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It’s no secret that fraud is on the rise. Credit union members must constantly be on guard, protecting their personal information from those with poor intentions. Luckily, there are courses and trainings available, such as AARP’s BankSafe online training program, to teach financial professionals how best to assist their members in meeting privacy and security needs. The Service Team at Oxford FCU recently completed this AARP training and was quickly able to put what they learned into action. To help raise awareness about BankSafe, the credit union shared their training and member protection experience with our League.
Scenario
A member approached the teller line at the credit union while on a phone call, requesting a large cash withdrawal. The teller helping this member instantly recognized that the member appeared to be visibly distraught, found this large withdrawal to be an unusual ask from this particular member, and observed that the member did not end the phone call when they set their phone down to process the transaction at the teller station.
This led the teller to prompt the member with additional questioning about the transaction. The member continued to share that someone from “World Bank” had called to inform them that $12,000 had mistakenly been deposited to their account and asked that the money be returned as quickly as possible. On the other line of the phone call was an imposter “bank representative” offering instructions on how to return the funds.
The teller felt strongly that the person on the phone with the member was a fraudster and referred the member to a Member Service Representative (MSR). The MSR brought the member into her office and proceeded to ask even more questions, hoping to get to the bottom of what was going on. The MSR could tell she needed to separate the fraudster on the phone from the member, despite the fraudster not being physically in the room, so she asked the member to put the call on speakerphone and if she could take over the conversation on behalf of the member.
The scammer grew uncomfortable, advocating for the member to leave the building so they could speak in private. When the MSR expressed that the member would not be leaving the building, the fraudster hung up. Upon reviewing the account history for the targeted member, the MSR discovered that the “mistaken deposit” in question was, in fact, multiple transfers from their own accounts. The MSR shared that in showing the member this activity, they became more comfortable offering more information.
The credit union learned that just days prior to this branch visit, the member received a phone call about an issue with their antivirus software. Through this initial phone call, the member gave the “representative” on the phone remote access to their computer, which enabled the fraudster to log in to digital banking, transfer funds, and create the illusion of this mistaken deposit.
“There are too many times that we are not able to save our members from falling for scams,” said Samantha Noyes, SVP – Member Service for Oxford FCU. “This successful experience taught the frontline staff at Oxford the value of slowing down when things don’t seem right, asking a lot of questions, and refusing to respond quickly to the urgency of others.”
Your credit union is a strong line of defense between your members and fraudsters. With scams becoming more and more popular, our League encourages every credit union to ensure they are on top of fraud prevention, sharing key tips and helpful information with your members.