Beware Of Banking Scams

SecurityFebruary 14, 2018

Scammers never take a break. Recently, there’s been a significant uptick in scams involving checking accounts at many financial institutions.

In these scams, criminals use social media to connect with the victim. They usually pose as representatives of a bank or credit union and milk the victim for sensitive information, like account numbers and passwords. Since the scammers are using the credit union’s social media accounts, the victims often won’t hesitate to share this information. When the scammers have what they need, they proceed to empty the victim’s accounts and then disappear.

Be aware and be alert. Here’s what you need to know about this scam:

1.) Check URLs

Scammers are becoming increasingly more suave at posing as companies their victims are familiar with. You can check a site’s authenticity by double-checking the URL. You can also check a site’s security by looking for the “S” after the “http”.

2.) Be suspicious

Awareness can be your best protection. It’s easy for a scammer to pose as a member representative on social media, but if you’re on guard, you’ll spot these fakers. GLCU employees will NEVER contact you from their personal Facebook account.

3.) Reach out to your credit union

It may be difficult to determine whether the people you’re talking to are the real thing. If your conversation suddenly starts looking fishy, hang up or log out of whatever medium you’re engaged in and call the company or credit union yourself. You can always reach out to us at (800) 982-7850. Never use another number suggested by a suspicious-acting representative.

4.) In case of fraud, take action

If you suspect you’ve been taken for a ride, let us know as soon as possible. The sooner you catch a scam, the better off you’ll be. We’ll also be able to alert our other members and work on catching the crooks who’ve conned you.

It’s also a good idea to let the Federal Trade Commission (FTC) know about the scam. The more information you share, the easier it will be for the feds to nail those scumbags. Contact the FTC at FTC.gov.

5.) Protect yourself

It’s a good idea to practice basic safety and protective measures with your accounts.

Here’s how:

  1. Safeguard account details: Never share account information without being certain about who you are talking to.
  2. Use good password hygiene: Use complex passwords and change them often. Be sure to use different passwords for each of your accounts.
  3. Choose extra protection: Opt in for two-factor identification when logging into your accounts. That’s an extra level of protection for you and another hurdle for scammers to scale.
  4. Set up alerts: Choose to receive an email or a text message when transactions on your account exceed your typical level of spending.
  5. Monitor your accounts: It’s a good idea to check your accounts on a regular basis, and with our app, this is now easier than ever. In most cases, you will be responsible for fraudulent charges on your account if you report them more than 60 days after your monthly statement is delivered.

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