Financial crimes pose a risk
In the last decade, we have seen incredible changes in the way we conduct banking. Not only do we offer new products, we have witnessed the creation of entirely new services and methodologies. Mobile banking and internet banking provide convenience to our members, but they enable criminals to have greater access to your information. Money laundering provides illicit proceeds to the multi-billion dollar drug and human trafficking industries, and the reality is that much of this money is being moved through small community banks and credit unions. We rise to the challenge of financial crime prevention and detection.
With the onslaught of new and constantly changing regulations and increased regulatory scrutiny on anti-money laundering programs, it is important for you to know we have procedures in place to protect you and your financial institution. We require members to complete deposit and withdrawal tickets to ensure account accuracy. Members sometimes get upset when asked for identification, but we comply with identity verification laws.
We strive to protect our members, employees, and the Credit Union. Identity theft is a growing problem around the world. Once your information is captured, it can be used to get financial products in your name. Be vigilant to identify possible scams. Protect yourself and do not give your personal information to anyone. Your Credit Union offers low-cost identity theft protection through LifeLock®.
You may choose to place a “fraud alert” lock on you and your child’s credit reports. Contact Equifax, Experian, and TransUnion for more information.
Be aware of website and e-mails scams. Fraudsters take advantage of modern communication tools to avoid “face to face” contact. Victims are asked to send money using money transfer services, including those offered by your credit union. Never use e-mail links to provide your information.
Telemarketers may contact members over a series of phone calls to build a rapport and convince them to send money.
Insurance Fraud Risks
Holds are placed on certain checks to ensure clearance at the issuing financial institution. This safeguard is aimed to mitigate risks to both our members and the Credit Union.