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Written by:Credit Union ONE
May 10, 2022
Category: Security

Fraud Alert: The Best Way to Spot and Avoid Banking Phone Scams

image to support article about Fraud Alert: The Best Way to Spot and Avoid Banking Phone Scams
Your best weapon against fraud, scams, and identity theft is knowing what to look out for. So, let’s lay down some fraud self-defense knowledge. Examples of fraud include:

Phone Scams
Telephone scams impersonating your trusted institutions occur every day. We’ve seen a rise in scammers using our 1-800 number to inform members of a fake fraudulent transaction and then instructing them to read back a code that will allow the “caller” to block the fraudulent transaction. The "code" is an attempt by scammers to change your online banking credentials. If the message is also along the lines of “respond immediately or act fast to avoid fees,” be on your guard. It’s this pressure to act fast without thorough research is how scammers get you. If you’re in doubt, hang up and find the phone number for the institution on an official website or other official correspondence and call them directly to inquiry of the legitimacy of the call. Remember, if anyone calls you asking to verify your accounts, card numbers, social security, and other sensitive information from Credit Union ONE, end the call immediately and call us at 800-451-4292.

Also note, Credit Union ONE staff do not have badge numbers. If someone calls you claiming to be from our organization and gives you a name and badge number, hang up immediately. Credit Union ONE will also never call and ask you to stop fraud by using a money app, such as Zelle or Venmo, or any other bank transfer service. 
 
How can you protect yourself from scammers?
  1. Change all passwords frequently
  2. Set up mobile notifications so you can be alerted to suspicious activity immediately
  3. Do not share passwords with anyone
  4. If anyone calls you asking to verify your accounts, card numbers, social security, and other sensitive information, end the call immediately and call us at 800-451-4292 
  5. Refrain from autosaving personal information on your phone or computer
  6. Enroll your Credit Union ONE Mastercard Credit or Debit Card in Mastercard ID Theft Protection.
  7. Learn more about current scam activity on the Federal Trade Commission site. 

What to do if you think you’ve been scammed?
 
If you think you’ve been scammed with your Credit Union ONE account, call our Contact Center or Visit your nearest Branch ASAP. Depending on the circumstance, we will most likely immediately freeze the account, and review all transactions with you.  We may also instruct you to visit a branch to perform a Close & Transfer of your account and create all-new online banking credentials.  Even if you were not a victim of fraud, it is always in your best interest to change all online banking credentials frequently to help prevent future attempts.