Each year, scam artists and identity thieves steal billions of dollars from unsuspecting consumers. Fraudsters try to gain access to personal information with the purpose of gaining access to financial accounts and more. They use the telephone, email, text messaging, postal mail, and Internet to steal information or trick consumers into handing over money. In order to help combat this, TruMark Financial provides products and services to help identify potential fraud on members’ accounts, keeping their funds secure.
One of the ways TruMark Financial is combating fraud is with micro-deposit text alerts. Think of scams involving micro-deposits like answering the phone to telemarketers. A fraudster gains access to a member’s account information either by computer hacking or social engineering. The fraudster utilizes an external account they already control and sends micro deposits to the TruMark Financial account they’ve gained access to. They verify the micro deposits to validate account setup and the fraudster now has the ability to transfer any amount they want from the TruMark Financial account to the external account. When a micro-deposit is put into a member’s account TruMark Financial will send an automatic text message to alert the member. If the micro-deposit was unauthorized, members can notify TruMark Financial and the credit union will take measures to block fraudulent activity.
TruMark Financial also notifies members when there are suspicious debit or credit card transactions on members’ accounts. Red flags such as unusual account activity, international transactions, repetitive transactional amounts, are all indicators of fraudulent transactions on accounts. A fraud text alert is sent in real-time notifying members of such transactions on their account. Members can reply to the text messages with either a “Y” indicating yes, this transaction is legitimate, or “N” to flag as suspicious. When members indicate suspicious activity on their accounts, TruMark Financial takes immediate action to lock the compromised debit or credit card so no further damage to the accounts can occur.
TruMark Financial is continually researching and implementing the highest form of account security so members can rest assured their funds and information are safe. Online and mobile banking provide members access to their accounts anytime, anywhere. With encrypted logon platforms, strong member passwords, and the ability to log into mobile banking using Fingerprint Authentication, members can feel confident banking with TruMark Financial.
If you have any questions, or ever see a suspicious transaction on your accounts, please