Ensuring your Business is Safe and Secure

Fraud is an every day occurrence and each year millions of dollars are lost because of the use of false information. The best thing to do to protect yourself from fraud is to know who you are dealing with. Oftentimes emails, phone calls, and letters will seem to come from very legitimate businesses and agencies, when in fact they are not. If ever you do receive such a solicitation, never give out sensitive information without doing your research first, especially if bank information is requested. If solicitors are impatient and need information right away, you have reason to be skeptical. Do not give out your information.

Recently, a PTAC office in Montana was contacted by a client about a fax that appeared to come from the U.S. Department of Transportation procurement office. It was on official letterhead and appeared legitimate. The contents of the fax were as follows:

 

Contractor Name

Address

City, State, Zip

Tax ID # ___________

Fax No: ___________

Dear Sirs:

According to our records you are registered with CCR as a prospective contractor under DUNS # _______________.

We are trying to evaluate your company's financial standing prior to procurement and we have stumbled into a problem. Your financial institution's privacy policy does not allow it to release your financial information even to government institutions without your consent.

I have attached a form which you must fill, sign and fax back. Our

Fax number is 202-318-2163. Please note that the form must be faxed to us and not directly to your financial institution. I will then resubmit my request for your figures together with your consent form.

After I get a response from your financial institution, I will prepare an invitation to bid.

Sincerely yours,

Frank M. Orell

Senior Procurement Officer

 

Along with this letter was Authorization to release financial information requesting account number, tax id #, and signatures from 2 officers.

This request seemed perfectly legitimate, however was found fraudulent by the Montana PTAC officer. Not only did the U.S. DOT not make this solicitation, no government agency will ever request financial information, institution name, or account number in this manner. This information especially would not be requested via fax.

Keeping your information safe is very important to your business. Though many banks do insure debit cards and other forms of fraud, it is possible that funds lost due to fraud may not be recovered. To protect your business always know who you are in contact with and never compromise private information.