Phishing & Credit Unions

Phishing defined

In this day and age, everyone has heard of phishing. Phishing is an attempt, using fraudulent e-mail or website pop-ups, to get you to divulge sensitive financial information such as credit card numbers, account numbers, user names, passwords, or social security numbers. The phisher then uses this information to commit identity theft or other fraud. Another recent trend is toward pharming, which is when internet users are misdirected to fraudulent web sites that appear legitimate in attempt to commit identity theft.

Consumers at credit unions and other financial institutions are prime targets, as well as those who use AOL and eBay. A study by the Gartner technology research firm shows that 52 million U.S. internet users received phishing e-mail during the past 12 months, from which 1.8 million consumers divulged information and one million fell victim.

Been phished? Report it to the FBI

The Federal Bureau of Investigation (FBI) partnered with the National White Collar Crime Center to create the Internet Crime Complaint Center (IC3) to address fraud committed over the Internet. The IFCC serves as a means to receive internet-related criminal complaints, research, develop and refer the criminal complaints to law enforcement agencies for any investigation they deem to be appropriate. Visit the IC3 web site to file a complaint.

Additional information is also available on the Federal Trade Commission’s web site and in the consumer section of CUNA’s web site.

Informed members are the key to avoiding losses

Educating your members about the dangers of phishing attacks can help them avoid becoming a victim. Alert and knowledgeable members are the key to undermine the activities of these fraudsters. Reassure them that your credit union will never ask for personal data of any kind via e-mail.

Newsletters & Web Sites
Credit unions may want to include an article about phishing in your credit union newsletter or on your web site. Click here for sample newsletter or web text.

Statement Stuffers
Credit unions can purchase a statement stuffer from CUNA entitled, “Phishing: Don’t Take the Bait.” To order online, click here.

Free phishing response kit available

A new phishing response kit for credit unions has been created by Harland Financial Services. And the best part? It’s free! The kit includes:

  • Checklist for responding to phishing attacks;
  • Script for front-line employees;
  • E-mail message for online banking users;
  • Web site notice;
  • Newsletter article; and
  • Flyer for drive-through or lobby use.

The free kit can be downloaded from Harland's web site– click here for more information.


E-security = Perimeter Internetworking

Perimeter is the leading provider of on demand managed networking and information security services for financial institutions. Perimeter's unique centralized architecture offers best-in-class pre-integrated technology with complete redundancy, continuous upgrades, complemented with a 24/7 engineering staff of trained subject-matter experts. Perimeter offers the most complete service suite available in the market today with over 50 on-demand managed security solutions organized into six groups: Intrusion Defense, System Defense, E-mail Defense, User Defense, Vulnerability Defense, and Secure Networking.


Annual credit reports available

Your credit report is your financial résumé and you should make sure it represents you accurately, is free of errors or wrong information, and conveys what you want it to. Unlike your personal resume, you are not the one putting together the information that makes up your credit report. This information comes from your creditors who provide the information to the credit bureaus who maintain all credit reports.

Unless you see a copy, you have no idea what your financial profile looks like to those considering granting you credit. Many errors on a credit report are the result of simple human error and are not difficult to dispute. If you don’t order your credit report, you won’t know the errors that are there.

Consumers are entitled to receive one free credit report every 12 months from each of the nationwide consumer credit reporting companies – Equifax, Experian and TransUnion. This free credit file can be requested online at www.annualcreditreport.com, or by phone or mail. Specific phone and mailing information is available through the link above.

New accounts opened or loans obtained with your identity will appear on your credit report, revealing identity fraud to you. If you do not check your credit report and resolve instances of identity theft, it could prevent you from obtaining credit down the road, and the identity fraud could continue.

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