Scammers continue to become more aggressive and confrontational in the ways they approach members and seek to acquire their card information. As a recent example, banks across the country are reporting card collection scams, where fraudsters have the audacity to approach consumers face-to-face and take their cards.
What The Scam Looks Like
Scammers are approaching consumers and saying that they need to physically return their cards to their financial institution. The scammers will offer to pick the cards up from you and will often offer a convenient and plausible reason, such as a recycling campaign or a more secure way to dispose of the card’s chip.
Once the scammers have your card in hand, though, they will not dispose of it. Instead, they’ll use your card details to start spending rapidly and accessing all your funds. They have the processes down and can drain your account in minutes once they get access.
How They’ll Try to Trick You
These scammers can be very convincing because they’ve done their research. They may have pulled data from credit reports or collected information about you from the internet, which they will then use to gain credibility and make you think they are actually from your financial institution. For example, they might:
- Claim to have a portion of your credit card number and ask that you provide them with the last 10 digits.
- Claim to know your employer or direct deposit source (based on information they’ve obtained from the internet or a credit report).
- Use information that you’ve posted on social media about a vacation or an outing to say that they’ve seen out-of-state or unusual transactions on your account.
They will present themselves very professionally and use technical language to make you believe they are affiliated with your financial institution. They will probably also position themselves as being sympathetic and helpful, trying to protect you from scammers (when they themselves are the scammers).
What You Can Do To Protect Yourself
Defending yourself against scammers requires constant vigilance, but there are some things you can do to keep yourself safer, including:
- Verifying: If someone claims to be from Andrews Federal, verify before you trust. If you receive a call or contact from someone who says they represent the credit union, they should not ask you for any personal or account information. If they do, end the conversation and call us directly. You’ll be able to ensure you’re truly speaking to an Andrews Federal representative who can check the notes on your account and give you accurate information.
- Keep your card in your control: You should not hand your card over to anyone. If someone asks to take your card, be suspicious, keep it in your possession and report the incident.
- Stay a step ahead: Scammers continue to create more sophisticated schemes. You can stay a step ahead by monitoring your credit regularly. You can access your FICO score in Digital Banking and can keep tabs on whether you see any unexpected changes that could indicate actions taken by a fraudster.
- Be vigilant: You can use technology to prevent fraudsters from getting unfettered access to your funds. With our Alerts, you can set up texts/SMS or email messages to inform you when there is unusual activity on your card or account. This can keep you one step ahead when fraudsters are trying to tap into your funds, log into your accounts or take your information.
Andrews Federal is working diligently to protect you and your accounts from fraudsters, but we need your help. You know your finances and are the first line of defense against unexpected transactions or attempts by fraudsters. If you suspect an issue, please reach out immediately and let us help you ensure your accounts are protected and safe.