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Fraud: How to Protect Yourself

Fraudsters are determined to achieve their ultimate goal—to defraud consumers. They continuously find new and inventive schemes, contributing to the ongoing rise in fraud. For 2021, the Federal Trade Commission (FTC) received 2.8 million consumer fraud reports, which resulted in consumers losing more than $5.8 million to fraud—a 70% increase compared to 2020.

According to the FTC, the most reported scams are:

  • Imposter
  • Online shopping
  • Prizes, sweepstakes, and lottery
  • Internet services
  • Business and job opportunities

We believe in empowering you to protect yourself from fraud. Keep reading to learn how to spot scams and protect yourself.

Learn to Spot Scams

Recognizing common signs of a scam could help you avoid falling for one.

  • Pretending to be from an organization you know. Scammers often try to gain your trust by pretending to be from the government, like the IRS, or from a business you know, like a utility company.
  • Say there is a problem or a prize. They could say you owe money, someone in your family had an emergency, or if they are pretending to be from your Financial Institution, they may say, “there is a problem with your account, and need to verify the information.”
  • Create a sense of urgency. Fraudsters want to maintain control and use pressure to have you act before you have time to think.
  • Appeal to your emotions. They know how to press your buttons and manipulate you into getting what they want.
  • Insist on a specific type of payment. Common payment methods include requesting you to purchase gift cards and giving them the number on the back or sending money through a money transfer company.

Remember, Yolo Federal Credit Union is committed to protecting your privacy. We will never ask for your account information via text or email.

Protect Yourself

Often, the best defense against fraud is you.

  • Improve your password protection. If available, utilize multi-factor authentication (MFA) to help ensure only you have access to your account information. Check out the MFA Guide for more details.
  • Check your credit report. Reviewing your credit report will help you identify if someone has used credit in your name. You can request free credit report copies from com.
  • Monitor your accounts. Use Yolo Federal’s account monitoring tools, like Account Alerts and Card Control. Also, review transactions, balances, and other account activity by logging into Online or Mobile Banking regularly.
  • Protect your personal information. Never give out personal information unless you know it is a trusted and verified source. Fraudulent messages often appear to come from trustworthy sources. This is called phishing.

Security is a top priority for Yolo Federal. We closely monitor and provide alerts for potential card fraud using our fraud systems. If you suspect fraud on your account, contact us through secure messaging by logging into Online Banking, calling (530) 668-2700, or scheduling an appointment to speak with a representative.

The more you know, the better you’ll be able to protect yourself. Check out our other fraud blogs to learn more: Card Fraud—Security Measures, Don’t Be the Catch of the Day, Text Fraud, and Fraud Text Alerts.

 

 

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Fraud—Protect Yourself

We proactively work to protect members against fraud. All of our Debit and Credit Cards come with ID Navigator through NortonLifeLock™ to help protect you against identity theft. If you suspect fraud or have questions, please call, schedule an appointment, or click on Let's chat! to speak with a Yolo FCU representative.

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