Fraud Alert: Payee SMS Scam Targeting Credit Union Members

Estimated reading time: 5 minutes

A new payee SMS scam is doing the rounds, and it is catching credit union members off guard. Several credit unions across Ireland have reported to CUMA (Credit Union Managers’ Association) that their members received this fraudulent text message. Some of our own members have also flagged it to us. So, we want to make sure you know exactly what to look for and what to do if one of these text messages lands on your phone.

This is the second smishing alert we have issued in recent months. We previously warned members about fake password reset scams targeting credit union members, and this latest wave follows a similar playbook. The tactics change, but the goal remains the same: fraudsters want access to your account.

What Is the Payee SMS Scam?

The payee SMS scam involves a fraudulent text message that appears to come from your credit union. The message tells you that a new payee has been created on your account and urges you to call a phone number if you did not set it up.

Here is an example of what the scam message looks like:

“Credit union: A new payee Peter Brady IE********26818 AIBKIE2DXXX was created online. Please contact us on (01) 578 5614 if you did not create this payee.”

The message looks realistic enough. It includes a name, a partial IBAN, a BIC code, and a Dublin-based phone number. That is exactly what makes it dangerous. It is designed to make you panic and pick up the phone without thinking twice.

How Does This Scam Work?

This is a classic smishing attack, which is short for SMS phishing. It works in a few simple steps.

First, you receive a text message from a generic sender labelled “Credit union” rather than your actual credit union’s name. The message claims a new payee has been added to your account. It includes enough detail to look believable.

The goal is to create a sense of urgency. If you think someone has just added a payee to your account without your knowledge, your natural reaction is to act fast. That is exactly what the scammer is counting on.

If you call the number in the message, you will not be speaking to your credit union. You will be speaking to a fraudster. From there, they may try to get your online banking login details, ask for part or all of your PIN, request One-Time Passcodes (OTPs), or walk you through fake “security steps” designed to give them full access to your account.

Once they have those details, they can take over your account and move money out before you even realise what has happened.

How to Spot This Payee SMS Scam

There are a few clear warning signs to look for if you receive a message like this.

• The sender name is vague. The message comes from “Credit union” rather than specifically mentioning your credit union’s name.
• The phone number is unfamiliar. The number is different from your credit union’s official contact number.
• The message creates panic. The message always requires your urgent attention and action.

What to Do If You Receive This Message

If you get a text like this, do not call the number provided. Do not reply to the message. Delete the text and report to your credit union.

If you are worried that something might actually be wrong with your account, contact us directly. You can reach Member First Credit Union on (01) 851 3400 during opening hours, or use the live chat feature on our website. You can also visit any of our branches in Artane, Northside, Raheny, Swords, or Trinity. Our full opening hours are listed here.

If you have already called the number or shared any personal information, get in touch with us straight away so we can secure your account. You should also report the incident to An Garda Siochana and the Competition and Consumer Protection Commission (CCPC).

What Member First Credit Union Will Never Ask You

This is worth repeating, because it applies to every type of scam, not just this payee SMS scam.

Member First Credit Union will never ask you for your full PIN. We will never ask for your online banking password. We will never ask you to share a One-Time Passcode (OTP) over the phone or by text. We will never send you a text message asking you to call an unfamiliar number to resolve an account issue.

If anyone contacts you claiming to be from your credit union and asks for any of these details, it is a scam. End the conversation and contact us through our official channels.

Why These Scams Keep Evolving

Smishing scams are not new, but they are getting more sophisticated. Fraudsters know that most people are cautious about clicking links in text messages, so they have shifted tactics. Instead of asking you to click a link, this version of the payee SMS scam asks you to make a phone call. It feels more personal, more urgent, and harder to dismiss.

We have seen similar patterns across the credit union sector in recent months. From fake password reset texts to phishing emails the threats are wide-ranging and constantly changing. Staying informed is one of the best ways to protect yourself. Our fraud awareness page has further resources that are worth bookmarking.

We Are Here to Help

At Member First Credit Union, your account security is something we take very seriously. If you are ever unsure about a message, a phone call, or anything else related to your account, just get in touch with us. There is no such thing as a silly question when it comes to protecting your money.

You can call us on (01) 851 3400, email info@mfcu.ie, use our website live chat, or drop into any of our branches.

Stay alert. Stay informed. And if something does not feel right, trust your instincts.