Scam and Fraud Alerts
Zelle Fraud Scam 01.20.2021
Fraudsters continue to target members of credit unions offering Zelle by using a sophisticated scam to defeat 2-step authentication (also referred to as out-of-band authentication), which leverages the use of one-time passcodes.
Here's how the scam works:
• Fraudsters send text alerts to members – appearing to come from the credit union – warning members of suspicious debit card transactions.
• Fraudsters call those members who respond to the text - spoofing the credit union’s phone number - and claim to be from the credit union’s fraud department.
• To verify the identity of the member, the fraudster asks for the member’s online banking username and tells them they will receive a passcode via text or email and the member must provide it to the fraudster. In reality, the fraudster initiates a transaction, such as the forgot password feature, that generates a 2-step authentication passcode which is delivered to the member.
• The member provides the passcode to the fraudster who uses it to log in to the member’s account using a device not recognized by the host system.
• Upon logging into the accounts, fraudsters change the online banking passwords and then use Zelle to transfer funds to others.
What to know and do...
Credit union employees would never ever ask for personal information, such as account numbers, usernames, passwords, and passcodes.
Members should never provide personal information in response to a text message or phone call allegedly from the credit union.
Call the credit union at 404-329-6415 to question any text message or phone call allegedly received from the credit union.
Fraudsters may attempt to contact Emory Alliance Credit Union members from a spoofed phone number (a phone number that looks like it is from Emory Alliance Credit Union).
The fraudster may ask you a few questions regarding potential fraud on your account and then ask for personal information in order to obtain access to your online banking. No one from the credit union will contact you and ask for your log in banking credentials or ask you for codes that you may receive by text on your phone.
If you receive a call that seems suspicious, hang up immediately and call us back at 404.329.6415.
Counterfeit Cashier's Check Alert
Emory Alliance Credit Union has received several inquiries regarding counterfeit checks. These checks are being used in a variety of scams in an attempt to gain excessive amounts of cash from unsuspecting consumers. Several scams include the following:
Work-At-Home/Secret Shopper Ads - Perpetrators examine newspapers, websites, and online job postings offering small but fast employment. Generally they will forward the unsuspecting consumer a counterfeit check and request that the amount over what was agreed, be returned in the form of a Western Union transfer.
Online Sales - Consumers are sent counterfeit checks to pay for an item purchased online with a request that the over payment of funds be sent back to the purchaser.
Often times, these counterfeit items look very genuine and authentic. Emory Alliance encourages all consumers to follow the guidelines issued by the US Department of Justice and the Federal Bureau of Investigation to avoid becoming a victim of these scams.
Click here to learn more about the latest scams and get tips from the FBI on how to avoid becoming a victim.
Don't Be the Next Victim of Fraud
HELP US PROTECT YOU
YOU SHOULD BE CONCERNED IF:
- You receive a check or money order in response to something you sold online.
- You have any reason to suspect that a check or money order you receive is not valid.
- The check is drawn on an account that is different from the person buying your item.
- The amount of the check or money order is more than the item’s selling price.
- The check or money order is connected to someone you only communicated with by email.
- You are informed that you were the winner of a LOTTERY, that you did not enter.
- You receive commission for facilitating money transfers through your account.
- You are asked to open an account as a result of a job offer you received online.
DON’T BE A VICTIM
- If the check or money order is later returned, you will be held liable for the bad check.
- We are not able to tell you when a check or money order you deposit will clear.
- Even when we lift a “hold” on funds from a deposited check or money order, that does not mean the item has cleared.
- If funds are to be held by a third party, or escrowed, be sure it is a party you can trust.
- Remember: always exercise extreme caution when conducting business with strangers.
- If an offer sounds too good to be true, it probably is.
- Never provide your online banking credentials to anyone.
- Trust your gut feelings - when you have a bad feeling about an offer or a company.
- If someone asks you to deposit a check or money order and then wire them funds, this is definitely a scam.
For help learn about our partner CyberScout.
For Education visit our partner Balance.
Emory Alliance Credit Union and other reputable organizations will never contact you asking for your sensitive, financial information. If you have been impacted, please notify us at 404-329-6415.