At ECU Credit Union, protecting the financial well-being of our members and your loved ones is a top priority. Here are several tips to safeguard you from financial exploitation, scams, and identity theft.
How To Guard Against Identity Theft
- Protect Social Security numbers, PINs, and passwords.
- Use secure mailboxes for incoming and outgoing mail.
- Shred documents with personal or financial information before disposing of them.
- Review financial statements and credit reports regularly for suspicious activity.
How To Avoid Scams
- Be cautious of unsolicited calls, emails, or messages asking for personal or financial information.
- Never wire money or send prepaid cards to unknown individuals.
- Verify the legitimacy of charities before donating.
- Be wary of "too good to be true" investment opportunities or offers.
How to Monitor Financial Accounts
- Set up transaction alerts for bank accounts and credit cards.
- Use direct deposit for income and benefits to prevent check theft.
- Consider automatic bill payments to avoid missed payments.
Plan Ahead
- Create a Durable Power of Attorney to designate a trusted individual to manage finances if needed.
- Share financial plans and document locations with trusted family members.
- Prepare for emergencies by keeping essential financial documents in a secure, accessible location.
How To Protect Against Caregiver Exploitation
- Secure financial documents and valuables.
- Require receipts for purchases made by caregivers.
- Avoid letting caregivers manage finances or utilize credit/debit cards.
How to Educate About Common Scams
- Inform older adults about scams like grandparent scams, IRS phone scams, romance scams, and phantom debt collection scams.
- Encourage them to verify claims independently and consult trusted family members or advisers.
Promote Secure Online Practices
- Use strong passwords and update security software regularly.
- Avoid clicking on suspicious links or downloading attachments from unknown sources.
- Be cautious of tech support scams and phishing attempts.
Report Exploitation
- Encourage the reporting of suspected financial exploitation to Adult Protective Services or local law enforcement, Federal Trade Commission (FTC) and Consumer Financial Protection Bureau (CFPB).
Offer Support
- ECU Credit Union offers help to members by providing products and services like our Preferred Checking and Credit Score that offer fraud alerts and services to help set-up credit freezes in the event of Identity theft.
We provide these tips to empower you, and your family members to take proactive steps to protect your finances and personal information.
