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Beware of Phone Spoofing Scams

Credit Union members must stay alert to the latest attempts by scammers to access personal financial data. All members should be on the lookout for any communications claiming to be associated with Wave FCU. Scammers are spoofing financial institution’s identities by using their real phone numbers to appear on Caller IDs.

Fraudsters spoof credit union phone numbers and email addresses to gain members’ trust before stealing account funds.

What you need to know about credit union impersonation scams:

Successful credit union impersonation scams occur when members are convinced they’re communicating with an actual credit union representative via live voice call (Vishing), SMS text message (SMishing), or email (Phishing). But in reality; they’re sharing confidential information with a scammer.

Fraudsters use spoofing techniques to make it appear as though the communication is from the institution so they can:

  • Steal your debit card information
  • Bypass security protections and access your account online; and
  • Solicit funds for fake payments


Look out for Vishing

Typically the scammer contacts the member using a spoofed phone number and posing as a credit union employee. The caller claims they need to discuss an important matter, but they must first confirm the member’s identity. The scammer is already on the credit union’s online banking website and informs the member they need to provide the PIN sent to the member’s phone or answer security questions. Since the caller says they’re from the credit union and the number on the Caller ID appears to confirm it, the member doesn’t hesitate to provide the requested information.

Vishing allows the scammer to use the information provided by the member to complete the login. They proceed to lock the member out of their account by changing the online banking password. The fraudster then transfers funds from the member’s account to their own temporary account before vanishing without a trace. The caller might even encourage the member to transfer funds to an external account claiming that the payment will be applied to a specific credit union loan.

Look out for Phishing and SMishing

Phishing and SMishing occur when a scammer sends a spoofed email or text message to a member, posing as a Credit Union employee and alerting them to suspicious debit card activity. The member is then urged to reply with account details, such as card numbers, CV2 codes, PINs, or other online account credentials. The scammer then uses this information to make unauthorized charges or access the member's account.

Protect Yourself

To protect yourself from these scams, never share private information via SMS text message and avoid clicking on hyperlinked phone numbers or links inside emails. Pause before providing personal data via voice calls you did not initiate, even if the caller ID reads “Wave Federal Credit Union.” If someone contacts you and requests any of your account information, do not share any information, hang up immediately, and call Wave back directly at 401-781-1020.

Wave FCU will never contact you directly to request any account information, including your Social Security Number, Credit or Debit Card Numbers, Security Code or CVV, PIN, Address, Date of Birth, Online Banking Login Information, Verification Codes, or Passwords. If you receive a fraudulent email, phone call, or text impersonating Wave, report it right away.

Remember, member vigilance is the most effective form of fraud prevention. Share this information with friends and family members who may be vulnerable to this type of fraud.

Member Appreciation Week


This month, we celebrate our 85th Anniversary!

We want to thank you, our members, for helping us reach this milestone with your continued support and loyalty. We invite you to join us for an entire week of celebrating, from October 23rd- 28th, with visits from:


Also, to show our appreciation, we are offering two specials for the entire month of October:


Plus, if you take advantage of a special, you’ll earn a spin on our in-branch prize wheel!

CLICK HERE for more details and to see the full week of celebrating.


Wave’s First CEO Soak for ALS

Wave Federal Credit Union’s first CEO Soak for the ALS Association took place at the credit union’s main office in Warwick on July 19th and raised over $5,500.

Rhode Island ALS Association Chapter members
Before the Wave employees dump buckets of water on CEOs of the company
Wave employees dumping cold water buckets on CEOs of the company
Wave CEOs after the water buckets have been dumped on them
Wave CEOs with Wave branded towels to dry off from the soaking
Wave volunteers at the ALS CEO Soak Event
Wave CEOs with Rhode Island ALS Chapter

Wave Federal Credit Union’s first CEO Soak for the ALS Association took place at the credit union’s main office in Warwick on July 19th. We are very thankful for the outpouring of support that raised over $5,500 for the ALS Association. ALS is a neurodegenerative disease that causes people to lose their ability to walk, talk, eat and eventually breathe. The CEO Soak, inspired by the Ice Bucket Challenge of 2014, is hosted to raise awareness and donations toward treatments and a cure for ALS.

The community was invited to watch the credit union’s executive officers get soaked by two buckets of water, including Wave’s President and CEO; David P. Dupere, Vice President of Operations; Betty A. Pinheiro and Vice President of Lending; Elizabeth L. Zachow.

Thank you to everyone who helped make this such a fun event for a great cause. The success of our first CEO Soak could not have been possible without the generosity and continued support from our amazing members!

Check out our social media pages for more pictures and video from the CEO Soak!
- @WaveFCU

Recipients of our Annual Scholarship Program for 2023

Wave Federal Credit Union is pleased to announce the recipients of our Annual Scholarship Program for 2023: Raj Vishnu, Hannah Defeo, Emily Newton and Abigail McAllister. Each student received $1,000 to use towards their college expenses. Applicants were reviewed and evaluated based on their GPA and course load, volunteer activity, recommendation letter and written essay.

Wave’s President and CEO, David Dupere, is Raj, Hannah & Emily
Pictured with Wave’s President and CEO, David Dupere, is Raj, Hannah & Emily.
Pictured with Elizabeth Zachow, Wave’s Vice President of Lending, is Abigail.
Pictured with Elizabeth Zachow, Wave’s Vice President of Lending, is Abigail.

Thank you to everyone who submitted applications. We appreciate your hard work and dedication.