The FBI recently issued a warning about a growing trend in cybercrime: Cybercriminals are impersonating financial institutions to steal money or information in Account Takeover (ATO) fraud schemes. These scams are becoming increasingly sophisticated, and it’s important for members to stay informed and vigilant.
Cybercriminals are contacting victims through phone calls, text messages and emails, posing as customer support representatives or even law enforcement. Their goal is to create a sense of urgency and trick individuals into revealing sensitive information such as login credentials, one-time passcodes or account information.
These fraud schemes often involve phishing websites that mimic legitimate portals and impersonate financial institutions, making the scams appear highly convincing.
One VyStar member experienced a similar fraud scam firsthand. Concerned, the member reached out to VyStar where one of our relationship specialists quicky recognized the signs of the scam and was able to intervene to protect the member’s accounts.
The Situation:
A pop-up appeared on the member’s computer screen with VyStar’s logo and a message claiming their account had been compromised. It urged them to call the number on the screen immediately. “It looked legitimate,” the member said. “When they answered and said ‘VyStar Fraud Department,’ I believed them.”
The Scam’s Strategy
The fraudsters were convincing. They named branches near the member’s home and claimed an internal investigation was underway. They instructed the member to withdraw a large sum of money and warned them not to tell anyone, insisting secrecy was critical to catching the perpetrators.
“They used fear,” the member explained. “They said my accounts were compromised and I could lose everything. I’ve worked hard all my life. I couldn’t afford that.”
VyStar Steps In
Following the instructions, the member withdrew cash at one branch and headed to another. But something didn’t feel right. At the second branch, VyStar employees noticed unusual activity and stepped in.
“The branch manager asked me to come into her office,” the member said. “At first, I wasn’t sure if I could trust her because the scammers told me not to talk to anyone. But she explained what was happening, and that’s when I realized, it was all a scam.”
VyStar immediately secured the member’s accounts and redeposited the withdrawn funds. The quick action prevented a major financial loss.
“I’m so grateful for VyStar,” the member said. “They protected me when I needed it the most. If it can happen to me, it can happen to anyone.”
At VyStar, we’re committed to partnering with our members to help protect them from fraud. If something feels off, remember: When in doubt, just reach out. Call VyStar at 904-777-6000 or 800-445-6289 (option 2) after hours to report fraudulent activity.
Members can also test their knowledge by taking the Fraud Fighter Quiz as well as visit VyStar’s Fraud Protection Hub for tips, common scam red flags, reporting steps and best practices for keeping their account secure, as well as hear a VyCast episode focused on the latest scams and how to identify them.