2023_Q1_Financial JourneyThe OAT Fraud

The OAT Fraud Online Account Takeovers is the Latest Trending Fraud SchemeWhat is the OAT Scam?Criminals gain control over your online banking account using stolen passwords and usernames, which are typically acquired through compromised email accounts, social engineering, and phishing attacks. From there, criminals are able to move money – your money.How it worksCriminals obtain your username and call you impersonating Northwest Federal Credit Union. They claim they are assisting you with your account and are sending you a one-time password for verification. However, the one-time passcode sent to you is actually triggered from their attempt to reset your password online. You provide them the one-time passcode, which enables them to successfully reset your password and gain access to your account. Now they can get into your account and when they do, they typically change the contact information on the account to their own and begin transacting. How to protect yourself from OAT

Never share your online banking verification code. Northwest Federal will never ask you for this information.

Enable Multiple Factor Authentication (MFA) at every login in your online banking account settings.

You can strengthen this even further by disabling the email code delivery option as email is the most likely compromised delivery method.
See screen shot below.

Use the Two Factor Authentication Code (2FA App) feature in online banking.

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NORTHWEST FEDERAL CREDIT UNION FRAUD HOTLINE: 844-709-8900
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