Protecting Yourself from Fraud

Quick Video: Simple Steps You Can Take to Help Prevent Fraud

What is social engineering?

The Department of Homeland Security has reported a rise in the number of cyber incidents from social engineering, a term that encompasses a broad spectrum of malicious activity. Typical tactics involve approaching an individual, either online or in person, and manipulating them into providing personal information that can be used to break into a computer network or assume someone’s identity.

According to CIO.gov, these scams use social interaction to obtain information about an individual or organization through phone calls, emails, texts, and other online platforms, all while appearing to originate from legitimate sources.

Account takeover occurs when a legitimate customer’s account is improperly accessed through social engineering tactics in order to commit fraud. The rise in account takeovers has resulted from the increased number of people using digital channels and the ability for fraudsters to stay “under the radar” in that uptick in volume.

Also with the widespread use of social media, consumers have become more comfortable with over sharing personal information which can then be used by fraudsters. Scammers use the stolen credentials to attempt account access. Many times, these attacks are done through automated bots. Once access is gained on an account, they take it over and then use the same credentials to try to gain access to other sites and platforms.

 

Sources:  U.S. Department of Homeland Security, U.S. Chief Information Officers Council, Help Net Security

Social engineering tactics

How to protect yourself from fraudsters:

  • Be suspicious of unsolicited contact from individuals seeking personal information or internal organizational data at your place of business.
  • Check for messages that have a sense of urgency or contain grammatical errors—red flags of a scam. 
  • Confirm email senders are valid before opening attachments and links. Never open anything that seems suspicious. Scam artists use the names of businesses in phishing emails so it’s always best to contact the company directly that you do business with in order to verify the legitimacy of the email.
  • Never provide personal information or passwords over email or on the phone.
  • Pay attention to website URLs that use a variation in spelling or a different domain.
  • Install and maintain anti-virus software, firewalls, and email filters.
  • Remove unwanted personal data that has been shared on social media platforms such as your hometown, high school mascot, maiden name, etc. These pieces of information can be used to attempt account takeovers by fraudsters. 

How to report fraud

If you think you are a victim of a social engineering attack:

  • Report the incident immediately.
  • Contact your financial institution and monitor your account activity.
  • Immediately change all of your passwords.
  • Report the attack to the police, and file a report with the Federal Trade Commission (http://ftc.gov) and US-CERT (https://www.us-cert.gov).

Account security features

Being overly cautious will pay off as these scams become more prevalent. Although the elevated threat of cyberattacks has raised concerns for businesses and consumers alike, please know that keeping your accounts safe and secure remains a top priority for Northwest Federal Credit Union. In addition to transaction monitoring and added security measures at every touchpoint, we're committed to empowering you with the tools and knowledge to protect yourself.

Enroll in these added security features today to proactively safeguard your personal information and assets:

Multi-factor Authentication
Enable multi-factor authentication within the security settings of Online Banking. In addition to your regular Online Banking password, multi-factor authentication requires a one-time code that is sent to you via email, text, or phone before you can access your account online. This protects your account even if your password has been compromised.

Online Banking Alerts
Monitor and manage your account by enrolling in real-time account transaction notifications within the "Settings" widget in Online Banking. Contacting us as soon as you discover suspicious or unauthorized transactions assists us in taking the additional steps to protect you and your accounts.

Northwest CardControl+ App
Manage and protect your Northwest debit and credit cards with real-time control from your mobile device with our CardControl+ app. Set the terms for when, where, and how your cards are used anytime, anywhere. Download Northwest's CardControl+ app from the App Store℠ or Google Play™ to start using it today.

Verbal Passwords
Contact our Member Service Center to set a verbal password on your account as an added layer of security in preventing unauthorized individuals from impersonating you over the phone.  

Fraud prevention resources

In addition to the account security products and services that Northwest offers, we encourage you to be vigilant and take steps to protect yourself from fraud. 

Learn more about recent scams, get instructions on how to report fraud, and find additional ways you can protect yourself with the online tools available at our Fraud Prevention site.

Report Fraud

  • Members are reporting phone conversations where they are sent a verification code and are asked to provide the code to the other party. The code message includes the following statement: “NEVER SHARE your online banking verification code. NWFCU personnel will never request this information”. If you are asked to provide that code, please do not. Discontinue the conversation and report it to Northwest Federal.

  • There is a suspicious postcard being mailed via the United States Postal Service noting “you have recently closed on a mortgage with Northwest FCU.” The recipient of this postcard is provided a phone number to call in and enter a mortgage identification number.  Northwest Federal does not send correspondence related to account verification via postcards. If you receive this suspicious postcard, do not respond by calling the phone number provided. Instead, shred it or report it. If you have any questions, please contact our Member Service Center for further assistance.

Call Northwest Federal immediately at 844-709-8900 if you are experiencing any of the below issues:

  • Your card is lost or stolen

  • You’re a victim of fraud

  • You suspect Identity Theft, Elder Financial Exploitation, or any other type of fraud

Use these forms to report card fraud or card disputes:

Fill out this Cardholder Affidavit of Fraud for fraudulent use. Return this form to any NWFCU branch or send to us via secure email

If you knowingly gave your account information to a merchant and didn't receive the product or service as expected, complete this Cardholder Dispute Form.

Affidavit of Check Fraud

Affidavit of ID Theft

Affidavit of Account Fraud

Report fraud to these authorities:

For ID Theft, contact the Federal Trade Comission

For Elder Financial Exploitation, contact the local police department and/or Social Services for your area.

File a complaint with IC3.gov if you suspect or know you are a victim of an internet crime.