In an increasingly digital world, fraudsters are constantly finding new ways to trick individuals and gain access to their money. One of the most prevalent and effective tactics today is the impersonation scam, where a criminal pretends to be a trusted entity—like your financial institution—to manipulate you. We believe that an informed member is a safe member, and by understanding the warning signs, you can protect yourself and your loved ones from these schemes.

How the Scam Works

These scams often create a sense of urgency and panic. You may receive an unexpected phone call, text message (a "smishing" attack), or email (phishing) that seems to be from a fraud department. The caller ID or sender's name may even be faked to appear legitimate.

The imposter will claim that there is a suspicious or fraudulent transaction on your account. They might mention a large purchase or an unauthorized transfer to create a sense of alarm. The scammer's goal is to bypass your critical thinking by making you feel like you need to act immediately to protect your funds.

The core of the scam is the request they make to "reverse" the fraudulent charge. They will instruct you to use a peer-to-peer (P2P) payment service like Zelle, Venmo, or Cash App to send money to a specific account. They'll tell you this is the only way to "cancel" the original transaction, but in reality, you are sending your own money directly to the criminal. Because these P2P transactions are often instantaneous and irreversible, once the money is sent, it's gone for good.

Essential Tips to Stay Safe

• Don't Give in to Urgency: A legitimate financial institution will never pressure you to make an immediate decision on an unverified call. If you are told to act "now," it's a major red flag.
• Be Skeptical of "Reversal" Requests: A legitimate fraud department will never ask you to send money via a P2P app or any other payment service to reverse a fraudulent charge. This is a scam tactic, plain and simple.
• Initiate Contact Yourself: If you receive a suspicious call or message, hang up. The best practice is to directly call your financial institution using a phone number you know is correct, such as the one on the back of your debit card or on their official website. This ensures you're speaking with a real representative.
• Guard Your Personal Information: Never provide your full account number, PIN, Social Security number, or a one-time security code to anyone who calls you, even if they claim to be from a financial institution.
• Don't Trust Caller ID: Technology makes it easy for scammers to "spoof" phone numbers, so the name on your caller ID may not be who you think it is.

Your financial security is a partnership. We work hard to protect your accounts, and by staying vigilant and recognizing these common scam tactics, you are your own best defense. If you ever have questions or concerns about a suspicious communication, please don't hesitate to contact us.