Online banking fraud: The most common scams impacting consumers and how CUs can help protect them
Across the country, financial institutions, like credit unions, are seeing an increase in a wide variety of online scams, targeting all ages – from college students to senior adults. In 2021, imposter scams were the most prevalent form of fraud, accounting for more than a third of all reports filed, according to the FTC. In these scams, criminals often pretended to be someone else including a romantic partner, a relative in distress, a well-known business, a technical support expert, or even a government official in order to steal money or sensitive personal information from someone. Other online scams, involving check fraud, wire fraud, faulty loan offerings and more are currently growing in popularity among hackers and scammers right now.
With more people using digital services to manage their finances, and scammers using smarter and more believable con methods, financial institutions must stay on the pulse of the newest scam trends in order to protect their members from falling victim.
Right now, there are four major scams that financial institutions should be aware of and how they are targeting consumers.
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Who We Are
As an active part of the community for 93 years, Neighborhood Credit Union is a not-for-profit financial organization serving the state of Texas with branch locations in Collin, Dallas, Denton, Ellis, and Tarrant counties. With assets topping $1 billion, Neighborhood Credit Union has a continuously growing membership of over 60,000. For more information, call (214) 748-9393 or visit our homepage.