Identity Theft and Fraud Prevention Tips

Avoid Becoming a Victim of Fraud

Fraud and Scam Prevention Tips

A scam is deceptive act that tricks people into sending money to criminals or giving out financial or personal information. It leaves the victim who got scammed responsible for any financial losses.

Examples of Common Scams:

Vishing Scams: Uses a spoofed phone number to appear it’s from a legitimate source as a means to defraud victims over the phone.
Text Message Scams (Smishing): An urgent text claiming to be from a trustworthy source (i.e., delivery service, financial institution, or government agency) that instills fear or panic as a means to commit fraud.
Fake Check Scams: Involves the victim receiving a check (for any variety of reasons) that they are then told to deposit and return a portion back to the sender. The check gets returned because it's fake and the victim is left owing funds to the financial institution.
Romance Scams: A criminal uses someone else's identity to pursue a romantic relationship to gain a victim’s trust and scam money from them.
Investment Scams: May take many forms, such as someone trying to trick you into investing in cryptocurrency (Bitcoin), real estate training programs, or other seemingly profitable opportunities.
Gift Card Scams: Involves someone asking you to pay for something by putting money on a gift card, then asks for the numbers on the back of the card so they gain access to the funds.

Legitimate organizations will never ask you to send cryptocurrency or send cash in a Bitcoin ATM as a form of payment. Cryptocurrency transaction are irreversible – if a criminal gains access to or you give them crypto, you will not get your money back.

Helpful Resource: Learn more about text message scams impersonating credit unions in our ‘Beware: Credit Unions Will Never Text You This’ blog.

Real Life Fraud Stories

Romance ScamCon artists use fake online profiles, made up stories, and photos to lure their victims in with promises of love.

We received a call from a fraud representative at another financial institution regarding a $10,000 Peach State FCU check that was being deposited by their customer for ‘a Bitcoin investment’. Our member wrote the check to her online "boyfriend" “Elon Musk” believing she was investing in Tesla/Space X. She claims they met on Facebook and had been romantically involved for six months.
Bitcoin ScamCriminals establish trust with their victims then trick them into investing in a fraudulent cryptocurrency scheme.

“Tommy” received a text message regarding a $1,400 tablet order that he didn’t place. He called the number on the text to inquire further and was informed he had almost 20 accounts across the world under his name that were suspected to be laundering money. Tommy was transferred to somebody claiming to be with the Federal Trade Commission who instructed him to withdraw $21,000 in cash. He was told to say it was for “a family emergency” and to deposit the funds at a Bitcoin ATM.

We received a call from a fraud representative at another financial institution regarding a $10,000 Peach State FCU check that was being deposited by their customer for ‘a Bitcoin investment’. Our member wrote the check to her online "boyfriend" “Elon Musk” believing she was investing in Tesla/Space X. She claims they met on Facebook and had been romantically involved for six months.

“Tommy” received a text message regarding a $1,400 tablet order that he didn’t place. He called the number on the text to inquire further and was informed he had almost 20 accounts across the world under his name that were suspected to be laundering money. Tommy was transferred to somebody claiming to be with the Federal Trade Commission who instructed him to withdraw $21,000 in cash. He was told to say it was for “a family emergency” and to deposit the funds at a Bitcoin ATM.

Tips for Protecting You and Your Financial Information

By following these basic security tips, you can better protect yourself from fraud.

Always use strong passwords containing a mix of upper and lowercase letters, numbers, and symbols. Never share passwords and be sure to change them often.
Keep financial statements, Social Security numbers, credit cards, and online account login information in a safe place. Shred documents that contain sensitive information before discarding them.
Regularly monitor your account and financial statements for any suspicious or unauthorized activity. Be sure to contact us if something looks out of the ordinary.

PIN, Not Pen: Signing for Debit Card Transactions

In order to protect our members’ accounts due to an increase in fraud, you may only be able to select debit (PIN-based transaction) when making a purchase at select stores. If you selected ‘credit’ and your debit card is being declined, make the purchase again and select ‘debit’ to enter your PIN. If you don’t know your PIN, you’ll need to use a different payment method to complete the purchase.

PIN vs. Signature-based: PIN-based payments require you to enter a four-digit PIN on the keypad to authenticate a purchase. Signature-based payments require you to sign for authorization. While both methods are secure, entering your PIN adds an extra layer of security and makes checkout faster than signature-based transactions.

If you forgot your PIN number or need your card re-pinned, please stop in at any one of our branch locations. To report a lost or stolen card, please contact us immediately.

ATM & Debit Card Fraud Monitoring

To minimize your exposure to risk and the impact of fraud on your account, our service provider monitors your ATM and debit card transactions for potentially fraudulent activity. If they suspect fraudulent ATM or debit card use, an automated service will call you to validate the legitimacy of your transactions. Your participation in responding to their call is critical to prevent potential risk and avoid restrictions placed on your card.

Here’s What to Do:

You’ll receive an automated call asking you to verify recent transaction activity on your card.
Respond accordingly, either verifying the purchases are legitimate or noting that you didn't make them.
You’ll be provided with a toll-free number to call should you have additional questions.

To ensure we’re able to reach you whenever potential fraud is detected, please be sure we have your current contact information on file. You may update your contact info at any time via Online Banking or at any branch location.

Additional Fraud Prevention Resources

Protecting your financial security is our top priority. In addition to our built-in security measures, we offer real-time account alerts and secure online banking tools to educational resources on a variety of fraud topics and more, to help you stay informed and recognize fraud before it happens. Stay proactive by regularly reviewing your accounts and contacting us immediately if you suspect fraud or suspicious activity. To learn more about fraud, scams, or protecting your personal and financial information, please visit peachstatefcu.org/blog/tag/fraud-prevention.

Frequently Asked Questions

These are a few of the commonly asked questions about Peach State.

For even more FAQs, check out our Member Knowledge Base.

How do I report my Peach State Visa Credit Card lost or stolen?

If you’ve lost your credit card or it’s been stolen, it’s important to notify us immediately to protect yourself from potential fraudulent activity.

How do I report my Peach State FCU debit card lost or stolen?

If your debit card is missing, don’t just assume it will resurface! It’s important to take the following steps to protect yourself from potential fraudulent activity.