Fraud Prevention Tips
According to the latest Velera Eye on Payments report, 83% of credit union members express significant concerns about identity theft. This should not come as a surprise, as overall instances of fraud have been steadily increasing since 2021. According to the 2024 report, 10% of credit union members experienced identity theft in the past year, while 14% reported being victims of card fraud, with over 75% of these incidents occurring online.
Fraud tends to affect every generation differently, with the oldest (65+) being the most vulnerable. As a result, Members Trust puts a high priority on educating members on emerging scams, so you are equipped to identify and avoid threats.
Here are three real-world examples of scams that have impacted our members and some fraud prevention tips that could help you protect yourself from fraud.
Finding Love Online
How it works: Romance scams have surged in recent years, especially targeting individuals through dating websites, apps, and even social media platforms. Our member was lured into this scheme because the scammer built trust over time. Often, they pretend to be in the military, working overseas, or otherwise unavailable to meet in person. Once an emotional connection is established, the scammer creates an urgent or tragic story—like a medical emergency or stranded travel—and asks for money. Like our members, many victims send checks or even wire large sums before realizing it was all a lie.
Fraud Prevention Tip: If someone you’ve never met in person starts asking for money—no matter how compelling the story—it’s a red flag. Never share your banking details or send funds to someone you haven’t met and fully verified.
Text Scams
How it works: Much like the recent toll road scams in the Houston area, scammers send fake text messages claiming to be from toll road services, delivery companies, or even your financial institution. These texts often warn about unpaid tolls or account issues and include a link to “resolve the problem.” The link leads to a phishing site designed to steal your login credentials, card info, or personal data.
Fraud Prevention Tip: Be cautious with any unsolicited text that urges immediate action, especially if it includes a link. Never click on suspicious links or provide information through unsecured websites. When in doubt, go directly to the organization’s official website or contact them through trusted channels. Many cell phones will allow you to report the text as “junk” and delete it from your text messages.
IT Repairs for Money
How it works: A member received a call claiming his iPad was infected with a virus and at substantial risk. The member’s wife of 63 years recently passed away and was extremely overwhelmed and tired. The scammer posed as a tech support agent and convinced the member to log into his home computer and turn over remote access to his computer to help with the iPad issue. Once connected, the scammer gained access to sensitive information and convinced the member to send money to “fully resolve” the issue. These types of scams often capitalize on a recent death in the family to connect with people who are most vulnerable and least able to recognize the risk.
Fraud Prevention Tip: Legitimate tech support companies will never ask you to send money via wire transfer, gift cards, or cryptocurrency. Be wary of any unexpected call, email, or text asking you to log into your computer, especially if they claim a friend or family member is in trouble.
Stay Vigilant. Stay Safe.
If you ever receive a suspicious message, phone call, or email—or if something just feels off—don’t hesitate to reach out to us. Our team is trained to help you recognize fraud before it causes harm.
- Report suspicious activity: Call us at 800-683-6455
- Visit our blog resources to find articles with fraud prevention tips and common scams.
- Stay informed: Follow us on Facebook and Instagram for real-time scam alerts and security tips.
At Members Trust, your financial safety is our priority. Let’s stay one step ahead of fraud—together.