We want to make you aware of fraud attempts being targeted at credit union members. Fraudsters with access to compromised credit and debit card information, along with other personal information, are spoofing credit union phone numbers and sending text messages that appear to be from the credit union’s fraud department. These texts can appear authentic and request validation of recent card transactions. Links are also sometimes included in the text messages.
This type of fraud is known as SMishing (SMS text phishing). Obtaining card numbers, CV2 security codes (three-digit number on the back of the card), expiration dates, PINs and login information are the intent.
Valid fraud text alerts do not ask for personal information. Typically, a brief yes or no response is all that’s required to validate or decline a transaction. If you receive a questionable fraud alert from any financial institution:
Do not click on any links in the text message.
Do not respond to texts with any personal or account information.
Contact the financial institution directly to validate or report the text.
WSECU Fraud Management
We recently began offering fraud alerts via text. If you’re taking advantage of this service, please keep in mind that we never ask for personal information or include links in our text messages. Here is a sample of a WSECU fraud alert:
WSECU Fraud Alerts We declined a charge on card *1234 for $ 20.53 at Kmart, Chicago Recognize this? Reply Y for Yes, N for No
The only action required for this and any other fraud text alert WSECU sends is to respond with a “Y” or “N.”
Vishing – Fraud by Phone
Similar attempts to steal personal information can happen through a phone call – called Vishing – as well. If you receive a phone call and it seems suspicious, don’t respond. Contact your financial institution or credit card company through a trusted method you are familiar with using.
While SMishing and Vishing are not new types of fraud, thieves are always coming up with new ways to use them to snag more victims. Be cautious and don’t hesitate to act if you receive a text or a call that doesn’t feel right.
Your perspective is important to us and helps us see where we’re hitting the mark and where there might be areas to improve.