Online Banking Password Reset Fraud
In recent weeks, credit unions in Colorado report spike in attempted account take-over fraud. Foothills Credit Union would like to provide our members with some information regarding this type of fraud so if members come across it, you know what to look for and how to avoid it.
Below is a step by step explanation on a typical way this type of fraud is attempted:
- Member gets a call or text pretending to be the credit union about
questionable charges on the debit or credit card, or even account.
- Fraudster has key pieces of information, like last four digits of the card
number, who is on the account, SSN info, phone numbers, possibly even
- When the member says “no, those aren’t my charges”, the fraudster says
they can assist with shutting the card down and stop the charges. They just
need to verify the member.
- Fraudster asks the member to confirm their online banking user ID for
- Fraudster enters that and uses "FORGOT PASSWORD" so they can reset
the password and take over the account.
- Fraudster then says something like, “I just sent you a code for verification,
please read back the code.” The code is really the secure access code for
the password change in online banking.
- From there, the fraudster controls the online banking account. They can
begin to set up account to account transfers, etc.
Foothills Credit Union will never call, email, or text and ask for personal information such as the last four digits of your card number, phone numbers, or even address information.
If you think you have been a victim of this type of fraud, contact Foothills Credit Union immediately so we can assist you in resolving the issue.