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Fraud is a never-ending threat that impacts everyone at some point. You might know someone who has been scammed or had their identity stolen, or maybe this has happened to you. Fraud is everywhere and fraudsters work full-time to find ways to steal your money.

So, what can you do to defend yourself? Staying informed on the latest tactics fraudsters use and pursue knowledge of the actions you can take.

With this in mind, here are some popular types of fraud and how to protect yourself against them.

Identity Theft

Someone steals your personal information (name, social security number, date of birth, address) and uses this information to obtain loans and make purchases.

Ways to Protect Your Information

• Shred all your personal documents including credit card offers and bank statements.
  
  
• Sign up for electronic bank statements.
  
  
• Use strong and different passwords for each online account you have.
• Set up and use two-factor authentication when available. This includes online stores to bank accounts.
  
  
• When possible, avoid using public wi-fi to access your personal information.
  
  
• Never give out your personal information to strangers over the phone. If someone calls you, you can always call directly to the source (e.g., your financial institution, credit card, etc.)

Actions to Take If Your Information Has Been Stolen

• Pull your own credit report at least once a year at annualcreditreport.com.
  
  
• Put a freeze on your credit report.
  
  
• Visit IdentityTheft.gov where you can obtain additional steps and tools.
  
  

Selling Online

You can buy and sell anything online. Here is a scenario for you to be aware of.

Someone messages you stating they are interested in buying your item. They want to pay you with a check. They seem friendly and you really want to get rid of your treadmill, so you agree. They accidentally overpay you for the item and as a result ask you to send the overage back to them. You pay them back the overage and then deposit their check. The check is fraudulent.

Ways To Protect Yourself

• If you are selling an item online, be cautious. Understand who the buyer is - even if they appear to be someone you know or have mutual connections on social media- by asking questions or doing some online research. Is it someone local to you or are they out of state? If they are out of state, ask yourself why someone out of state would want to buy the item.
  
  
• Accept cash only. If you do accept a check, wait for the check to clear before releasing the item to the buyer. Similarly, if the buyer overpays you, wait for the check to clear before paying them the overage. If the check clears, pay the buyer back in cash.
  
  
• If you have any concerns, call MCCU prior to conducting the sale.
  
  

Mail Theft

Gone should be the days when you put outbound mail in your mailbox – especially if you mail out bill payments. The mail you send out in your mailbox is now an invitation for thieves. Even the official blue USPS mailboxes are vulnerable to theft. The thieves are looking for paper checks.

How To Protect Yourself

• When you need to mail something, take your mail directly to the post office AND physically go inside to drop off your mail.
  
  
• Consider using another means of payment instead of a check. Setting up Bill Pay or ACH transfers are safer alternatives.
  
  
• Keep track of your incoming mail by signing up for Informed Delivery with USPS.

Loan Fraud

In today’s digital world, loans are readily available online. And with this, the risk of the loan company not being legitimate is high. The loan company will request your online banking information so they can make a mobile deposit. Once you receive the deposit, they will ask you to send the funds back to them via electronic application so they can issue additional funds for the loan. Once you return the money to the company, you discover the check is fraudulent. As a result, you now owe your financial institution the amount of the fraudulent check.

How To Protect Yourself

• When looking for a loan, talk with MCCU first. Be upfront and forthcoming about the details of the situation so a Member Service Representative can help you make the best decision.

Foreign Lottery Scams

Congrats! You won the lottery, but it’s from a foreign country. You receive a letter in the mail stating that you won the lottery. To obtain your winnings, you are asked to pay taxes and fees. After you send a check or funds via electronic transfer for the taxes and fees, you have paid them but will receive nothing in return.

How To Protect Yourself

• If you receive notification that you won a lottery (or something else), the first question you should ask yourself is, did I enter?
  
  
• When in doubt, turn to Google. Type in the name of the lottery (or other winning claim) and review the results produced.
  
  
• Simply unsure? Give MCCU a call!
  
  

Debit or Credit Card Fraud

You’re going about your usual day and use your credit card at a gas station or an ATM. Unbeknownst to you, scammers have placed a skimming device on the card reader, which captures your card information when you swipe. A few days later, you notice unfamiliar charges on your account from places you’ve never visited. Another common way scammers obtain card information is through phishing emails or texts, where they pose as a legitimate company and trick you into entering your card details on a fake website.

How To Protect Yourself

• Before inserting your card, check the card device. Try to shake it and if something seems loose it could have been tampered with.
  
  
• Use the gas pumps that are closest to the station windows.
  
  
• At retail stores, use the lanes that have employees checking out your purchases.
  
  
• Don’t make purchases on websites you are not familiar with. Watch for misspellings in the URL or website address.
  
  
• Don't store your card number on your cell phone or leave the number in cash payment apps.

Steps to Take if Your Card is Stolen

• Contact MCCU to close the card right away.
  
  
• Review your MCCU statements monthly to verify transactions are correct.
  
  
• For MCCU Debit Card disputes, call 888.267.5254. For MCCU credit card disputes, call 866.820.2930.
  
  

Romance Scams

A romance scam is when someone adopts a fake persona to gain an individual’s trust and uses the illusion of a romantic relationship to manipulate the individual into sending them funds or account information. The scammer could start by asking for small amounts of money or ask you to cash a check for them and then return the funds to them via Cash App. The check is usually fraudulent and will be returned not valid. You will be responsible for paying the money back to the financial institution.

How To Protect Yourself

• Never perform a financial transaction on someone else’s behalf. Ask yourself: why are they having you do the transaction(s); does it make sense what they are asking you to do?
  
  
• Be careful when meeting someone online and through dating apps. Never give someone you meet online your personal information.
  
  
• If you receive a check from someone through the mail, call MCCU. Request a hold be placed on it to verify it is a valid check before you do anything with the check.
  
  

Investment Scams

A scammer uses the promise of low or zero-risk investment and guaranteed future returns to lure victims into sending payments. A scammer might show you the type of life they are living from the returns to persuade you to invest.

How To Protect Yourself

• Understand what you are investing in by conducting your own research. Investing is different for everyone. Don’t take someone’s word just because it works for them.
  
  
• Consult an investment advisor prior to investing. MCCU has an investment partner, Harbour Investments, who can assist you in investing.
  
  

Work from Home Job Scams

Working from home has become the norm since COVID, and with this, many work-from-home job scams have emerged. Scammers will pose as employers by spoofing company websites and posting fake job openings on popular online job boards. They then conduct false interviews with unsuspecting applicants, from whom they eventually request personally identifiable information or funds.

How To Protect Yourself

• Call the company and ask if they are hiring for the open position. You could also check their website to see if the position is posted and apply via the company website.
  
  
• Be cautious if the hiring company sends you a check before employment stating it’s for the purchase of equipment or supplies.
  
  
• Use reputable recruiting sites or their verified website.
  
  

Fraud comes in many shapes and forms, be diligent and keep your eyes open. Just remember to ask yourself, does this make sense? If you have any doubts, listen to your gut instinct, even talk to a friend or family member you trust. You can always call or stop into MCCU and chat with a representative. We are here to help!