Phone Scams are on the Rise

Phishing and spoofing scams are some of the most common tactics used by fraudsters to target individuals and businesses alike. They could include texts, emails, or even phone calls impersonating your financial institution. Unfortunately, these types of scams are on the rise. At BMI Federal Credit Union, we believe that awareness is your best defense. Here’s what you need to know to stay vigilant and protect yourself from falling victim to these schemes.

What Are Phishing and Spoofing Scams?

  • Phishing scams typically involve emails or text messages designed to deceive you into providing sensitive information like your Social Security number, passwords, or account details. These messages often appear to come from legitimate sources, like financial institutions, government entities, retailers, or even family and friends.
  • Spoofing takes deception a step further by impersonating a trusted source, such as BMI Federal Credit Union. Scammers may fake phone numbers, email addresses, or website URLs, making it appear as if they are contacting you from a reputable entity. Once they gain your trust, they aim to collect your private information to commit fraud or identity theft.

Warning Signs to Watch Out For

Here are some common indicators that you might be dealing with a phishing or spoofing attempt:

  • Unexpected Messages: Be cautious if you receive an unsolicited email, text, or phone call asking for personal or financial information. A legitimate institution will rarely ask you to share sensitive data in this way.
  • Urgent or Threatening Language: Scammers often use scare tactics, warning you that your account will be closed, or that urgent action is required. They may use phrases like "Act Now!" or "Immediate Attention Required."
  • Suspicious Links or Attachments: Links or attachments may look legitimate but lead to fraudulent sites or infect your device with malware. Always hover over links to check the URL before clicking. When in doubt never click on an unexpected link requesting you to act promptly.
  • Spelling and Grammar Errors: Many phishing messages contain typos or grammatical mistakes. While some legitimate companies may make occasional errors, a high number of mistakes can indicate a scam.
  • Requests for Sensitive Information: If a message asks for account numbers, passwords, or other confidential details, it’s a red flag. Legitimate financial institutions rarely, if ever, request such information over email or text.

How to Protect Yourself

Preventative action is key to staying safe. Here are some tips on how you can proactively protect yourself from phishing and spoofing attempts:

  • Verify the Source: If you receive an unexpected message or call claiming to be from a trusted entity including BMI FCU, don’t respond immediately. Instead, contact the organization directly using a verified phone number or website.
  • Don’t Engage with the Message: Do not reply, click on any links, or open attachments.
  • Keep Software Updated: Regularly update your operating system, antivirus, and any applications to protect against malware and other security vulnerabilities that scammers may exploit.
  • Use Strong, Unique Passwords: Ensure your passwords are complex and unique for each of your accounts. Consider using a reputable password manager to keep track of them.

Forward Phishing Emails to Relevant Authorities

Forward suspicious emails to the Anti-Phishing Working Group at reportphishing@apwg.org. You can also report these scams to the Federal Trade Commission (FTC) at ftc.gov/complaint.

If you receive any suspicious communications like these, please do not give out any personal or account information. Instead, HANG UP and reach out to BMI FCU directly at 614.707.4000 or send a message through the Secure Message Center within Online Banking to verify if these communications are legitimate.

Like what you see? Sign up to receive the free CreditLines newsletter.

(November 2024)