FCCU Blog

The holiday season is upon us! This time of year is often thought to be the season of giving, but sadly, it’s also the season of fraud. The most common form of fraud found in the financial industry is a result of social engineering: this is when a fraudster impersonates your institution to trick your end users into sharing their account credentials, which are then later used for account takeover.

So, as shopping increases, so does the likelihood that you could be susceptible to fraud. At FCCU, we want to prevent this and help our members to be mindful of how they too can prevent fraud. 

Fraud Tips

• Only call your institution via the phone numbers available on our website, whether it be your local branch number, or our 1-800-850-7676 number.  
  
  
• Do not provide your online banking log in credentials, one-time password, account number or personal information by email, text or phone call. FCCU will never ask for it through these forms of communication.
  
  
• Never give out information to callers requesting information they claimed to have received via text. FCCU will never request this information or pressure you to reset your online banking log in password, unless it’s absolutely needed. They should end the conversation with the scammer without supplying any personal information.

• Never click on links in unsolicited emails or texts. Phishing is when scammers send emails or text messages that appear to be from a reputable company and are not.
  
  
• Do not respond to texts, calls or emails for one-time passcode authorizations that you did not request or validate the login.
  
  
• Never trust caller ID as caller ID may be modified to show your financial institution’s name.
  
  
• Do not give information over the phone if they receive a call stating that a transaction is canceled, even if the caller claims to be from your financial institution. Once again, you should contact FCCU using out 1-800-850-7676 number. 
  
  
• Never give an unsolicited caller remote access to your computer.

Another common form of fraud this holiday season is gift card centric scams. Fraudsters will often email, call, or text you while impersonating a friend, government official, or even a family member and ask for a large quantity of high-balance gift cards. The reasonings can range from something as simple as needing a last minute gift, or as serious as needing them to get out of jail or paying off the IRS. As crazy as it sounds, this type of fraud cost consumers over $228 million in losses in 2022*. Scammers will often create a sense of urgency and promise dire consequences if you don’t comply but remember to take a breath and think of how you can verify the information. For example, reach out to the friend or family member they’re claiming to be. Remember, no government agencies or reputable businesses will ask for payment is gift cards. If you think you’ve been victim to a gift card scam, contact the gift card company as soon as you can and be prepared to share proof of purchase or the numbers of the gift card.  

FCCU is committed to protecting our members. Don’t let fraudsters be the recipients of your hard-earned cash instead of your loved ones. Stay aware and diligent, when making purchases and using your credit or debit cards. 

For more fraud tips, visit our fraud prevention page.

Have a safe holiday season!

*Source: Federal Trade Commission.