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Are you at risk for SMS threats?
smish·ing
noun. the fraudulent practice of sending text messages purporting to be from reputable companies in order to induce individuals to reveal personal information, such as passwords or credit card numbers
How to identify SMS threats
You receive a text message alerting you of a suspicious debit that was attempted on your account. It provides you with instructions how to validate the legitimacy of the transaction. With this spoofing technology it appears the texts are coming directly from your financial institution.
The goal is to get you to provide your account number or online banking credentials to validate your identity. This in itself is problematic. However, fraudsters are now taking this a step further by turning to a hybrid form of smishing. They blast out these text messages as a pretext for immediately calling and scamming anyone who responds via text.
One possible scenario is a member receiving a SMS saying it is from Mid Oregon, inquiring if they authorized a payment from their account. The message asks them to reply “Yes” or “No,” or 1 to decline future fraud alerts. Since this seems like a reasonable and simple request — and they do have a Mid Oregon account — they respond, “No.”
When they reply “No,” someone calls immediately, and the caller ID reflects Mid Oregon. They indicate they are from the fraud department and need to help secure the member’s account. They ask to do this by asking for additional information with the pretense of ensuring they were talking to the account owner and not a potential scammer. Is the call legit or a scam—what would you do?
How to protect yourself against SMS threats
Cyber security experts recommend that account holders who receive a SMS and/or phone call, asking for account information, to follow the fraudulent rule—When In Doubt, Hang up, Look up, and Call Back. Also, don’t assume the number that called you is legit. Look up the number of the financial institution supposedly calling you, and call them back. Also, it is encouraged members save their financial institutions’ number so they can call immediately if they suspect they are victims of fraud.
And, as always, you should not use the same password for all your accounts or use passwords that can be easily guessed. Passwords should be frequently changed and should use multifactor authentication when its available.
Want to know more? Read additional Mid Oregon blog articles about online security and fraud protection.
Content based on an article by Wespay
Start the New Year with a Financial Fitness Plan
With 2021 in the rearview mirror, you may be reflecting on the past year and looking for ways to improve your financial fitness standing. Whether you want to set a savings goal, reduce debt, or fund home improvement projects, Mid Oregon is here to help.
Have you considered refinancing your vehicle at a lower interest rate, or applying for a home equity line of credit (HELOC)? What about consolidating credit card debt with one of our low-interest VISA cards? Have you checked your credit score lately? Our Credit Savvy tool is a free, secure feature located in our Digital Banking platform. Find your credit standing and receive simple, straightforward tips you can use to improve your score.
Building your financial plan does not have to be complicated. Let’s start by finding new ways to make goals you can really achieve and tools that will help get you there faster. Here are some ideas:
Make a savings goal
If you see a tax refund in your future, use part of that money to give yourself a head start. Login to Digital Banking and visit the Savings Goals widget to set a goal.
Create a budget
Write it all down—every dollar you spend! From the daily coffee, to treats for our four-legged friends and monthly subscription costs, it all adds up. Writing down all your expenses, even those that seem insignificant, is a helpful way to track your spending patterns, identify necessary expenses and prioritize the rest. You can jumpstart your budget by applying the 50/20/30 rule. This simple rule consists of allocating 50% of your income toward essential expenses (rent, transportation, utilities), 20% toward personal financial goals (saving or paying off debt), and 30% toward flexible expenses (eating out, groceries, shopping, hobbies or entertainment).
Pass on unnecessary purchases
Get disciplined by identifying your needs vs wants. Do you need the newest smart phone or do you merely want it? Turning down something you want now may be difficult, but the reward will be greater savings later.
Become a fan of automation
- Digital Banking to ease financial tasks, saving you time and increasing your efficiency.
- Automatic overdraft protection. In a few easy steps, you can link your savings account to your checking to have a little added cushion in the event your expenses get a bit tight.
- Automatic loan payments. Your monthly loan payment will automatically be deducted from a linked checking or savings account.
- Setting up auto pay. This is a great way to save you time, hassle and offer peace of mind knowing your bills are paid promptly every month.
- Automate your savings: Direct deposit your paycheck into multiple accounts, including one for each of your savings goals.
Watch it grow
As your savings account balance begins to grow, you’ll feel more motivated to take it even further. We can help you make your money work smarter, not harder, for you.
Whatever your needs, Mid Oregon’s experienced team is a great place to start discussing your money-saving options. The year 2022 is a great time to start taking control of your finances and getting fiscally fit. Stop by a branch or visit us online at Mid Oregon Credit Union and start your Financial Fitness Plan today.
Want to know more? Read additional Mid Oregon blog articles about goals, budgeting, and debt consolidation.
‘Tis The Season Of Fake Shopping Sites
We’re all getting back into the holiday spirit after a somewhat glum 2020 season, Remember that the holiday shopping season doesn’t end on December 25. In fact, some retailers then put their marketing effort into overdrive. You will find after holidays sales, new year’s sales, and even “getting rid of all this stuff we didn’t sell at Christmas” sales advertised under some creative title. Retailers try to take advantage of the shopping spirit as far into the new year as they can. Criminals capitalize on this by creating phishing campaigns combined with fake shopping sites with lookalike domains (domain jacking) or taking advantage of typos (typosquatting): they are also upping their game.
Online Scams on the Rise
In a study by FairWinds Partners, 80% of the sites used for domain jacking see a significant increase in traffic during these after season times. Phishing scams, pay-per-click ads, and malvertising are on the rise.
Do-jacking and typosquatting happen when a cybercriminal uses a domain that is very close to a popular site for various scams. Often, the website collects information to use it for other nefarious purposes. Sometimes even just to sell on the underground markets. Additionally, it is used to get malware onto a visitor’s computer or device.
Mistakes Can Lead to Fake Shopping Sites
The way these attacks happens is simply by taking advantage of mistakes. Perhaps a letter is added to a site name as it for barnesandnobles.com (the real one being without the “s” on the end), for example. They take advantage of people making typographical mistakes. With a quick glance, the user likely won’t notice the subtle difference. This also occurs when a letter may be substituted with a number. One such way would be replacing a lower case “L” in a name with a number “1.”This is a very common problem with online banking sites or for sites where payment card data is entered. Cyberthieves know that the credentials associated with those sites are very valuable.
Remember, Mid Oregon Credit Union’s website is www.MidOregon.com. There are no dashes or other added letters.
Take Your Time and Review!
When preparing to do shopping online or enter any confidential, sensitive, or personally identifiable information into a website, take a little extra time to review the site name and make sure it’s correct first. Don’t click links that you find in email messages or that show up on the side of your web browser, for instance. Instead, type the name into your browser, but definitely use caution when doing so, because going to a site even for a second can cause malware to be downloaded onto your device. This is called a “drive-by download.”
Always make sure your devices are all equipped with anti-malware and anti-virus software or applications. Keep them updated at all times. This includes all mobile devices on any operating system.
If you are ever in doubt about a website’s authenticity, don’t put any data into it. Instead, do a little more investigating before doing anything further. There have been enough barriers to our joy lately. Don’t let do-jacking and typosquatting spoil the good times this year.
Read more Mid Oregon View articles about cybercrime and online fraud, to safeguard from cybercrime.