A Credit Union E-Course

Lesson Four
Gone "Phishing"

As you learned in the last lesson, one way in which a thief can steal your identity is by gaining access to your credit card and personal information, either over the phone or online, by posing as a legitimate business or other legal entity.

When a thief does this via e-mail, it is called “phishing.”

Chances are, you’ve already received a phishing e-mail. It’s a message that appears to be from a very valid institution, such as a credit union, credit card company or bank. It asks you to update your personal information, usually stressing the fact that it’s important to do so to keep your account active and up-to-date. The e-mail refers you to a link, asking you to “click here” to verify your account. Or, it might have a form built right in to the e-mail, in which you can enter your information right there.

The danger of this is that these e-mails, and the web sites to which they refer consumers, are becoming more and more realistic looking. It may be impossible for you to tell the difference between a phishing e-mail and a legitimate contact from your credit union or credit card company.

Protect yourself by never responding to an e-mail that asks for personal information. If you have a question about whether an email is valid or not, use the customer service number on the back of your credit card or from your credit union statement and confirm it with an actual human being.

According to a recent Gartner Group research report as published in the Wall Street Journal, “57 million U.S. Internet users have received e-mail linked to phishing scams and about 1.8 million may have divulged personal information as a result.”

Make sure you’re not one of them. NEVER respond to an e-mail message asking you to update your information. A legitimate financial institution will find another way to contact you. Aside from the time and energy involved in dealing with identity theft, those who fall victim to it end up with expenses they wouldn’t have had to incur otherwise. Find out more about that in the next lesson, coming up in just two days.

Action Step: Never respond to an online request for personal information, no matter how important it sounds.

Next Lesson: ID Theft: What It Will Cost You

Brought to you by...