From the Teller Line: Beware of Social Engineering Scams

Consumers beware: amid the current economic uncertainty, scammers are finding unique and innovative ways to take advantage of others.

One of the latest examples is the rising concern over fraudsters tricking unsuspecting people into providing their login credentials through social engineering scams. Many of those impacted are members of credit unions that offer person-to-person payment (P2P) services like Zelle and Payzur.

Criminals are aware that credit unions are utilizing 2-step authentication to further verify a members’ identity by sending a one-time pass code to their mobile device. These fraudsters have developed a sophisticated social engineering attack against members to obtain that pass code, which they steal and use to login to member accounts. Once they have access to an account, the fraudsters will change contact information and passwords on the account.

Online security image of lock on keyboard

Here are more details on how the scam works:

  • A criminal may call you, spoofing the credit unions’ phone number. The person on the phone will falsely claim they are in the credit unions’ fraud department and are calling to verify suspicious transactions.

  • To verify the members’ identity, the fraudster explains that a pass code will be sent via text message and the member must provide the pass code over the phone.

  • The fraudster will then attempt a transaction that triggers a 2-step authentication pass code, such as using the “forgot password” feature or initiating a P2P transaction. The pass code is sent via text or email to the member who, in turn, provides it to the fraudster.

  • The fraudster will then use the pass code to login to the members’ accounts and use the P2P feature to transfer funds.

PROTECT YOURSELF
Although this new scam is very disturbing, there are ways to combat and fight back against these criminals. Below are ways that Signal Financial and other credit unions are fighting against social engineering scams:

  • Implementing waiting periods, such as 2 days, before newly enrolled members may use P2P.

  • Implementing lower daily limits for new users for the first few P2P transactions to reduce the risk exposure.

  • Delaying transfers following a password change. Password changes are a common indicator of an account takeover.

  • Blocking P2P tokens that are found to be fraudulent. A P2P token refers to the email or mobile number of the intended recipient of the transfer.

  • Using a real-time fraud monitoring solution that can identify password changes using a device not recognized, immediate enrollment in P2P, and an addition of a new token.

  • Including a statement in texts and emails containing the pass code, such as, “If you did not request this pass code call the credit union immediately. Don’t share this pass code with anyone. Credit union employees will never ask for this pass code.”

You can trust that Signal Financial is taking every precaution to protect the safety of our members during this pandemic. For additional Covid-19 resources, please click here.

Digital Member Support will be temporarily unavailable today between 11:00 AM -12:00 PM.

Due to vendor delays in the embossing of debit and credit cards, you may experience a delay in receiving your new or reissued cards. We apologize for the inconvenience.

Martin Luther King Jr. Day

All branches and the digital member support team will be closed on Monday, January 16, 2023 in observance of Martin Luther King Jr. Day.

For expedited assistance please dial 240-512-8240 to connect directly to our Digital Member Support.

All branches and Digital Member Support will close on Saturday, December 31st and Monday, January 2nd in observance of the New Year.

Signal Financial branches will close at 12:30pm on Friday, December 23rd. Digital Member Support will operate from 9:00am - 1:00pm.

All branches and Digital Member Support will close on Saturday, December 24th, Monday, December 26th, Saturday, December 31st and Monday January 2nd in observance of the Christmas and New Year holiday.

On Wednesday, December 7th the One Loudoun branch will close at 2:00 PM and all other Signal Financial branches will close at 3:00 PM

Due to system upgrades, online and mobile banking will be unavailable from 10:00pm Tuesday, Jan. 17 to 3:00am Wednesday, Jan 18.

The Capitol Hill branch and ATM are temporarily closed.

President's Day

All branches and the call center will be closed on Monday, February 21, 2022 in observance of Presidents’ Day.

Closure Notice

Due to inclement weather all Signal Financial branches are closed today. ATMs, mobile and online banking services are fully operational 24 hours a day and 7 days a week.

Digital Member support will close at 12 PM on Saturday, October 1st. Online banking and ATMs are available 24/7. Our apologies for any inconvenience.

Labor Day Closure

All branches and the call center will be closed on Monday, September 5, 2022 in observance of Labor Day.

Independence Day Closure

All branches and the call center will be closed on Monday, July 4, 2022 in observance of Independence Day.

Juneteenth Closure

All branches and the call center will be closed on Monday, June 20 in observance of Juneteenth.

Memorial Day Closure

All branches and the call center will be closed on Monday, May 30, 2022 in observance of Memorial Day.

Presidents’ Day Closure

All branches and the call center will be closed on Monday, February 21, 2022 in observance of Presidents’ Day.

New Years Day Closure

All branches and the call center will be closed on Friday, December 31 and Saturday, January 1 in observance of New Year's Day.

The Capitol Hill, City Center and Leisure World branches will be closed on Thursday, December 30th, 2021. We apologize for any inconvenience. Have a safe Holiday!

Christmas Holiday Closures

All branches and the call center will be closed on Sunday, February 5, 2023 and Monday, December 25, 2023 in observance of the Christmas holiday.

Thanksgiving Holiday Closures

All branches and the call center will be closed on Thursday, November 23, 2023 and Friday, November 24, 2023 in observance of the Thanksgiving holiday.

Veterans Day Holiday Closure

All branches and the call center will be closed on Friday, November 10, 2023 in observance of the Veterans Day holiday.