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The Cost of Fraud is Rising

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According to the Federal Trade Commission, American consumers lost $8.8 billion to fraud in 2022 – 30% more than in 2021.

To protect your money and help prevent fraud, we remind our members to be ever vigilant with personal information.

Unless you are expecting contact from your financial institution you should always use caution when you get unexpected calls or emails.

Scammers are coming at consumers any way they can. The most common contact methods include text messages, phone calls and emails.

They will attempt to trick you into action with pieces of personal information they’ve already gathered before contacting you.

Be Aware of These Common Fraud Types:

Imposter Scams – Scammers contact you pretending to be a trusted party that requires a payment on an “overdue” account.

Prize, Sweepstakes and Lottery Scams – “Companies” contact you saying you’ve won a prize, but they need your account information to transfer it or a payment to ship it.

Investment Scams – Criminals present you with a too-good-to-be-true investment opportunity that requires a cash deposit but promises an amazing return.

Even the savviest of consumers can fall victim to fraud. Trust your instincts and use caution. If the caller seems overly insistent, ask for a callback number for further verification.

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