Credit Union Fraud Protection Measures For Safeguarding Your Accounts

Credit union fraud protection summit for all workers, directors, executives, supervisory committee members, and credit committee members; they are required to get fraud and dishonesty bonds. Background checks can also help to reduce the possibility of fraud. It is critical to keep your information secure in order to avoid hazards that could jeopardize your finances.

Take precautions early on by never revealing personal information, routinely monitoring your accounts, examining free copies of your credit report once a year, and ensuring your computer and smartphone are protected with up-to-date antivirus, anti-spyware, and firewall software. Do you believe you may have inadvertently disclosed personal information or been the victim of a scam? Contact your credit union very away because they have various safeguards in place to protect you and your accounts.

The Federal Trade Commission (FTC) claims that credit card fraud is the most prevalent type of identity theft. In 2021, close to 390,000 instances of credit card fraud were reported to the FTC, and in 2022, 441,822 instances were recorded.

Credit card customers can find solace in the fact that the main credit card networks — Visa, Mastercard, American Express, and Discover — give $0 liability protection, despite the fact that figures like these may increase consumer concern about credit card theft. That implies that if you become a victim of credit card fraud, you won’t be held responsible for purchases you didn’t make.

Additionally, consumers may rest easy knowing their banks and credit card companies are enhancing security protocols. Banks and credit card issuers have a stake in avoiding fraud since they bear a large portion of the financial risk associated with credit card fraud. As a result, they are strengthening their security networks to take credit card fraud seriously.

Credit union fraud protection Measures for Safeguarding Your Accounts

Scammers are always coming up with new ways to steal your money. Your security is a primary responsibility for Credit Unions Fraud Protection. Knowledge is a great deterrent to fraud, and they will want you to be aware of the security measures they employ to keep your money safe.

Outbound service calls to members are made by some credit unions. When they contact you, they will NOT request or verify your:

Full Social Security Number
The last 8 digits of the card number
Card Personal Identification Number (PIN)
Digital Banking Secure Access Code (SAC)
Digital Banking Username
Digital Banking Password

Credit union fraud protection Measures

Here are some preventative measures you may put in place right away.

Make sure your contact information is up to date so that we can reach out to you as soon as we notice suspicious behavior on your account.
Log in to CU1 digital banking to manage your contact information.
Check your account(s) on a regular basis for unexpected activity.
On your selected device, sign up for CU1 digital banking (mobile app or online banking). Our unified user experience ensures that you have a uniform experience across devices such as smartphones, tablets, and PCs.
Make strong passwords to provide a robust defense against hackers. Enable biometrics (such as face recognition or fingerprint authentication).
Set up digital banking notifications–you choose the best distribution option for you.
CU1 Card Keeper allows you to manage your CU1 Visa® cards. Your card can be locked or unlocked. Set up alerts for when your card(s) are used, accepted, or exceed the transaction limits you’ve set. Establish transaction restrictions for dollar amounts, merchant categories, and geographic areas.
When finished using online banking or our mobile app, always log out. You should also never save your login information on a public computer or leave it unattended.
Every year, check your credit report from Experian, Equifax, and TransUnion, the three main credit reporting agencies.
For a free copy of your credit report, go to annualcreditreport.com. This free copy is available once every 12 months.
Before discarding vital documents like credit card offers and bills, shred them.
To help lower the risk of identity theft from stolen paper documents, sign up to get electronic statements and documents through digital banking.

The majority of credit cards today include high-tech security measures, and free credit monitoring services are another simple method to keep an eye on things.

The simplest steps you can take are choosing a credit card with no liability insurance, keeping tight tabs on your accounts, subscribing to transaction alerts, and protecting your personal information.

Username & Passwords

Set up a secure username and password for online banking.
Use numbers, capital and lowercase letters, special characters, and other easily remembered symbols.
Select a unique username that you don’t use for any other accounts.
Avoid using your name, birth date, Social Security Number, or any other personally identifiable information as your username or password.
Ensure the security of your passwords. You shouldn’t save them online.

Phishing Scams

If you receive an email that appears to be from an official source, such as the IRS or a person working in the tax industry, be cautious.

To tell if it’s a scam, search for these underlining messages. Watch out for sites that mimic login pages and try to collect personal data. You should: in relation to emails. Here are some examples of how a phishing scam might sound or look:

1) Be wary of unknown authors and attachments because they might contain computer viruses,

2) Don’t click on emails that look suspicious, and

3) When in doubt, just delete.

Here are some illustrations of how a phishing scam might sound or look.

Email phishing scam
Phone call phishing scam
IRS phishing scam
Spoofing phone calls

Credit/Debit Card Fraud

Card fraud can occur in a variety of ways, including internet fraud and skimmers planted on ATMs or gas station pumps. The solutions listed below will assist you in keeping your credit card information secure.

Never offer your credit card information to anyone over the phone unless you believe they are a reliable source.
Be cautious when using your credit card online. Make certain that the website is trustworthy and has a credible background/history.
Look out for odd card slots on ATMs and petrol pumps. Examine the slot to see if it moves. It might be a skimmer setup to steal credit card information. If you have any doubts, inform the gas station attendant or call U1.
Before tossing away personal information-containing card statements, shred them.

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the 6 Common Types of Fraud

Sadly, fraud is all too prevalent in today’s society. The vulnerability of Americans’ personal information is greater than ever, from voter fraud to bank account fraud.

Here are the 9 scam types you should be on the lookout for:

Mail Fraud

Simple: Any fraudulent activity involving the use of postage mail is considered mail fraud. This could entail stealing and opening someone else’s mail, sending letters to try and con someone out of money or personal information, or using chain letters to amass goods or money.

How to Avoid Being a Victim of Mail Fraud

Checking a letter’s legitimacy before responding is the greatest strategy to prevent mail fraud. Verify the phone number is the real one for the company involved and not a phony one if it appears on what appears to be an official message. Take the letter immediately to the post office when mailing something that contains personal information, like your bank account number or Social Security number, to prevent it from being stolen from your mailbox.

Don’t leave mail out in your mailbox for an extended period of time! Consider temporarily suspending your mail delivery if you know you’ll be gone for a while, or ask a neighbor to do it until you come back to town.

Health Care Fraud

When an individual, insurance provider, or medical office misuses insurance information for personal advantage, this is referred to as health care/medical fraud. This can have a significant impact on you if a criminal obtains your health insurance information and exploits it for their own medical care! According to the National Health Care Anti-Fraud Association, healthcare fraud costs businesses tens of billions of dollars each year!

How to Avoid Being a Victim of Health Care Fraud

Keep track of all your medical bills, insurance claims, and personal information to prevent this kind of fraud. It’s crucial to double-check any statements you get from your doctor’s office or health insurance company. Contact your insurance company right away to report any services that are listed that you didn’t receive.

Bank Account Takeover Fraud

When a thief gains access to your bank account, it is one of the most difficult types of fraud to clear up. Getting your account information through an email scam, taking a check from your mailbox, or (in some severe circumstances) employing malware to access all of your personal data are all fairly simple ways for this to happen.

If you don’t take action right once, this kind of scam could entirely empty your bank account, and you might never see that money again. Keep an eye out for any transfers you didn’t authorize by regularly reviewing your account statements.

How to Avoid Being a Victim of Bank Account Takeover Fraud

It should go without saying but never log into your bank account from an unsecured Wi-Fi network, and make sure you’re logging into the official website of your bank and not a fake site created to appear like the genuine thing.

Stolen Tax Refund Fraud

You’ll hear a lot throughout tax season about the value of filing your taxes as soon as possible. Why? Avoiding tax fraud is one of the reasons! The term “stolen refund fraud” refers to a sort of fraud in which someone files their own taxes using your Social Security number to obtain your return. The IRS rejects your actual return when you finally mail it since you’ve “already filed” before.

Although it may seem absurd, identity theft of this sort occurs more frequently than you might imagine; in fact, it ranks among the most common frauds the IRS encounters each year.

How to Avoid Being a Victim of Stolen Tax Refund Fraud

What then should a law-abiding taxpayer do? Be cautious when deciding to whom and where to disclose your personal information. Use security software on your PC to be safe. Additionally, avoid carrying anything with your Social Security number on it, such as your W-2, or your Social Security card with you. Put everything in a secure location.

Internet Fraud

This is exactly what it sounds like. Online fraud occurs when someone uses the internet as a tool to defraud someone else. The most prevalent methods are data breaches, email account compromise (EAC), malware, and phishing. Every year, online internet frauds defraud victims of millions of dollars.

How to Avoid Being a Victim of Internet Fraud

You can help keep malware and other identity theft infections at bay by keeping your anti-virus software on your computer and mobile device up to date. When it comes to phishing scams, be wary of any email that requests personal information. Also, always read and re-read links to ensure you’re on the official page and not a fake site.

Debit and Credit Card Fraud

Simply put, when a burglar has access to your debit or credit card number, it is fraudulent behavior. This can occur if the card number or the physical card is stolen.

How to Avoid Being a Victim of Debit and Credit Card Fraud

We recommend checking your bank account once a week. This way, if you notice any fraudulent charges on your bank or credit card bills, you’ll be able to notify the card issuer immediately once and begin the cleanup procedure. Make sure no one takes your numbers by carefully guarding your cards. Chip cards are more secure than magnetic strip cards, so if you haven’t already made the transition, now is a good time.

You should also exercise caution while utilizing ATMs outside of your bank. Hackers can sometimes interfere with third-party ATMs using devices known as skimmers, which steal personal information. Also, never store your credit card information online. Instead, while shopping online, consider using a service like PayPal to avoid entering your debit card number on a third-party website.

Conclusion

You can feel secure knowing that you are fully protected from the rapidly expanding issue of credit card fraud if your credit card was issued by one of the main credit card networks. But it’s crucial to take action to reduce these occurrences and safeguard yourself from frequent fraud.

Credit union fraud protection Measures for Safeguarding Your Accounts