General Notice to the Membership: A verification of members' accounts is being performed as of December 31, 2024. All members should receive a statement either by mail or e-statement. Please compare your statement with your records and report any differences in balances to: Cornerstone Resources P.O. Box 655147 Dallas, TX 75265-5147 or by email at verification@cornerstoneresources.coop. Please state your name and credit union.
 

Smartphone Scams on the Rise

Person looking at smart phone with suspicious incoming call

Beware of Phone Scams: Protect Your Account from Fraudsters

As technology evolves, so do the tactics of scammers and hackers targeting members of local credit unions. In recent times, phone-based scams have surged, with fraudsters exploiting trust and fear to gain access to sensitive information or control over funds. These scams, including phone call solicitation (vishing) and text message scams (smishing), are designed to deceive you into revealing credentials or taking actions that compromise your financial security. Here’s how to recognize these scams, protect your account, and stay safe online.

The Rise of Vishing and Smishing

Fraudsters increasingly rely on vishing and smishing to trick victims.

  • Vishing (Phone Call Scams): Scammers pose as representatives from a trusted source, law enforcement, or a legitimate company. They often claim your account has been compromised or your debit/credit card has been blocked. These calls are designed to create urgency, pressuring you into sharing sensitive information such as online banking credentials, Social Security numbers, or PINs.
  • Smishing (Text Message Scams): Similarly, scammers send alarming text messages, claiming suspicious activity on your account or offering to reactivate a blocked card. These messages often include links to fraudulent websites that mimic OECU’s login page, aiming to steal your credentials.

Common Red Flags to Watch For

Scammers often employ these recurring themes:

  • “Your account has been compromised” or “unauthorized transactions detected.”
  • “Your card has been blocked” or “verify your identity now to prevent account suspension.”
  • Requests for sensitive information like passwords, PINs, or online banking credentials.

Our Commitment to Your Security

OECU will never ask for online banking credentials or PINs. Any request for such information is a clear indicator of a scam.

How to Secure Your Account

To protect yourself, follow these steps:

  1. Hang up or delete suspicious messages: If you receive an unsolicited call or text, do not provide any information. Contact OECU directly using a trusted number.
  2. Enable account alerts: Set up real-time alerts through OECU’s mobile app to monitor account activity.
  3. Use strong, unique passwords: Avoid reusing passwords across multiple accounts. Update them regularly and use a password manager if needed.
  4. Enable two-factor authentication (2FA): Add an extra layer of protection to your accounts with 2FA wherever possible. This is required on OECU’s mobile banking app and should already be in place.

Logging In Safely

When accessing your OECU’s online banking or mobile app, always ensure the platform is legitimate:

      • Verify the URL: Look for “https://” at the start of the URL and confirm the site matches OECU’s official website (https://oecu.com).
      • Use official apps: Download apps only from trusted sources like the Apple App Store or Google Play Store. Avoid clicking on links in unsolicited messages to download apps or log in.
      • Be cautious of lookalike sites: Scammers often create fake websites that appear nearly identical to legitimate ones. Double-check the web address before entering credentials.

Your Vigilance is Key

As scams grow more sophisticated, staying informed is your best defense. Protect your personal and financial information, and remember: when in doubt, reach out to OECU directly. Together, we can safeguard your accounts and your peace of mind. By understanding these threats and adopting secure practices, you can outsmart scammers and keep your accounts safe. Stay vigilant, stay secure.

Learn more about common internet scams here.