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Fraud & Scams

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Here are some of the most common fraud and scams experienced by credit union members:

Members should be vigilant and report any suspicious activity to their credit union to protect themselves from these types of scams.

Phishing
  • Fraudsters send fake emails or texts that appear to be from the credit union, asking for personal information such as account numbers, passwords, or Social Security numbers.
  • Scammers use fake caller IDs or email addresses that look like they’re from the credit union to trick members into providing sensitive information.
  • Criminals use devices attached to ATMs or point-of-sale terminals to steal card information when members swipe their debit or credit cards.
  • Fraudsters steal personal information to open accounts, make fraudulent purchases, or take out loans in a member's name.
  • Scammers may gain access to members' online banking accounts through malware or by tricking them into entering login details on fake websites.
  • Fraudsters claim that members have won a lottery or prize and ask for payment or personal information to collect the winnings.
  • Scammers manipulate members into revealing confidential information by building trust or creating a sense of urgency.
  • Fraudsters send counterfeit checks and ask members to deposit them into their accounts and transfer money elsewhere before the check bounces.
  • Fraudsters offer fake debt relief services, promising to help members get out of debt for a fee, but they provide no actual assistance.
  • Fraudsters develop online relationships with victims, gaining their trust, and then fabricate emergencies or promises of future visits to request money.
  • Is a common type of fraud where scammers target elderly individuals, pretending to be their grandchildren or other family members in urgent need of money. Typically, the scammer will call or email the victim, claiming to be a grandchild who is in a distressing situation, such as being arrested, stranded in another country, or in a medical emergency.
  • Scammers offer “too good to be true” investment opportunities, often targeting members with promises of high returns and little risk.
  • Fraudsters impersonate government agencies or financial institutions to steal personal information or access unemployment or relief benefits.

Here are some common themes to watch for to help identify fraud and scams:

By staying aware of these red flags, you can better protect yourself from falling victim to fraud or scams.

Urgency or Pressure
  • Scammers often create a sense of urgency, pressing you to act quickly without thinking or consulting others. They may claim you’re running out of time or need immediate action to avoid negative consequences.
  • Be cautious if you receive unexpected emails, phone calls, or messages asking for personal information, money, or access to your accounts, especially from unknown sources.
  • If an offer promises something that seems too good to be true—like large sums of money, high returns with no risk, or unbelievable deals—it likely is.
  • Fraudsters often ask for payments through wire transfers, gift cards, or other untraceable methods, making it difficult to recover the funds.
  • Look out for fake websites that mimic trusted brands or financial institutions. They may ask for personal information or login credentials. Always verify the website's URL and security.
  • Scammers often prey on emotions, like fear, love, or sympathy. They may claim an emergency situation, such as a family member in trouble, to manipulate you into sending money.
  • Be wary if someone asks for too much personal information upfront, such as your Social Security number, account numbers, passwords, or PINs. Legitimate organizations don’t ask for this information unsolicited.
  • Scammers may use poor grammar, misspelled words, or awkward language in their messages. They might also pressure you to communicate only through specific channels like text or email to avoid verification.
  • Scammers may impersonate people or institutions you trust, like family members, government agencies, or even your credit union, to lower your guard and get you to reveal personal or financial details.
  • Always verify any unexpected request, whether it's for payment or personal information, before taking action. If you're unsure, contact the organization or person directly using trusted contact details.

Protecting Yourself After Your Personally Identifiable Information Is Compromised

What is Personal Identifiable Information?
  • Personal identifiable information includes a person's Name, Date of Birth, Social Security Number, Bank Account information and Address.
  • Members are encouraged to add additional layers of security to all of their accounts at all financial institutions, add security alerts to their consumer reports and to report fraud & scams to law enforcement.
  • 1. Add a Password or Security Question
    Once your Personally Identifiable Information is compromised it’s advised that you notify your financial institutions and add a Password or Security Question to your account for added protection. This will provide added protection for in-person and phone interactions.
  • 2. Add a ChexSystems Security Alert
    Placing a Consumer Reported Identity Theft Security alert in your ChexSystems consumer file may help you combat Identity Theft. When added to your consumer report, ChexSystems customers will be notified of the security alert each time they inquire about you. ChexSystems - (https://www.chexsystems.com/)
  • 3. Add a Credit Bureau Fraud Alert
    A fraud alert is a notice on your credit report that alerts creditors you are or may be a victim of fraud, including identity theft. A fraud alert can make it harder for someone to open unauthorized accounts in your name. It encourages or requires lenders and creditors to take extra steps to verify your identity, such as contacting you by phone, before opening a new credit account in your name or making changes to existing accounts.
  • One Alert for All
    You can contact any of the three nationwide credit bureaus to request a fraud alert. Once you have placed a fraud alert on your credit report with one of the bureaus, that bureau will send a request to the other two bureaus to do the same, so you do not have to contact all three.
  • National Credit Bureaus:
    Equifax
    Experian
    TransUnion
  • 4. Report Fraud, Scams and Cybercrime
    Members are encouraged to report Fraud, Scams and Cybercrime incidents to the authorities
    File an incident report with Local Law Enforcement (most provide online reporting options)
    As applicable, file an incident report with the Cybersecurity & Infrastructure Security Agency CISA.gov

Additional Resources

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