Fraud Prevention
It is important to know what to look out for when it comes to fraudulent activity and scams and also how to protect yourself against it. AAACU helps by monitoring this activity and can notify you when it occurs, which can help give you peace of mind. In addition, here are some resources to help you avoid fraudulent activity and scammers.
How AAACU Protects Your Accounts
Secure Access
Our Mobile App offers Multifactor Authentication, an extra step of security that allows you to set up Face, Fingerprint, or Voice Recognition to access your account instead of entering your username, password, and security question.
Online Card Management
AAACU allows you the ability to control how your cards are used via our Mobile App with our Card Control feature. Members can set alerts on all transactions or those over a certain amount that will show up in your phone's notification center. You can also temporarily lock your card to prevent it from being used if you misplace it. There is also the ability to report your card lost or stolen with this feature.
Unusual Activity Alerts
We monitor unusual transactions made with your Debit and Visa cards and send you alerts when we suspect fraudulent activity. When we suspect suspicious activity, your card is temporarily locked, and we contact you via phone or text message to verify your recent transactions. A few things to note about these alerts:
- Both Call and Text alerts will NOT ask you for your full card number, SSN, etc. to confirm your identity.
- Text alerts will NOT ask you to click on any links.
- If you're unsure about a text or phone call claiming to be AAACU, call us directly at (989) 356-3577.
How You Can Protect Yourself from Fraud
Create a Strong Password
Strong passwords are the first line of defense against fraudsters.
- A strong password is 12+ characters and uses a combination of capital and lowercase letters, numbers, and special characters.
- DO NOT use information that is easily available to fraudsters on your social media. An example of this is your pet's name or your birthday.
- DO NOT use the same password for multiple accounts. If a fraudster hacks your password once, they will then have your password for all those platforms, too.
- Try using a third-party password manager to create a strong password.
Keep Your Personal Information Private
Text, phone, and email scams are constantly on the rise, and scammers are posing as financial institutions to try to get your personal information. AAACU will never contact you to ask for your account number, card number, PIN number, or online banking username, password, or security questions. DO NOT provide your personal and confidential information especially if you were not expecting this type of request.
- DO NOT respond to texts or emails with personal banking or card information.
- DO NOT provide your full card numbers or your PIN numbers to anyone.
- DO NOT use email to send confidential information because internet email is not secure.
- DO NOT share your online banking login credentials with anyone.
- Be cautious about giving confidential information over the phone and via text.
Monitor Your Accounts
The quickest way to spot fraud in its tracks is to stay on top of your account activity.
- Check your monthly statements to verify your transactions. You can also verify activity more frequently via Online Banking or the Mobile App.
- Shred pre-approved credit offers you do not want.
- Report lost or stolen checks and cards immediately.
Monitor Your Credit
Your credit score determines whether or not you will be approved for loans and what the rate and term might be if you're approved. It can also sometimes determine if you will land that new job you applied for or be able to move into that nice apartment you've been eyeing up.
- Review your credit report at least once per year. You can get a free report from each credit bureau annually, or visit www.annualcreditreport.com.
- Monitor changes in your score whenever, wherever with our Credit Score tool available on Online Banking and our Mobile App.
- Report any inconsistencies in your credit report to all three credit bureaus and temporarily freeze your credit if necessary.
- Equifax: Freeze online or call 1(888) 378-4329.
- Experian: Freeze online or call 1(888) 397-3742.
- TransUnion: Freeze online or call 1(800) 916-8800.
Popular Scams
There are new scams emerging everyday, and we're here to help. Below are some scams we've seen recently that you should be on the look out for.
Tech Support Scam
The scammer sends a text, email, or pop-up to claim your device has a virus and you need to contact support to fix it. They may also call you directly impersonating technical support. The scammers then attempt to gain access to your device remotely. This means they have complete control over the device. After, the scammer is able to obtain your private information such as your online banking credentials. If you suspect someone has taken control of your device, turn it off or unplug it. Then, take it to a reputable tech support business to ensure everything is secure.
Romance Scam
A scammer creates a fake profile on a dating website or social media and reaches out to form a romantic connection, but they do so with malicious intent. After they establish trust, the scammer requests money for an emergency. This should be a red flag. Before sending money to somene you just met online, talk to a trusted friend or family member and do further research on the person. If you're not comfortable discussing with loved ones, contact us to schedule a private meeting with a Certified Financial Coach either via phone or in person. We understand this can be a very sensitive and personal situation, but we are always here to help!
Gift Card Scam
There are many different scenarios to this scam, but the main goal is to have you purchase gift cards to send to them. Anytime someone asks you to purchase a gift card and either send the numbers or a picture for verification, it's a scam. Once the scammer has the gift card details, they can steal that money. This scam is unfortunately not disputable at your financial institution, so it's really important to understand what to watch out for so you don't end up out of money.
IRS/Tax Scam
If someone calls impersonating an IRS agent for unpaid taxes, hang up. You would have received multiple mailed notices before the IRS attempted to call you to collect unpaid taxes. They also would not threaten to call the authorities to have you arrested.
Grandparent Scam
Some scammers will attempt to pray on your emotions and impersonate your family. If you receive a call from someone claiming to be a family member in financial trouble or in jail, call that family member via a known phone number or call another family member to verify. It is likely that a scammer is impersonating them to get money from you.
Lottery Scam
Did you win the lottery or a large cash prize but never participated in a drawing? It's more than likely a scam! Scammers promise a large prize in exchange for an upfront payment of fees and taxes. Do your research and ask yourself if it's too good to be true.
Overpayment Scam
This scam starts when you're trying to sell something online. You get the payment from the buyer, but there's a problem: they sent you $500.00 instead of $50.00. The buyer apologizes for their mistake and asks you to send the difference of $450.00 back to them. This is a big red flag! When you send the buyer this difference, they are actually just pocketing your money. A few days later when their electronic deposit or paper check bounces, you'll be out $450.00. The scammer is taking advantage of payment processing times in an attempt to steal your money. If you receive an over payment, cancel the order or send it back and ask for another payment in the correct amount. DO NOT ship any items or send them the difference in funds unless you are sure the payment is valid. Only use secure payment methods and only accept checks from people you trust.
