Fight fraud this festive season. Set up online banking alerts.
During the festive season Providence Federal Credit Union is more committed than ever to ensuring your financial security and well-being. It’s a time for cheers and celebrations, yet scammers find new ways to defraud consumers, including duping credit union members into believing there is a problem with their account, so they hand over private information. This information is then used to log into their accounts or steal their identity.
Below is a recent example of the process that a scammer recently took to commit fraud at one credit union and what you should look out for:
- Member receives a call or text pretending to be the credit union about questionable charges on a debit or credit card or even account.
- Fraudster has key pieces of information, like the last four digits of the card number, who is on the account, SSN, phone numbers, possibly even address information.
- When the member says, “no, those aren’t my charges,” the fraudster says they can assist with shutting the card down and stop the charges. They just need to verify the member.
- Fraudster asks the member to confirm their online banking user ID for member verification. PFCU would never ask for this information!
- Fraudster enters that and uses “FORGOT PASSWORD” so they can reset the password and take over the account.
- Fraudster then says something like, “I just sent you a code for verification; please read back the code.” The code is really the secure access code for the password change in online banking.
- From there, the fraudster controls the online banking account.
How to protect yourself this season
Unfortunately, criminals often use the busy festive period as an opportunity to strike. While we all want to have a magical time, there’s a free, easy way to make sure you don’t fall under the spell of scammers.
Set up an email and/or text* alert in online or mobile banking. It only takes a few minutes and will protect you from unexpected withdrawals, unusual activity, and fraud.
Online Banking:
1. Log into online banking and select the ‘Settings’ tab under your profile.
2. Click on ‘Security’ under the ‘Alerts’ menu
3. Select ‘My Alerts’ and choose ‘Add New Subscription’.
Mobile Banking:
1. Select the ‘Settings’ tab by clicking your profile (located top right corner)
2. Click on ‘Security’.
3. Select ‘Manage Alerts.’
4. Click on the menu icon (three lines)
5. Select “My Alerts” from the drop-down menu, and then “Add New Subscription”.
Enroll in SavvyMoney for added protection
If you receive any suspicious phone calls or texts requesting personal information, passwords, or PIN hang up, don’t redial that number, or click any links provided. Instead, reach out to us directly at (888) 849-5189, chat with us live, or send us a message using our contact form.
Stay in the know by visiting our Security Page, where you’ll find information on the latest scams, tips to secure your finances, and details on how our free SavvyMoney program can track changes in your credit report.
Remember that PFCU will never ask for your online banking user ID or password. When in doubt, please contact us.
Wishing you a secure and joyful holiday season!
*Text messaging fess may apply. Please check with your mobile carrier.