Search
 

CU Tech Hub

Expert Opinion

8 Ways to Protect Members From CARES Act Stimulus Scams

CUs should educate consumer and business members on best practices for sidestepping inevitable stimulus payment-related scams.

By Ashley Town | May 01, 2020 at 10:00 AM
Economic stimulus bill Source: Shutterstock.

As proceeds from the U.S. CARES Act begin to hit the nation’s pocketbooks and bank accounts, credit unions are strategizing how to help members manage their newfound cash. Fraudsters, on the other hand, are strategizing how best to steal it.

Millions of Americans are slated to receive $1,200 checks, while U.S. business owners are expected to obtain forgivable loans ranging anywhere from a few thousand to $10 million. With amounts like that, it’s no wonder scammers are seeing green. Add COVID-19 fears and economic uncertainty to the unprecedented volume of stimulus money, and you have an ideal environment for con artists who thrive on chaos.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?

 

Recommended Stories

Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2023 ALM Global, LLC. All Rights Reserved.