Fighting Fraud With FCU

Fraud Protection


3 min. read

By: FCU Team

Just when it seems like you’ve done everything you can to protect yourself against fraud, there’s a new culprit to look out for! As technology becomes more advanced, so do the methods that fraudsters may use to obtain your trust and compromise your personal information.

Florida Credit Union is counting down the days until International Fraud Awareness Week, which falls November 11th-November 18th, this year. Each week until then, we will be back with #FraudTipFriday to keep you informed about common types of fraud and the best methods to keep yourself protected.

September 21st : Check Fraud

While most fraud these days revolves around technology, the BBB is reporting a resurgence of check fraud. Checks are used in a wide array of fraudulent schemes, but the similarities that most of these scams tend to share is that victims have to send money to the perpetrators. Once the check is deposited, victims will be asked to quickly send money, or buy gift cards that will make their way to the swindler before the check is even returned. 

September 28th : Phone Number Spoofing

Recently, crooks have started using technology to alter how their phone numbers appear on your caller ID. Typically, they will impersonate phone numbers from neighbors, friends and local businesses to try to get you to answer the call. Once you answer, they will try and force you to make payments by falsely claiming to be a family member in distress or a representative of a local company you may do business with. 

October 5th : Romance Scams

Romance scams occur when an impostor assumes a false identity to trick their victims. The intention is to quickly establish a relationship, gain trust of the victim and eventually, ask for money. Romance scams often tend to target women and the elderly. 

October 12th: Phishing: Mobile, Websites, and Social Media

Phishing is the attempt to trick an unsuspecting recipient into divulging personal information, including, but not limited to, passwords, credit card numbers, and bank account information. This usually occurs when the victim clicks on a link that directs them to a fake website that has been established for the sole purpose of stealing their information. Since the increase in the use of smartphones and social media, these scams have become extremely common.

October 19th :  Vin Cloning

VIN cloning is a scam that uses the VIN from a legally registered vehicle to hide the identity of a stolen or salvaged vehicle. This type of fraud is becoming increasingly more common. Learn the warning signs and what to do if you encounter this type of fraud. 

October 26th : Email Impersonation

Now, more than ever, the bad guys are using CEO fraud and Business Email Compromise attacks. These take place when the bad guys impersonate executives within your organization via email and ask you to transfer them a large sum of money. These are common within the financial industry and organizations that tend to use wire transfers often.

November 2nd : Skimming / Shimming

Skimming is an extremely common form of fraud that happens when fraudsters attach false fronts to ATM and gas pump payment terminals to rip-off the details of your card’s magnetic stripe to duplicate your card. Shimming is a relatively new, and far more rare, form of fraud that targets EMV chips. 

November 9th : Advance Fee and Quick Cash Schemes

Advance fee and quick cash schemes occur when the victim pays money to someone in anticipation of receiving something of greater value—such as a loan, contract, investment, or gift—and then receives little or nothing in return. 

November 11th-18th : International Fraud Awareness Week

While no one likes fraud, FCU is excited for the opportunity to keep our members educated about protecting their financial well-being. As the old saying goes: "An ounce of prevention is worth a pound of cure”. Fraud is no different. Not only does fraud result in financial losses, but depending on the type it can be costly in other areas of your life as well. So be sure to check back over the course of the next eight weeks to stay informed about types of fraud, ways to prevent it, and how to protect yourself and your money.