not be hold liable for the forged checks, and the customer will
assume full responsibility for the loss if the investigation will be unsuccessful. These terms and conditions have been listed
in the account agreement, which most of us do not read or even sometimes understand. We just let it be, thinking that we
know everything either because our sons and daughter had told us, or because we just know.
These examples just indicate that know one is protected, and we should always seek knowledge and understanding
especially when the subject is about the proper money management and its protection. We are finishing up the
preparation of the learning materials for you and establishing the best locations that will fit your needs. We would like you
to think about at least one reason why should you put your money, financial future of your family and your personal
security at risk? When you find this reason, you must contact Slavic Community Center in order to register for these
courses, as our capacities are limited! There should be no reason for you to ignore this invitation, unless you know
everything! DO YOU?
For registration contact us by phone at 651-690-2395 or 612-801-6682. You also may send us an email at
gmeerovich@sccmn.com. We will send you the flyer and the information on the time and location of the course.
You should not miss this opportunity to gain the knowledge from the best experts in our community in the metro area!!!
Why YOU should take advantage of SCC’s Financial Literacy courses.
Slavic Community Center
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