“The most-reported text scam looks like a fraud alert from your bank, but it’s fake. It might say there’s suspicious activity on your account and tell you to call a number. Or to reply “yes or no” to confirm a big purchase (that you didn’t really make). But don’t do it. There is no real problem. They just want your money or personal information.” 3
If you did, there are several red flags you should be aware of that can help you determine whether it’s legitimate or not. Banks will never ask for personal or confidential information via text messages nor will they ask you to verify your identity, log in to your account, etc. by clicking a link. Most text scams try to create a sense of urgency and rely on scare tactics to get you to act quickly. Your bank will never send you threatening texts or pressure you to make rush decisions. If you receive an unexpected text message from your bank, here’s what to do: • Slow down and think before you take any action. • Do not respond to the text if it’s asking for personal information. (Note: Some banks, like Heritage, will ask you to confirm yes or no if a transaction is fraudulent. But they won’t ever ask for usernames, passwords, Social Security numbers, etc. If you indicate yes and are asked to take further action, always verify that what they’re asking you to do next is legitimate.) • Never share your passwords/one-time codes or let anyone log in to your accounts. • Do not click on any links. When in doubt, always contact your bank using the phone number on the back of your card or the number on their official website—not the number that texted you. If the text is in fact fraudulent, report it to both your bank and the FTC. At Heritage, we take your privacy and security very seriously. We have tons of resources available on our website about how to keep your personal information safe. If you ever suspect fraud on your account or receive an unexpected text, call or email from someone claiming to be Heritage Bank, call us immediately at 800.455.6126.
ABOUT THE CONTRIBUTOR: DENNIS D’AMBROSIO Dennis joined Heritage Bank in 2019. He is currently the vice president, fraud risk/investigations manager. Dennis has more than 25 years of experience in banking and fraud risk management and is vice president of the Northwest Chapter of International Association of Financial Crimes Investigators (IAFCI).
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FINANCIAL DICTIONARY Net Profit Margin
Net profit margin, or simply net margin, is a key metric that expresses the profitability of a company or business relative to its total revenue. It’s calculated by dividing the net profit (or net income) of the company by its total revenue and then multiplying by 100 to express the result as a percentage. Net profit is what remains after accounting for all expenses, including operating costs, interest and taxes. It’s the percentage of a company’s revenue that it keeps as a profit. The net profit margin is an important financial indicator as it provides insights into a company’s ability to efficiently manage its costs and generate profit from its core business activities. A higher net profit margin indicates that the company is effectively controlling its expenses and operating profitably, while a lower margin might suggest inefficiencies or higher operating costs. While net profit margin is a useful metric, it does have some limitations. For example, it’s not good when comparing companies in different sectors. Additionally, it can be influenced by one-off situations like the sale of an asset, which could temporarily boost profits. It’s best to look at several ratios and financial metrics when analyzing the profitability of a company. Contact your banker if you’d like to learn more or have any questions. ABOUT THE CONTRIBUTOR: JAMIE LOUIE-SMITH Jamie worked in commercial banking for 17 years before becoming the chief financial officer for a nonprofit drug and alcohol addiction treatment center. Her expertise in the financial industry, passion for helping others and varied years of experience give her the ability to work well with a diverse client base. Returning to the industry as a commercial banking officer, she specializes in lending to nonprofits, medical/dental professionals and other community-based businesses.
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