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MVCU, fraud, scam, financial, finances,
Home / News & Financial Education / Tips for Avoiding Financial Fraud
Tips for Avoiding Financial FraudBy merrimack on 3/7/2024

Tips for Avoiding Financial Fraud

Financial scams are everywhere these days, so securing your bank accounts is crucial. These steps will help you stay a few steps ahead of the scammers:

Protect your Personal Information

Do not give out your personal or financial information to anyone unless you initiated the contact and can verify the recipient’s identity. Fraudsters frequently pose as trusted individuals through phone calls or texts, attempting to obtain sensitive information. MVCU won’t ask you to reply “Yes” to confirm a transaction via text message, your online banking credentials, or your PIN, account number or card number.

Monitor your accounts

Regularly monitor your accounts for any unauthorized activity and report any suspicious transactions immediately. If you believe you’ve fallen victim to a scam, don’t hesitate to report it. It is important to speak out and it’s better to be safe than sorry when it comes to fraud.

Beware of Deceptive Tactics

Fraudsters may request advance payments or your card information for services like debt relief or prize claims. Gift cards are not a normal way to make payment, so if someone asks you to pay them by buying gift cards, this is likely a scam. Additionally, avoid wiring money in response to unexpected requests. If you would not normally send a wire to pay for goods or services, then this is a red flag.

The best way to verify the legitimacy of a payment request is to search online for the number and call the number listed on their website. If the person answering the call has no information regarding the payment request, then this is likely a scam.

People often feel embarrassed to admit they have fallen for a scam, but there is no shame in it. Fraudsters are becoming increasingly skilled at appearing trustworthy and often use convincing tactics to deceive people of all ages. If you were impacted by a scam, please call us at (800) 356-0067.

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