Scams are more prevalent than ever and we all need to take steps to protect our information and one of the best ways is to be aware of what scams are out there.

Here are a few to watch out for:

Student Loan Forgiveness Scams

Phone call, text, and email scams are out there claiming to expedite your Student Loan Forgiveness credit for a fee. These scams are designed to get important personal information. For information about Student Loan Forgiveness, visit studentaid.gov.

Text Message Scams

Text message scams or “smishing” is when a scam artist poses as a financial institution, government agency, or business stating your account has been closed or locked out. To have the account reinstated or unlocked, you must provide your personal or financial information. This type of message is fraudulent, do not reply.

Check Payment or Money Transfer Scams

A buyer may be interested in purchasing an item you are selling and offers to overpay you with a fraudulent check. The buyer then requests you return the remaining funds via a wire transfer, MoneyGram, or Western Union. Fraudsters hope you will send them the money before the check is reported as fraudulent.

E-mail Scams

Fraudulent emails known as phishing scams pose as a financial institution or trusted business (Amazon, Apple, Google, etc.) to try to obtain your personal information. These scams often mimic the original site, so it is important to verify the source of all emails. Do not input any personal information without verifying the destination.

Scams Involving Gift Cards

Many scams involve the use of gift cards. Many fraudsters ask for gift cards because they are untraceable and have immediate access to the funds. Once the money is spent, it is gone. Businesses and government agencies will never ask for a gift card as payment if it’s legitimate. Gift cards are intended as gifts, not payments.

Helpful Videos

Recognizing Online Scams

Frauds, Scams, & Cyberthreats, Part 1

Fraud, Scams, & Cyberthreats, Part 2

Credit Union Impersonation Fraud

Credit Union Impersonation Fraud is the fastest growing scam, affecting our members today. These fraudsters have become more sophisticated, they are posing as the Credit Union to trick members into revealing sensitive information or sending money. Understanding how to identify the red flags, and how to protect yourself, can make all the difference in the world.

Red Flags to look out for: 

  • Request to move or send funds via wire, gift cards, or payment apps.
  • Ask for personal information, like passwords, PIN’s, account number, card numbers, Social Security numbers, or a one-time passcodes.
  • Instructions to click an unfamiliar link or download attachments.
  • Pressure to act immediately or risk losing your money or your account freezing.

Ways to protect yourself: 

  • Never Share Sensitive Information
  • The credit union will NEVER ask for your online banking password, PIN, or one-time passcodes. Treat any request for this information as a definite red flag.
  • Verify Before You Act
  • Do not respond or click on any links. Instead contact the Credit Union directly, using the phone number listed on our website or on your account statement. It is always best to be safe, rather than sorry.
  • Be Cautious About Links
  • Avoid clicking on links in messages that are unsolicited. Contact the Credit Union to confirm whether a text or email is legitimate.
  • Monitor Your Account Regularly 
  • Reviewing your account frequently will catch suspicious activity early.
  • Use Strong Passwords 
  • Avoid reusing passwords, avoid personal information in a password (for example, House Number, Date of Birth, Social Security Number, etc.)

Credit Union impersonation fraud continues to evolve, but awareness remains one of your strongest defenses. Scammers rely on quick and emotional responses, taking a moment to pause and verify can stop fraud in it’s tracks.