Phishing hits CU members, here's how to help

MADISON, Wis. (7/23/04)--The phishing phenomenon--using fraudulent e-mails and replica Web pages to trick people into submitting personal information--is making the rounds among credit union members. It results in stolen identities and can wreak havoc with members' credit reports.

A number of staffers at CUNA the past week received e-mails purporting to be from U.S. Bank and Citi Bank, requesting personal and financial information.

One received by News Now staffers from "U.S. Bank's special consumer investigative division" carried the bank's logo. The phish claims that the recipient's account is frozen because the bank found out that an unauthorized individual has had access to the account. It asks the recipient to go to a Website or call a phone number to get the account running again. It also says not to call the bank's regular customer service number because the customer service department isn't authorized to deal with the problem.

"If you receive an e-mail like this, do not give them any information," CUNA told staffers. Staff were directed to send the e-mail to CUNA's Information Technology department in a way that would preserve e-mail tracking information.

If your members are experiencing phishing attempts or express concerns about fighting identity theft and protecting their credit, information is available to credit unions to help.

The Fair and Accurate Credit Transactions Act (FACT Act) of 2003 addresses consumer's rights to understand and protect the information in their credit reports and to get help when their financial information has been stolen.

CUNA's new statement stuffer, "Your Rights Under the Fair and Accurate Credit Transactions Act," explains what the FACT Act is and details how it will affect and help consumers.

Financial institutions, including your credit union, will have new responsibilities under the FACT Act, which President Bush signed into law in December 2003. Most of the rules the FACT Act requires will be effective by the end of 2004.

For more information about or to order "Your Rights Under the Fair and Accurate Credit Transaction Act" statement stuffer, use the resource link.

Other institutions' names that have been used in recent phishing ID theft attempts include AOL, eBay and Amazon. For more information about phishing, use the anti-phishing resource link.

  Resource Links
Statement Stuffer: "Your Rights Under the Fair and Accurate Credit Transaction Act"
The Anti-Phishing Group


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