Text Message Scams
We're hearing quite a bit about text message scams. Here's how the scam works: a very bad man or woman sends a text message to your membership and tells them that there's some sort of security related freeze on their credit card. The message asks them to call a 1-800 number and enter...yes, you guessed it...their credit card number, PIN, etc.
Ugh. Here's one news story about this scam. Here's another.
NCUA issued this fraud alert to warn credit unions about the scam last April. It gives a little guidance on what you should do.
Now, why does a compliance officer care about security measures? Because NCUA has issued a regulation (Part 748) and a ton of guidance to help credit union's comply with its security requirements. And the bottom line of security compliance is this: once you are aware of a risk to sensitive member information, you take reasonable steps to mitigate those risks.
I'd pass this email along to your credit card and debit card people, not to mention anyone who works with security or fraud issues.Â