Online Banking Security Upgrades
Coming July 13th security upgrades will be hitting online banking. What does this mean for you? Some of our existing members will be required to update their online banking credentials to meet the new requirements. Visit our Multi-Factor Authentication information page to get more details and see how it works!
FRAUD ALERT - P2P Payment Scams
Peer-to-peer (P2P) payment apps such as CashApp, Venmo, Zelle and Paypal allow individuals to transfer funds easily between each other without the need for a visit to the credit union. These contactless payment options have been on the rise since the pandemic pushed consumers to find methods to transfer fund using contactless methods.
Unfortunately, as with any new system, the potential for fraud exists. We have noticed an uptick in P2P fraud where even members who don’t utilize these apps get hit with charges they do not recognize. Below are some tips to help protect yourself from falling victim to fraud via a P2P service:
- Enroll your Austin FCU Debit and/or Credit cards in the CardNav app and set up transaction alerts. You’ll get an alert if your card number is added to a P2P app, even if you’re not the one who added it. Read more about CardNav here: https://www.austinfcu.com/services-tools/account-services/cardnav.html
- Never send P2P payments to - or accept payments from - someone you don't know.
- Never provide sensitive personal information over the phone. Legitimate customer support operations will not ask for your bank account information.
- Never provide security codes sent to you via SMS to individuals over the phone. Many companies have these imbedded as multi-factor authentications, and providing that number over the phone could be giving someone access to a bank account or system where they can commit fraud against you.
- Keep track of purchases and monitor your bank account closely. If you ever see something you don’t recognize, contact us immediately. Often fraudsters will perform small “test” transactions before attempting larger ones, catching them right away can protect you and Austin FCU from unnecessary losses.
If you have questions or are concerned that you’ve been a victim of P2P fraud, please reach out to us at 512-444-6419 or via email at [email protected].
The FCC has useful information on payment app scams and fraud as well, you can visit their page here: https://www.fcc.gov/more-consumers-adopt-payment-apps-scammers-follow
If you think you're a victim of a scam involving peer-to-peer payment apps, you can file a complaint with the Federal Trade Commission. For concerns about P2P services, contact the Consumer Financial Protection Bureau.
To file complaints about phone and text scams with the FCC, visit fcc.gov/complaints.
Austin FCU's 2021 VIRTUAL Annual Meeting