Fraud Protection
Together, we can take a tough stand against fraud.
First, the troubling truth: Financial thieves are on the prowl for your personal information, eager to steal your identity and hard-earned money. Now, the good news: There are highly effective ways to fight back - and our combined efforts can make a huge difference.
How the Scam Works
- You mail a check to pay a bill.
- Somewhere along the route the check is intercepted.
- The check is then “washed,” meaning the original details are chemically removed and rewritten.
- The altered check clears for a different amount and is made payable to a different person.
- Days later, you notice the discrepancy, but by then, the window for reversing the transaction has passed.
How You Can Protect Yourself
To reduce your risk of falling victim to this scam, we strongly encourage members to stop mailing checks and instead use ACH (Automated Clearing House) payments. ACH is a secure, electronic method of transferring funds directly from your bank account to your credit card provider. Our mobile app and online platform, CU Online, allow you to set up ACH payments directly using the "Pay Bills" feature.
Benefits of ACH Payments
- Secure: No physical check to intercept or alter.
- Fast: Payments typically process within 1–2 business days.
- Reliable: You receive confirmation of payment, and there’s a clear digital trail.
- Convenient: Set up recurring payments so you never miss a due date.
If you need help setting up ACH payments, our team would be happy to assist you. Please contact us or visit your local branch today.
- You’re asked to receive money into your account and send it elsewhere. The money being received can be in the form of checks, ACH or wires.
- You’re offered payment for transferring funds or purchasing gift cards.
- The “job” requires little effort and promises high pay.
- The sender is someone you met online or through social media.
- You are instructed to purchase cryptocurrency and send it elsewhere.
Why Money Mule Scams Are Dangerous
- It’s illegal. Even if you didn’t know the money was stolen, you could face criminal charges.
- It damages your reputation. Your bank accounts may be frozen or closed.
- It supports criminal activity. These scams often fund fraud, trafficking, and other crimes.
How to Stay Safe
- Never agree to move money for someone you don’t know personally.
- Be skeptical of job offers that involve financial transactions.
- Report suspicious activity to Capital Credit Union or local authorities right away.
If you think you may have been targeted or involved in such a scheme, please contact us immediately.
Scammers often claim to be from your financial institution and ask for personal information so they can “make sure your information isn’t compromised.” In reality, anyone who contacts you directly and asks for your information over the phone, via email or social media is likely not authorized to do so. Always err on the side of caution - do not respond and contact us to confirm if the call or message you received was legitimate.
Here are some additional tips from Fraud Analyst Carrie Cofer to help you protect yourself and your family from fraud.
- Pay close attention to all your accounts and transaction history. Review your account information regularly, especially during the holiday season, when you’re likely spending more than usual. Our mobile app, makes monitoring your account quick and easy. If you notice unauthorized transactions or discrepancies, contact us right away.
- Set account alerts. We offer customizable transaction alerts via email or text message through our online platform, CU Online. Setting alerts can help you better manage your account while also giving you peace of mind.
- Go mobile. Add your debit and credit cards to your digital wallet (ex: Apple Pay, Google Pay or Samsung Pay) to take advantage of the latest encryption protection. This way, no matter if you’re shopping in-store or online, your personal information is secure.
- Monitor online activity. Fraud hits people of all ages, so be sure to monitor all online activity. If the website you're using is asking for irrelevant personal information it could be a scam. Parents or guardians could be held liable if their child falls for an online scam.
- Verify site security. Before entering your credit card information, always verify checkout is secure by confirming the URL starts with "https://". This prefix means the site secures data as it passes from the website to the server and keeps it safe from hackers.
- Protect your PIN. Pay attention to your surroundings when using credit and debit cards in public. Shield the keypad anytime you enter your PIN and be on the lookout for skimming devices. If something looks odd on the machine, don’t use it.
Carrie Cofer,
Capital Credit Union
Fraud Analyst
Phone: 701.224.3611
Email Carrie
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