In Focus – SCCCU Blog
Stay informed about the Credit Union’s activities, plus get practical advice on a variety of personal finance topics.
How to Avoid Account Takeover Fraud
An account takeover happens when a fraudster poses as a financial institution to get your personal or account information. Once a fraudster has access to your account, he or she can make unauthorized transactions.
How Does It Work?
An account takeover begins with a fraudster sending a text message or email to you claiming to be from a financial institution's fraud department. They ask you to confirm a suspicious payment that was sent from your account - this may not be true and could be part of the fraud.
If this is a fraud attack, the fraudster typically follows up with a phone call and asks for your personal information to "cancel the payment." The account takeover fraud typically begins on a Friday, after business hours, and runs through the weekend.
How Can You Prevent Account Takeover Fraud?
- If someone posing as SCCCU contacts you by phone, email, or text message and wants you to share your personal information, consider it fraud. Don't do it! And then contact us immediately at 831-425-7708 about your experience.
- If you receive a text or email stating a message such as, "Free-Msg-Fraud Alert-Did You Attempt a Payment for the Amount of $XXX," don't reply to the sender. Instead, you should ignore the message and DO NOT call any phone numbers listed in the text or email.
- If you receive a phone call that seems to be a phishing attempt, end the call immediately. Be aware that area codes can be misleading: a local area code doesn't always guarantee that the caller is local.
If you feel you've been the victim of fraud, contact us immediately at 831-425-7708.
IMPORTANT: The Credit Union will NEVER ask for your personal information over the phone. Please do not share your personal information with anyone posing as our financial institution.