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Fraud Awareness: Protecting Your Identity, Your Finances, & Yourself

At Advantage Financial Credit Union, your financial security is our top priority. With the increasing prevalence of identity theft, phishing attacks, and other fraudulent schemes, it’s crucial to be vigilant in protecting your personal and financial information. By recognizing the warning signs of fraud and taking preventive measures, you can safeguard your finances and minimize the risk of becoming a victim. In this blog post, we’ll walk you through essential steps to keep your identity, accounts, and sensitive information secure.

 

Recognize Phishing Scams

Phishing scams have become one of the most common ways fraudsters attempt to steal personal information. These attacks often come in the form of emails, phone calls, or text messages, posing as legitimate entities such as your financial institution or government agencies. They are designed to trick you into revealing sensitive data, such as account numbers, passwords, or social security numbers.

Red Flags:

  • Urgent Requests for Personal Information: Fraudsters often create a sense of urgency, urging you to act quickly and provide personal details. Phrases like "Immediate action required!" or "Your account is at risk!" are common.
  • Suspicious Emails Asking for Sensitive Data: These emails may appear to come from well-known sources, such as your bank, but they’ll ask you to click on a link or download an attachment to update or verify your account information.
  • Unfamiliar Sender Addresses, Odd Phrasing, or Spelling Errors: Phishing emails often come from addresses that don’t quite match the official ones of legitimate companies. Look for strange or inconsistent email domains, and watch out for poorly written messages with grammar and spelling mistakes.

 

What to Do:

  • Verify the Source: Always verify the legitimacy of any communication by contacting the organization directly. Use official contact details, such as phone numbers or email addresses found on the institution's website.
  • Avoid Clicking Links or Opening Attachments: Never click on links or download attachments from unknown or unverified sources. Instead, visit the official website directly by typing the URL into your browser.
  • Be Skeptical of Unsolicited Requests: Legitimate organizations will never ask for sensitive information, like passwords or social security numbers, through email or text. If in doubt, call the organization directly to confirm the request.

 

Protect Your Debit & Credit Cards

Your debit and credit cards are gateways to your financial accounts, making them prime targets for fraudsters. It's essential to regularly monitor your accounts and take quick action if you notice any suspicious activity.

Red Flags:

  • Unfamiliar Transactions on Your Statements: Unexpected or unfamiliar charges on your account statements could be a sign that someone has used your card information without your permission.
  • Unexpected Charges or Withdrawals: If you notice charges you didn’t authorize, such as subscription services you never signed up for or large, unrecognizable payments, it’s important to act quickly.

 

What to Do:

  • Report Suspicious Transactions Immediately: If you notice any unauthorized transactions, report them to Advantage Financial Credit Union as soon as possible. The quicker you act, the better the chances of resolving the issue.
  • Keep Your Card Secure: Always store your debit and credit cards in a safe place. Never share your PIN or card number with anyone, and be cautious when using your cards in public spaces.
  • Regularly Monitor Your Accounts: Make it a habit to check your account statements regularly, either through online banking or by reviewing your physical statements. This will help you spot any unauthorized activity early.

If you lose your card or suspect it has been stolen, contact us immediately so we can take the necessary actions to protect your account.

 

Guard Against Identity Theft

Identity theft occurs when someone uses your personal information without your permission, typically to commit fraud or theft. Keeping an eye on your credit and personal information can help you detect and prevent this type of fraud.

Red Flags:

  • Unexpected Credit Offers or Applications in Your Name: If you begin receiving credit card offers, loan applications, or approval notices that you didn’t apply for, it may indicate that someone has used your identity to apply for credit.
  • Missing Mail or Changes in Your Credit Report: If you stop receiving mail, such as bank statements or bills, or if you notice sudden changes in your credit report, these could be signs that someone is tampering with your personal information.
  • Unexplained Charges on Your Accounts: New, unfamiliar accounts or charges on your current accounts could indicate that someone has fraudulently opened accounts or made purchases in your name.

 

What to Do:

  • Monitor Your Credit Regularly: Use trusted credit monitoring tools, such as SavvyMoney, to keep an eye on any changes to your credit score or credit history. Regular monitoring can help you catch any signs of identity theft early.
  • Use Strong Passwords: Strengthen your online security by using unique and complex passwords for each of your accounts. Avoid using easily guessable information such as birth dates or names. Consider using a password manager to keep track of your credentials.
  • Enable Two-Factor Authentication (2FA): Whenever possible, enable two-factor authentication on your accounts. This adds an extra layer of protection by requiring a second form of verification, such as a code sent to your phone, in addition to your password.

 

Secure Your Online Banking

With more people managing their finances online, it’s essential to follow best practices for securing your online banking information. By taking simple steps, you can protect your sensitive information from cybercriminals.

 

Best Practices:

  • Use Complex Passwords and Change Them Regularly: Ensure that your passwords are difficult to guess, and update them periodically to prevent unauthorized access to your accounts.
  • Enable Two-Factor Authentication: For added protection, enable two-factor authentication on your online banking accounts. This helps prevent unauthorized logins even if someone obtains your password.
  • Avoid Using Public Wi-Fi for Banking Transactions: Public Wi-Fi networks, such as those in coffee shops or airports, are not secure and can make it easier for hackers to access your information. Always use a secure connection, such as your mobile data or a VPN, when accessing your banking information online.
  • Log Out After Each Session: Always log out of your online banking account after completing your transactions. This ensures that your information remains secure and prevents others from accessing your account if you leave your device unattended.
  • Use a VPN for Additional Security: A Virtual Private Network (VPN) encrypts your internet connection, making it more difficult for hackers to intercept your data. If you're using public Wi-Fi or working remotely, consider using a VPN to further protect your online banking activities.

Watch Out for Impersonation Scams

Impersonation scams, where fraudsters pose as trusted organizations or individuals, are another common form of fraud. These scams can occur over the phone, via email, or even in person, and they often involve requests for personal or financial information.

 

Red Flags:

  • Unsolicited Calls or Messages Asking for Personal Information: If you receive an unsolicited call or message claiming to be from Advantage Financial Credit Union, asking for personal or financial information, be suspicious.
  • Claims of Account Issues or Urgent Payments: Fraudsters often create a sense of urgency, claiming that there’s a problem with your account or that you owe money and need to pay immediately.

 

What to Do:

  • Verify the Request Directly: If you receive a suspicious call or email, hang up or ignore the message. Then, contact Advantage Financial Credit Union directly using the official phone number or email address listed on our website.
  • Never Provide Sensitive Information to Unsolicited Callers: Legitimate organizations will never ask for sensitive information, such as account numbers, PINs, or passwords, over the phone or via email. Always verify the identity of the person or organization requesting your information.

Freeze Your Credit for Extra Protection

Freezing your credit prevents anyone from opening new credit accounts in your name without your permission. This is an effective measure for added security, especially if you're concerned about identity theft.

To freeze your credit, you’ll need to contact the three major credit bureaus:

This action will block potential fraudsters from accessing your credit file and opening accounts in your name.

Report Fraud Immediately

If you suspect that you’ve fallen victim to fraud, it’s critical to act quickly. The sooner you report fraudulent activity, the more likely it is that you can mitigate the damage.

What to Do:

  • Contact Advantage Financial Credit Union: Let us know right away if you notice any suspicious activity on your accounts or suspect fraud.
  • Place a Fraud Alert with Credit Bureaus: Notify the three major credit bureaus to alert them to potential identity theft and reduce the chances of new credit being opened in your name.
  • File Reports with Authorities: Report the fraud to the FTC (Federal Trade Commission) and local law enforcement authorities. This helps create a record of the fraud and increases the chances of it being investigated.

Need Help?

If you notice any suspicious activity or have concerns about fraud, don’t hesitate to Contact Advantage Financial Credit Union Now. Our dedicated team is here to assist you in protecting your financial security and resolving any issues that may arise.

By staying proactive and informed, you can reduce your risk of falling victim to fraud. Together, we can ensure that your identity and finances remain safe. Your financial security is our priority, and we’re here to help you every step of the way.