Urgent Fraud Alert: Don't Get Scammed!

by Joe Mecca

VP, Communication / Company Spokesperson

6.27.2021
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Articles

Updated June 29, 2021

Criminals are contacting members posing as Coastal employees. We also know that other financial institutions are being targeted in similar ways.

In this particular case, they are spoofing financial institution phone numbers, so there’s a higher likelihood that a member or customer will answer the call. Once they have the member on the phone, they are identifying themselves as an employee, often from the Fraud Department, and asking for the member’s login credentials, or to verify one-time passcodes, in order to block the fraud.  Unfortunately, some of the members have willingly disclosed their account information to fraudsters, who then transfer money out of the member’s account.

This is a scam.

We will NEVER contact you and ask for...

  • Usernames
  • Passwords
  • One-time security codes 

Even if you call us, we will NEVER ask for this information. Never share this information with anyone, even if you believe you are talking to a Coastal employee.  Giving away this information is the same as giving the person authorized access to your account, and once the money is gone, it might not be possible to get it back.  

If you do get a call like this, do not provide any information to the fraudster. Instead, hang up, and call us at 800-868-4262 to report it. Please provide as much detail as possible.

Scammers have gotten sophisticated in the way they target victims.  Many are using a combination of public information, information stolen from data breaches such as Equifax, major retailers and websites, and even data gleaned from social media sites. They use this information to build profiles of the people they target, which makes their targeting more refined, and makes them seem more believable when they call.

Fighting Fraud Together

We use a variety of very strong security practices to keep your accounts safe, and we’re actively taking a number of additional countermeasures to combat unauthorized activity. Still, member vigilance is our most effective form of fraud prevention

The most important thing is to NEVER share your security credentials with anyone and, if something doesn’t seem right, report it right away.

Finally, please share this information with friends and family members who may be more susceptible and vulnerable to this type of fraud. 

Useful fraud prevention tips:

Fraud Prevention Tools

Arm yourself with resources to combat identity theft and fraud

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