Knowledge Center

Junk Mail or Information from My Lender?

keeping-my-information-safe | Read Time: 3 minutes

By Robert Eastwood and Mike Dzielak | Published: July 2023

Junk Mail or Information from My Lender?

If you have a mailbox, then odds are you’re no stranger to junk mail.

And if you’ve also closed on a loan recently, whether a mortgage for your home or loan for your business, it is likely you’ve received quite a few solicitations in your mailbox that look as though they could be from your lender.

Here is how to tell if that mailer is really from your lender or if it is just junk.

What Do These Mailers Look Like?
Junk mail is nothing new, but why do you get an influx of it after closing on a loan?

There is an abundance of companies that utilize information that is public record or that they’ve purchased from another company to send solicitations to consumers. This has been commonly seen with mortgages for years, but increasingly borrowers are receiving solicitations that appear to be from their lender for other items like business loans as well.

For example, you may receive a postcard stating something along the lines of:

  • “We’re trying to reach you about an important matter regarding your mortgage.”
  • “Our review indicates you may have $XX,XXX in available funds that are entitled to compensation for retaining employees during the pandemic…”

The mailer may even include details on the amount of your loan, your actual lender’s name, and more in an attempt to appear legitimate. But if you look at the fine print, you’ll often find that the solicitation states that the company contacting you is unaffiliated with your lender.

It is important to be wary of similar messages you may receive via text or email. Read the fine print carefully and never click any links from a message you were not expecting to receive.

Are They Legitimate?
If you’ve received a mailer like those described above: it’s junk.

These mailers can cause concern for consumers when receiving them since they relate to their loans and may even include the name of their actual lender somewhere on the piece of mail. These companies continually adjust the design of their mailings to appear more official or legitimate, with some going so far as to make them look like government documents.

While not all companies contacting you through these methods are illegitimate or looking to scam you, they are often looking to blur the lines of whether the mailing is really from your lender, so it is vital to use caution before responding to any mailers.

What Should I Do?
If you receive a mailer like those described above, the simplest thing to do is toss it in the shredder or recycling bin.

If you’re unsure if the mailer is legitimately from your lender or if there is any action you need to take, call the number on the official website for your lender (not the one on the postcard you received), and your financial institution will be able to verify if it is real or just junk mail.

For more tips on keeping yourself and your information secure, visit our Security Center.




About the Authors
Robert Eastwood is Senior Vice President, Chief Information Security Officer at WSFS Bank. He has more than 24 years of experience in the information security field, including nearly 20 years at WSFS, most recently as Vice President, Information Security Officer, where he developed and executed a multi-year strategic plan for Information Security. He also holds a number of professional certifications and memberships in the Information Services, IT and financial services fields.

Michael Dzielak, MBA is Senior Vice President, Director of Financial Crimes at WSFS Bank. Prior to joining WSFS, he spent more than 20 years at the FBI, most recently as a Special Agent on the White Collar Crime Squad, where he was responsible for investigating financial fraud and corruption, and was a leader of global and national criminal investigations in the financial institution fraud, money laundering, government fraud, healthcare fraud, public corruption, civil rights and child exploitation arenas.

 

 

Tips to Protect Yourself from ATM and Debit Card Fraud

Tips to Protect Yourself from ATM and Debit Card Fraud

Thirty-six percent of all U.S. banking customers said they have experienced some kind of financial fraud in the past 12 months, according to J.D. Power, with unauthorized purchases on debit cards being among the most common occurrences.

Read More
How to Avoid Artificial Intelligence and Deep Fake Scams

How to Avoid Artificial Intelligence and Deep Fake Scams

Artificial intelligence (AI) can be a powerful tool, but what happens when it falls into the hands of scammers? While AI can help with things like chatbots for customer service and writing emails, it can also be leveraged by nefarious actors through deep fake scams that can mimic human voices, create fake videos, photos and more to take advantage of unsuspecting victims.

Read More
Tips to Protect Yourself from Social Engineering Like Romance Scams

Tips to Protect Yourself from Social Engineering Like Romance Scams

Love is in the air as wedding season heats up alongside the weather. But if you’re the unlucky victim of social engineering, which is when scammers manipulate their victims psychologically to get them to provide sensitive information, you may be left with more than just a broken heart.

Read More
CISO Perspective: Tips to Protect Yourself from Check Fraud

CISO Perspective: Tips to Protect Yourself from Check Fraud

Fraud has continued to rise in recent years, with the Federal Trade Commission reporting that consumers lost nearly $8.8 billion to fraudulent schemes in 2022, a 30% increase from the year prior. Figures reported by the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) indicate check fraud has risen significantly recently, with a whopping 239% increase in incidents between 2020 and 2022.

Read More
CISO Perspective: How to Safely Use Peer-to-Peer Payments

CISO Perspective: How to Safely Use Peer-to-Peer Payments

Peer-to-Peer (P2P) payment platforms such as Zelle®, Venmo, PayPal and CashApp have continued to rise in popularity in recent years, and for good reason. These platforms can make it quick and simple to transfer money to friends and loved ones without the need to visit your bank, an ATM or cut a check. While P2P payments can help streamline your finances, it is important to use them properly to avoid falling victim to fraud.

Read More