Scammers continue to find new ways to trick people into sharing personal information. One method we’re seeing more often involves one-time passcodes, also called OTPs.
An OTP is a short, temporary code used to verify your identity. While it’s meant to protect your account, scammers may try to convince you to share it with them so they can gain access.
Knowing how these scams work can help you recognize them quickly and take the right steps to protect yourself.
How OTP Scams Work
In many cases, you receive a phone call from someone who claims to be from SchoolsFirst FCU or another trusted organization. In some cases, scammers will say they’re calling from:
- A government agency.
- A well-known business or service provider.
- A company claiming there’s a problem with your account.
The caller may sound professional and may already have some of your information. They often say there’s suspicious activity, an urgent problem or a security issue that needs immediate attention.
While you’re on the call, you may receive a one-time passcode by text or email. The caller then asks you to share that code so they can “verify” your account. Once you share the code, the scammer may be able to access your account.
Fraud Safety Tips
- SchoolsFirst FCU will never ask you to share a one-time passcode.
- A one-time passcode is for your use only and should never be shared.
- A legitimate organization won’t pressure you to act immediately or demand confidential information over the phone.
Scammers often try to create fear or urgency to make you act quickly. Take a moment to pause before making any decisions.
What To Do if You Get One of These Calls
If someone calls and asks for your one-time passcode or other confidential financial information:
- Hang up immediately.
- Call us right away at (800) 462-8328 to verify the phone call.
Calling us directly ensures you’re speaking with an actual SchoolsFirst FCU representative and allows us to help protect your account.
Stay Cautious, Stay Protected
Being cautious with your personal information is one of the best ways to guard against fraud. If a call or message doesn’t seem right, trust your instincts.
Never share your one-time passcode and always contact us directly if you have concerns about your financial accounts. We’re here to help keep your account safe.