Are scams an unfortunate reality? Yes. But we’ll start with the good news. The best defense against today's most common financial scams doesn't cost a thing and takes no special training. It's simply knowing how the fraudsters work.
One of the tricks making the rounds right now is caller ID spoofing, and it's often paired with something called account takeover fraud. It sounds technical, but the concept is simple. Instead of hacking into your account, a scammer convinces you to open the door for them. The more you know about how that happens, the harder it is for anyone to catch you off guard.
Let’s Define Account Takeover Fraud
Account takeover fraud occurs when someone gains access to your online banking account without your permission. Once they’re in, they might try to:
- Transfer funds out of your accounts
- Change your contact information
- Add external accounts
- Link digital wallets
- Lock you out of your own account
So how do the fraudsters get access to your account? That’s where tactics like spoofing come in.
How Spoofing Works
Caller ID is a helpful tool, but it isn't foolproof. Using technology, scammers can manipulate what appears on your phone, making it appear that the incoming call is from a trusted source like your credit union, your mobile carrier, or even a government agency.
While we don’t want your takeaway from this to be "don't trust your phone," it’s important to remember that a familiar name or number on the screen is not always a guarantee. That one shift in mindset goes a long way.
Get to Know the Script
Scam calls tend to follow a pattern, and once you recognize it, it's a lot easier to see coming.
The "fraud alert" opener. The call often starts with something like, "Did you just make a purchase in another state?" or "Your account has been compromised. We need to verify your identity."
The urgency push. From there, the caller tries to create a sense of panic, so you act before you've had time to think. They may discourage you from hanging up to call your credit union directly or talking to a trusted family member or friend.
The verification ask. Here’s the real goal of the call: getting you to share your online banking username and password, a one-time passcode, debit card details, or a digital wallet verification code.
Green Flags You're Already Doing Great
Chances are, you’re already doing a lot of the work to keep the fraudsters at bay. If any of these sound familiar, you're already ahead of the curve.
- You never share one-time passcodes with anyone.
- You keep authentication codes to yourself, even if someone asks.
- You hang up and call back using a number you already know and trust.
- You've got multi-factor authentication turned on.
- You use strong, unique passwords.
- You keep an eye on your accounts regularly.
- You report anything that feels off.
Know the Facts vs. the Myths
Let’s do a little knowledge check with these financial scam myths vs. facts.
Myth: If the phone number matches my credit union, the call is legitimate.
Fact: Phone numbers can be spoofed, so a familiar number alone doesn't confirm who's calling.
Myth: Multi-factor authentication completely protects me.
Fact: While multi-factor authentication is a great safeguard, it only works when you keep your codes to yourself. No one legitimate will ever ask you to share one. If they do, it’s a scam.
Myth: When working with my account, a BHFCU employee may need my passcode.
Fact: We'll NEVER ask for your authentication codes, passwords, or PIN. If someone does, it's a clear sign to hang up.
We're Always Here to Help
Trust the institution, not just the caller ID. If anything about a call feels uncertain, hang up and call us back using a number from your card, your statement, or our official website. We’re always happy to help you verify. A few extra minutes of double-checking can save you weeks of hassle.
You’re not alone. Our dedicated fraud team is focused on one thing: keeping your information and money safe! If you fear you’re a victim of fraud, call us right away. The faster you report it, the better chance of mitigating the damage and keeping your information and money safe.
