Financial fraud is a growing problem; fraudsters are constantly developing new and even more sophisticated ways of scamming individuals. At AmeriCU, the risk management team helps to protect our members’ financial well-being by identifying potential risks and then helping our members understand these potential risks that they may encounter.

Financial Fraud is a dishonest action or scam designed to take someone’s money. It involves tricking individuals into giving cash or personal information to a fraudster or scammer. Scammers have recently targeted some AmeriCU members posing as our Fraud Department. Claiming to be an employee, they’ll say your account is at risk, it can even look like they are calling from the AmeriCU phone number. They’ll tell you need to take immediate action. Remember that anyone advising this sense of urgency is likely a fraudster.

It is common in these scams for fraudsters to refine their tactics to deceive individuals into thinking an urgent amount of money is needed to avoid a crisis. The scammers usually are very good at building trust quickly and exploiting emotions to convince the victim to send money quickly through wire transfers or gift cards. Often individuals are being told that they cannot contact police agencies or more harm will be done. It is very important to be cautious of any request before sharing any financial information or making any transactions.

AmeriCU will never contact you by phone or email asking you to verify debit or credit card numbers, your social security number, or passwords. If you receive an email, text message, or phone call like this, please contact us immediately. Do not provide any information to the sender.

“We take the security and trust of our members very seriously,” says Diana House. House serves as AmeriCU’s AVP of Specialty Banking and Fraud Prevention. She reiterated the importance of member vigilance in safeguarding against such scams. “It’s crucial for our members to remember that the credit union will never ask them to take actions such as emptying their accounts or purchasing gift cards.”

There are several key signs that can indicate a scenario might be a financial fraud scam:

1. Unsolicited contact: If you receive unexpected phone calls, emails, or messages from unknown individuals it could be a red flag. Be cautious of unsolicited communications and always verify the legitimacy of the sender.

2. High Pressure Tactics: Scammers often use high-pressure tactics to rush you into making immediate financial decisions without enough time to think or conduct proper research. Take your time and do not let anyone rush you into making a quick decision.

3. Requests for personal information or money: Be wary of any requests for personal information, such as bank account details, social security number or passwords. Legitimate organizations will not request sensitive information through unsolicited means. Similarly, if someone asks you to spend money through wire transfers, gift cards, or other non-traceable methods, it is a warning sign of potential fraud.

4. Unrealistic promises or guaranteed returns: Financial fraud often involves unrealistic promises of high returns or guaranteed profit with minimal risk. Be skeptical of financial opportunities that sound too good to be true.

5. Report Suspicious Activity. If you encounter any suspicious communication or requests, report it. Click ‘Let’s Connect’ in the bottom right-hand corner. We will connect you with an AmeriCU teammate or a member of our Fraud Department so you can let someone know.

Remember, staying vigilant, verifying information, and seeking advice from trusted financial professionals can help safeguard you from falling victim to a financial fraud scam.

If you feel that you may be a victim of a scam you can contact the FTC at ReportFraud.ftc.gov, you can also reach out to your local law enforcement. For financial assistance due to a potential financial scam, you can visit any of AmeriCU financial centers or visit us www.americu.org.

Have a safe and secure day!