Fraud Alert: Account Takeovers

So far this month we have had multiple members fall victim to account takeover scams. Our top priority is always your members' financial security and wellbeing, so we're issuing a Fraud Alert to help you protect yourself.

What is an account takeover?

An account takeover occurs when a criminal gains full access to your financial accounts, allowing them to initiate transfers, make purchases, and ever overdraw your account. In some instances, they go so far as to change your login/contact information to completely lock you out of your account.

How does it happen?

Our members received phone calls from individuals claiming that they owed money to a legitimate, recognizable company. To complete the payment, members were coerced into download a remote access program that gave that individual full control of their device. Once the individual took control, not only were the able to send funds to fraudulent accounts, they also gained access to all of the member's account information.

What harm was done?

Thus far, we have had members collectively lose thousands of dollars as a result of this scam. Multiple members were also advised to get new account numbers and change their usernames and passwords to help limit the potential for future identity theft and fraud.

How can you protect yourself?

We encourage members to be very cautious whenever they receive a call, text, letter, or email demanding some form of payment. This is the most popular technique we see scammers utilize. They will claim to represent any number of businesses, institutions, or agencies. Oftentimes, they will also use threatening language or speak with a sense of urgency to pressure you into acting without thinking.

Anytime you are contacted about a debt or fine, especially from an unfamiliar source, you should always so your own research before responding. If you are on a call, hang up the phone. Check your personal records or do an internet search for the business, institution, or agency to locate their direct phone number or email address. Then, reach out using that information to inquire about and confirm the alleged debt.

Never give our your account information or PIN number. Never install an app or program that will give another person access to or control of your device. No legitimate business institution, or agency will ever request this of you.

If you are concerned that you have fallen victim to a scam or are experiencing an account takeover, please contact the credit union immediately. The sooner you speak with a representative, the more options er have available to help mitigate loss! Call the credit union directly at 856-696-2525 or 844-590-8866 toll-free.