Auburn Hills, MI. - Nov. 25, 2024 - As part of their ongoing
commitment to financial education and empowerment, Genisys Credit Union is
providing the knowledge and tools to identify and prevent financial fraud. As
scams and financial fraud continue to rise, it is important to be aware of how
these crimes work and steps you can take to safeguard yourself.
Financial fraud can take various forms including: identity theft,
phishing scams, phone call/text scams, fraudulent investment schemes, and more.
To help individuals recognize warning signs and avoid falling victim, the
credit union offers the following tips:
- Stay vigilant: Be wary of unsolicited emails, phone calls, or text messages requesting personal or financial information. Fraudsters are known to use deceptive tactics to trick individuals into disclosing sensitive information
- Verify sources: Before providing
any information or making financial transactions, verify the legitimacy of
the organization/individuals contacting you. Use official contact
information obtained from reliable sources such as the website of the
financial institution or a visit to their local branch location.
Remember, just because the Caller ID looks accurate, it could still be a
scammer. If you are not expecting a call from your financial institution,
hang up and call them back at a verified number you have
- Protect personal
information: Safeguard
personal and financial information by using secure passwords and not
repeating passwords across multiple accounts/sites, avoid sharing
sensitive details on public platforms, and shred documents containing
confidential data
- Monitor accounts
regularly: Regularly
review your bank statements, credit reports, and online accounts for any
unauthorized transactions or suspicious activity. Promptly report any
discrepancies to your financial institution. Set up alerts for credit and
debit card activity to stay in the know
- Set up and monitor
eAlerts: Set
up and monitor your account via eAlerts to receive email or text alerts
for account balances, cleared checks, debit/credit card authorizations,
debit/credit card postings, deposits to your account, pending withdrawals,
ACH withdrawals, and many more
For members of the credit union, Genisys or their card security
services will never ask members to verify the following information:
- Personal
information including: member number, date of birth, and social security
number
- Full or partial
debit, credit card or PIN numbers
- Online/Mobile
banking credentials
- A one-time
verification code or link that was sent
- “Test” transactions that you did not complete as legitimate
The credit union remains committed to raising awareness about
current financial fraud trends. Recent examples include:
- Text message scams
posing as the credit union stating there has been an unrecognized attempt
on a member's debit and/or credit card
- Phone scams posing
as the credit union stating there has been fraudulent activity on a
member's credit card
- Claiming a credit
union representative will come to your home to pick up a debit card that
we have closed due to fraudulent activity
If you become a victim of fraud, it is important to take immediate
action to reduce the impact and protect your finances including:
- Contact your
financial institution: Notify your financial institution immediately to
report the fraudulent activity and request assistance in securing your
accounts
- File a report: Depending on the
nature of the scam, the incident will need to be reported to relevant
authorities including: the Federal Trade Commission (FTC), local law
enforcement agencies, and credit bureaus to document the fraud and
initiate any needed investigations
- Manage Card Access
in Card Controls: Card Controls allow you to manage when and how
your cards are used. If you suspect fraud on your cards, turning them off
in card controls will protect your account from additional transactions
coming through until you can contact your financial institution
- Update security
measures: Enhance
security measures by updating passwords, enabling multi-factor
authentication if it is already not being utilized, and continue to
monitor accounts for any additional unauthorized activity
A full list of government agencies where different types of fraud
can be reported, can be found through the U.S. Department of Justice (DOJ) at: www.justice.gov/criminal/criminal-fraud/report-fraud; cases of
fraud can also be reported to the Federal Trade Commission (FTC) online at: http://reportfraud.ftc.gov or by
phone at: 1-877-FTC-HELP or 1-877-ID-THEFT.
As scams become more technologically advanced, it is imperative to
remain vigilant about your financial activities. Genisys Credit Union is here
to empower individuals to safeguard their finances by providing resources and
promoting proactive measures to achieve greater peace of
mind.
About Genisys Credit Union:
Genisys Credit Union is a not-for-profit, member-owned financial institution that has been committed to helping its members financially since 1936. Based out of Auburn Hills, MI, the credit union is the fourth largest in Michigan with over 276,000 members and 32 branch locations. With a highly competitive suite of products such as High Yield Genius Checking and Youth Savings Account as well as loans for small to mid-sized businesses, Genisys specializes in providing consumer and business financial solutions through its branches, a multi-channel contact center, and a variety of mobile and online banking services. Genisys has consistently received the highest 5-star Bauer Financial Rating for safety and soundness along with receiving recognition from S&P Global Market Intelligence as a nationwide Top 10 Performing Credit Union. They are also proud to be committed to their communities by annually volunteering over 5,000 hours and partnering on over 1,000 community events. Connect with Genisys on Facebook, Twitter, Instagram, and TikTok by following @genisyscu. For more information visit www.genisyscu.org
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