Fake IRS Phishing Scam Coming

Alert your staff and members that there is an e-mail that looks like it's from the IRS saying you are about to be audited or are due a big refund. This is another clever twist on the old "phishing" scam, designed by identity thieves to steal personal information.
Currently the most popular IRS phishing scam deals with a substantial tax refund. The wording and refund amounts vary depending on which crook sends the bogus message.

These e-mails often use the real IRS logo at the top. The logo is real because the scammers just copy it off the IRS Web site. But the message is bogus. The scammer hopes the consumer will click on the link in the e-mail that takes them to the scammer's web site. It looks identical to the real IRS site. The bogus site has a form that asks for all sorts of personal information: Social Security number, date of birth, mother's maiden name, credit card information and the ATM card PIN.
Armed with this information, the scammers could charge things to consumer credit cards and drain their bank account. They could use consumer Social Security numbers to access medical records and financial accounts or assume the consumer's identity.

Why do people fall for this? "There's this sense of desperation right now and that's what these bad guys pray on," says Howard Schmidt, former White House cyber-security advisor. "I'm just shocked when I hear people have fallen victim to this, but obviously it works or the bad guys wouldn't do it."

Spotting Scams
It's very easy to determine if an e-mail really is from the Internal Revenue Service - and chances are it's not. Remember: The IRS never initiates contact with taxpayers via e-mail if it has to do with your account or private information.
"We're not going to send you a notice out of the blue that asks for very sensitive information," says IRS spokesman Eric Smith. "We don't ask for your PIN and we don't ask for passwords. That's just not the way we do business."

Besides, the IRS already has your Social Security number - you used it to file your return.
If you made a mistake on your tax return or if you have an unexpected refund coming, the IRS will notify you with a letter sent through the U.S. mail. "We don't send out refunds by e-mail, we don't audit people by e-mail, and we don't collect taxes by e-mail," Smith says.

The Bottom Line
Anytime you get an e-mail that asks for your most private information - no matter how official it looks - don't do anything until you have time to check it out.

If you fill out a form with your personal information and hit submit - it's gone. You've just given the identity thieves everything they want and there's no way to get it back.

If you get an unsolicited e-mail that claims to be from the IRS, realize it's bogus. Don't click on a link; don't open an attachment. Delete it! Don't respond. All that will do is confirm that you have a working e-mail address, which will probably result in even more spam.

You can forward any bogus e-mail to the IRS, which might help the feds shut down the rogue site more quickly. 

As the Oklahoma Credit Union League celebrates its 75th year of serving Oklahoma credit unions, we would like to focus our attention on the people who have impacted the credit union movement the most: your members. 

 

From their family traditions during holidays and birthdays or of attending the same universities their parents and grandparents attended, your members have a plethora of strong traditions they can be proud of.  But one tradition that your members have, that you should be extremely proud of, is their tradition of loyalty to your credit union.  And as your credit union continues to build upon the credit union philosophy of 'people helping people'  you can be sure that your members can look forward to an even brighter future of traditions.

 

Please be sure to join us May 5-8 at the Renaissance Convention Center & Hotel in Oklahoma City for our 75th Annual Meeting to honor Oklahoma credit unions and their members.

 

For more information, visit the OCUL Web site. 

 

Southwest Corporate will host it's next monthly financial Webinar on Thrursday, March 5 at 3 p.m.    This is an excellent opportunity for league employees, credit union executives and board members to learn more about our current financial condition, including liquidity, portfolio quality and agency ratings. Members and league employees can register on via Southwest Corporate's Website, www.swcorp.org.

 

The Filene Research Institute is calling for credit union executives to dig into the just-passed economic stimulus bill and explore where credit unions may take advantage with new products and services for all consumers.

Filene is leading a 90-day initiative, called Future Focus, aimed at creating new initiatives out of the $800 billion package of funding and tax incentives passed by Congress.

"Innovation is an inclusive process," says Denise Gabel, chief innovation officer at Filene. "Who knows, Filene may get a dozen or three thousand responses. Either way, credit unions and consumers need solutions now."

To get involved, register at: http://filene.org/home/events/FutureFocus.