Summer Heat Alert: Is Your Credit Union Really Calling?

Summer is a time for relaxation and fun, but it's also a period when fraudsters often ramp up their efforts, hoping that vacationing individuals might let their guard down. One prevalent and dangerous scam involves criminals impersonating your credit union. They use various methods – calls, texts, emails – to trick you into divulging sensitive information or transferring money under false pretenses. Don't let these imposters ruin your summer!

The Deceptive Tactics of Credit Union Imposters:

Scammers are becoming increasingly sophisticated. They may:

• Spoof phone numbers: Making it appear as though the call is genuinely from your credit union.
• Send urgent messages: Claiming suspicious activity on your account requires immediate action.
• Request personal information: Asking for your PIN, password, account numbers, or one-time passcodes.
• Pressure you to transfer funds: Instructing you to move your money to a "safe" account, which they control.
• Use scare tactics: Threatening account closure or financial loss if you don't comply.
• Mimic legitimate communications: Creating emails and texts that look very similar to official credit union messages.

Staying Vigilant: Steps to Avoid Becoming a Victim:

Protecting yourself requires a proactive approach. Follow these crucial steps:

• Be skeptical of unsolicited contact: Your credit union will generally not call, text, or email you out of the blue asking for sensitive information.
• Never share personal details: Do not provide your PIN, password, account numbers, or one-time passcodes to anyone who contacts you. Your credit union already has this information.
• Verify independently: If you receive a suspicious communication, do not respond directly. Instead, contact your creidit union using the official phone number listed on your statements or website.
• Hang up on suspicious calls: If you receive a call that feels suspicious, end the call immediately.
• Do not click on unfamiliar links: Avoid clicking links in emails or texts from unknown or suspicious sources. Type the credit union's website address directly into your browser.
• Enable two-factor authentication: This adds an extra layer of security to your accounts.
• Monitor your accounts regularly: Check your statements and transaction history frequently for any unauthorized activity.
• Be wary of urgent requests: Scammers often create a sense of urgency to prevent you from thinking clearly. Take your time and verify the information.
• Trust your instincts: If something feels off, it probably is.

Suspect Fraud? Act Immediately!

If you believe you have been a victim of a credit union impersonation scam or notice any suspicious activity:

1. Contact your credit union immediately: Report the incident to their fraud department. They can freeze your accounts, issue new cards, and investigate the situation. Keep a record of who you spoke with and when.
2. Change your passwords and PINs: Update the login credentials for all your online banking and financial accounts.
3. File a police report: This provides an official record of the crime and can be helpful in the credit union's investigation.
4. Report the scam to the Federal Trade Commission (FTC): Visit ReportFraud.ftc.gov to file a report. This helps the FTC track scams and take action against fraudsters.
5. Consider placing a fraud alert on your credit report: Contact one of the three major credit bureaus (Equifax, Experian, TransUnion) to place a fraud alert. This can help prevent further unauthorized activity.

This summer, let's prioritize security alongside our fun. By staying informed and vigilant, we can protect ourselves and our families from the harmful tactics of credit union impersonation fraudsters and enjoy a worry-free season. Remember, when in doubt, always verify directly with your credit union through official channels.

Click here to hear how a Texas Trust employee exposes phone scam targeting member