Five Tips to Evade Fraudsters

Scammers and fraudsters have been known to target consumers via phishing, smishing, and vishing campaigns. With these deceitful practices, fraudsters attempt to impersonate representatives of legitimate businesses. In a phishing campaign, they communicate via email, smishing via text (or SMS) messages, and vishing via voice messages. Their intent is to trick you into sharing your personal information with them so they can gain access to your accounts. Stay informed and vigilant. Consider these tips to avoid bad actors.

1. Be Cautious
   

   Be suspicious of any unsolicited texts, calls, voicemails, or emails – specifically those requesting personal or financial information. Refrain from downloading suspicious apps or programs. Fraudsters can use fake and suspicious smartphone apps to steal a one-time passcode from your phone or programs to gain remote access to your device.

   Never download any application on your device that originates from suspicious sources or unknown third-party app developers.

2. Be Informed
   Familiarize yourself with the advice provided by the Federal Trade Commission (FTC):
   • How To Recognize and Report Spam Text Messages
   • How To Recognize and Avoid Phishing Scams


3. Understand One-Time Passcode Authentication
   In this digital day and age, banking fraud is on the rise. To keep your account safe, financial institutions have now widely implemented the one-time passcode (OTP) authentication system. The OTP is a random set of numbers that remains valid only for a specified period of time – and for a single transaction alone. A financial institution keeps an account protected by allowing only the holder of the OTP to conduct financial transactions or gain information about an account.



4. Never Share Your Information
   Never share your one-time passcode with any third party.

   REMEMBER: UFCU will never ask you for a one-time passcode when reaching out to you directly. However, when you initiate a call to Member Services, an OTP may be used to verify your identity and help us to confirm we are talking to our actual Member. It’s ok to give your one-time passcode to a Member Services representative when you initiate the phone call and are certain you have called a legitimate business you trust.

5. Log In Properly
   

   Always log in through your financial institution’s official online banking portal. Do not click links sent through text or email messages requesting you to enter your login ID and/or password. Do not log in to your online banking portal with a third party that is present or has remote access to your computer or device. Review the FTC’s information on Tech Support Scams for more information.

Your diligence around the ever evolving scams and fraud trends makes a difference! Your willingness to educate yourself and be prepared directly impacts your personal privacy and security. Furthermore, it helps all financial institutions ensure that potential fraudsters have minimal financial gain and therefore fewer incentives to take advantage of unsuspecting consumers. We’re all in this together.