February 02, 2022
Protect Yourself from Debit Card Account Takeover Schemes
Account takeover fraud is a form of identity theft in which the fraudster gets access to a victim’s bank or debit card accounts and uses them to make unauthorized transactions.
Recent trends have shown an increase in debit card account takeover fraud via the impersonation of fraud prevention tools.
These schemes often employ phone calls to cardholders claiming to be from fraud alert contact centers. They use sophisticated methods combined with social engineering to deceive cardholders into revealing critical information and disregard legitimate fraud warnings. A common tactic is the cardholder being sent a one-time passcode (OTP), being asked for their account number, and told to provide the code. The caller then instructs the cardholder reply “No Fraud” to text messages sent by the real Fraud Prevention Department in response to fraudulent transactions.
Debit cardholders should remember:
- Never provide, full Social Security numbers, PINs, account numbers or one-time passcodes
- Never respond NOT FRAUD to fraud alerts on activity you did not perform, regardless of who instructs you to do so.
If you suspect you've been the victim of fraud, please contact us immediately at (833) 301-NFBK.
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