Technology allows us to do incredible things. You can deposit a check using your phone, enjoy a video call with your loved ones, or listen to your favorite music on the go. Unfortunately, some use technology to take advantage of people.
Last year, the FBI’s Internet Crime Complaint Center (IC3) received a record number of complaints—nearly 900,000—with potential losses exceeding $12.5 billion. That’s a 22% increase in losses suffered, compared to 2022. Different crimes seem to affect different age groups more adversely. Victims 30 to 49 years old were the most likely group to report losses from investment fraud, while the elderly accounted for well over half of losses to tech support scams.
Unfortunately, we’ve observed a troubling rise in fraudulent activities in recent weeks, particularly those targeting our elder members. These activities involve deceptive tactics such as fraudulent investment opportunities and requests for sensitive account information over the phone.
We take your security seriously at Calhoun Liberty Credit Union, so we want to take a moment to address some of the types of fraudulent activities and scams that are happening every day… and how you can protect yourself from them.
Types of Scams Affecting Credit Union Members
- Impersonation Scams: This is when fraudsters contact you posing as tech support or representatives from credible institutions, like credit unions, utility companies, or even government agencies. Usually, they ask for your personal information to verify an account or to pay a fee to avoid a negative action.
- Investment Scams: Have you ever received a call from someone trying to entice you with high-return investments, including cryptocurrencies and other financial opportunities? More often than not, these offers turn out to be fronts for fraudulent activities.
- “Pig Butchering” Scams: As the name implies, this is a more insidious form of fraud. Scammers groom their targets over time, building emotional or romantic connections before persuading them to part with significant sums of money in bogus investments.
- Phishing Scams: In addition to suspicious phone calls, you need to be on the lookout for suspicious emails, too. Phishing is a type of online scam that targets consumers by sending them an e-mail that appears to be from a well-known source, like a credit union or mortgage company, for example. The goal of these emails is to get you to supply personal identifying information, often by clicking a link within the email.
How to Protect Yourself
Verify Contact: Always confirm the identity of the person contacting you directly with your credit union through official channels.- Guard Personal Information: Never share personal or financial information over the phone, especially if the call was unsolicited.
- Be Skeptical of Unsolicited Offers: Always approach unsolicited investment opportunities, especially those promising unrealistic returns, with extreme caution.
- Educate Yourself and Others: Stay informed about the latest scam tactics and share this knowledge with friends and family, especially those who are more vulnerable.
- Use Secure Channels: For any financial transactions or communications, use the official CLCU website or app, ensuring the connection is secure (look for “https://” in the web address).
At CLCU, the safety and security of your finances and personal information are vital. By staying informed, skeptical, and vigilant, we can stop scammers looking to exploit your trust and goodwill. Remember, if something seems too good to be true, it probably is.
Let’s work together to protect our community and ensure a safe financial environment for all, and never hesitate to contact us if you have any concerns or questions regarding the security of your accounts or financial transactions.
