Industrial Credit Union Mobile Chat

One-Time Password Scams

Scammers are always coming up with new ways to trick consumers into handing over their financial information. In a new scam making the rounds, fraudsters call, text or email pretending to be from an organization you already do business with (Amazon, PayPal, Industrial or other financial institutions) and ask for account log-in information, full credit or debit card numbers or other sensitive financial information.

To create a sense or urgency, they claim that your account has been ‘compromised’ or that you’ll be locked down if you don’t provide the information. The scammers may also prompt a one-time password (OTP*) to be sent to your phone or other device and ask you to ‘confirm’ the OTP. They then use the OTP and the financial information you’ve provided to add your card information to a digital wallet such as Apple or Google Pay, where they use it to make fraudulent digital purchases.

Be wary of any calls, emails or texts asking you to provide full credit or debit card numbers, online banking passwords, or other financial/sensitive personal information. While fraud prevention services may occasionally ask you to verify partial identifying information (the last four of your SSN or your zip code), businesses that you already have an account with (Amazon, Paypal, Industrial, your bank or credit union) will never contact you asking for information they already have on file. To learn more about spotting and reporting scams click here.

*A one-time password/OTP, is a password that is valid for only one login session or transaction, on a computer system or other digital device. Never share an OTP with anyone; Industrial will never ask you to share an OTP.