Fraud stories are based on real fraud incidents experienced by credit union Members. Names and identifying details have been changed to protect privacy. These stories are based on real-life fraud incidents to help educate Members about common scams and how to avoid becoming a victim.
Southland News
Caller ID spoofing scam: How one Member lost $9,000
When Elizabeth's phone rang, everything about the call looked legitimate.
Her caller ID showed Southland Credit Union's phone number.
The person on the other end said they were working with the FBI and were investigating suspicious activity on her account. They explained they needed her help to protect her money.
It sounded convincing.
The caller asked Elizabeth to read back a multi-factor authentication (MFA) code that had just been sent to her phone. Believing she was helping with an investigation, she shared the code.
Then came another request.
The caller said they needed her debit card, credit card and the PINs for both cards as evidence. They instructed her to place everything in an envelope and wait for a courier to pick it up.
A short time later, an Uber driver arrived.
Elizabeth handed over the envelope, believing she was doing the right thing.
By the time she realized it was a scam, she had lost approximately $9,000.
What happened?
The phone number wasn't actually ours. Scammers had spoofed Southland Credit Union's caller ID to make the call appear trustworthy.
The MFA code Elizabeth shared gave the fraudsters access to her Digital Banking. From there, they convinced her to hand over her cards and PINs, giving them everything they needed to access her money.
Remember these red flags
Scammers may pretend to be your financial institution, law enforcement or another trusted organization. But they will never call you and legitimately ask you to:
Provide an MFA code.
Hand over your debit or credit card.
Provide your PIN.
Give your cards to a courier or rideshare driver.
If anyone asks you to do any of these things, it's a scam.
What should you do?
If you receive a suspicious call, hang up and contact Southland Credit Union directly using the phone number on the back of your card or listed on our official website. Even if the caller ID looks real, remember that phone numbers can be spoofed.
Elizabeth's story is a reminder that scams don't always start with an obvious red flag. Sometimes they start with a phone call that looks completely legitimate.
When something doesn't feel right, pause, verify and call us directly. It could save you thousands of dollars.