As artificial intelligence continues to advance, unfortunately bad actors are taking advantage of the technology. Modern day scams include extremely realistic text messages, convincing websites, familiar phone numbers, and even people pretending to be someone you know.
Most of today’s scams have one thing in common: They’re designed to make you act quick under pressure, before you have time to think it through.
While Credit Union of Ohio has measures in place to protect your accounts, it is important to remain vigilant so you don't fall victim to the following scams:
Credit union and bank impersonation scams
You could receive a call or text saying there’s suspicious activity on your account. The caller ID may even display the name or phone number of your financial institution. But don’t automatically assume that it’s legitimate!
Caller ID spoofing allows scammers to disguise their identity and make a call appear to come from a trusted organization. They may claim there’s an urgent problem with your account and ask for your login credentials, PIN, card information, or a verification code. If you get this call, hang up and call the number on the back of your credit card directly or visit your financial institution’s website for help.
Credit Union of Ohio or other financial institutions will never call you and ask for your credit or debit card PIN or CVV, Online Banking login information, two-factor authentication codes or remote access to your computer or device.
Fake fraud alert text messages
In this situation, a text pops up on your phone: “Did you authorize a $750 purchase? Reply YES or NO.”
It may look exactly like a fraud alert, so you respond. That's when the scammers may follow up by calling or texting and asking for personal information, passwords or security codes.
Credit Union of Ohio and other financial institutions may use text messages to help verify potentially fraudulent transactions. However, once you respond to a legitimate CU of Ohio fraud verification text, there will be no additional communication asking you to provide personal information.
When in doubt, stop communicating and contact your financial institution directly.
Card courier scams
This newer type of scam takes impersonation one step further. A fraudster pretending to represent your financial institution may tell you that your debit or credit card has been compromised. They instruct you to cut up the card but leave the chip intact. Then they tell you that a “courier” will come to your home to collect it.
Credit Union of Ohio will never ask you to cut up your card and give it to an employee or courier.
“Someone you know” needs money scams
Scammers may pretend to be a family member or friend and create an emergency that requires money immediately. For example:
“I lost my phone, and I’m using another phone to contact you.”
“I’m in trouble and I need help. I can pay you back!”
Access to technology is making these types of scams more convincing, often using a familiar writing style, photo, or even the sound of their voice.
A good rule: If someone you know unexpectedly asks for money, make sure to verify the request another way, like calling the person using a number you already have. If you can't reach them, then contact another family member who can help confirm the story.
Small payment and “unpaid bill” scams
You could receive a text or email about an unpaid toll, package delivery fee, overdue bill or another relatively small amount. If the amount seems reasonable, you may be more likely to click the link and pay it without thinking.
The $10 or $20 payment may not be the scammer's real goal. The fake payment page can be designed to collect your credit card or personal information. If you get this type of communication, it’s best to go directly to the organization's official website or app to check whether you actually owe money.
Stay aware and calm
What is one of the biggest red flags when it comes to scams? A sense of urgency.
When you feel pressured, give yourself permission to stop. Hang up, delete the message, and don't click the link. Then verify the situation yourself.
Here are some other quick ways to help scam-proof your finances:
- Make sure CU of Ohio and any other financial institution has your most up-to-date phone numbers, address, and email so you may be alerted to potential fraud when it's detected.
- Monitor your accounts frequently using Online Banking, the mobile app, and your statements.
- Don't give your login information to ANYONE. Credit Union of Ohio will never ask for this information.
- Review your free credit reports annually with annualcreditreport.com. We encourage you to pull from each bureau at different times through the year.
- Place a freeze on your credit at each bureau to restrict new loans from being opened under your name.
Think you've been scammed? Act quickly. First, don't be embarrassed. Scams are intentionally designed to fool people, and today's fraudsters can be extremely convincing. Stop communicating with the suspected scammer and contact Credit Union of Ohio immediately at 800.443.5698 if you believe your account or personal information may have been compromised.
You can also stay informed about service updates by enrolling in Informational Alerts. Text “ENROLL” to 877.360.6446 to receive notifications about temporary service limitations, branch closures and scheduled maintenance affecting services.
And remember one simple rule: When something doesn't feel right, pause before you click, share or send.
Want more ways to safeguard your finances?
At Credit Union of Ohio, we aim to be your trusted financial partner in providing access to the tools, guidance, and support you need to succeed. From free financial counseling and financial education to low-interest lending options and unique savings products, we’re here to help you live your best life. Call 800.443.5698 or stop by your local branch to get personalized help today.