What Members Should Do if They Are a Victim of Fraud

Lastly, credit union leadership should empower their members with appropriate next steps if fraud has occurred. It is essential for members to take both immediate and longer-term steps once fraud is detected, understand the urgency to file a report and work with their financial institution to address the situation. If a case of fraud does arise, it's important that credit union leaders minimize feelings of shame or guilt that members may be feeling as a result, remembering that these are very sophisticated criminals operating in a professional manner. Last year, the FTC received 2.4 million claims of fraud across categories like investments and job openings. It's critical for members to alert their financial institution right away if fraud is suspected, as there's often a much better chance of mitigating damage if addressed quickly. If involved in a case of potential fraud, individuals should also maintain extensive documentation related to the communications, including copies of emails and other correspondence. Credit union members who fall victim to fraud should also consider the following:

Change their passwords immediately, including for any accounts they don't believe have been affected.
File a police report – remember to be as specific as possible. List all of their compromised accounts and provide any supporting documents if they can.
Consider a credit freeze, which gives members maximum control over who has access to their credit.

It's also a best practice for credit union members to establish a regular system of credit monitoring by checking their accounts a few times a week and after large purchases to ensure the correct amount is coming out of accounts in order to assess for any suspicious patterns, remembering that there are consumer protections in place for fraudulent activity. In addition, credit unions should always provide their members with the option to talk with a trusted financial advisor to see if there are additional ways they can safeguard their personal information.

Instant Insights /

Warding Off Credit Card Fraud Amid High Inflation

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