How to Avoid Phone Scams

Spoofing Money Scams

Have you received a spoofing call before? Spoofing is when the fraudster changes the caller ID to a number other than the actual calling number, making it appear that the call is coming from a legitimate source. These imposter phone calls are more common than ever.

How Spoofing Calls Work

You receive a call from an individual claiming to work for the Credit Union with a spoofed AEFCU number. This person will ask for verification of a transaction being charged to your account.  When you confirm you did not authorize the transaction, the fraudster will then ask for debit card, credit card, and/or online banking credentials, a one-time passcode sent to your phone, or occasionally a case number from a legitimate fraud alert text received. AEFCU will never ask for any of these.

In some instances, the fraudster is on the phone with you, impersonating the Credit Union while also being on the other line with an AEFCU representative. This allows the fraudster to ask you the same verification questions the Credit Union is asking in order to provide the correct answers for verification.

Here’s what can happen if you give the scammer your financial information:

• Giving the card number to the fraudster will allow them to conduct cash transfer services or other unauthorized transactions.
• Giving online banking user ID and/or password will allow the fraudster online banking access. They can then transfer funds between your accounts and out to other financial institutions.
• Providing the fraudster with the fraud case number can allow them to call and authorize the alerted charge.

Fraud prevention tips to remember:

1. Always verify who you are speaking with by phone - when in doubt, hang up and call us at 800.842.0145, to speak with a representative and continue the conversation.
2. Never give out personal information in response to unsolicited calls, emails, or texts.
3. Never wire, send gift cards, or use cryptocurrency to send money to strangers.
4. Review your financial account statements.
5. Check your credit reports.
6. If you have been a victim of one of these scams, contact the Credit Union immediately to secure any accounts, cards, and personal information that may have been compromised.

Source: Samantha Konsewicz, Fraud Analyst, Enterprise Risk Management