New Mexicans who use various financial institutions are seeing an uptick in attempted fraud involving fraudulent text-message alerts.
This sophisticated crime often follows this pattern:
- A text message alert, appearing to come from a legitimate financial institution, warning individuals of suspicious transactions on their account is received.
- This text message is phrased in such a way that it inspires the victim to respond “yes” or “no” regarding a question asking about transaction at a major retailer.
- After the criminals receive the text response, they know that the random text was received by a legitimate phone; so, they call from a spoofed phone number that appears to come from the financial institution named in the initial text message. Most people don’t know that it is relatively easy for criminals to present any number they want when making a call.
- After they get the victim to answer the phone they trick them into believing they are speaking with a legitimate financial-institution employee.
- While having the victim on the phone, the fraudster uses the financial institution’s “forgot password” function to send a one-time passcode to the victim’s phone and convinces the victim to provide that code under the guise that it is to validate the identity of the victim.
- With this code, the criminal can now defeat multifactor authentication and login to the victim’s home banking system and access account and transaction details.
- Using the account and transaction details the fraudster now has access. The victim is often further tricked into providing debit card numbers, PINs, expiration dates, and the three-digit (CVC or CVV) code on the back of their cards. This allows the criminal to complete fraudulent Internet transactions or Person-to-Person transfers.
This scam is happening more frequently on Fridays when accounts can be quickly drained over the weekend.
We work to protect you.
As always, if you think your personal financial information has been compromised, contact us immediately at 505-889-7755 (800-347-2838 outside the Albuquerque area). And remember that Nusenda Credit Union will NEVER contact members for account numbers, credit card numbers, CVV numbers, PIN numbers, or any other private information.
If you receive a text message or voice call from what appears to be Nusenda, or any other financial institution, understand that we WOULD NEVER ask for account information, PINs, or passwords. Hang up and call us at 505-889-7755 (800-347-2838 outside the Albuquerque area) to question the legitimacy of any text message or voice calls you may receive.
Additionally, always watch your account activity. It sounds obvious, and yet it remains one of the most important ways to protect yourself. Check your bank and credit card accounts regularly and make sure there are no unusual transactions.
While scams like this specifically target individuals to obtain secure account information, Nusenda Credit Union implements multiple levels of security to shut down these types of scams as quickly as possible, including:
- Constant monitoring of your Nusenda Visa® credit and debit cards for suspicious activity.
- Third-party evaluations of our security systems.
Additionally, we feature a number of ways to help mitigate any illegal account activity:
- Fraud loss protection;
- Fraud resolution services, including case file creation, victim statements, fraud affidavits, and more through VRS Elite Fraud Resolution Services.
Stay up to date on current Security Alerts, and learn more about how to protect your identity and your money by visiting our Account Security webpage.