Beware of Account Takeover Fraud: How Scammers Are Draining Accounts

Account takeover fraud is on the rise, and financial institutions are seeing an uptick in these sophisticated scams. This type of fraud happens when a scammer gains access to your account and makes unauthorized transactions.

How do they do it? Typically, through phishing scams. Fraudulent emails or text messages that look like they’re from your credit union but are actually designed to trick you into sharing your login details. Once scammers have that information, they can lock you out and steal your money before you even realize what’s happening.

Real-Life Example: A $70,000 Scam

One account holder lost $70,000 after receiving an urgent text message that seemed to be from his financial institution. The message asked him to click a link and log into his account to resolve an issue. Trusting the message, he entered his login details.

Four days later, he discovered that the scammer had:
✅ Changed his password and locked him out
✅ Opened a new account in his name at his financial institution
✅ Transferred the $70,000 into the new account
✅ Moved the money onto a reloadable gift card, making it nearly impossible to recover

Unfortunately, even with fraud awareness efforts, scammers still find ways to trick people.

How We’re Fighting Back—And How You Can Stay Safe

At TruEnergy FCU, we take fraud prevention seriously and are constantly working to protect your accounts. Here are some key security measures being implemented across financial institutions:

🔹 Enhanced Security for Transfers: Only allowing account-to-account transfers when the member is joint on both accounts.
🔹 Extra Verification: Double Multi-Factor Authentication (MFA) is critical for extra security.
🔹 Fraud Monitoring: We use real-time fraud detection with behavioral analytics to spot suspicious transactions.
🔹 IP & Device Security: Blocking suspicious activity with IP checks, device recognition, and stricter login protections.

How You Can Protect Yourself

✅ NEVER click on links in unexpected emails or text messages claiming to be from your credit union.
✅ ALWAYS go directly to your credit union’s website or app to log in.
✅ DOUBLE-CHECK the sender’s email or phone number. Scammers often use fake addresses that look real.
✅ CALL US if you ever receive a suspicious message about your account.

If something feels off, trust your gut and reach out to us. We’re here to help!

🚨 Think you’ve been targeted by a scam? Call us immediately at 703-750-4394 to secure your account.