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October marks Cybersecurity Awareness Month, and at Power Financial Credit Union, we are committed to keeping our members informed about the latest threats and how to protect your personal and financial information. With online and mobile banking becoming an integral part of our daily lives, scammers are getting more sophisticated in their tactics. Cybercrime is an ever-growing concern, particularly in the banking sector, where fraudsters are constantly devising new ways to trick unsuspecting individuals.As your trusted financial partner, we want to ensure you have the knowledge to protect yourself. Below, we’ll highlight some of the latest scams targeting credit union and bank account holders and offer actionable tips for safeguarding your money and personal information.
1. Phishing Scams
Phishing is one of the most common types of fraud targeting consumers today. Scammers send fraudulent emails or text messages, posing as a reputable organization—often your credit union or a government agency. They’ll create a sense of urgency, asking you to "verify your account" or "update your password" immediately by clicking a link or calling a phone number.These links often lead to fake websites that mimic legitimate ones. Once there, you may unknowingly provide sensitive information like your account number, password, or Social Security number. Once a fraudster has this information, they can access your account and drain funds or steal your identity.
How to protect yourself:
- Always verify the sender’s email address or phone number. Official communications from Power Financial Credit Union will never ask you to share sensitive information via email or text.
- Don’t click on links or download attachments in unsolicited messages.
- If you’re unsure whether an email is legitimate, contact us directly using our website or phone number to verify its authenticity.
2. Tech Support Scams
In this scam, criminals pose as tech support representatives from well-known companies. They claim to have detected a virus or malware on your computer and ask for access to your system to "fix" the problem. Once inside, they can steal your financial information or install malware to monitor your keystrokes, including when you enter passwords.How to protect yourself:
- Legitimate companies will never reach out to you unsolicited to fix a computer issue.
- If someone calls claiming to be tech support, hang up and contact the company directly to confirm the request.
- Keep your computer’s antivirus software up to date and avoid downloading software from unknown sources.
3. Person-in-the-Middle (PITM) Attacks
With more members using public Wi-Fi to access their accounts on the go, person-in-the-middle attacks have become more common. Hackers can intercept the communication between your device and the website you’re visiting, especially if you're using unsecured networks. This can allow them to steal your login credentials, credit card numbers, or other personal information.How to protect yourself:
- Avoid accessing your credit union account over unsecure, and free, public Wi-Fi networks.
- Always ensure that the websites you visit start with "https" (the “s” stands for “secure”) and look for the padlock icon in the URL bar.
4. Mobile Payment App Fraud
Services like Venmo, Zelle, and CashApp have made it easier than ever to send money instantly, but they’ve also opened the door to scams. Fraudsters may contact you, pretending to be a friend or family member in urgent need of money, or they may spoof messages from a bank or payment app asking you to authorize a suspicious transaction.Once you send money via these apps, it’s often impossible to recover. Unlike credit cards, which offer fraud protection, most mobile payment apps have little recourse for disputing unauthorized transactions.
How to protect yourself:
- Only send money to people you know and trust.
- Double-check the recipient’s information before hitting send.
- If you receive a message asking you to authorize a payment you don’t recognize, contact the payment service directly to verify its legitimacy.
Best Practices for Protecting Your Information
In addition to staying aware of these scams, here are some general tips to help you safeguard your personal and financial data:- Use strong, unique passwords: A strong password should be at least twelve characters long but fourteen or more is better. Include a mix of letters, numbers, and symbols. Avoid using the same password across multiple accounts.
- Enable multi-factor authentication (MFA): MFA adds an extra layer of security by requiring a second form of identification (such as a code sent to your phone) in addition to your password. And remember, never share your MFA code with anyone.
- Use an authenticator app: After you enable MFA, set up Google Authenticator or Microsoft Authenticator as they are even more secure than SMS authentication.
- Monitor your accounts regularly: Check your credit union and credit card statements frequently for any unauthorized transactions. The sooner you spot fraud, the faster we can help resolve it.
- Shred sensitive documents: Before disposing of paperwork containing personal information (such as bank statements or credit card offers), make sure to shred them to prevent identity theft.
- Keep your software up to date: Regularly update your computer and mobile device software to patch vulnerabilities that could be exploited by hackers.
We're Here to Help
At Power Financial Credit Union, we take cybersecurity seriously, employing the latest encryption and fraud detection tools to keep your accounts safe. However, cybersecurity is a shared responsibility, and staying informed is the best way to protect yourself. By following the tips outlined above and remaining vigilant, you can reduce the risk of becoming a victim of cybercrime.If you have any questions about your account security, feel free to contact us for more information on how we’re protecting your financial future.