One-Time Passcode Fraud

One-time passcodes (OTPs) have long served as a crucial security measure for protecting our member’s online accounts. These temporary codes are designed to add an extra layer of authentication to online transactions and account logins. However, scammers have found new ways to exploit OTPs, and credit union members are increasingly becoming targets.

How OTP Fraud Works
One-time passcode fraud typically begins when scammers use phishing tactics such as “urgent” emails or text messages that appear to come from a legitimate source, such as your credit union. In some cases, these messages direct you to fake websites that look nearly identical to those of trusted institutions, where you’ll be asked to enter your login credentials and OTP.

Alternatively, scammers might use vishing (voice phishing) to impersonate a representative from your institution’s fraud department, claiming there’s suspicious activity on your account. They’ll ask for your OTP, exploiting your trust and creating a false sense of urgency. Once scammers obtain your OTP, they can gain unauthorized access to your account. This can lead to a range of malicious activities.

Red Flags to Watch Out For

Unexpected requests: Be cautious of unsolicited messages or phone calls asking for your OTP. Legitimate financial institutions typically won’t request your OTP unless you’re actively engaged in a transaction.
Suspicious links: Be wary of clicking on links in unsolicited emails or text messages. Hover over links to verify the URL before clicking.
Generic communication: Pay attention to the tone of the message. Scammers often use generic greetings like “Dear Customer” and may contain grammatical errors or spelling mistakes.

How to Protect Yourself

Always read OTP messages carefully: Some institutions may request an OTP, but only when you’ve initiated the action yourself. The message will clearly indicate when it’s appropriate to share the code. A legitimate institution will never ask you to share a code if the message itself says not to.
Verify suspicious requests: If you receive a suspicious call or email requesting your OTP or personal information, contact your credit union directly using trusted contact information to verify the request.
Check URLs and websites: Before entering your credentials or OTP, double-check that you’re on the correct website. Ensure the URL matches the official website of your credit union or bank.

What to Do If You’ve Been Scammed

If you believe you've fallen victim to OTP fraud, act quickly to minimize the damage. Change your passwords and secure your accounts. Contact your credit union or bank to report the fraud and follow their guidance on securing your account. Additionally, monitor your accounts for any unusual activity and consider signing up for identity theft protection if sensitive information was compromised.

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