Take Precautions to Protect Your Account and Your Identity from Phone Scams

Caller ID Spoofing is on the rise and several members have already fallen victim to a scam. Please review this information so you can take precautions and avoid account takeover fraud.

What is Caller ID Spoofing?

Caller ID Spoofing is when a caller deliberately falsifies the information transmitted to your caller ID display to disguise their identity. The number appears on your caller ID to be from a company, government agency or someone else you trust, even IUCU. Once you answer, fraudsters will attempt to get your personal financial information.

Don't rely on your Caller ID; it can be faked or spoofed. If you receive an unexpected call from IU Credit Union and are asked to share personal information; if you did not initiate the call and/or if you are in doubt or feel suspicious at any time, please hang up and call the phone number listed on your account statement, Online Banking or Mobile Banking app, to ensure that you are speaking to us. If a fraud detection service calls you, they do not need passcodes or text confirmations to block your card and they do not need your Online Banking username and/or password to block your debit card. These precautions apply to any unexpected call you receive from a company or government agency asking you for personal information. Empower yourself to keep your accounts and identity safe.

What is Account Takeover Fraud?

Account takeover fraud happens when a fraudster gains access to an account that does not belong to them, then changes information such as login credentials or personal information and proceeds to make unauthorized transactions and withdrawals on that account.

Often the actual owner of the account shares enough information with the fraudster, such as their Online Banking username, password, One-Time Passcodes for services such as Online Banking, Mobile Wallet, Zelle, etc. to allow the fraudster to gain access.

Sometimes this information is shared inadvertently to fraudsters pretending to be from a legitimate organization; other times account owners share their personal financial information with someone they thought they could trust.

• If you answer a phone call and the caller, or a recording, asks you to hit a button to stop getting the calls, you should just hang up. Scammers often use this trick to identify potential targets.

• Never give out personal information such as account numbers, Social Security numbers, usernames, mother's maiden names, passwords or other identifying information in response to unexpected calls or if you are at all suspicious. Also avoid sharing this information with family members or friends who are not joint on your account.

• If you get an inquiry from someone who says they represent a company or a government agency, hang up and call the phone number on your account statement, in the phone book, or on the company or government agency's website to verify the authenticity of the request. You will usually get a written statement in the mail before you get a phone call from a legitimate source, particularly if the caller is asking for a payment.

• Use caution if you are being pressured for information immediately.

• Always be vigilant with your personal financial information. Learn more.