Up To Their Old Tricks: Telephone Fraud

With digital technology advancing every day, it is important not to forget fraudsters will try anything to get your information, including old tricks like telephone scams. Once forgotten for fancier cyber-attacks, criminals have brought analog back to the forefront, and we have some tips to help protect your information.

Today we have many digital safeguards in place on our computers and mobile devices. That combined with the availability of information on how to prevent digital fraud has made us feel pretty secure. It is harder than ever to hack into someone’s online and mobile accounts. We must be winning, right? Don’t count the fraudster out - criminals are reverting back to the tried-and-true method of calling and asking for your information by claiming to be a representative from your financial institution.

Here are some tips to help keep you vigilant against fraudsters.

• Spoofed phone numbers. Fraudsters will use digital tech tools to copy phone numbers to trick or spoof call ID into displaying a known and trusted phone number. This, of course, is illegal but happens often.
• Gain your trust. The fraudster will impersonate someone at your financial institution and will use urgency to gain your trust by stating there has been fraudulent activity on your account and you must act quickly.
• Personal information. Your financial institution would not ask for your username or password for online and mobile banking. A new scam we have seen will ask for your username. The fraudster will then enter your username on their computer and select "Forgot Password". They will then ask for the code you receive either by text or email. DO NOT COMPLY.
• The Scam. Once they have access to your account, the fraudster will then change your login information and setup transfers from your accounts to theirs as seemingly legitimate transactions.

If you suspect you have been a victim of telephone fraud, reach out to our Member Contact Center immediately at 800-221-4020.