Risk Alert: Account Takeovers Stemming From Credit Card Management Systems

Credit unions utilizing credit card management systems offered by card processors have reported fraud due to account takeovers. These systems allow members to view balances and recent transactions, sign-up for and access e-statements, and make payments 24/7. Fraudsters are enrolling compromised cards for this service by exploiting weak authentication measures.

Fraudsters are using social engineering tactics such as phishing, vishing and smishing to gain access to members’ personal account information. Credit unions that offer members access to credit card management systems from their card processors for payments and account management of their credit union-issued credit cards have reported fraud due to account takeovers. By enrolling compromised credit cards in the card management system, fraudsters are exploiting weak authentication measures.

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