Beware of One-Time Password Scams

Beware of One-Time Password Scams

Most of us have been prompted to use a one-time password at one time or another. A one-time password (OTP) is a security feature that enables service providers to secure transactions with an additional layer of protection. The transaction is authenticated by means of an OTP sent to the registered mobile number of an individual.

Unfortunately, fraudsters have found ways to commit OTP fraud and try to steal your funds.

How This Works

Fraudsters may impersonate a credit union employee and contact you about an issue on your account which they will say they need your one-time password or other account information to resolve. One of the most common tactics is they try to create a sense of urgency by saying they need the information to stop fraud on your account. The scammers will prompt a one-time password to be sent to your phone which they will ask you to “confirm” and they may ask you for other financial information. Once they have the information, they will actually use it to commit fraud on your account.

Please note: Citadel may now require you to provide a one-time verification code to confirm and authenticate your identity when you call us at 800-666-0191. These codes will only be required when members call Citadel. Citadel Credit Union will never call you unexpectedly and ask for your digital banking credentials, password, PIN, or one-time PIN over the phone. If you receive a call asking for this information, hang up.

Other Common OTP Fraud Examples

Fraudsters may:

  • Make false promises of helping with a transaction or providing better services
  • Ask for an OTP to place funds into your account electronically
  • Act as an online friend asking you for an OTP to deposit a check online into your account

What to Do if You Become a Victim

  • Contact Citadel immediately at 800-666-0191 to report the fraud.
  • File a police report.

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