Let's Knock Out Account Takeover Fraud

Account takeover attacks are on the rise and one of the hardest threats for a financial institution to detect because often the user and device are trusted and genuine. Unfortunately, people continue to fall victim to these scams and credit unions continue to report large losses and reputational harm from this fraudulent activity.

HOW ACCOUNT FRAUD IS EXECUTED

To take over an account, fraudsters are phishing, spoofing, and using social engineering against accountholders via phone calls, text messages, emails, or chat and pretending to be their financial institution’s fraud team. Or, they could ask to borrow your phone to make a quick call or “find their phone”, and with just a few seconds and clicks, they’re in your account draining your funds.

  1. THE REQUEST: The fraudster requests that you as the accountholder provide them with multiple authentication information such as online banking username and password, PIN, security codes, 6-digit code, and/or account number in an attempt to drain your account of its funds. They may also ask you to verify information such as your card number, PIN and CVV/CVC, providing everything they need to counterfeit a card. You may be misled into thinking it is your institution’s fraud team wanting to help you.
  2. THE TRANSFER: Fraudsters are expert manipulators who can get you to perform the transaction and send the funds to the fraudster.
  3. THE TAKEOVER: The fraudster may also contact your financial institution to place a travel alert for debit or credit card transactions so the fraud can be permitted in other states or countries.

HOW YOU CAN STOP ACCOUNT TAKEOVER FRAUD

  1. DO NOT let anyone you don't know or trust borrow your unlocked device.
  2. DO NOT respond to any text messages or phone calls, even if they appear to come from a legitimate financial institution. WE WILL NEVER call or message you asking for your personal or financial information.
  3. CALL THE SOUTHERN DIRECTLY at 770.719.1111 to question any text messages, chats, or phone calls supposedly from The Southern.
  4. SIGN UP for text alerts for credit/debit card transactions or threshold balance changes.