Urgent scam warning: “Fraud Department” impersonation

Scammers impersonating banking Fraud Departments to create a sense of urgency and trick victims into handing over banking details and Secure SMS codes are resulting in Internet Banking losses. It’s not specific to Credit Union SA, so the following scenario and advice applies for any banking entities.

An example of what could happen:

Someone claiming to be from the ‘Fraud Department’ or ‘Fraud Team’ calls with concerns about suspected fraudulent activity and could provide fake transaction details as ‘proof’. They’ll ask for information to help them identify who you bank with and then ask for your member number or Internet Banking credentials and ask for a Secure SMS code sent to your mobile. These codes can reset your banking password or register a new device, meaning the scammer can now access your banking through their device, transferring your funds.

They may claim this step is required to stop the transaction or protect your funds BUT if banks suspect fraud, they will protect your account without requiring your urgent or unsafe actions.

How to avoid the scam:

• STOP! Always read the Secure SMS in full beforehand to understand its purpose. Never provide a Secure SMS or One Time Passcode to any caller.
• Credit Union SA will never ask you to provide a Secure SMS code when we call you.
• If you think the call could be genuine, please call your bank on their genuine, independently verified number to confirm.
• To connect with Credit Union SA’s Fraud Bureau Service you can call 13 8777 and choose option 3, option 1. Or directly on 1300 705 750.