Following the collapse of Silicon Valley Bank (SVB), affected individuals and companies will be (or are actively in the process of) moving their bank accounts to other financial institutions. Cybercriminals are also tuned into this news and are actively seizing opportunities to scam anyone involved with SVB out of their money and possibly their sensitive personal information.
If you, or anyone you know, had money in SVB, you should consult our client guide: Staying Safe When Moving Bank Accounts. It's a helpful document, not only for those involved with SVB, but for anyone who is considering changing banks in the future.
Scams to Keep an Eye On:
Phishing Attacks: Cybercriminals may attempt to communicate with you posing as a representative from SVB, or another financial institution, in an attempt to have you turn over money or sensitive personal information. The messages will try to elicit an emotional response, and may come in the form of phishing emails, or SMS text messages, a practice known as "smishing."
Remember: No legitimate organization will ever ask you for money, personal information or login credentials. If you receive a message that feels suspicious, do not engage with the message and contact the BlackCloak concierge team.
Fake Apps: When signing up for a new bank, make sure you download its application directly from the Google or Apple app store. You do not want to download an application from a different source that may be malicious. Additionally, make sure to read app reviews, research the app developer, and read the app description carefully to ensure everything appears legitimate. Again, if you have a question about an app, contact the BlackCloak concierge team.
Additional Steps to Protect Yourself
When you land on a new bank, take these steps to protect your accounts.
Monitor your accounts regularly. Even if you haven't fallen victim to a scheme, it's a good idea to periodically monitor your accounts for fraudulent activity out of an abundance of caution.
If you have any additional questions, email us at ask@BlackCloak.io or schedule a Concierge Session via the BlackCloak app Support tab.
