Vishing is Targeting Credit Unions

Date: September 18th, 2007 - Author: CUNA Mutual Group

Credit union members are being targeted by "Vishing" to steal information via e-mail and phone. The term is a combination of "voice" and phishing.

Details:  A recent example of fraudster ingenuity is the use of Voice over Internet Protocol (VoIP) phones to steal member's financial information. This scam is called "vishing" -- short for "voice phishing."

There are at least two "Vishing" methodologies scammers use.

Online version

The scammer sends a blast e-mail, disguised to appear as though it’s from your credit union, bank, online payment service or other well-known business. The e-mail, which may have  a trusted logo, typically reports a "security" problem with the recipient’s account and urges the member/member  to call a telephone number to "straighten things out." 

Although many members know better than to click on hyperlinks in strange e-mails for fear of being "phished," they often feel safe calling a telephone number that appears to be local or toll-free. When the member calls, they reach an automated attendant prompting them to enter their account number, password or other private information for "security verification" purposes. 

Cold Call

Some "vishers" use automated dialing programs to "cold call" members. The members caller ID device may list a legitimate-looking local phone number, to inspire trust from the recipient. A prerecorded message (or sometimes a live "employee") claims the member’s account has been compromised or needs updating or verification. The member is asked to enter their account information, which is digitally transcribed onto the hard drive of the scammer’s computer.

Copyright 2007 CUNA Mutual Group 

What to do if you have been victimized by this scam: 

Contact your local law enforcement or you can report the incident to Better Business Bureau at www.bbb.org and to the Internet Crime Complaint Center at www.ic3.gov.

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