ATLANTA – Authorities are warning bank and credit union customers of a new phishing scheme that gains access to accounts by directing victims to sign up for their financial institution’s new multifactor authentication system. The phishing scam directs the customer, via an email, to enter their account number and pin so they can register for their new “dual authentication code and phrase.” The email tells them the multifactor authentication code and phrase is now required for them to log on to their Internet account. Authorities have recently taken down several web sites that were being used for this kind of scheme. All financial institutions are required to adopt a multifactor authentication for all online transactions by year-end.
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