ALEXANDRIA Va. — NCUA has sent a warning out to CUs to be on the lookout for criminals trying to tap their members home equity lines of credit.
The agency picked up on the crime that has seen fraudsters tapping publicly available information about CU member HELOCs and using different approaches to gain access to the members HELOC accounts and drawing them down through wire transfers.
The agency warned in particular about the sophistication of the fraud, which included the fraudsters being able to fool call center software by making it appear the call came from the CU member's home telephone number. In another case the criminal knew about recent transactions and other account activity.
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