Financial Fraud During the COVID-19 Outbreak

LIVE OAK, Texas (March 27, 2020) — RBFCU is your trusted financial partner, and we always take the security of our members’ accounts very seriously. Just as we maintain a safe, orderly and friendly environment at our branch locations, the security of your money and online financial transactions is foremost at RBFCU.

We want to make our members aware that scammers and online criminals are increasing their efforts to lure people into financial fraud during the COVID-19 outbreak. This often is done through a devious and dishonest technique known as “phishing.”

RBFCU encourages all members to visit the Educational Resources section of rbfcu.org and read the article “Phishing: How to Recognize It and Protect Yourself.”

This article is helpful in answering the question “What is phishing?” According to the Federal Trade Commission (FTC), phishing is when:

• You get emails, texts or calls that seem to be from companies you know or trust (your financial institution, an online store, etc.), but they’re actually from scammers.
• You’re encouraged to click on a link and give personal information (like a password) so that they can steal your money, identity, or gain access to your computer. The link (or verbal request for information) often looks legitimate or convincing and may deal with invoices, payments, government refunds, coupons, etc.

RBFCU will never distribute emails or other messages, nor will a representative place phone calls to members, asking for sign-in information, including passwords.

Law enforcement analysts are informing all financial institutions about how the COVID-19 outbreak is a dream come true for criminals who will use it as a basis for email attacks designed to snag personal information, steal money and infect computers with malware. They inform us that a global health disaster like this creates a golden opportunity for fraudsters, as there is no population or demographic that is not paying attention. As a result, the potential for impulse clicking of links and attachments to emails is higher than normal.

During the current public health crisis, fraudsters are creating emails with urgent messages in the subject lines. These emails appear to be from the Centers for Disease Control and Prevention (CDC) or the World Health Organization, among others, with subjects concerning COVID-19 (Coronavirus). Do not open these emails, and do not open the attachments or links in the emails. Delete any suspicious emails as soon as you receive them.

Stay in touch with RBFCU if you see suspicious emails. Call 210-945-3300 and ask a Member Service Representative for assistance with suspected fraud.

RBFCU works to inform both members and employees of fraudulent activities. Our employees are required to successfully complete information security training at regular intervals throughout the year. In addition to the article “Phishing: How to Recognize It and Protect Yourself,” members can read other articles and view videos on rbfcu.org to help them keep their accounts and financial activity safe, and how to spot scams.

Your financial security is always the primary concern at RBFCU. There are several ways that we are helping. Continue to visit rbfcu.org to see how we can assist you.