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Current Financial Scams

Current Financial Scams – Safeguarding Your Information

In today’s environment, it feels like we are regularly discovering new social engineering tactics that fraudsters/scammers/hackers (whatever you’d like to call them) are using to access information and gain access to your money, your banking login credentials and more! We’ve mentioned before that many scammers today use what’s called “social engineering” to accomplish this. Social engineering is where scammers misrepresent themselves (oftentimes as someone or as an organization you regularly engage with), to fool you into doing something that benefits them. Here is one of the latest financial scams that we’ve come across, and some ways that you can ensure you are protecting yourself and your loved ones.

Transaction Verification Text Messages: Smishing or fraudulent text messages are on the rise in how scammers are trying to get information. With many of us living on our mobile devices both for work and for personal use now more than ever, scammers are taking advantage of the fact that they know we will most likely engage with them. Recently, victims have been receiving fake transaction verification text messages from scammers posing as financial institutions. When folks reply via text, they receive a phone call from a spoofed phone number pretending to be representatives from the fraud department of that financial institution. The scammers proceed in pretending to identify and assist the Member with reporting the “bogus” transaction, assisting with canceling and ordering new cards (if applicable), and gain access to additional information such as online banking usernames and passwords as the final verification step. Once the scammer has access to the online banking information, they proceed to accessing victims’ funds by completing transfers and more.

As you can imagine, this can have an extreme financial impact and make for a very stressful situation. Here are some ways to safeguard your information and prevent from becoming a victim:

  1. Partners representatives will never ask for your username or password, so don’t share it with us or with anyone else.
  2. With two-factor authentication, any time your account is trying to be accessed from a new device you will receive a “one-time password”. You should never share the one-time password with anyone, especially if you aren’t the one logging into another device.
  3. Fraud attempts like smishing, vishing, and phishing are very much a thing of the present so it’s important to stay alert. Don’t click on links or reply to text messages you don’t trust and when in doubt, contact the financial institution directly.

To learn about additional ways to keep yourself safe, we encourage you to visit our Partners Fraud Center. Here you will find tips and tricks to enhance your online security, ways to safely access your account information, and more!