The Federal Reserve Banks have reported fraudulent activity in which consumers have tried to use the Fed’s routing numbers and their personal Social Security numbers to make bill payments or purchases online.
The scam involves social media posts and online videos that advise individuals they have special accounts setup in their name and can use routing numbers at Federal Reserve Banks to make bill payments or purchases online. Members should beware and regard any posts as suspicious.
Those falling victim to this scam believe they have paid their bills, but those payments are being rejected and returned unpaid, and may be subject to penalty fees for lack of payment.
It’s good to keep in mind that people do not have accounts at Federal Reserve Banks. Federal Reserve routing numbers are used for sorting and processing payments between banks and credit unions.
Please remember to always safeguard your Social Security number and only use your credit union or bank account routing numbers to pay bills or make purchases.
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