Thousands of people have lost millions of dollars and their personal information to scams. Scammers use the regular mail, telephone, or email to set up individuals and businesses and their methods are always changing to keep pace with new technology and payment options.

One new scam on the rise involves spoofing a legitimate financial organization’s phone number to gain a consumer’s trust. The scammer asks the member to confirm charges made on their account and to provide a verification code that the scammer then sends to them over text. Once the member replies to the text with the confirmation number this allows the scammer access to the member’s digital wallet and any card information stored in said wallet. The scammer then uses that card information for fraudulent transactions.

While we do take steps to verify the identity of members transacting over the phone, Industrial will never contact you asking for verification information. If you receive a call you think may be fraudulent, hang up, look up the phone number for the organization on your own, and call back to verify that the caller and/or information are legitimate.

While this is only one of the many scams making the rounds, with holiday shopping in full swing, it’s more important than ever for consumers to be aware of the telltale signs of a scam; click here for information from the Federal Trade Commission to help you spot scams before you become a victim. Or visit the Consumer Financial Protection Bureau for additional information and resources.