You should NEVER share your online banking password with anyone – even someone you know.

There are a lot of scams out there, especially on social media apps/websites, where people are being offered opportunities to make money. Sometimes these requests can even appear to come from people you know and trust if their social media account has been hacked. Here’s what happens:

  • The scammer will ask for your banking username and password so they can “direct deposit” money into your account. The deposit is actually a counterfeit check which is being deposited using a mobile device.
  • The scammer then asks you to withdraw funds and deposit them at another financial institution or purchase gift cards and give them the codes. When the deposit check later comes back as fraudulent (which can take several days or even weeks), the victim is responsible for the spent funds, which could cause them to overdraw their account.

If you share your login information, you are authorizing another person to transact on your account. This could allow fraudsters to steal money from your account, or cause you to become a victim of identity theft. And unfortunately, because you authorized it, you would be liable for the financial impacts.

As a reminder, Redwood Credit Union will never ask for your password information.

If you have given someone access to your online banking account, call 1 (800) 479-7928 immediately to speak with a Member Service Representative so they can help protect your information.