Pretext Phone Calling by Account Information Brokers

The Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the Office of Thrift Supervision, the Federal Reserve Board, the Secret Service, the Federal Bureau of Investigation, the Internal Revenue Service, and the Postal Inspection Service recently issued an advisory letter to banks warning of a growing threat to the confidentiality of customer account information.

The practice of “pretext phone calling” involves illicit gathering of confidential information by individuals purporting to be a particular customer. This information is then used for fraudulent or illicit purposes. We believe credit unions may also be prime targets. Unauthorized access to sensitive customer account information also may occur through other avenues.

Credit unions have a responsibility to their members to ensure that their members’ account information is not improperly disclosed. The enclosed advisory letter provides guidance for establishing policies, procedures, and an internal control environment that would preclude the dissemination of customer or member information to unauthorized individuals.