Financial institutions in our footprint have been experiencing increased credit card fraud over the last week. Just like most instances of fraud, the scammer isn’t doing anything unique, but they’re using their knowledge of credit cards, to trick members into divulging just enough information to take over their account.
The scam goes like this. A member receives a call purporting to be from WCU Fraud. It looks legitimate. The call is coming from our 800 number, but guess what? Spoofing a number is child’s play for an experienced scammer. The scammer then asks the member to verify three (made up) purchases. Now they have you on the hook, they ask for your full card number (never give this), the three digit number on the back of your card (that’s another one to never give out on a call you didn’t initiate), and the last four of your social security number.
Now comes the pièce de résistance, the scammer says they’ll issue you a new card number, and you get a notification on your phone confirming the exchange. It really looks real. Do you know why? It is. The entire time the scammer has been interacting with the member, they’re also on the phone with the credit card company. You’ve just given them everything they need to get a replacement card, but by the time the new card is in the mail, the scammer has loaded the card into a digital wallet and gone on a spending spree.
It’s clever isn’t it. The entire exchange isn’t much different than a normal call you might get if we want to make sure some purchases just made were legitimate. So what’s the one simple trick? If you get a call, and you aren’t sure about it. All you have to do is say you’re going to hang up and call the number on the back of your card. For a legitimate inquiry, that’s no problem, but for a scammer, it’s the end of their plan, because even though they can spoof our phone number, they can’t answer a direct call to it. That still comes to us, and we can verify whether there are real questions about your card or not.
It can be tricky to stay safe, but know we’re always here to help.