Is Your Money Safe? Text Scam Threatens To Bankrupt Michiganders

A financial institution in Mid-Michigan has a dire warning to it's members about a new scam that could leave them bankrupt. The credit union issued the alert on their Facebook page last week warning of member-to-member fraud and something called 'smishing'.

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The Scam Alert

The alert was issues by Frankenmuth Credit Union warning that scammers are impersonating FCU in an attempt to trick people into surrendering their sensitive banking information.

Their alert went on to remind members that Frankenmuth Credit Union will never send links via text messages. The post continues to say 'Be cyber smart. Stay alert. And if you’re ever unsure, call us directly!'

How The Scam Works

According to the post you get a text claiming that you were charged a large sum for something. Then the text reads 'If this wasn’t you, click here…'. 

Obviously you are strongly advised NOT to click the link, however some members have already fallen for the scam. By clicking the link they were sent to a fake website made to look like the actual Frankenmuth Credit Union website.

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From there you are asked to login to dispute the charge, however as you login you are giving these imposters your credentials. They then use your information to access your real accounts and can empty them.

What is Smishing?

A form of fraud that is mainly executed through text messages on mobile devices, the term 'smishing' is a combination of SMS and phishing.