A Closer Look at the Latest Scams
Protecting Your Finances
Understand the methods they use to bypass high-dollar wire transfer security checks. Learn why it's crucial to hang up and call back using verified phone numbers and keep your secure code confidential. Financial institutions won't repeatedly ask for your personal information; this final barrier is your defense.
Scams Can Happen to Anyone
Recent Incidents
Recent weeks have seen a new twist on phishing attacks. Victims receive text messages claiming a $250 Walmart charge, which they deny. Shortly after, they receive a phone call from a seemingly legitimate source—fraudsters who spoof financial institutions' main numbers.
Trust Exploitation
The victims trust the call and willingly share their online banking username, believing it's essential to secure their account.
The Secure Code Deception
This secure code is critical. It's typically used to reset passwords securely. However, these fraudsters manipulate victims into reading the code aloud over the phone, violating their financial institution's policy.
Criminal Deception
Exploring P2P Platforms
Some fraudsters venture into peer-to-peer payment services, seeking larger sums than conservative limits permit. To bypass this, they coerce victims into authorizing wire transfers.
Callback Shenanigans
Financial institutions usually require a callback for high-dollar wire transfers. However, criminals found a way around this. They convinced members to enter a 'secure code' into their phones, which redirected all incoming calls to the criminals' phone.
Verification Fraud
False Verification
To complete their deceit, they sometimes invent fake social security numbers. While on the call, they even confirm made-up social security digits, further blurring the lines between truth and deception.
Takeaway: Guard Your Information
Verify and Call Back
If you ever receive a call from your financial institution, hang up and call them back using the phone number on your debit or credit card. This ensures you're talking to your institution and not a scammer.
Protect Your Secure Code
Never divulge your secure code, regardless of the circumstances. This simple step can prevent a breach.
Personal Information Protection
Lastly, remember that your financial institution will not ask you to confirm your personal information repeatedly. If such a request arises, exercise caution.
Empowering Yourself Against Scammers
It's essential to stay informed and cautious. Scammers are constantly evolving, but with the right knowledge, you can protect yourself from falling victim to their deceptive tactics.
Your financial well-being is worth the extra effort. Take the time to research and ensure that your account information is shared with trusted and secure entities. This simple precaution can go a long way in protecting your financial security. We've recently noticed a rise in fraud activity. Please remember that Cabrillo Credit Union will NEVER call and ask for personal information, such as social security numbers, passwords, card numbers, PINS, or other sensitive details.