Fraud Alerts
Money Mule Fraud
What’s a Money Mule?
A Money Mule is a person recruited by scammers to help receive and move money obtained by a fraud victim.
Recently, financial institutions have seen an uptick in Money Mule fraud. Fraudsters recruit these individuals to open accounts using both real and false information. Scammers then utilize member-to-member transfers to move stolen money into the mule account, where it can be withdrawn.
Your credit union has measures in place to help protect you from becoming a victim, but it is important to do your part. NEVER share your online banking credentials with anyone, including someone claiming to be a credit union employee. We will never ask you for your online banking password or your debit or credit card PIN.
Account Takeover – Fraudsters impersonate their victims to gain control over their personal accounts.
The most blatant cases occur when a scammer approaches a financial institution using the victim’s identity. Unfortunately, this kind of fraud is happening everywhere – even in your own backyard. In VA, MD, DC, and PA, suspects are using falsified driver’s licenses with legitimate consumer information to request a cash withdrawal or a check payable to a business from the victim’s account.
Other situations occur under cover of darkness – Internet darkness, that is. For instance, it can start with a breach in a subscription service where the scammer changes a piece of non-monetary personal information before gradually working up to changing the login credentials, effectively locking the victim out of their own account. Once they have complete control, they can start charging the card on file, and the victim is powerless to stop them until it’s too late.
You can prevent Account Takeover Fraud by protecting your ID and personal data. Only provide details to people you know are using it for legitimate purposes. When using the Internet, update your online passwords regularly, choose longer, more complex passwords, and practice online awareness by not clicking suspicious links, safeguarding your information, and monitoring your accounts for unauthorized transactions. One easy way to do so is by enrolling all of your cards in Purchase Alerts. If you would like to learn more about that, scroll down to the bottom of this page.
COVID - 19 Scams
Fraudsters have been quick to deploy scams involving the coronavirus stimulus package.
Here are a few scams that have been identified:
Facebook - targets seniors through a Facebook post informing them that they can get a special grant to help pay medical bills. The link within the post takes them to a bogus website claiming to be a government agency called the "U.S. Emergency Grants Federation," where they are asked to provide their Social Security Number to verify their identity. In other versions, fraudsters claim individuals can get additional money – up to $150,000 in some cases. The victims are asked to pay a "processing fee" to receive a grant.
Phone Calls - Fraudsters are calling potential victims and telling them they qualified for a $1,000 to $14,000 coronavirus stimulus payment; however, they must first pay a processing fee.
Fraudulent Checks - Fraudsters may look to seize this opportunity to create counterfeit U.S. Treasury checks to use in their scams.
Mail - Knowing when the stimulus checks will be issued, fraudsters could steal U.S. Treasury checks out of the mail and attempt to cash them at a credit union after opening an account. This was a common occurrence in the aftermath of Hurricane Sandy as fraudsters counterfeited and forged U.S. Treasury checks representing the Federal Disaster Assistance checks.
Fraudsters may also attempt to scam you into providing your account number under the pretense of direct depositing the stimulus payment to their account.
Keep in mind:
Government agencies do not communicate through social media outlets, such as Facebook.
Never pay a fee for a government grant. A government agency will never request an advanced processing fee to receive the grant.
Beware of fake government agencies promoted by fraudsters. The only official list of all U.S. federal grant-making agencies can be found at www.grants.gov.
InFirst FCU will NEVER solicit personal or financial information.
NEVER respond to requests for information (via e-mail, phone, text messaging, or mail) unless you initiate the request.
Stay safe.
Social Security Scams are on the Rise
Have you or someone you know received a call or voicemail from someone warning that your Social Security number or benefits are suspended due to suspicious activity?
Scammers are hoping you’ll be scared into believing their claims and will usually ask you to confirm your Social Security number and pay money to “reactivate” your number, protect it, or restore your benefits.
According to the Consumer Financial Protection Bureau (CFPB), Social Security scams now outnumber other types of scams, including Internal Revenue Service (IRS) scams, which were formerly the most common. Pretending to be a representative of the government is a common way for fraudsters to trick people into giving up their money or personal information. Knowing how to tell the difference between a scammer and a genuine call from the federal government is important.
Click here for the facts!
Sign up for Visa® Purchase Alerts and Online Banking eAlerts to protect yourself from fraud!
Visa® Purchase Alerts
Visit https://purchasealerts.visa.com/vca-web/check to receive real-time alerts via email or text message on:
Individual transaction thresholds
International transactions
Transactions where the card is not present
Click here to see a short video on how to set up Visa® Purchase Alerts.
Online Banking eAlerts
Log into Online Banking, select the Services tab. Alerts can be set up via the Manage Alerts option. Choose to be alerted for:
Deposit and withdrawal transactions
Balance threshold
Debit authorizations
Click here to see a short video on how to set up eAlerts.
Tips to help protect your personal and financial information:
Monitor your account transactions
By regularly tracking your card usage, you will be able to identify unauthorized usage of your funds.Check your credit report
You are entitled to one free credit report from each credit bureau each year! Visit https://www.annualcreditreport.com and select the bureau from which you would like to receive your report. Stagger your reports throughout the year for the most accurate and up-to-date information.Be cautious when opening email, clicking links, or paying online
Never click on links in the body of an email or download attachments from senders you do not know. Pay close attention to the email address and body of the email to ensure the message is coming from the correct place. Never save your financial information to a merchant site that you do not frequently use. If you receive an email, text message, or phone call from someone claiming to be a financial representative who asks for your account number or social security information, DO NOT provide it. Instead, contact your financial institution immediately and report the incident.InFirst FCU will NEVER solicit personal or financial information.
NEVER respond to requests for information (via e-mail, phone, text messaging, or mail) unless you initiate the request.
Additional resources to help and prevent fraud:
For more information regarding fraud alerts, visit NCUA
If you feel that you have received a fraudulent NCUA phishing e-mail, please forward the entire e-mail message to Phishing@ncua.gov.
