Fraud has been around for centuries, but as technology evolves, so do the tactics used by cybercriminals. The days of simple scams—like someone stealing your wallet or forging a check—are not as prevalent. Now, fraud is more subtle, harder to detect, and often camouflaged behind a trusted name or face. Tropical Financial Credit Union would like to alert you to one of the latest and most devious types of fraud, which is called pretexting—and it’s one that can easily slip under your radar if you’re not careful.
What is Pretexting?
At its core, pretexting is about manipulation. It’s when fraudsters create a fake scenario using a made-up identity or pose as someone you know, all to trick you into revealing sensitive information. These criminals can impersonate employees of trusted companies—like your bank or credit card provider—making it seem like they’re there to help. The catch? They’re not. They’re trying to steal from you.
This tactic is particularly dangerous because it preys on your trust. Fraudsters know exactly how to appeal to human psychology, making their requests seem legitimate and urgent. So, how does pretexting work, and what can you do to protect yourself?
How Pretexting Works: The Tactics Fraudsters Use
The criminals behind pretexting rely on clever psychological manipulation to get what they want. They may use different strategies to influence you and make you feel obligated to comply. Here are two common pretexting tactics that are making waves in today’s cybercrime landscape:
Pretexting with Authority
Imagine receiving a phone call at work from someone who demands immediate attention. They speak with an aggressive tone, using an executive-level title to position themselves as a figure of authority. They might even insult you for not recognizing their name or company. These scare tactics are designed to push you into complying with their request—like handing over your sensitive information—out of fear or respect for their perceived position. But don’t be fooled. False authority is one of the most common tricks fraudsters use to gain your trust.
Pretexting with Obligation
Another common scenario involves fraudsters posing as IT department employees. They might call and claim they’ve discovered malicious activity on your computer, asking you to update your password to prevent further security breaches. Feeling a sense of obligation to follow their orders, you may be tricked into providing a password that gives them access to your accounts. This tactic plays on your desire to protect your organization and the fear of doing something wrong, but in reality, it’s a fraudster using urgency to manipulate you.
How Can You Protect Yourself from Pretexting?
Pretexting is a subtle crime, but there are simple ways to protect yourself and your organization. Here are a few tips to ensure you don’t fall victim:
- Never Give Out Sensitive Information: Never share sensitive information over the phone, email, or online unless you are certain of the person you’re dealing with. If you didn’t initiate the contact, don’t engage unless you can verify their identity first.
- Always Verify Identity: If someone claims to be from your organization or a trusted company, take the time to verify their identity. Call them back using a trusted number or contact your supervisor to ensure the request is legitimate. A genuine representative won’t mind the verification process.
- Know Your Organization’s Protocols: Familiarize yourself with your organization’s processes for handling sensitive information requests. If you’re unsure about a request, ask your supervisor or another trusted colleague for advice before taking action.
Stay Vigilant: Protect Yourself from Pretexting
While pretexting may seem like a new and sophisticated form of fraud, anyone can potentially fall victim to it. By staying alert and following these simple steps, you can help protect yourself and your organization from these increasingly common scams.
As a Tropical Financial Credit Union member, if you receive a text or call inquiring about a transaction that you did not make, you are under no obligation to provide that information. If you feel uncomfortable with the situation, it is always best to visit your local branch or call the credit union and speak with one of our customer service professionals.
Tropical Financial will never call and ask you to share sensitive personal information like your account or card number, Social Security Number, PIN, or online banking credentials. If you receive such a call, hang up immediately and contact us directly at 800-835-2692.
