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Credit unions and members alike are constantly keeping their eyes peeled for any fraudulent attempts to steal personal information. Katahdin FCU recently began noticing an influx in calls from members about illegitimate mailers appearing to come from the credit union. While calls from members concerned about the validity of these mailers are on the rise more recently, the credit union shared it has been speaking with members about misleading flyers for years now.
Essentially, members receive various postcards and letters in the mail that look like they were sent by the credit union but are not. Many times, these mailers are selling warranties, insurance, and other similar products and/or services and list a phone number to call to avoid the proposed threat (such as losing delays in or loss of coverage, increased costs, etc.). It is often difficult to tell whether it is a legitimate offer.
Often, the credit union’s name is on the front, tricking the member into thinking that they are being offered a product by their trusted financial institution. However, closer inspection and fine print may distinguish that whoever sent the mail is “not affiliated” with the member’s mortgage company or financial institution.
This is concerning for members for a multitude of reasons, ranging from feeling like their credit union disclosed their information, to the risks of further interacting with whoever sent these mailers. The credit union also must spend time reminding members that the information used to send these letters in the mail was not provided by the credit union. Rather, it is public information that is retrievable at the registry of deeds.
While these mailers are not fraud, they are incredibly deceptive and create confusion with members about what information is coming from who. It can be helpful to make sure members know that these kinds of postcards and mailers exist, and more than likely are not associated with your credit union.