When members become victims of fraud

Each year, fraudsters find new ways to trick people out of money. While some scams involve new approaches, many have been around for decades. Of the over 2.6 million fraud reports, 27% indicated money was lost. In 2023, consumers reported losing nearly $10.3 billion to fraud according to the Federal Trade Commission¹.

Using common channels like emails, text, phone calls, and even face-to-face interactions, fraudsters typically disguise their identity while retrieving confidential member information. They use tactics to succeed by tugging at the basic human instincts to trust and please. The scams look to catch your members off-guard and to dupe them into making security mistakes or giving away sensitive information and money.

At TruStage™, our goal is to help credit union employees build risk awareness of common scams, understand how to help members with at-question transactions, and share mitigation tips they can use.