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The League has developed a range of resources for our member credit unions to use in their efforts to raise awareness around the topic of fraud prevention. We invite you to utilize the pointers below on your websites, blogs, newsletters, and social media pages to inform members of basic tips and tricks to protect themselves from fraud.
Protecting Yourself from Fraud – A General Overview
Unfortunately, fraud is a part of our day-to-day lives nowadays. Since we can’t always avoid it entirely, it’s crucial we each do our parts to educate ourselves in order to stay up to date regarding the most recent—and sometimes local—scams. Below is a list of the five best practices to protect your nonpublic personal information from falling into the wrong hands.
- Be careful with your online accounts and information.
Change account passwords often, utilize two-factor authentication whenever possible, and review account settings on all accounts regularly to ensure you are only displaying information publicly that you want to be seen. It’s recommended to set your profiles to private and for Facebook users, set your posts and profile information to only display for your Facebook friends—not the general public. This prevents strangers from using your photos and information to create fake accounts to conduct fraud through. Similarly, use caution when determining what to share online. For example, if you’re going on vacation, it is likely not the best idea to post countdowns until you leave as it could let bad actors know when your home is vacant. In terms of fraud and scams, posting too much personal information eventually gives scammers a full picture of you, your interests, and more. This makes it easier to create fake profiles and determine what some of your security question answers may be. Another way to use caution when online is to never open or click on unfamiliar, suspicious, or unsolicited links. This is often in the form of a fake text or email and is known as phishing, or “email[s] or text messages to trick you into giving them your personal and financial information,” often posing as a trusted, reputable source. Interacting with these can expose your information and put you at risk. - Store sensitive documents safely and shred them when disposing.
All documents with sensitive information, such as bank statements, retirement account statements, investment documents, etc., should be stored in a safe, secure, and organized place. Be sure you use a location without a lot of foot traffic—even in your home—to limit the number of people who could come across your information. When you no longer need these documents, shred them. Do not just throw them in the trash. If you do not own a shredding machine, look for a local community shredding event (they often are hosted by credit unions!). - Monitor your credit report, bank statements, and online/mobile banking regularly.
You should maintain a habit of checking your credit report, reviewing monthly bank statements, and going over transactions in your online and/or mobile banking. If you see any discrepancies, report it immediately and begin to sort through legitimate and fraudulent activity in your accounts. - Report suspicious activity.
If you notice suspicious activity, report it to any of the three main credit bureaus (Equifax, TransUnion, or Experian) or on the Federal Trade Commission’s If you’ve become a victim of fraud, you should continue to closely monitor your accounts and credit report, as you are more vulnerable to other fraud attempts now. You have no way of knowing what the fraudster did with your personal information, when they had it, and/or who they sold it to, so there may be others out there who try using your information for their own benefit, damaging your credit in the process. Change all account passwords, too, and try to make each login unique to that platform. - Never provide sensitive information on the phone—especially when unsolicited.
Understand the signs of phishing and be extra cautious with emails, texts, and phone calls from unknown and unsolicited sources, especially if they begin asking for your information under the guise of someone else. If you are skeptical, hang up and call the Member or Customer Service Center for the organization the caller was claiming to represent in order to verify the validity of the call. (Your credit union will never call you for this type of information.) If you feel nervous, trust your gut and when in doubt, don’t give the information out.
Check local news outlets often to stay apprised of the most recent and active scams in your area. The Federal Trade Commission and the FBI are also trusted resources on fraud and scams and how to stay safe. Review these outlets often, and as always, if you have any questions or concerns, please reach out to your credit union.