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Be On Alert: CUISPA Sees Fraudsters Targeting Credit Union HELOCs

Persistent thieves are now targeting credit unions in a sophisticated attempt to secure wire transfers from members' home equity line of credit accounts, according to the Credit Union Information Security Professionals Association.

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AUSTIN, Texas — Persistent thieves are now targeting credit unions in a sophisticated attempt to secure wire transfers from members’ home equity line of credit accounts, according to the Credit Union Information Security Professionals Association.

Kelly Dowell, CUISPA’s executive director, said his organization is aware of nearly a dozen such attempted transfers, averaging as much as $70,000 to $100,000 each. He said the fraudsters are calling the credit unions already armed with information that apparently is coming from public land records that provide such details as the existence of a HELOC account, credit lines, and signature samples.

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