CUNA Mutual Group advises members to take precautions when utilizing Peer-to-Peer (P2P) payment services.
According to CUNA Mutual Group, credit unions have reported fraudulent transactions involving Peer-to-Peer (P2P) payment services. Their members are being scammed into providing fraudsters with their debit card details, online banking login credentials as well as one-time-passcodes transmitted for online banking logins. In some cases, fraudsters impersonate members to request a change in member mobile phone numbers used to transmit one-time-passcodes. Once logged into the account, fraudsters use Peer-to-Peer (P2P) payments service to transfer funds out of member accounts.
CUNA Mutual Group advises members to be mindful of incoming text messages or voice calls and follow these precautions:
- Do not respond to SMS text messages, voice calls, or messages received from what appears to be your credit union. Instead, call the credit union directly using a reliable phone number to question any SMS text messages or voice calls purportedly from the credit union.
- Never provide personal information, debit card or account details, or online banking credentials in response to SMS text messages or phone calls purportedly from the credit union.
- Avoid clicking on links or calling a telephone number contained within text messages received.
- If you suspect a scam, call your credit union directly at the number listed on your monthly statement.
If you have any questions or concerns regarding the security of your account or information feel free to contact the credit union directly. Visit our Fraud Prevention page for additional tips.