SMS and Call Scam Alert

Fraud Alert: Payee SMS Scam Targeting Credit Union Members

We’ve been notified of a new payee SMS scam currently doing the rounds. The Credit Union Development Association (CUDA) have been alerted by a Credit Union that they have received reports from several members of increasing call and text scams.

Please see details below.

What Is the Payee SMS Scam?

The payee SMS scam involves a fraudulent text message that appears to come from your credit union. The message tells you that a new payee has been created on your account and urges you to call a phone number if you did not set it up.

The message looks authentic and includes a name, a partial IBAN, a BIC code and an 01 prefix phone number. So it’s designed to make you take action without thinking twice.

How Does This Scam Work?

This is a classic smishing attack, which is short for SMS phishing. It works in a few simple steps.

First, you receive a text message from a generic sender called “Credit union” rather than your actual credit union’s name. The message claims a new payee has been added to your account. It includes enough detail to look credible.

The goal is to create a sense of urgency. If you think someone has just added a payee to your account without your knowledge, your natural reaction is to act fast. That is exactly what the scammer is counting on.

If you call the number in the message, you will not be speaking to your credit union. You will be speaking to a fraudster. From there, they may try to get your online banking login details, ask for part or all of your PIN, request One-Time Passcodes (OTPs), or walk you through fake “security steps” designed to give them full access to your account.

Once they have those details, they can take over your account and move money out before you realise what has happened.

How to Spot This Payee SMS Scam

There are a few clear warning signs to look for if you receive a message like this.

• The sender name is vague. The message comes from “Credit union” rather than specifically mentioning your credit union’s name.
• The phone number is unfamiliar. The number is different from your credit union’s official contact number.
• The message creates panic. The message always requires your urgent attention and action.

What to Do If You Receive This Message

If you get a text like this, do not call the number provided. Do not reply to the message. Delete the text and report to your credit union.

If you are worried that something might actually be wrong with your account, contact us directly. You can reach First Tech Credit Union on (01) 642 7900 during opening hours.

If you have already called the number or shared any personal information, get in touch with us straight away so we can secure your account. You should also report the incident to An Garda Siochana and the Competition and Consumer Protection Commission (CCPC).