Mobile Banking Fraud


Managing your account with a mobile app is so easy and convenient, some of us never even visit a branch.

Following the usual security precautions is important: here’s another reason to stay vigilant about protecting your user name and password — it’s a popular scam we’ve seen first hand at City CU — and some tips to avoid it.

1. Member is contacted with a loan offer.

2. After accepting the offer, Member provides the scammer with their mobile or online banking user name and password.

3. The scammer then uses the mobile deposit feature to deposit a check into the Member’s account, forging the Member’s signature.

4. Member uses the newly-deposited funds.

5. In a week (usually less), the check will bounce and is returned as fictitious.

6. This leaves the Member with a negative balance — that they’re responsible for.

Unfortunately, if you give your log in credentials to a scammer, there’s not much any financial institution can do. You can file a police report — but ultimately, you’re responsible for the spent funds and any negative balance.

City CU is diligent in catching these scams early, preventing as much fraud as possible — your responsibility is on the front end: to never give anyone your login information.

City CU will never ask you for your log in credentials and you should never disclose that information to anyone.

Stay alert to stay fraud free.