Looks Legit? Think Again: The Truth About Spoofing Scams

Fraudsters are getting smarter, and sometimes the call, text or email you receive can look surprisingly legitimate. One increasingly common tactic is spoofing, and falling for it can give criminals the information they need to take over your financial accounts.

Understanding how these scams work is one of the best ways to protect yourself and your money.

What is spoofing?

Spoofing happens when a scammer disguises their identity to make a phone call, text message or email appear to come from a trusted source. They may impersonate your GFCU, another financial institution, a government agency or even someone you know.

For example, your caller ID might display the name of GFCU even though the call is actually coming from a fraudster. A text message might also appear to be a legitimate fraud alert asking you to verify a suspicious transaction.

The goal is simple: gain your trust so you’ll provide sensitive information or take an action you normally wouldn’t.

How Spoofing Can Lead To An Account Takeover.

An account takeover occurs when a criminal gains unauthorized access to one of your accounts and begins acting as if they were you.

A scammer may contact you claiming there has been suspicious activity on your account. To “protect” you, they may ask for your online banking username or password, debit or credit card information, PIN, Social Security number or a on-time verification code sent to your phone.

Once they have enough information, they may be able to access your account, change your contact information, transfer funds or make unauthorized purchases.

Remember: A verification code is meant for you. Never provide it to someone who contact you unexpectedly.

Warning Signs of a Spoofing Scam

Be suspicious if someone contact you unexpectedly and:

• Creates a sense of urgency or tells you to act immediately.
• Asks for your password, PIN or on-time verification code.
• Pressures you to move money to a “safe” account.
• Tells you not to contact your financial institution directly.
• Sends a link and asks you to sign in or verify personal information.
• Threatens that your account will be closed, frozen or compromised if you don’t cooperate.

Even if the phone number, email address or message looks legitimate, don’t rely on caller ID or the sender information alone.

Stop. Verify. Protect.

If you receive a suspicious call, text or email claiming to be from Generations Federal Credit union, don’t respond or provide personal information.

Instead, end the conversation and contact Generations directly at 210-229-1128. Avoid calling a number provided in the suspicious message.

You can also strengthen your protection by using unique passwords, enabling available security features and regularly reviewing your accounts for transactions you don’t recognize.

If You Think You’ve Been Targeted

If you believe you’ve provided information to a scammer or notice suspicious activity on your account, contact Generations FCU immediately. The sooner you report potential fraud, the sooner steps can be take to help secure your account.

Scammers may be able to imitate a phone number, email or text message – but they don’t have to fool you.

Stay alert, question unexpected requests and remember: when in doubt, hang up and contact us directly.