Ypsilanti Credit Union Cautions Members about Phishing Attack

The Ypsilanti Area Federal Credit Union (YAFCU) of Michigan is cautioning its members against responding to bogus e-mails that have not made reference to the Ypsilanti Credit Union, but referred an entity sounding like an established credit union.

Furthermore, the e-mail posing to be sent by the account review unit of the Credit Unions arrives with the subject line, "Unauthorized access to your account" or "security alert."

The message says that due to risks of probable fraud, it is required that the recipient submit his private details, including his payment card number by accessing a form on a certain Website for verification. The message also warns that the recipient will have limited access to account until the matter is resolved, and says unsuspecting end-users (unless they complete the form) that their accounts may be terminated. Evidently, the e-mail represents a kind of fraud called "phishing", widely prevalent in the financial sector.

According to President and CEO of the Ypsilanti Credit Union, Greg Gurka, he has heard from many members who have received the message that arrived either as text or as e-mail. The text form of the message directs the user to a computerized phone line, while the e-mail form of the message takes the user onto an site, as reported by mlive on November 7, 2008.

However, Gurka said that his organization wouldn't send request for such confidential information. According to him, these destitute people should not be ripped-off as the economic situation is already bad enough.

Elucidating on the issue, security specialists said that phishers used legitimate request for banking or identity information by pretending to be representatives of organizations to gain unauthorized access to people's bank accounts and money.

And as often in such types of frauds, the scammers made broadcasts of blanket texts, hoping to trap and trick some YAFCU members into divulging their account details. However, there hasn't been any data infringement at YAFCU.

The Union said that to raise awareness among its members about such kinds of phishing frauds, it periodically dispatches brochures outlining tips on the method to spot phishing and fraud.

» SPAMfighter News - 11/21/2008