Protecting Your Accounts: A Guide to Preventing and Combating Fraud

This blog is for educational purposes only, not an offer of credit or advertisement for current loan terms. It does not provide legal advice. Refer to our loan web pages or consult professional advisors for specific information.

Financial fraud is a persistent threat, and with the rise of technology, fraudsters have developed new methods to steal your hard-earned money. Payment card fraud remains a common concern, where unauthorized individuals attempt to use your card details for their own purchases. Any time your card information is exposed, you become vulnerable to theft.

Spotting the Signs of Fraudulent Activity

Your bank account or credit card serves as a vital financial tool, and safeguarding it from unauthorized access is crucial. Here's how to identify potential signs of fraud and take swift action:

• Scrutinize Transactions: Regularly review your transaction history, paying close attention to unfamiliar merchants and unexpected charges. Look out for transactions that deviate from your spending habits, whether it's an unusually large purchase or recurring charges from stores you've never visited.
• Monitor Account Activity: Be alert to any unusual behavior related to your account. This includes difficulty logging in, sudden changes to your account information (like your name, address, or contact details), or unexplained dips in your account balance. If you encounter any of these issues, contact your credit union immediately.
• Heed Alerts and Notifications: Many financial institutions offer account monitoring features that send alerts via email or text message whenever there's suspicious activity. Don't ignore these notifications! Treat them as a red flag and reach out to your credit union to confirm the legitimacy of the transaction.

Taking Immediate Action When You Suspect Fraud

The moment you suspect unauthorized activity on your MIDFLORIDA credit union account or credit card, take immediate action to stop the fraudster and minimize any potential damage:

1. Contact MIDFLORIDA Immediately: Don't delay! Call the dedicated fraud reporting line at 1-833-933-1681 as soon as possible. A representative will be able to assist you in securing your account and guide you through the next steps.
2. Freeze Your Account: While speaking with the MIDFLORIDA representative, request a temporary freeze on your account. This will prevent any further unauthorized transactions and effectively cut off the fraudster's access to your funds.
3. Change Your Login Credentials: Once your account is frozen, update your online banking password and mobile banking PIN. Consider creating a strong, unique password that you don't use for any other accounts, and utilize two-factor authentication (2FA) for an added layer of security.
4. Request a New Card: To ensure complete security, request a new credit or debit card with a fresh card number and CVV code. This eliminates the possibility of the fraudster using the compromised card details for future transactions.

Remember: Early action is crucial in preventing further losses. By following these steps promptly, you can regain control of your account and safeguard your financial well-being.

Reporting the Incident: Protecting Yourself and Others

While stopping the fraudulent activity on your account is a priority, reporting the incident to various authorities plays a vital role in protecting yourself and potentially preventing similar crimes from happening to others. Here's who you should report the incident to:

• MIDFLORIDA: As mentioned earlier, contacting MIDFLORIDA's fraud department is the first step. They will document the incident and initiate an investigation to identify the source of the fraudulent activity.
• Local Law Enforcement: File a police report to document the crime and potentially assist with the investigation. This report can also serve as evidence if you need to pursue legal action.

Additional Steps in Case of Identity Theft:

While the credit union and police reports cover your primary accounts, consider these additional steps if the situation warrants:

• Credit Bureaus: If you suspect your identity has been stolen and could be used to target other financial accounts, consider placing a fraud alert with one of the major credit bureaus (Equifax, Experian, or TransUnion). This will notify creditors of potential fraudulent activity and make it more difficult for someone to open new accounts in your name. You can visit https://www.annualcreditreport.com/index.action to learn more about placing a fraud alert.
• Federal Trade Commission (FTC): Report the identity theft to the FTC through their IdentityTheft.gov website (https://www.identitytheft.gov/). This comprehensive reporting platform helps the FTC track the scope of identity theft crimes and may be useful for future investigations.

By taking the time to report the incident to the appropriate authorities, you're not just protecting yourself, you're contributing to a larger effort to combat financial fraud and safeguard the financial security of everyone.

Preventive Measures: Building a Fortress Against Fraud

While vigilance is key, prevention is always better than cure. Here are some proactive steps you can take to safeguard your financial accounts and make them a fortress against fraudsters:

• Protect Your Card Details: Treat your card information like a secret code. Never share your card number, CVV code, or expiration date with anyone over the phone or the Internet unless you're absolutely certain of the vendor's legitimacy. Avoid posting pictures of your card online, and be mindful when using public Wi-Fi for financial transactions.
• Enable Multi-Factor Authentication (MFA or 2FA): This powerful security tool adds an extra layer of protection by requiring a second verification step beyond your password when logging into your account. This could involve entering a code sent to your phone via text message or approving the login attempt through a dedicated app. Enabling MFA significantly reduces the risk of unauthorized access, even if your password is compromised.
• Set Spending Limits and Alerts: Many financial institutions allow you to set spending limits on your debit or credit cards. This can prevent a thief from draining your account in case your card is stolen. Additionally, consider setting up transaction alerts to receive notifications whenever your card is used, allowing you to quickly identify any suspicious activity.
• Utilize Account Monitoring Tools: Some banks and credit unions offer account monitoring tools that can analyze your spending patterns and flag transactions that deviate significantly from your usual habits. These tools can be particularly helpful in detecting fraudulent activity that might otherwise go unnoticed, such as charges made in a different city or country.

Member Support and Resources at MIDFLORIDA

If you suspect fraudulent activity on your account, MIDFLORIDA Credit Union is here to help you navigate the situation swiftly and securely. Here's how you can reach us:

• Call our dedicated fraud department: Dial 1-833-933-1681 to speak directly with a representative who can assist you with reporting suspicious activity and taking steps to secure your account.
• Live Chat for Real-Time Support: Our convenient Live Chat feature allows you to connect with a customer service representative in real-time for immediate assistance and answers to your questions. You can access Live Chat through our website.
• Text for a Callback: Text the keyword "CALL" to MIDFL (64335) to request a prompt call back from a credit union representative. This eliminates waiting on hold and allows you to receive the support you need quickly and efficiently.

At MIDFLORIDA, we understand the importance of protecting your financial well-being. We are committed to providing exceptional member service and ensuring the security of your accounts. Don't hesitate to contact us if you have any concerns or questions – our team is here to support you.

Peace of Mind with MIDFLORIDA

Discovering unauthorized charges on your account can be a stressful experience. However, by taking immediate action and leveraging the resources available to you, you can minimize financial losses and regain control of the situation. MIDFLORIDA Credit Union is a trusted partner in your financial journey, offering robust security measures, exceptional member support, and a commitment to your financial well-being. Contact us today and experience the peace of mind that comes with knowing your money is safe.