Account Security

Biometric Log In allows you to log in to Online Banking using your mobile device’s biometrics (facial recognition, fingerprint, etc.) instead of a password. You will need to have the latest LBS Financial app installed with biometrics enabled on the “Login Biometrics” page within the app. A notification will be sent to your mobile device and once verified, you will be logged in to Online Banking!

A scammer contacts you pretending to be someone from your Credit Union. They often know some of your personal or account information, which could have been taken from social media, public records, or a data breach. The call may even appear as if it’s coming from your Credit Union because the scammer uses spoofing technology to disguise the number on your caller ID.

Typically, the scammer claims that there is suspicious activity on your account and in order for them to stop the activity you will need to provide personal information, such as your full account number, Social Security Number, PIN number, access codes sent to you via text/email or your Online Banking credentials (username/password).

Tips to avoid falling victim to imposter scam calls:

• Watch out for scammers who may be able to spoof a phone number so the caller ID reads “LBS Financial Credit Union”.
• DO NOT share your account numbers, SSN, access codes, username/password, or PIN with anyone who contacts you requesting it. LBS Financial Credit Union will only send you a code when prompted by an action that you’ve initiated, such as signing on to online banking or when you call us directly.
• If you receive a suspicious phone call, hang up immediately, and if you receive a suspicious text, don’t respond. Contact the Credit Union directly, using verified, legitimate sources such as a phone number on our website or app, before taking any further action.

These scams involve fraudsters convincing their victims that a family member is in danger and requires money to get out of a bad situation. For instance, a fraudster pretends to be a grandchild in a foreign country that is in legal trouble.

Fraudsters are using social media and AI tools such as voice cloning to make these scams even more realistic. They obtain family members’ names and voiceprints from social media and use AI-powered voice cloning technology to make the fraud even more convincing.

Tips to avoid falling victim to family emergency scams:

• Ensure you validate the scenario with a family member using a known phone number. Don’t take action and send funds to anyone prior to validating the scenario.
• Be cautious before sending irrevocable funds to someone based on only phone conversations. Irrevocable funds include outgoing wire transfers, cryptocurrency, Zelle, Instant Payments, or gift cards. These transfers are very difficult, if not impossible, to reverse.

For additional information and examples of Family Emergency Scams, please visit:
Scammers Use Fake Emergencies to Steal Your Money
Scammers Use AI to Enhance Their Family Emergency Schemes

Stay Alert! Local consumers/Members are receiving fraudulent transaction verification text messages that appear as if they are coming from LBS Financial Credit Union.

The text messages are requesting a response of  Yes “Y” or No “N” to confirm recent suspicious activity on your card. When replying to the text message, the scammers are then calling claiming to be an LBS Financial representative and asking for the full LBS Financial debit card number, expiration date and CVV (security code on the back of the card). They may also claim that your Online Banking has been compromised and will ask for your username/password to secure your account.

LBS Financial Credit Union will never initiate a call and ask you for your card details, Online Banking information, SSN, date of birth, account number and/or any other personal information.

While our fraud team will send legitimate texts to confirm potentially suspicious transactions, they will not follow-up by asking for all of your personal data.

If you receive a suspicious text message or call as outlined above, please contact the Credit Union directly. Please forward the text message to fraud@lbsfcu.org and block the number. If you did respond to a message and provided any personal/account related information, please contact LBS Financial immediately.

Look Out For “Smishing” Texts

Similar to phishing emails, criminals send out SMS text messages posing as a reputable company with a link to a fraudulent website or a phone number to try and collect personal information. LBS Financial Credit Union will never ask you to confirm or provide personal information in an unsolicited text. This includes, but is not limited to, online banking credentials, account number(s), card PIN, card CVV and/or your full SSN number.

Do not reply to any suspected smishing texts or click on any links in the text message. If a text appears to be from LBS Financial Credit Union but looks suspicious, forward it to us at fraud@lbsfcu.org.

If you get an unwanted text message, there are three ways to report it:

• Copy the message and forward it to 7726 (SPAM). This helps your wireless provider spot and block similar messages in the future.
• Report it on the messaging app you use. Look for the option to report junk or spam.
• Report it to the FTC at https://reportfraud.ftc.gov.

Cryptocurrency Fraud

With the growing popularity of cryptocurrency, it is no surprise that crypto scams are growing as well. Keep in mind the following to help you identify a potential scam:

• Businesses and government agencies will never require you to pay in cryptocurrency
• Anyone on a dating app or website that gives investment advice or asks you to send them or invest in a specific cryptocurrency is a red flag for a scam
• Investment pitches that promise fast or excessive returns for investors in a new cryptocurrency are a sign of potential scam

Victims of virtual currency scams can contact the CFTC at 866.366.2382 or submit a complaint online. They can also report cryptocurrency fraud to the FTC, the IC3 and the U.S. Securities and Exchange Commission. For more information and tips and ways to avoid cryptocurrency fraud, visit the FTC’s website.

Suspicious Buyers and Sellers

• A buyer overpays you with a check; the check then bounces week later and the funds are deducted from your account when the check returns as being fraudulent.
• A buyer overpays via a P2P service and asks you to refund the difference or full amount. If you return funds sent via the various P2P services and the initial deposit/credit you received is deemed fraudulent, these companies (ex: Cash App, Apple Cash or Venmo) may deduct the account you have with them for the full amount of the initial deposit, even though you “refunded” the payment.
• A seller asks you to transfer funds with P2P (peer-to-peer) services like Cash App, Apple Cash and Venmo, or they ask for you to pay by mail via cashier’s check or money order prior to you receiving the item.
• Always make sure the check has cleared before delivering items to a buyer. Keep in mind that when LBS Financial releases funds from a check deposit, it does not mean that the check has “cleared.” Please contact LBS Financial if you have any concerns surrounding a check you received.
• Never trust a buyer or seller who refuses to talk on the phone or meet in person and be cautious when using P2P services when selling expensive items. Accepting cash may always be safer in these circumstances.

Employment Scams

• Never pay or send money to a person, vendor, or company for equipment, to have decals installed on your car or as a requirement to be a mystery shopper.
• Legitimate employers will never ask you to send money back to them for any reason. After all, you are looking for work to make money, not send it.
• Do your research before applying for or accepting a job opportunity. Gather as much information about the company before applying. Looking for reviews on the internet can be helpful, but do not be tricked by scammers posting fake positive comments or reviews for a fraudulent company.

Loan Scams 

• Legitimate companies that offer loans will never ask you to return a portion of the funds they provided you as a way to “validate you will repay them” or to “confirm the account is valid.”
• Never provide a loan company your LBS Financial Online/Mobile Banking credentials in order for them to deposit the funds into your account. They should only be requesting your routing number and account number or mailing you a check.
• Do your research before applying for a loan online. Never apply for a loan through an email offer link you received or from a text message you received. Fraudulent websites that offer loans are common, and they typically offer loans/rates that are “too good to be true.”

Other Scam Variations

• Receiving an email, call, or text message that you’ve won a foreign lottery or sweepstakes.
• Notice of an inheritance from a deceased relative you’ve never heard of.
• Unsolicited emails, calls, or letters demanding an immediate response. The IRS never initiates contact with taxpayers by email, text messages, or social media channels to request personal or financial information.
• Requests to cash a check/money order or to allow the transfer of funds to your account, with an offer to keep a percentage of the funds.

In general, be cautious about sharing your usernames and passwords with people, companies, and services especially when your personal information and money are involved. Whether you are applying for a loan, a new job, or were contacted about “making quick cash” via social media, your LBS Financial Online/Mobile Banking credentials should never be shared. If your LBS Financial Online/Mobile Banking credentials are requested in order to deposit funds into your account, this is a red flag and could be a scam. Once you provide your credentials to another person, company or service, they will have full access to your LBS Financial account. In legitimate scenarios, these companies typically will mail you a check or request your routing and account number to direct deposit the funds into your account. It’s important to research the company before disclosing any personal/account related information.

LBS Financial monitors your account for suspicious activity, but we can’t always tell if a personal check, a cashier’s check or money order – including the maker’s endorsement – is real.

Federal law requires banks to make deposited funds available to you, usually within 1 to 5 business days. While you can withdraw cash from your account soon after depositing a check or money order, that doesn’t mean it will be paid by the maker’s bank. Counterfeit checks and money orders can take weeks to be discovered and returned to your financial institution unpaid.

Contact your local police department immediately if you believe you’ve been the victim of fraud, have received a phone call, or responded to an email from someone you believe was trying to perpetrate fraud.

Be aware of scammers (online and in-person) giving counterfeit Treasury checks for you to deposit. Often victims are instructed to wire a portion of the funds back to the scammer.

Fraud Prevention Tips:

• NEVER accept checks from strangers, as you could be held liable for fraud and responsible for the entire amount of the check.
• If you suspect a scam, report it to the Treasury Inspector General for Tax Administration, the Federal Trade Commission, or the U.S. Postal Inspection Service.
• Verify and contact the U.S. Treasury or agency issuing any check directly to verify the check’s authenticity