Please be on the lookout for fraudulent texts appearing to be from your financial institution. Here’s how the scam works:
- Fraudsters send account alerts to members via text message – appearing to come from the credit union – warning them of suspicious debit card activity.
- For those members who respond to the text, the fraudsters call the members spoofing the credit union’s phone number and claim they are in the credit union’s fraud department and calling to verify suspicious transactions.
- To verify the member’s identity, the fraudster explains a passcode will be sent via text message and the member must provide the passcode over the phone.
- The fraudsters attempts a transaction that triggers a 2-step authentication passcode, such as using the “forgot password” feature or initiating a P2P transaction. The passcode is sent via text / email to the member who, in turn, provides it to the fraudster.
- The fraudsters immediately use the passcode to login to the member’s accounts and use the P2P feature to transfer funds.
If you ever have any doubt about ANY notices via email or text that appear to be from your financial institution, give them a call first to verify the communication!