Fraud Prevention Series: Fraudulent Phone Calls

Fraud Prevention: Fraudulent Phone Calls

Scammers are becoming increasingly intelligent and are developing new ways to access consumer funds and personal information. Here at CTFCU, our biggest priority is the financial wellness of our members, and that includes keeping them and their money safe. To ensure member safety, we put together this series to help you recognize the signs of fraud and ways to protect yourself.

First up is a common scam, fraudulent phone calls.

Fraudulent Phone CallsPhone Call

During fraudulent calls, scammers will impersonate legitimate institutions such as your credit union, the IRS, the police department, or even a close relative. They typically prey on their target by creating an urgent situation. The caller will pretend to be a family member who needs bail money, or the IRS stating that you owe unpaid taxes. They will even impersonate the fraud department of your financial institution and request a full card number and security code.

The easiest way to avoid becoming a target is to avoid answering unknown calls.  If you must answer the phone call, do not answer direct questions. If the caller asks if you can hear them, do not say “yes.” This answer can be recorded and used as proof of consent if your information is compromised. Never give away any passwords or security question answers.

Never give out personal information without verifying who you are speaking with. CTFCU will never ask for your full social security number, pin code, or the security code on the back of your card. If the caller asks for any of the previously listed information, hang up immediately and contact our Member Service Hotline directly at 1-800-622-5305. If you have questions about CTFCU’s fraud prevention process, take a look at our Security Center here.

Fraud has emerged in many varied forms, making it imperative to remain cautious, alert, and vigilant. The financial recovery process for victims can sometimes take years. Above all, we want you to be aware of potential fraud and protect yourself.

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