Phone Scams and Online Banking: What You Need to Know
10/14/24
People are increasingly receiving calls that appear to be from their financial institutions. Unfortunately, these calls are often from scammers attempting to gather personal information and access online banking accounts.
Many scammers can spoof caller ID information, making it seem like the call or text message is coming directly from your bank or credit union. Even if the number is saved in your contacts, an incoming call isn’t necessarily from the financial institution displayed on your phone.
What Does a Scam Call Sound Like?
1. Impersonates your bank or credit union
Scammers often know which bank or credit union you use. They manipulate the number they’re calling from so that it appears to be from your financial institution. In some cases, they’ll send a text message that looks like it’s from your bank, asking you to verify a recent purchase.
They typically claim to be alerting you to a suspicious transaction and ask if you made the purchase. This tactic mirrors legitimate fraud detection procedures used by many financial institutions, which is why people tend to trust these calls or messages.
How to Stop the Scammer:
- Stay aware and listen for anything that sounds odd, even if the call looks like it’s coming from your bank or credit union based on the caller ID or saved contact information.
- If the call seems suspicious, hang up and call your bank or credit union directly using a verified number to confirm whether there is an issue with your account. Texans Credit Union's direct phone number is 972.348.2000 (800.843.5295).
2. Asks for sensitive information
Once scammers have your attention, they might ask for personal details, such as your account number or online banking username. If they get your username, they can initiate a "Reset Password" or "Forgot Password" request, which triggers a text message, email, or phone call from your bank with a verification code.
The scammer may ask you to read this code back to them, making it seem like part of a legitimate identity verification process. In truth, giving them the verification code can allow them to change your password and access your online banking account.
How to Stop the Scammer:
- Don't give out any sensitive or personal information, such as your digital banking username and password, PIN, or social security number. Texans will never call you and ask for this information.
- Never read back a verification code to anyone, even if they claim it’s part of the bank or credit union's process.
3. Attempts to gain access to your account
If scammers get the verification code, they can change your password and access your online banking. To make themselves appear legitimate, they might read off some of your recent transactions, leading you to believe that you’re truly speaking with your bank or credit union. They may even request more information, such as your debit or credit card number and PIN.
How to Stop the Scammer:
- Never share your card PIN with anyone. Texans Credit Union will never ask for your PIN and does not need it to block or freeze your card.
What to Do Next:
If you receive one of these suspicious calls or texts, don’t provide any personal information. Instead, call your bank or credit union directly using a known, verified number to check if there’s any issue with your account.
If you mistakenly provide a scammer with a verification code, PIN, or any sensitive information, contact your financial institution immediately so they can lock your account and begin investigating the situation.
Staying vigilant and remembering these tips can help you keep your online accounts secure from phone scams!