How Fraudsters are Using Plaid to Gain Unauthorized Access to Accounts

We’re seeing an increase in scams and account-related fraud, particularly those involving online account takeovers resulting in unauthorized ACH withdrawals. Recently, fraudsters have been linking members’ accounts—using stolen usernames and passwords via Plaid. 

Fraudsters are using third-party financial aggregators (like Plaid) that allow users to securely connect their financial accounts to various apps—to fraudulently link accounts to these services. Our fraud team is actively working to enhance security measures and alerts so we can identify this activity more quickly and stop or prevent unauthorized ACH transfers. 

To protect yourself, please remain diligent by reviewing your account history regularly, and alert us right away if you notice any suspicious or unrecognized activity. Also, be cautious of any emails or texts claiming that your Embold or other financial accounts has been linked to an unrecognized or new service that you did not initiate. 

Awareness and caution are powerful tools in preventing fraud. You can help keep your accounts safe and secure by following these tips— 

• Guard Your Personal Information: Never share your personal or financial information over the phone or online, especially in response to unsolicited requests. 
• Verify Before Acting: If you receive a communication claiming to be from a company you work with and it raises suspicion, do not engage or click on any links. Instead, visit the company’s official website or contact them directly to verify its legitimacy. 
• Sending Money: Don’t make cash withdrawals, wire money, buy gift cards, cryptocurrency, or use a payment app to pay someone who has contacted you posing as a business. Scammers insist you can only use these ways to pay because it’s hard to track that money—and difficult, if not impossible, to get it back. 
• Use Strong Passwords and Enable Two-Factor Authentication: Ensure your online accounts have strong, unique passwords. Activate two-factor authentication (2FA) for added security. 
• Monitor Your Financial Accounts: Regularly check your accounts for unauthorized transactions. Early detection is key to preventing potential financial loss. 
• Stay Informed About Phishing Tactics: Be cautious of emails or messages pressuring you to act quickly, threatening legal action, or offering refunds. These are common tactics used in phishing scams. 
• Keep Your Devices Secure: Ensure your computers and mobile devices have the latest security updates and antivirus software installed. 

We will never solicit you for your personal or account information. If you receive a call, text, or email from an unknown source, please hang up or ignore the message (do not click any links) and notify us immediately at 503.656.0671 or visit one of our branches. 

Your security is our top priority. By staying informed and cautious, we can work together to protect your account.