Scam: Legitimate Credit Unions’ Names are Used to Collect Personal
Information Through Texts and Email solicitations
Location: Nationwide
Claim: “Account Deactivation, Account Status Alert, Changes to Terms and Conditions, Irregular Activity”
If you have access to a cell phone or email account, odds are you will probably come across misleading solicitations at one point or another. Communicating via email has become common for some banks and financial institutions, with online statements being ready to view or recent payments being made. Not all communications you receive are legitimate.
When Sarah received a serious looking email and a text from her credit union stating her card had been deactivated, she was instantly concerned and wanted to take care of any issues with her account immediately. She decided to respond to the text she received by calling the number provided. She was asked to supply her card number, the card’s expiration date, and the security codes on the back of the card. Sarah assumed she’d prevented a problem with her card, but became suspicious when she re-read the email and clicked on the link provided to update her information. The link took her to an unfamiliar website that did not resemble the site she normally used to manage her accounts. At that point, Sarah realized she had just become the victim of a scam. She called her credit union to let them know what had happened and disabled her card.
Anyone who responds to a fraudulent solicitation should contact their financial institution as soon as possible to notify them that their account may be compromised. Review monthly statements and keep in mind that most credit unions will not contact you by text or email to update sensitive information. If you have questions regarding correspondence you’ve received, contact your financial institution directly to verify the legitimacy. If you fall victim to a scam you can report it to the Federal Trade Commission at 877-FTC-HELP.