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October 22nd, 2008

FTC Alert: Spammers Prying on Bank Mergers

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As our economic landscape continues to be reshaped by unprecedented actions by the government and financial institutions alike, the Federal Trade Commission has a new warning for consumers: “bank failures, mergers, and takeovers are a spammer’s new best friend.” The restructuring of our financial system has given birth to newer and more dangerous “phishing” opportunities that allow spammers the chance to steal your most personal information:

Phishers (pronounced “fishers’) may send attention-getting emails that look like they’re coming from the financial institution that recently acquired your bank, savings and loan, or mortgage. Their intent is to collect or capture your personal information, like your credit card numbers, bank account information, Social Security number, passwords, or other sensitive information. Their messages may ask you to “update,” “validate,” or “confirm” your account information.

Read this FTC consumer alert to view examples of what these phishing messages may look like, or read the initial press release by the FTC.

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About the HSH Blog

HSH.com's daily blog focuses on the latest developments in the mortgage and housing markets. Our mission is to relate how changes in mortgage rates and housing policy, as well as the latest financial news, impacts consumers, homebuyers and industry insiders alike. Our 30-plus years of experience in the mortgage industry gives us an edge as we break down the latest changes in an ever-changing market.

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Tim Manni

Tim Manni is the Managing Editor of HSH.com and the author of their daily blog, which concentrates on the latest developments in the mortgage and housing markets.

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