Keeping An Eye Out for Fraud

Often, we see stories in the news of major fraud scandals at large companies or payment organizations.  Fraud is a real issue, but it doesn’t always happen on that large of a scale, it can be as simple as an email claiming you’ve won a prize or been booked on a flight.

These attempts look legitimate – but they are far from it.

While fraud attempts on senior citizens make the news, the fact is that fraud take many forms and can be targeted at anyone with an email address or web browser.  For example, fraud can range from identity theft and email scams to counterfeit checks and phishing. 

At Community Financial, we look out for our members to ensure their money is safe..  In fact, due to our team’s attention to detail & alertness, Community Finanical has been able to intercept fraud attempts. .

For example, according to our Community Financial Risk Prevention Team:

“A member requested to send a large wire transfer, which was unusual activity for that member.  The name and location of the potential recipient was also unusual.  The member was contacted and advised of our concerns about the potential recipient, and that the wire had been temporarily delayed so that the member could further research the company.  The member called Community Financial the next morning to cancel the wire transfer.  The member was extremely grateful for our help in preventing the loss of a substantial sum of money.”

And another successful intervention by our tellers:

“A member brought in a check they had received as payment for a vehicle they sold on “Craigslist.”  Before the member turned the vehicle over to the purchaser, a Community Financial team member called the financial institution that the check was drawn on and determined that the check was counterfeit.  The member was contacted immediately and advised that the check was counterfeit.  As a result, the member did not give the car to the purchaser and was saved from being defrauded.”

The best advice to avoid fraud is it to keep an eye out on your finances and things like checks or emails don’t look right they probably aren’t.  Also, be watchful for fraud attempts on seniors and other loved ones.  The very young & very old can be very trusting and apt not to question others.

For more information on our Identity Theft program and policies, including tips on how to protect yourself from theft and fraud, please click here.