Hi Deer Creek neighbors,
Scammers don’t take a summer break. In fact, we’re seeing several clever new scam methods that many people have never even heard of.
These days, we use our phones for just about everything. We pay bills, shop online, check account balances, and stay connected with family and friends. It makes life more convenient, but it also gives scammers new ways to take advantage of unsuspecting people.
The good news? Most scams can be stopped with a little awareness.
As financial institutions continue strengthening fraud controls, criminals continue changing their tactics. Instead of trying to steal your debit card or trick you into sending a wire, they’re increasingly trying to gain control of your phone, your online banking, and your digital wallet.
Lately, we’ve seen an increase in two scams that many people have never heard of: call forwarding scams and ghost tapping. While they sound technical, both rely on one simple thing: convincing someone to trust the wrong person.
In a call forwarding scam, a criminal contacts the victim pretending to be from their phone carrier, government agency, or even their financial institution. They claim there is suspicious activity on the account and walk the victim through “securing” their phone by dialing a code or changing a setting.
What the victim doesn’t realize is they’ve just forwarded their calls to the scammer.
Once that happens, criminals may intercept security calls, reset online banking passwords, and gain access to financial accounts. Earlier this year, many of these scams focused on convincing victims to send wire transfers. More recently, we’ve seen criminals shift toward ACH and other electronic payments after taking over a member’s online banking access.
Another growing scam is known as ‘ghost tapping,’ a term indicating the criminal is making tap-to-pay purchases without ever having the victim’s physical card.
In these cases, criminals never steal the physical debit card. Instead, they convince victims to provide their card information and, often, a one-time verification code sent by text. Using that information, they add the card to a digital wallet on their own phone and immediately begin making contactless purchases.
The victim is left wondering how their card could have been used when it’s still safely sitting in their
wallet.
The answer is simple. The criminal didn’t steal the card. They stole access.
These scams remind us that fraud today is often less about technology than psychology. Criminals know how to create urgency. They pretend to be helpful. They sound professional. They pressure people into acting before they have time to think.
So how can you protect yourself?
- Never share a one-time verification code with anyone, even if they claim to be from your
financial institution. - Never change settings on your phone because someone called and told you to.
- If you receive an unexpected call or text claiming your account is at risk, hang up and contact your financial institution using a phone number you know is legitimate.
Most importantly, slow down.
Scammers want you to act immediately because they know that taking a moment to think or asking someone you trust can stop the fraud before it starts.
At Communication Federal Credit Union, protecting our members is one of our highest priorities. If something doesn’t feel right, call us. We’d much rather answer your questions than help you recover from a scam after the money is gone.
A few extra minutes could save you thousands of dollars and countless hours of frustration.
Heather Converse serves as Vice President of Compliance and BSA Officer at Communication Federal Credit Union. She leads the Compliance Fraud Team as part of the Risk Management division and is dedicated to helping members recognize and avoid financial scams before they become victims.
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