When the Fraud Alert IS the Fraud

If someone contacts you to verify a suspicious credit or debit card charge, make sure you’re not talking to a scammer instead of the credit union.

The scam: You receive a call, text, or email from someone asking you to verify credit or debit card charges that don’t align with your usual spending patterns. This person claims to be from your card issuer’s security team — just calling to prevent fraud — but they’re really a thief trying to get access to your accounts.

How it works: Under the guise of “blocking” the suspicious activity, the scammer tries to get you to reveal your PIN, password, and/or personal information and then uses the details you share to access your account.

Tactics vary, but here’s a common scenario: Once you verify that you didn’t make the charges they describe, the scammer may say that your username and password have been compromised, along with your credit or debit card. But they have a “solution.” They say they’ll text or email you a link to follow so you can get new login information. If you click and proceed, they could lock you out of the account and use it themselves. But the bill will still go to you.

Watch out:

• Remember, scammers can make any number or name appear on your caller ID. Even if your phone shows it’s your credit union calling, it could be anyone. They can easily fake emails.
• Be skeptical: Identity thieves may already have done some snooping about you, so they may be able to provide details such as your name, address, or a confirmation number. This makes it challenging to know whether they are legitimate.
• Don’t respond to requests for personal information. Financial institutions will not ask for your PIN, password, or other personal details over the phone, by text, or in an email.
• Don’t be swayed by urgency and threats: If you feel pressured, you’re probably being scammed.
• Be on the lookout for strange behavior. If something feels “off,” it probably is.
• Don’t share one-time codes. One-time codes are very useful to enhance security, but you should only enter codes on official sites. Never share them over the phone.
• Don’t transfer money to someone unknown to you. Scammers sometimes claim you can protect yourself by putting your money in a “safe account,” but legitimate institutions do not do this.

What to do when a scammer comes after you:

If you have even a small suspicion that you’re being scammed, disengage with the person immediately. Call your financial institution at the number listed on its official website, ask about any fraudulent charges on your account, and tell the representative what happened.