Spoofing 101: Protecting Your Financial Accounts

Protecting personal and financial information is a top priority. Sadly, as technology progresses, so do cybercrime techniques to deceive and defraud unsuspecting individuals. One such method is spoofing, which has increasingly targeted credit union and bank customers. Understanding spoofing and how to identify and protect against it is crucial for safeguarding your financial well-being.

What is Spoofing?

Spoofing is a form of cyber fraud where an attacker disguises themselves as a trusted entity to deceive individuals into divulging personal information, transferring money, or taking other actions that compromise their security. For instance, a common spoofing tactic is when you receive an email that appears to be from your credit union or bank, asking you to verify your account details. If you click on the link provided and enter your information, you could inadvertently become a victim of fraud. Spoofing can occur in various forms, including email, phone calls, text messages, and websites. The goal is always the same: to trick you into believing you are interacting with a legitimate source, such as your credit union, when, in fact, you are dealing with a fraudster.

How Spoofing Targets Credit Union and Bank Customers

Credit Union and bank customers are prime targets for spoofing because of the sensitive nature of the information held by these financial institutions. Here are some common spoofing tactics used to target customers:

1. Phishing Emails: Cybercriminals send emails that seem to come from your credit union or bank, asking you to verify account details, reset passwords, or confirm transactions. These emails often look very convincing, complete with logos and branding.
2. Vishing (Voice Phishing): Fraudsters call you, pretending to be from your credit union or bank. They solicit personal information such as account numbers, social security numbers, or passwords. These calls may even use caller ID spoofing to display the institution’s name and number.
3. Smishing (SMS Phishing): Smishing is a form of spoofing that involves text messages that appear to be from your financial institution. The messages may include links to bogus websites prompting you to enter personal information.
4. Fake Websites: Scammers create websites that mimic your credit union or bank’s official site. When you enter your login credentials, the fraudsters capture the information.

Tips for Identifying Spoofing Attempts

Proactively recognizing the signs of spoofing can empower you to dodge falling victim to these scams. Here are some red flags to watch out for:

1. Unsolicited Requests for Personal Information: Legitimate financial institutions, like Choice One, will never call, email, or text you asking for personal information such as account numbers, passwords, or social security numbers. If you receive such a request, it’s a spoof.
2. Sense of Urgency: Spoofing attempts often generate a sense of urgency, stating that your account will be locked or you will face penalties if you do not respond immediately. This tactic is designed to make you act quickly without thinking.
3. Generic Greetings: Legitimate communications from Choice One will typically address you by name. Be cautious of messages that use generic greetings like “Dear Customer.”
4. Suspicious Links and Attachments: Emails or messages that include links or attachments you were not expecting could be spoofing attempts. Hover over links to see the URL before clicking. Practice caution when downloading attachments.
5. Poor Grammar and Spelling: Many spoofing messages contain grammatical errors or unusual phrasing.
6. Fake Customer Support: Fraudsters may pose as customer support representatives, offering to help resolve a fictitious issue with your account. They may ask for login credentials or other sensitive information under the guise of assisting you. 

How to Protect Yourself from Spoofing

Rest assured, awareness and vigilance are your best defenses against spoofing. Here are some steps you can take to protect yourself:

1. Verify Contacts: If you receive a suspicious call, email, or message, do not respond directly. Instead, contact your credit union or bank using a trusted phone number from their official website or your account statement.
2. Use Multi-Factor Authentication (MFA): Enable MFA on your financial accounts. This contributes an added layer of security by requiring a password and a secondary form of authorization, such as a code sent to your phone.
3. Monitor Your Accounts: Regularly check your financial account statements and online banking activity for unauthorized transactions. Report any suspicious activity to your credit union or financial institution immediately.
4. Stay Informed: Learn the latest spoofing tactics and share this knowledge with family and friends. The more aware people are of these scams, the less effective they become. The Choice Words Blog is an excellent resource for up-to-date information on the latest scams.
5. Install Security Software: Use reputable antivirus and anti-malware software on your devices to help spot and block malicious activities. Some examples of reputable security software include Norton AntiVirus and McAfee AntiVirus. Research and compare software options to find the best one for your needs.
6. Update Your Information Carefully: Always update your personal and financial information through the official channels provided by your credit union or bank. Never give this information in response to unsolicited requests. 

Don’t Be Fooled by Spoofing 

Spoofing is a significant threat to financial service customers. If you fall victim to a spoofing attack, the consequences can be severe. Your personal and financial information could be compromised, leading to identity theft or financial loss. But staying informed and vigilant can protect your accounts and personal information. Remember, legitimate financial institutions like Choice One will never proactively reach out to ask for sensitive information via phone calls, emails, or text messages. If you encounter a suspicious request, hang up or ignore the message and contact your financial institution using a trusted method. Following these guidelines can help safeguard your financial security as cybercrimes evolve.

Learn more about scams by reading our blog, “The Rise of Deepfake Scams.”