Social Engineering & Account Takeover: What You Need to Know
In today’s digital age, convenience comes with caution. While online and mobile banking have made managing your money easier than ever, they’ve also opened new doors for scammers. Banks and credit unions across the country are seeing an increase in social engineering tactics and account takeover attempts targeting members just like you. These scams are often hard to spot, and that’s exactly what makes them dangerous. Here’s what’s happening, how to protect yourself, and how we’re working to keep your accounts safe.
What Is Social Engineering?
Social engineering is when a fraudster manipulates you into giving up personal or confidential information. They might pretend to be a credit union employee, a tech support rep, or even a family member. These scammers are skilled at sounding legitimate — and their goal is to get enough information to access your accounts or trick you into sending money.
Common tactics include:
• Phone calls pretending to be from your financial institution or a government agency
• Emails or texts with urgent messages about suspicious activity
• Fake login pages that look exactly like the legitimate site
• Requests to “verify” account details, passwords, or MFA/one-time pin codes
What Is an Account Takeover?
Once scammers have enough information, they can take over your account — changing passwords, locking you out, and even draining your funds. With access to your online or mobile banking, they can send money, apply for loans, or make fraudulent purchases under your name.
What You Can Do to Stay Safe
Here’s how to outsmart scammers and protect your account:
✅ Never Share Your Login Info
We will never call, email, or text you to ask for:
• Your online banking username or password
• One-time passcodes (MFA)
• Full debit card numbers or CVV codes
If someone is asking for this info — it’s a scam.
✅ Watch Out for Urgency
Scammers rely on fear and urgency. If someone says “Your account will be locked in 10 minutes unless you…” — that’s a red flag. Take a breath. Call us directly using a known number.
✅ Double-Check Before Clicking
Don’t click on links in unsolicited emails or texts. If you receive a suspicious message that looks like it’s from us, go to our website directly or contact us to confirm.
✅ Enable Alerts
Set up transaction and login alerts in your mobile banking app. If anything unusual happens, you’ll know right away.
✅ Use Strong, Unique Passwords
Your online banking password should be different from passwords you use on social media, shopping sites, or email. Change it regularly and avoid using names, birthdays, or easy-to-guess phrases.
✅ Keep Your Contact Info Updated
Make sure we have your current email and phone number so we can reach you quickly if there’s suspicious activity on your account.
How We’re Protecting You
Saco Valley Credit Union uses state-of-the-art security tools and monitoring systems to detect unusual activity, block fraud attempts, and safeguard your accounts 24/7. But the most important part of security is you. When you know what to look for, you can stop scammers in their tracks.
If Something Feels Off — Say Something
Not sure if something’s legit? Trust your gut. Call us directly or stop by a branch. It’s always better to ask than to risk your financial security.
🔒 Your safety is our priority. Together, we can keep your accounts — and your peace of mind — secure.
Have questions or need help setting up alerts or MFA? Contact us today — we’re here to help.