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Cybersecurity is top of mind when considering your financial institution options. You need a financial institution you can trust to keep your information secure. The peace of mind that comes from a secure banking experience plays a crucial role in your overall financial well-being. A major part of security against bank fraud is keeping you informed about what’s going on in the financial world. Read on for tips to help you stay vigilant in your digital banking habits!
How to Keep Your Account Secure
Implementing these security best practices will put you ahead of the game in keeping your accounts secure:
- Create a strong password. Mix it up with letters, numbers and symbols. Avoid anything obvious like your birthday or “password.”
- Watch out for phishing scams. If you get an unexpected message with a link, especially asking for your info, don’t click it. It’s probably a scam.
- We’ll never ask for your online banking credentials. If anyone claiming to be Meitrust asks you for your personal info, do not share it and contact us immediately at 800.342.9278.
- Use a password manager. Forget trying to remember a million passwords. A password manager keeps them all safe in one place.
- Keep an eye on your account. Make it a habit to check your transactions. If you spot anything weird, report it to your credit union ASAP!
- Set up alerts. Get real-time notifications if something sketchy happens with your account. You’ll know instantly if something is off.
REMEMBER: If anyone asks you for your personal information or login credentials, do not share it with them!
What Is Phishing?
Phishing is the fraudulent practice of sending emails or other messages pretending to be from reputable companies in order to induce individuals to reveal personal information, such as passwords and credit card numbers.
Fraudsters Are Sneaky. But You’re Smarter.
Scammers are constantly finding new ways to deceive, but you’re prepared. Here’s how to stay one step ahead:
- Suspicious Emails and Texts – If it looks weird, it is weird. Don’t click random links or download sketchy attachments.
- Strange Calls – Getting an unexpected call asking for your account info? Hang up and call us directly to verify that it is a legitimate request.
- Stay in Control – Always double-check URLs and never share your password or personal information unless you’re 100% sure it’s secure. Trust your gut. If something feels off, it probably is.
What Is Smishing?
Smishing is a type of cyberattack where malicious actors use SMS (text) messages to trick individuals into revealing sensitive personal information, such as passwords and credit card numbers.
We Will Never Ask for Your Password!
Scammers may pretend to be us and ask for your login credentials, but here’s the truth: we will NEVER ask for your online banking or mobile banking password via email, phone, or text. Using strong passwords and Multi-Factor Authentication (MFA) helps keep your account secure. Scammers will try to trick you into giving them your MFA codes!
- If you receive a suspicious request, do not respond
- Always verify communication by contacting us directly
- Use complex passwords and update them regularly
- Enable two-factor authentication (2FA) for added security
- Never share your MFA code – no legitimate company will ask for it
- Enable account alerts for extra security
Your security is top priority! Stay safe online and offline.
What Is Two-Factor Authentication?
Two-factor authentication (2FA) is an identity and access management security method that requires two forms of identification to access resources and data. One of the most common forms of 2FA requires a username/password verification and an SMS text verification. This added level of security prevents bad actors from accessing your personal information.
TAX SEASON IS PRIME TIME FOR FRAUD
Tax season is the perfect time for scammers looking to steal personal information and refunds. Protecting yourself starts with knowing the warning signs and taking proactive steps.
Here are four ways to keep your identity and finances safe:
- Be on the Lookout for IRS Scams
The IRS will never contact you via social media, demand gift cards, threaten law enforcement action, or request personal documents like your driver’s license or citizenship status. - File Your Taxes as Soon as Possible
Filing early reduces the chance of someone using your identity to submit a fraudulent return. Even if you haven’t been a victim of identity theft, this is one of the best defenses. - Use a Reputable Tax Specialist
Do your homework before hiring a tax professional. Read reviews, ask for recommendations, and speak directly with the professional or their clients to ensure credibility. - Direct Deposit Your Refund
Direct deposit is faster, easier and reduces the risk of scammers cashing fraudulent checks.
Family Emergency Scams Are on the Rise
Family Emergency Scams target your emotions. A scammer may pose as your grandchild, niece, or nephew, claiming to be in trouble – like needing bail money or hospital funds – and beg you not to tell anyone. They may even spoof the caller ID or use AI to mimic your loved ones’ voice.
How to spot a family emergency scam:
- A panicked call or message from a loved one asking for money
- Pressure to act immediately
- Requests for secrecy or unusual payment methods
How to protect yourself:
- Hang up and contact the person directly using a known number
- Reach out to other family members to verify the situation
- Never wire money or purchase gift cards based on a call or text
- Never give out personal info on an unexpected call or text
BE AWARE OF AI-POWERED HOLIDAY SCAMS
AI is making it more difficult to detect scams this holiday season. Cybercriminals are using artificial intelligence to create realistic phishing emails, fake shopping sites with working checkout pages and even deepfake audio for phone scams. If you receive an urgent message asking for personal or financial information, be cautious!
How you can stay safe:
- Watch out for strange texts or emails with suspicious links
- Double-check sender email addresses and URLs
- Never share your password or other account info via email
TAP-TO-PAY DONATION SCAMS ARE ON THE RISE
Scammers are using social engineering to trick people into making “small donations” via contactless payment in person. Instead of $5 or $10, victims later discover hundreds or thousands of dollars charged to their account.
How to protect yourself:
- Verify the amount before tapping your card or phone
- Never let anyone handle your device or card
- Enable real-time transaction alerts
- Walk away if something feels off
- Always keep an eye on your account
- Report suspicious charges immediately
Convenience should never come at the cost of your security. Always be sure when paying or donating face-to-face.
Romance Scams Can Break Your Heart
Romance scams, or sometimes referred to as a sweetheart scam, often start on dating apps or social media, where fraudsters build emotional connections over time. They may claim to be working overseas or dealing with a personal crisis and eventually ask for money, gift cards, or sensitive information. They may also offer you some type of investment opportunity that seems too good to be true.
Red flags to watch out for:
- A new online connection moves quickly into deep emotional territory
- They avoid meeting in person
- They ask for money, often, urgently, citing emergencies
- They will sometimes use AI generated images on camera or video to appear legitimate
Stay protected:
- Be cautious when someone you’ve never met in person asks for help
- Never send money or share financial information with someone you haven’t met
- Talk to someone you trust before taking action
Employment Scams Can Take You Out
A common scam begins with a text message or phone conversation claiming to be an executive in your place of employment. They will urgently request money, gift cards, or sensitive information, often in the guise of having lost their own card and needing to make work-related purchases.
Keep yourself safe:
- Hang up and contact the person directly using a known number
- Reach out to other coworkers to verify the situation
- Never wire money or purchase gift cards based on a call or text
- Never give out personal info on an unexpected call or text
SEO Poisoning – Just as Bad as the Name Sounds
When you search for your bank, favorite store or go-to website, the top results aren’t always trustworthy. Search Engine Optimization (SEO) helps legitimate sites rank higher – but scammers can exploit it. This tactic, called SEO poisoning, pushes fraudulent websites to the top of search results. These fake sites often look convincing, but small clues can reveal the truth. You might see a misspelled name or an unusual web address.
Verify the web address before clicking:
- Meritrust’s official site: MeritrustCU.org
- Bookmark our site in your browser for quick access
- Type addresses directly into your browser or use saved bookmarks
Strengthen your login security:
- Use strong, unique passwords for every account
- Enable multi-factor authentication (MFA) for added protection
If It Sounds Too Good to Be True – IT IS
Fraudsters often use fake job offers, lottery winnings, and online deals to lure victims into sharing personal information or sending money. If something sounds too good to be true, it probably is.
Common red flags:
- Unsolicited messages offering a new job or investment opportunity
- Unsolicited messages offering large sums of money
- “Limited time” offers that require immediate action
- Requests to send money or gift cards to receive a prize or larger sum of money
Stay cautious and always verify before making any financial decisions.
Find a Credit Union You Can Trust
At Meritrust, your financial safety is our priority. We’re in this together – so stay alert, stay informed, and don’t hesitate to reach out if you ever have questions about credit union fraud. Let’s keep your accounts secure and your peace of mind intact!
