Unfortunately, financial frauds and scams are a part of today’s reality. That’s why CVFCU is doing everything we can to ensure your money is safe and secure.
Here are just a few of the ways that we’re working to protect you.
If you suspect you’re being targeted or have been defrauded, contact us immediately so we can help.
You can always contact us 24/7 at (570) 823-6836 and you will then be directed to our after-hours fraud protection center.
We monitor for the unthinkable so you don't have to. From ATM Skimming to Human Trafficking, The Protectors Podcast takes you inside the minds of criminals from around the world with leading experts and the investigators who put them behind bars.
Each year, fraudsters find new ways to trick people and financial institutions out of money. While some scams involve new tricks, many have been around for decades. Of the over 2.3 million fraud reports, 26% indicated money was lost. In 2022, consumers reported losing nearly $8.8 billion to fraud.
You can report fraud, scams and other illegal business
practices by going to the Federal Trade Commission
website.
Fraudsters use various channels, including emails, texts and phone calls, to disguise their identity and retrieve confidential information. Their tactics prey on basic human instincts to trust and please, often catching employees or members off guard. Here are key points to watch for:
We’re all human, but awareness can help prevent falling victim to these scams.
Being aware of the different types of fraud you may encounter is the first step in protecting yourself. This guide will highlight common scams and the warning signs to look out for, helping you stay alert and safeguard sensitive information.
Romance scammers often create fake online dating profiles using stolen photos and details from real accounts. They claim to be from the U.S. but are temporarily working or traveling overseas. Common fake occupations include oil rig workers, military personnel or doctors with international organizations.
Scammers quickly profess love and emotionally manipulate their victims, requesting money for expenses like plane tickets, travel costs or customs fees to "return home." Many victims end up wiring money or sharing sensitive information, believing they are helping a genuine partner.
Someone calls claiming to be a computer technician, often from a well-known company like Microsoft, Apple, or even your internet service provider. They inform you that your computer is infected with viruses or malware and that you need to provide remote access or purchase new software to fix the issue.
In reality, these scammers are looking to sell you useless services, steal your credit card information or gain access to your computer. Once they have access, they may install malware that allows them to monitor everything on your device.
In an advanced fee scam, the scammer informs the victim that they have won a large prize, such as a bogus lottery, or are entitled to a significant inheritance from a deceased relative. However, before receiving the money, the victim is told they must first pay taxes or fees. The victim wires the requested funds to the scammer to cover these costs but never hears from them again.
Scammers impersonate Social Security Administration (SSA) employees over the phone, requesting personal information or money. They often threaten arrest or legal action and may “spoof” official government numbers, including the SSA National 800 Number, local offices, or even police numbers.
Some scammers also impersonate IRS agents, claiming back taxes are owed or linking the victim to criminal activities like money laundering. They threaten lawsuits, arrest, deportation or revoking the victim’s Social Security number or license unless payment is made immediately via gift cards, wire transfers, or cash.
Members seeking extra income are often deceived into participating in the secret shopper scam. After accepting the job, the member receives a counterfeit cashier’s check, typically ranging from $2,000 to $5,000. They are instructed to cash the check, purchase money orders and gift cards, and then send them to the scammers.
In return, they are told they can keep a percentage of the check as payment. However, the counterfeit check is later returned unpaid, and the full amount is charged back to the member’s account.
Scammers often exploit times of uncertainty by convincing people to donate money to fraudulent relief funds. Recent scams have included schemes related to flood and disaster relief, COVID-19, Ukrainian assistance, student loan debt forgiveness, and other fake charity efforts.
These scams prey on people’s desire to help, but the funds end up in the hands of fraudsters instead of those in need.
Mail theft and armed robberies against U.S. Postal Service carriers have increased. Criminals steal checks from USPS blue mailboxes or personal mailboxes, altering the payee names and amounts or counterfeiting the checks to use them for fraud.
Scammers pose as credit union representatives, sending texts about suspicious transactions on P2P payment apps like Zelle. They follow up with a call, spoofing the credit union’s number, and request account login information under the guise of verifying your identity.
Fraudsters target real estate transactions, hacking into title companies or lenders’ email systems to send fake wire transfer instructions at the last minute. They pose as a legitimate title company or closing agent to reroute closing funds to their own accounts.
Fraudsters use stolen personal information to take over online banking accounts. They trick call center employees or account holders into resetting passwords, changing contact information, and intercepting two-factor authentication.
raudsters send texts claiming to be from your credit union, warning about suspicious activity or locked accounts. These messages contain links to spoofed websites that look identical to your financial institution’s legitimate site. Victims are tricked into entering login credentials, which the scammers use to access accounts.
Scams targeting elderly members are on the rise, often involving impostors posing as a relative in distress, like a grandchild needing bail money. Scammers instruct the victim to wire funds to an account under their control, playing on the emotions of the elderly member.
Criminals place hard-to-detect skimmers, keypads, and cameras on ATMs to steal card information and PINs. Once this information is collected, it can be used to make unauthorized transactions or create counterfeit cards.
Gas pumps are frequently targeted by fraudsters using skimming or shimming devices to capture credit and debit card information. These devices can be hard to detect but are often placed on out-of-sight pumps far from the station.
27 million American consumers were victimized by identity fraud related financial losses in 2022.
—Javelin 2022 Identity Fraud Study “The Virtual Battleground”
Fraudsters will use several different social engineering techniques to acquire sensitive information such as usernames, passwords and account or payment card details all while trying to trick you into believing they are legit:
The key to fraud awareness is to Always Be Checking.
Fraudsters will also spoof the credit union’s contact
info (phone number; email, etc.) to appear to be
from the actual credit union. They often:
Regardless of the fraud type or intention, fraudsters’ first objective is to convince others that they are a real member. Here are things to be on the lookout for:
Recognizing scams can be difficult, especially after the impact of having personal information exposed following a data breach. But you can minimize the potential impact by knowing what to look for, taking the right action steps and remaining vigilant.
To protect your personal and financial information online, it’s important to follow key security practices. Here are some essential tips to help safeguard your accounts and data from cyber threats and fraud.
Data breaches pose a potential risk to consumers in the form of identity theft, account takeover and fraud
when personal and sensitive information is compromised.
Most minors under the age 18 may not have a credit report available for review. However, children are regular targets of identity theft, and parents should take care to protect their children’s financial future.
For more information and details on these and other financial security questions, visit these resources.
