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How to Avoid Money Transferring Fraud

Fraudsters are relentless. As peer-to-peer money transferring has become more popular, so have the schemes that involve their services. Recently, fraudsters have targeted Zelle specifically because of how quickly money can be moved from one bank account to another. 

To find victims, fraudsters often pose as a financial institution, and send a text disguised as an alert regarding an unauthorized money transfer. Then, they con members into providing crucial usernames and passwords that allow them to login to their victim’s online banking accounts, changing the password so members can’t stop them, and, finally, transferring the stolen funds elsewhere.

Another scam has the fraudster again posing as a financial institution and telling the member they must transfer funds to their bank account to cover losses from a previously unauthorized transaction. This scam is successful because fraudsters typically create an account at the same credit union, and then convince their victim to disconnect their cell phone number from their Zelle account. The fraudster then steals the phone number and connects it with their newly created account. This way, when the victim attempts to send money to solve the fake crisis by using their phone number, they will actually be sending money to the fraudster.

How to Avoid Money Transferring Fraud

1. Don’t rely on caller ID 

Just because the credit union’s name or number shows up on your screen doesn’t actually mean a call or text is coming in from UCCU. Phone numbers can be easily copied and spoofed, so if you are unsure whether or not a call is coming from UCCU, hang up and contact us directly at our local number (801) 223-8188 or our toll free number 1 (800) 453-8188. Another great option is to visit any branch. 

2. Be wary of texts and calls claiming to be the credit union

Even if a message or phone call ends up being from UCCU, it’s always best to approach any credit union communication with caution. Remember that UCCU will never ask for your card number, username, password, or secure access code in an email, through text message or while on an unsolicited call. 

3. Only use phone numbers published by the credit union

When wanting to contact the credit union directly, solely use phone numbers published by UCCU. These can be found on official cards, pamphlets, mailers, statements, or the UCCU website.

4. Use caution when transferring funds to yourself using a money transferring service

Asking victims to use money transferring services to send money to themselves is a common tactic used by fraudsters. Money transferring tools are primarily used for “person-to-person” transfers rather than “me-to-me” transfers, so if someone you don’t know is asking you to do this, don’t do it! It is likely fraud.