Beware of Financial Scams in Michigan: Protect Yourself and Your Money
We prioritize the safety and security of our members. In today's digital age, financial scams are on the rise, with fraudsters constantly developing new schemes to steal money and personal information. Michigan, like many other states, has seen an increase in scams targeting both individuals and businesses. It’s essential to stay informed and proactive to avoid falling victim to these scams.
Here’s a look at some of the latest scams in Michigan and tips on how to protect yourself.
Phishing Scams
Phishing scams involve fraudulent emails, texts, or phone calls designed to trick you into providing sensitive information such as account numbers, passwords, or Social Security numbers. These scammers often pose as legitimate organizations, including financial institutions like ICCU.
How to Protect Yourself:
Never click on suspicious links in emails or texts.
Verify the source before responding to any request for personal information.
ICCU will never ask for sensitive details like your password via email or text.
Online Shopping Scams
With more people shopping online, scammers have developed fake websites and ads offering products at unbeatable prices. Once you pay, the product either never arrives or is vastly different from what was advertised.
How to Protect Yourself:
Shop only on trusted websites. Look for "https" in the URL and check for reviews.
Use a credit card for online purchases for added security and fraud protection.
Be wary of deals that seem too good to be true.
Impersonation Scams
Fraudsters may call, email, or even show up in person pretending to be from a government agency or a well-known business. They often create a sense of urgency, claiming you owe money or that your bank account has been compromised.
How to Protect Yourself:
Always verify the identity of the person or organization by calling them directly using a trusted source, such as the number on their official website.
Never send money or give out personal information under pressure.
Unemployment and Social Security Scams
Scammers are filing fraudulent unemployment claims using stolen identities or contacting individuals posing as Social Security representatives. They may request personal information or payment to “fix” an issue with your benefits.
How to Protect Yourself:
Report any suspicious unemployment claims in your name to the Michigan Unemployment Insurance Agency immediately.
Be cautious of unsolicited calls or messages asking for Social Security information.
Investment Scams
Investment scams promise high returns with little to no risk. Fraudsters may pressure you to act quickly or discourage you from seeking a second opinion. These scams are often targeted at retirees or those looking to make their savings work harder.
How to Protect Yourself:
Be skeptical of “get-rich-quick” schemes.
Consult a trusted financial advisor before making any investments.
ICCU offers reliable financial solutions to help you grow your savings safely.
Charity Scams
Scammers often take advantage of people’s goodwill, especially in times of crisis. They set up fake charities or impersonate legitimate ones, requesting donations that go directly into their pockets.
How to Protect Yourself:
Always research charities before donating.
Use websites like Charity Navigator or GuideStar to verify legitimate organizations.
Donate through official websites rather than through links in emails or social media posts.
ICCU Is Here to Help
Your financial security is our priority. At ICCU, we continuously monitor for fraudulent activities and work hard to protect your accounts. However, staying vigilant is your best defense against scams. If you suspect any suspicious activity on your accounts, contact us immediately at (989) 773-5927 or visit your local branch.
Additionally, members can lock their ICCU debit and credit cards within their online banking and mobile app if they notice suspicious activity, giving immediate control while contacting the credit union for further assistance.
Additional Tips:
Regularly monitor your bank statements and credit reports.
Set up alerts for suspicious activity on your ICCU accounts.
Consider using ICCU's secure mobile app for account monitoring and management on the go.
At ICCU, we’re more than just your financial institution – we’re your trusted partner. Stay informed, stay cautious, and always reach out to us with any concerns. Together, we can safeguard your financial future.
Isabella Community Credit Union ∙ 989∙773∙5927