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6 MIN. READ
Key takeaways:
- Scammers often impersonate banks and credit unions in schemes that keep getting more realistic.
- You can stay safe by being aware of the most common scams and always being wary of the messages you get.
- If a scammer impersonates PFCU, let us know immediately!
We advise our members to be cautious and follow a few simple safety tips to protect themselves from credit union scams.
Most Common Credit Union Scams
Scams are getting more and more realistic, with criminals sometimes using AI or personal details to craft their messages.Here are some of the most common credit union scams to watch out for.
Phishing Scams
Posing as a credit union employee, the scammer sends a spoofed email or text message to a member. The goal is usually to trick you into following a malicious link where you’ll be prompted to enter your online banking credentials or respond to the message with personal and financial information.Scammers usually create a sense of urgency by claiming that you need to take action right away or risk losing access to your account. Some scams also trick you into sharing account information by pretending you have some money to claim.
These phishing scams can take different forms.
SMSishing
This form of phishing uses text messages. The messages often look like credit union alerts regarding suspicious activity on your account or ask you to verify your identity.Instructions urge the member to reply to the original message with account details, such as card numbers, CV2 codes, PINs, or other online account credentials.
Once the scammer has the information they wanted, they can use it to access your account and make unauthorized charges.
Here’s an example of a SMSishing text message sent to a member:

Fraudulent Emails
Criminals are also sending fraudulent emails made out to look like real communications from banks and credit unions. These emails usually ask you to follow a link, which will take you to a spoofed login page.If you fall for this credit union scam and enter your credentials on this fake login page, the scammers will receive this information. They can then get into your account and use Zelle or another similar service to transfer the funds to an account they control before vanishing without a trace.
Voice Phishing (Vishing)
Vishing scams are on the rise. They can be hard to detect since getting a phone call from your financial institution isn’t necessarily unusual.However, these fraudulent calls usually create a sense of urgency so that you’ll share sensitive information, for instance, to resolve a fake problem with your account. You might also come across vishing scams where the scammer asks personal questions to verify your identity before discussing anything else with you.

More Potential Scams to Watch Out For
With 3.4 billion phishing emails sent daily, phishing is by far one of the most common scams. But not all scammers trick their victims by impersonating banks and credit unions:- Check or cashier's check overpayment. Scammers target online sellers by buying an item and sending a check for more than the item is worth. They will then ask you to pay back the difference, only to find out the initial check was no good.
- Fake check scams. Criminals might approach you and ask you to cash a check for them. They will trick you into giving them the amount in cash, but the check will bounce a few days later.
- Investment scams. There are countless fraudsters posing as “investment advisors” online. They will usually encourage you to send them money so they can invest it on your behalf.
- Romance scams. Beware of scammers on dating apps. They use fake profiles to build long-distance relationships to trick you into sending them money.
- Fake shopping sites. If you order something from an untrustworthy website, there is always a risk of your credit card information leaking. Some sites are explicitly built to capture credit card data.
- Identity theft. Using personal information stolen from you, scammers can impersonate you and open accounts in your name.
- Keyloggers. Fraudsters can infect your computer or phone with malware that records everything you type and sends it to them, including passwords.
- Asking for verification codes. Some fraudsters have enough personal information to attempt to log into your financial accounts, but need the verification code texted to your phone. Keep your accounts safe by never sharing these codes.
How to Protect Yourself from Credit Union Scams
Be aware of the scams and techniques used by criminals. If something feels off or someone is pressuring you into sharing information, trust your gut feeling and investigate further.Remember that scammers can spoof phone numbers, making it look like you’re getting a legitimate call or SMS from your credit union branch. However, credit union employees will never call or text you to ask for sensitive information.
The same goes for emails. Fraudsters can craft convincing emails, but small details usually give them away as phishing scams. For instance, a letter might be off in the email address spoofing the name of a financial institution. To be safe, never follow a link from an email you don’t trust completely, and avoid downloading attached files.
If a phone call, text, or email feels off, don’t interact with it. Instead, call Power Financial Credit Union at 800-548-5465, and one of our representatives will let you know if the request is legitimate.
What If You Fell for a Credit Union Scam?
Don’t panic! There are steps you can take to protect your account if you accidentally shared sensitive information:- Give us a call at 800-548-5465 and tell us what happened.
- Change your online banking password if you shared this information.
- We can cancel out any debit or credit card that has been compromised.
- If you believe a criminal has access to your account, we can freeze the funds.
- We can also walk you through the process of freezing your credit.
- Please forward any suspicious emails to [email protected].
What to Remember About Credit Union Scams
Keep yourself and your family safe with these simple tips:- If a situation feels off, it probably is. Trust your instincts and investigate.
- Never trust caller ID, as caller ID may be modified to show your financial institution’s name.
- Never click on links in or respond to unsolicited emails or texts.
- Contact us at 800-548-5465 to verify the legitimacy of a request.
- Never share account passwords, PINs, one-time passcodes, Social Security numbers, or credit and debit card numbers. A Power Financial Credit Union representative will NEVER call you and ask for your information.
- Talk to your relatives about these scams, especially the elderly and teens who might not yet be familiar with these schemes.
We recommend checking our privacy and security center for more tips on credit union scams. Remember to call us at 800-548-5465 if you encounter any of these scenarios.