Fraud Alert: Credit Union Impersonation Scams

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!

It has come to our attention that scammers, representing themselves as Power Financial Credit Union, have attempted to use “spoofed” text messages and calls from the credit union to get members to share sensitive information to gain access to their account. 

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].

Next, you should report the scam. Document everything and share this information with the FTC at ReportFraud.ftc.gov and your local South Florida police department. Catching fraudsters is difficult, but the information you share helps law enforcement agencies better understand how scammers operate. Plus, filing a police report provides you with an official document you will need if you must go through the process of recovering stolen funds.
 

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.

Power Financial Credit Union keeps you safe by actively protecting your data and offering features like optional Time-Based One-Time Passcodes (TOTP).

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.
 

FAQs About Credit Union Impersonation Scams

What are the signs of a phishing email?

Phishing emails typically ask for confidential information or encourage you to click on a link. Watch for signs like typos, email accounts that don't quite match financial institutions, and messages that aim to create a sense of urgency.
 

How do scammers spoof phone numbers?

A typical vishing scenario involves receiving a call from a trusted number. Fraudsters can do this thanks to VoIP applications that allow them to modify the number from which they are calling.
 

How do credit union scams work?

When targeting credit union members, scammers usually impersonate a representative to ask for identifying information and gain access to their accounts.
 

Will a credit union refund my money if I'm scammed?

If a criminal stole money from your account via an unauthorized transaction, you'll be able to recover the funds. However, the situation might differ if you initiated a transfer to a scammer.