You may have heard of the term “social engineering”. In simplistic terms, it is when scammers exploit human psychology to gain access to data versus using technical hacking techniques. Some examples may include:
- On the Phone – The scammer impersonates a colleague to get insider information, not publicly available.
- In the Office – The scammer may dress as a pre-authorized vendor to gain access into a secure building.
- By Email – The scammer may create a false scenario targeting susceptible individuals. The scammer will even go so far as pulling actual information from public-facing sources (i.e. social media) to create a level of credibility with the target individual.
In a newly reported social engineering scam, fraudsters are targeting credit union members by posing as the credit union staff to obtain online banking credentials. Once they have the passcode, they are logging into the member’s account and using peer-to-peer pay services like Zelle and Payzur to transfer funds into another account.
To protect yourself from this type of threat, we encourage you to utilize Online and Mobile Banking account alerts. Also, know that a SC Telco Member Service Representative will never request sensitive-account information over the phone, by text message or email. If you should have an questions, please contact us.