We make life… SAFER!

‘Tis the season…and not the merriest of kinds. As an old-school banker, November always marked the kickoff to the most active fraud and theft time of year. We would see an uptick in counterfeit checks and currency, kiting activity, and worse. I have lived through my fair share of all kinds of circumstances.

Types of Fraud

Although it still feels terrible, right now more fraud happens virtually than in person. The ways crooks have invented to take your hard-earned money continues to evolve with technology. It’s important to be hyper-alert, no matter if you are getting gas or replying to a text…scammers are working to defraud you. Let’s talk about some common types of fraud:

1. Phishing emails: fraudulent attempts to obtain things like passwords and/or personal data through emails that appear to come from a trustworthy source. NEVER email reply with your personal information or click on links you do not know.
2. Text messages: similar to phishing emails except in text form, usually with a sense of urgency for you to click a link to trick you to provide personal information or send money. Most recently I received one from a scammer pretending to be SunPass. You can report the text as spam and delete or block the message on your phone.
3. Phone calls: AI-created calls can mimic family members in need of money or in an emergency situation. Don’t send money, do your research first! Here’s a tip: have a family code word that only family members would know. This will make it easy to discern AI from a real family member.
4. Skimmers: these little devices can be found in places like ATMs and gas stations where you insert your card. Give the card reader a strong wiggle before proceeding; you will be able to tell if a skimmer has been added over a real device. If you can, tap your card instead of inserting it. This is a much safer option against both traditional and deep-insert skimmers.
5. QR Codes: this is a square code that you might see when paying for parking or signing up for a free something-or-other. Rub the end with your fingernail to see if there has been a fake QR code sticker placed over a real QR Code.

In most cases the scammers are playing on your sense of urgency or trying to earn your sympathy. Credit unions will never ask for your personal information when calling you. If you get a suspicious call, hang up and call your credit union directly, NOT the number that shows up on your caller ID. You can find more fraud prevention resources or report fraudulent activities through the Office of the Comptroller of the Currency (OCC).

Protect Yourself from Fraud

Just when you think you know how to protect yourself from fraud, the crooks come up with a new way to defraud victims. Follow these tips to stay safe:

1. Be aware of your surroundings – don’t allow yourself to be distracted by phone calls or tuned out by noise-reducing earphones. Stay alert.
2. Beware of suspicious links – besides getting your personal information stolen in a phishing email, harmful links can also lead thieves to monitor your movements online. Make your passwords hard to guess and change them often.
3. Know your rights – regulations can help to protect your money:
   1. Regulation E, issued under the Electronic Fund Transfer Act (EFTA), protects consumers when they use electronic methods to move money, such as ATM withdrawals, debit card purchases, direct deposit, and online/mobile banking transactions.
   2. Fair Credit Billing Act (FCBA) protects consumers against fraudulent charges on credit card accounts, allows consumers to dispute unauthorized or incorrect charges, and only pay the undisputed portion of their bill.
4. Use common sense – if it’s too good to be true…IT IS too good to be true!

Getting Assistance

If you find your financial information or accounts have been compromised, contact a We Florida Financial associate who will support you through any challenging situation. You have multiple ways to reach us, through live chat, debit & credit card customer service, and financial center teammates waiting to help. Stay safe out there everyone and enjoy the next few months of merriment!