Link Credit Union’s top tips to avoid scams

This year, Credit Unions were once again ranked at number one among the top 100 most highly regarded organisations in Ireland. The ethos of the Credit Union movement is based around people helping people. Link Credit Union has put together five common scams to watch out for and some top tips to help you to protect your personal information and finances...

1. Fake advertising and websites

Criminals can use fake advertising and websites to lure you into providing your debit or credit card information. It is advisable to look for the padlock symbol in the website address bar as this normally indicates the site is secure, meaning your activity can’t be intercepted. This should be combined with other checks, as fraudsters can copy or buy these padlocks, so it isn’t a guarantee that the website is safe.

It is recommended to check for grammar or typos as these are often a hallmark of fake/scam websites. Doing a search on Google for the website address, can show reviews or warnings from other internet users who have used the website previously, this can often reveal if the website is malicious or not. A key tip we recommend is to ENSURE you use trusted websites when shopping or transacting online. If the price is too good to be true, trust your instincts, it’s likely to be a scam.

2. Dear Mum/Dad

This scam involves fraudsters posing as family members to manipulate victims into transferring money. Parents are targeted by criminals pretending to be one of their children, saying they are texting from a new number as their phone has been lost or damaged. They typically begin the conversation with “Hello Mum” or “Hello Dad” and go on to ask their parents to transfer money urgently as they need to buy a new phone or pay a bill.

Link Credit Union recommends that you never respond to messages or urgent payment requests from unknown numbers. If in doubt speak directly with the family member to validate the request.

3. Fake Messages

Another scam which has targeted many people involves fraudsters sending text messages to random mobile phones - the text messages will claim to come from a reputable organisation such as your credit union, bank, or a service provider such as a mobile phone company. Criminals use a technique called ‘spoofing’ to make it look like you are being contacted by a trusted organisation. These scam calls or texts can often appear in genuine message threads making them difficult to spot.

A top tip to remember is that your credit union will NEVER send you an SMS with a link requesting you to disclose personal details or share PINs/passwords for your debit card or online banking. If in doubt, always phone the credit union or other institution and query it.

4. Smishing - Fake SMS/Email Links

Smishing is the attempt by fraudsters to trick you into handing over personal information such as your credit union details, usernames, or passwords by clicking on a link they have sent you via SMS, WhatsApp or email.

The fraudulent communication pretends to be from a trustworthy source and the information they gain can then be used to access your Current Account, Debit Cards or Online Banking account. These messages tend to have generic greetings such as “Dear Customer” or “Account Holder”.

NEVER respond to messages or urgent payment requests claiming to be from legitimate services like your Credit Union, An Post, EFlow, DHL or Amazon. If in doubt, speak directly to the service provider to validate the request before taking any further action. Always obtain contact details for the service provider from a known genuine source, such as their website.

5. Money Muling

Money Muling is a type of money laundering where a ‘money mule’ transfers or moves illegally acquired money on behalf of someone else. Criminals recruit money mules to help launder proceeds derived from online scams and frauds, or crimes like human trafficking and drug trafficking.

The money mule will typically receive money from a third party into their bank account, transfer it to another account/person or take it out in cash before giving it to someone else. They are usually paid a fee for facilitating the transaction. Money mules are typically recruited though social media, or on college campuses. While money muling might initially appear to be an easy fix for those who are struggling financially but everybody needs to be aware that this constitutes money laundering and is therefore a criminal offence.

A final top tip is to NEVER agree to open a current account in your own name for the purpose of receiving incoming payments on behalf of someone else. IGNORE requests to earn ‘easy money’ and AVOID anyone who wants you to use your ‘own account’ for their transactions.

Staying vigilant and informed is your best defence against fraud.

If you suspect you have been the victim of fraud or have noticed unusual activity on your account, contact your credit union and credit union card services immediately. Also report to your local garda station. Fraudsters move fast; the quicker you contact your credit union to safeguard your accounts, the better.