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International Fraud Awareness Week (November 17-23)
November 19, 2024
In recognition of International Fraud Awareness Week (November 17-23), it is important to highlight the ongoing need for vigilance in the fight against fraud and financial crime.
Credit union staff play a critical role in preventing fraud. International Fraud Awareness Week serves as an excellent reminder to stay educated on emerging fraud tactics, improve vigilance in detecting suspicious activity, and reinforce the importance of protecting sensitive information to protect both members and your credit union.
Resources for Your Credit Union
Through your credit union's ICUL membership, you have access to a variety of resources provided by ViClarity.
Leverage the compliance hotline (by calling 844.731.6071 or emailing regulatory@iowacreditunions.com) when your credit union needs help. The hotline can provide:
- Support on the recently implemented HF 131 expulsion of abusive member (which includes the ability of a CU to expel a member for committing fraud or attempting to commit fraud)
- Advice on how to navigate the consequences of fraud
For resources on how to assist members and prepare them for potential threats, check out the ICUL Scams Toolkit in the "Fraud" section of the ICUL Resource Library. The toolkit includes information like:
- Explanations of common types of scams
- Template fraud-awareness social media posts
- Example Phishing & Smishing Scam Scenarios
Fraud Education
Hot Topic - Deep-Fake Media Fraud -The Financial Crimes Enforcement Network (FinCEN) has released an alert which is designed to make financial institutions aware of fraud schemes involving deep-fake media specifically targeting financial institutions. Read this new ViClarity article to learn about red flags your credit union should be on the lookout for.
Fraud Trends - Latest Fraud Trends & Prevention Methods: What to Watch for & How to Take Action
Person-to-Person Fraud - ViClarity Q3 Townhall Webinar Recording
Frequently Asked Questions
Is it only my credit union that is facing scam issues or are others experiencing this? Is this an increasing trend?
Unfortunately, scams are on the rise and it’s critical that Iowans remain vigilant to protect their personal information. The credit union industry, along with most industries, is no exception to this trend. The Internal Revenue Service (IRS) has warned taxpayers of increases in telephone, texting and email scams aimed at stealing personal and financial information.
What is the most common type of scam?
The top scams in Iowa in 2023 were imposter, online shopping and identity theft.
How can I educate members on fraud?
Encourage members to never share personal or financial information over the phone, promote continual monitoring of credit/debit card transactions and communicate about common fraud scams that have been happening in your area.