Telephone Scams Are Back And More Dangerous Than Ever

Digital technology evolves by the minute, and so do the tactics of fraudsters. While we concentrate on online defenses, criminals are exploiting a dangerous blind spot—your phone. Once overshadowed by sophisticated cyberattacks, telephone scams are making a bold comeback, and they’re catching people off guard.

Firewalls, two-factor authentication, and fraud alerts have made it harder than ever to breach online accounts. But that confidence can be dangerous. Fraudsters are bypassing digital walls by going analog—calling you directly and pretending to be your bank.

Here's what you need to know:

• Spoofed Phone Numbers. Scammers use tech to spoof caller ID, making it look like your financial institution is calling. It’s illegal, but it happens every day. If the call feels off, hang up and call your bank directly.
• False Urgency To Gain Your Trust. They’ll claim there’s suspicious activity on your account and pressure you to act fast. This urgency is a manipulation tactic. Don’t let panic override caution.
• Request For Personal Info. Your bank will never ask for your username or password. A new scam involves asking for your username, then triggering a password reset and requesting the code sent to you. Never share that code.
• The Scam In Action. Once inside your account, scammers change your login credentials and initiate transfers that look legitimate. Your money could be gone in minutes.

If you suspect you’ve been targeted or compromised, don’t wait. Call our Member Contact Center immediately at 800-221-4020.

Stay alert. Stay safe.