If you’ve been a victim of fraud, you’re not alone. In 2022, the most recent year for which statistics are available, the Federal Trade Commission (FTC) reports that 2.4 million Americans filed reports of financial fraud. The most common types of fraud included imposter scams, online shopping fraud, investment scams, prize and sweepstakes fraud and business and job related fraud.
Those numbers might alarm you and there’s certainly need for caution. That said, Addition Financial has you covered. We believe in educating our members about potential scams and frauds and doing whatever we can to help them if they’re the victims of a financial crime. From helping you recover your money to protecting your finances going forward, here are some of the ways that Addition Financial offers credit union fraud protection.
How Your Credit Union Can Support You as a Victim of Fraud
When you choose a credit union as your financial institution, you get access to a level of support and assistance that isn’t available at most banks. That includes support for you if you’re a fraud victim. Any member of our Addition Financial team can help you take the necessary steps to recover from financial fraud.
Credit union support for fraud includes resources to help you report the fraud and get your money back as well as protections to help you secure your finances going forward. Here are some supports that are available to you as an Addition Financial member.
Immediate Assistance to Minimize Losses
We ask members to contact us as quickly as possible after becoming a victim of financial fraud. We can help you put an alert on your account and prevent anybody from taking more money from you than they already have.
We’re here to answer questions about fraud and how to handle it. It’s common for fraud victims to be angry and frightened. We can help you understand which steps to take to report the fraud and protect yourself.
We can also reassure your fears. Credit card fraud victims are liable for a maximum of $50 in fraudulent charges and in many cases have no liability. The rules are a little different for debit card fraud. If you notify us within 2 days of your card being lost or stolen, your losses will be limited to $50. If your card number is stolen but you still have your card, the Electronic Fund Transfer Act gives you 60 days to report activity to limit your liability.
Fraud Alerts
Placing a fraud alert on your accounts is one of the best ways to shut down fraudulent charges and protect your money. With an active fraud alert, you’ll get a text message notifying you of any suspicious activity on your account or card. You can take immediate action to deny the charges and prevent losses. (We offer fraud alerts to everybody, so if you’ve never been a victim of fraud, you can still take advantage of them.)
Mobile Banking Security
Mobile banking fraud is something that has become increasingly common. Our Addition Financial app makes it easy to review transactions and spot suspicious activity. You can also enable two-factor authentication to make it difficult for anybody other than you to access your account and get push notifications on your phone or tablet.
Online Banking Security
Online banking security is a priority for us since many of our members rely on digital banking to manage their money. We’ve incorporated state-of-the-art security features to minimize the risks to our members. These include push notifications and fraud alerts.
What to Do if You Become a Victim of Fraud
The most common question we hear from people who have been victims of financial fraud is what do I do now? After you’ve notified us, here are the steps to follow if you have been a victim:
- Enable protective measures with your credit union: For example, we suggest enabling two-factor authentication, which requires either a fingerprint or a texted code to access your account online or via a mobile device. You should also sign up for fraud alerts and push notifications for all transactions on your account.
- Notify the three major credit bureaus: Equifax, Experian and TransUnion should all be notified immediately. That way, they can flag your account. We suggest asking for a credit freeze on your account. A credit freeze is free and requires a PIN if you want to “thaw” your account. You must notify each credit bureau separately and they must place the freeze within 24 hours of you contacting them.
- Notify your credit card company: If you have a credit card that wasn’t issued by your credit union, you’ll need to contact the company to advise them of the fraud, cancel your card and get a new one.
- Notify local law enforcement: There may not be much that local law enforcement can do, but it’s important to create a paper trail, especially if your credit or debit card was stolen. Having a police report on file may be useful and you never know—if the person who targeted you also targeted others in the area, your report may play a role in apprehending them and bringing them to justice.
- Report identity theft: If your personal information has been stolen or compromised and you believe you’re a victim of identity theft, you’ll need to notify the Federal Trade Commission by visiting their website and providing the necessary information.
- Review your credit report and account statements: Putting a freeze on your credit reports will protect you against future fraud, but you’ll also need to review your credit reports, checking account statements and credit card statements to make sure that you’ve identified all fraudulent activity. You may need to go through a dispute process to get inaccurate information removed from your credit report.
Following these steps will offer you the most protection and give you the best shot at fraud recovery.
How Can I Stay Informed About the Latest Fraud Prevention Measures Recommended by My Credit Union?
Many credit unions, including Addition Financial, provide detailed information about how they protect their members from fraud. We always recommend staying informed because that way, you’ll know what to do if you are a victim of fraud.
At Addition Financial, we have a lot of information about fraud protection in our online Security Center. Some of the things you can find there include the following:
- Fraud protection information, including a detailed FAQ about fraud alerts
- Identity theft information
- 10 do’s and don’ts to avoid fraud
- Information about card skimming and how to avoid it
- Tips on identifying phishing scams
- Access to our members-only Internet Security Education Course, which was developed in partnership with KnowBe4
You can also subscribe to our blog and podcast, both of which provide content about frauds and scams and how to protect yourself against them. Last but certainly not least, you can talk to any member of our Addition Financial team to ask about the latest information and where to find it.
What Are Some Helpful Resources if You Have Become a Victim of Fraud?
We’ve already mentioned the Addition Financial Security Center, but here are some other useful resources to use if you’ve been a victim of fraud.
The United States government and FTC have set up a website that’s dedicated to helping victims of identity theft. It educates consumers about the warning signs of identity theft and how to report identity theft to the proper authorities.
The Office for Victims of Crime is a governmental entity that provides resources and assistance. You can visit their financial fraud page to find webinars, publications and other resources that may be useful.
The Consumer Financial Protection Bureau has an array of resources for victims of financial crimes, including free guides and other resources, an explanation of consumer rights and an option to report crimes.
The Department of Justice has a website for victims of financial fraud that provides access to online resources and publications. It also has specific information related to identity theft and your taxes and medical identity theft.
Victims of Crime is a non-profit organization dedicated to helping people recover from crimes, including financial fraud. On their homepage, they have a Financial Crime Resource Center.
The Florida Department of Financial Services has a page dedicated to fraud recovery, including emergency hotline numbers, links to report financial crimes and access to their Be Scam Smart video series.
You can get a free Identity Theft Victim Kit from the Florida Attorney General’s office by clicking here. You can access it online or download the kit as a PDF.
If the crime happened in a state other than Florida, we suggest Googling “Financial fraud resources [State Name}” to find what you need.
Avoid Financial Fraud with Help from Addition Financial
Financial fraud happens every day. If you’ve been a victim, the team at Addition Financial can help you take the necessary steps to get on the road to recovery. Of course, it’s our goal to prevent fraud however we can, and staying informed about how we do that can protect you.
Are you looking for a financial institution that cares about your financial security as much as you do? Addition Financial has what you need. Click here to read about the benefits of membership and become part of our family today!
