avoiding financial fraud

As if COVID-19 didn’t bring along enough stress, fear and confusion, we have had to heighten our senses for the onslaught of scams and phishing schemes meant to trick us into identity or financial fraud. Whether it’s an email with a link to the cure, a social media link to check the status of your stimulus check, a text about unemployment, or a phone call offering lower credit card rates, we are being bombarded by criminal financial fraud attempts. 

As we sheltered in place, many people struggled with loneliness and depression. Scammers prey on this and hope to drain your savings account through a fake online romance. There have also been increases in fake fundraisers, residential contractor fraud, phony lottery winnings, and even Medicare fraud. 

At VLFCU we have measures in place to protect our members’ accounts and identity. We insure accounts up to $750,000* and train our staff to watch for suspicious requests that may be the result of elder abuse, romance scams, and other criminal intent. For additional peace of mind, members can also enroll in Value Checking Plus, which includes identity theft protection features such as:

  • Restoration Rescue to provide services from licensed attorneys
  • Automatic enrollment of minor children for identity theft services
  • Lost document recovery assistance
  • Identity theft alerts
  • Informative resources

There is no better time than now to get covered by this program!

HELPFUL RESOURCES

To help keep you updated about the latest scams, we have put together some of our favorite resources. These reputable institutions are just a few of the reliable sources available. We encourage you to refer to their sites regularly for current scam-related news. 

Better Business Bureau

On this site, you will find articles on the latest scams, links to report suspected scams, and the ability to fact-check businesses or service providers before you contract with them. 

United States Department of Justice

Access an interactive tool for elders who have been financially exploited to help determine which agency they should report their incident to. There's also a senior scam alert page with updated scam information.

Eldercare Locator

The Eldercare Locator is a public service of the Administration on Aging (AoA), an agency of the U.S. Administration for Community Living. Simply enter your zip code to find local agencies and community-based organizations that serve older adults and their caregivers.

The Consumer Financial Protection Bureau

This website has information on how to protect older adults from fraud and financial exploitation, tools for financial security for older adults, and a vast amount of information for consumers of all ages.

The Federal Trade Commission

Visit this website or call 877-382-4357 to file a complaint that is made available to law enforcement. You can also report identity theft, register for the Do Not Call List, and report international scams. The website also provides resource articles related to consumer fraud.

Please remember that the VLFCU team is on your side! Connect with us today to get assistance with any suspected financial fraud, identity theft, or compromised credit/debit cards. Your well-being is our priority!

 

*All depository accounts are insured up to $750,000. The first $250,000 is provided by the NCUA Share Insurance Fund (NCUSIF). An additional $500,000 is made available through private insurance from Excess Share Insurance (ESI). This coverage is more than most financial institutions offer!