Stock image of a dollar bill and a lock. Be weary of coronavirus related scams.

What you need to know about COVID-19 and your money

The evolving Coronavirus situation has had a substantial impact on the daily lives of people all over the world. Many of us have made big life adjustments and are simply trying to figure this out as we go. During this time of uncertainty, it is not uncommon to have concerns or questions regarding your finances. At Great Western Bank we want to provide guidance and resources to help you feel at ease, but also make you aware of what to watch out for.

Your Money Is Safe With Us

The safest place for your money is at the Bank. Your checking and savings accounts at Great Western Bank are insured and protected up to $250,000 by the Federal Deposit Insurance Corporation (FDIC). The FDIC does not protect funds you withdraw to carry as cash. For that reason, withdrawing large sums of cash is not recommended. 
 
Great Western Bank has a long history of being financially strong and (just like all financial institutions across the country) we are consistently examined by officials from Federal, State and Local agencies to ensure our practices are safe and secure.

Coronavirus-related Scams

Fraudsters are taking advantage of the Coronavirus situation as internet usage has increased due to more people staying home and are using fear to make individuals more susceptible in falling victim to their deceitful acts. Protect yourself by staying informed of the latest scams. 
 
The Federal Trade Commission (FTC) is warning consumers of coronavirus-related scams such as:
  • Phony hospital websites offering inaccurate information about coronavirus treatments.
  • Fake business websites claiming to sell coronavirus cures and treatments.
  • Phishing emails, texts and alerts that look like they are coming from the World Health Organization (WHO) or Centers for Disease Control and Prevention (CDC) and contain “breaking news” about the coronavirus or appear to be coming from the U.S. Securities and Exchange Commission (SEC) and contain “investment opportunities”.
  • Spoofed charities asking for donations to assist those who have been impacted by the coronavirus.
The FTC has also provided the following precautions to take to avoid falling victim to these scams:
  • Don’t click on links from sources you do not know and never share sensitive personal information. 
  • Do your own fact checking and research by contacting trusted resources.
  • Ignore online offers for coronavirus vaccines and treatments.
  • Research charities before donating and when you do give, pay safely – never by gift card or wire transfer. 

 

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