A scammer will do everything they can to appear as if they are an actual credit union representative attempting to assist you with your account.

Typical Phishing / Smishing scenario:

Posing as a credit union fraud department employee, the scammer sends a spoofed email or text message to a member alerting them to suspicious account activity. Instructions urge the member to reply to the original message with account details, such as card numbers, CVV codes, PINs, or other account credentials so the “representative” can help solve the problem. Phishing and Smishing gives the scammer valuable data they can use to make unauthorized charges or access a member’s account.

Typical Vishing scenario:

Posing as a credit union representative, the scammer contacts a member using a spoofed phone number. The caller claims they need to discuss an important matter, but they must first confirm the member’s identity. The scammer is already on the credit union’s online banking website and informs the member they need them to provide the PIN sent to the member’s phone or answer security questions. Since the caller says they’re from the credit union and the number appears to confirm it, the member doesn’t hesitate to provide the requested information.

Vishing allows the scammer to use the information provided by the member to complete the login. They proceed to lock the member out of their account by changing the online banking password. The fraudster then transfers funds from the member’s account to their own temporary account before disappearing without a trace. The caller might even encourage the member to transfer funds to an external account, claiming the payment will be applied to a specific credit union loan.