Info Desk

Debit Card Security Information

It has been brought to our attention that members of LRFCU are being contacted fraudulently via text messaging from an outside source. Members are receiving text messages informing them that there is an issue with their debit card and giving them a number to call which then asks them to give their debit card number over the phone.

We at LRFCU will NEVER contact you requesting your card number. Please remember that we do have fraud monitoring attached to our Debit/Credit Cards. If fraudulent activity is suspected on the card, we (our fraud monitoring service) may contact the member and ask to verify recent transactions. But even in these circumstances, we do NOT ask for the member to provide a card number. If you believe you have received a fraudulent text message, do NOT respond and contact the credit union.

Important New Information Regarding Our Funds Availability Policy

You previously received a statement about our funds availability policy, which explains when funds from deposits to certain accounts you have with us will be available for withdrawal. This Notice describes a change to that policy statement. This change is effective July 21, 2011. If you have any questions about this change, please contact us.

Our previous policy disclosure describes certain circumstances when the first $100 of a deposit would be available on the first business day after the day of deposit. The remaining funds from the deposit would be available at a later date.

After the effective date of the change, the amount that will be available on the first business day after the day of deposit will increase from $100 to $200.

Prepare, Protect and Prevent

You work hard to manage your money and want to safely keep what you’ve earned and ensure you have money when you need it for emergencies.

Each year, scammers and identity thieves steal billions of dollars from unsuspecting consumers. These criminals use various communication methods to steal information or trick consumers into handing over their money. Learn how you can recognize, report, and prevent fraud, common scams, identity theft, and cybercrimes so you can protect yourself and your money.

Frauds & Scams

What are Frauds and Scams?

Fraud involves acquiring information through dishonest methods without you knowing. A scam attempts to trick you into willingly providing money or personal information. Scams normally rely on you willingly sharing your information, because you are misled by the scammer. Imposter scams are the most common, followed by online shopping scams; prizes, sweepstakes, and lotteries; Investment scams; and business and job opportunities scams. Learn about different types of fraud, scams, and cybercrimes and how you can avoid them.

Common Types of Scams

Imposter Scams

Imposters pretend to be someone you know, like a family member or a friend, a representative from a government agency like the NCUA, IRS, or Social Security Administration, a tech support company, or a company you do business with. It may even be someone trying to manipulate you into believing that you have a romantic or close relationship with them. They make plans to meet in person, but it never happens because they often claim to be working outside the country. They ask you for money for emergencies or trick you into providing your sensitive information. Imposters try to make you trust them in order to steal your personal information or ask you to buy a gift card, send digital currency, or transfer money. Government agencies, including the NCUA, do not ask for money or your personal and financial information. When unsure whether they are who they say they are, DO NOT send money or share your information. Instead, terminate the communication and call the organization to authenticate the communication.

Online Shopping Scams

Scammers develop fake websites mimicking popular retailers’ sites and take your money and payment information without delivering products. They also create counterfeit apps containing malware (malicious software) for the same reasons.

Be sure to read refund and return policies prior to making a purchase. If your order didn’t arrive or your refund request is denied, dispute the charges. Using a credit card for online purchases can make the dispute process much easier. Watch out for bogus websites and suspicious apps and only use official retailer websites and apps, which may offer stronger security. Also, monitor your credit and debit card transactions on a regular basis to increase the chance of spotting unauthorized purchases or withdrawals in the early stage of this fraud.

Investment Fraud

There are various types of investment fraud, including Ponzi schemes and pyramid scams. A Ponzi scheme is a fraudulent investment scam that pays earnings to earlier investors with money from new investors – similar to a pyramid scam. In many cases, scammers promise high investment returns without making an actual investment. Though they are called by different names, most investment scams share the same characteristics, such as guaranteed high returns with no risk and high-pressure sales tactics. Be on guard. Fraudsters often avoid putting the details about the investment in writing or call them confidential. If this is the case for you, consult with fiduciary financial advisors or just walk away. DO NOT rush into an investment opportunity without your own independent research. Talking with people you trust can help you see the offer more clearly.

Fake Check Scams

Despite many variations, fake check scams involve two main components: 1) scammers send cashier’s checks or money orders to you; and 2) they ask you to send part of the cashed money back to them in gift cards, money orders, or cryptocurrency. If you deposit the checks and they are later found to be fraudulent, you will likely be required to pay the deposited funds back to your credit union or bank. Be on guard. Cashier’s checks are not cash, and it can take weeks to validate legitimacy. If the amount on the check is more than what it should be, void it and ask the sender to resend another check for the correct amount. Do not wire or send gift cards, money orders, or cryptocurrency. Your money is not protected in these transactions.

Prizes, Sweepstakes, and Lotteries

Scammers may contact you claiming you won a prize, sweepstake, or lottery and then ask for money or your account information to cover taxes and other fees upfront. They might pretend to be from government agencies or claim you’ve won a foreign lottery, which is almost certainly a scam.

Remember, government agencies do not call to demand money or your financial information to collect a prize. Also, real sweepstakes are free and by chance. If you did not enter a lottery or sweepstakes or are unsure about the call, message, email, or letter, DO NOT send money or share your information.

Business and Job Opportunity Scams

Job and business opportunities that sound too good to be true, often are. If the message promotes doing minimal work with a high salary, pledging guaranteed income, or a proven business operation system, it is likely a scam.

Take your time and get a second opinion or talk to someone who has your best interests in mind. Before accepting a job offer, know that honest employers, including the federal government, will not ask for payment for the promise of a job. Before paying for a business opportunity, research the seller, the company, and the coach’s credentials, and ask for the legally required 1-page disclosure document that tells any lawsuits against the seller, a cancellation or refund policy, and other information.

Disaster Fraud

Disaster fraud typically involves others trying to take advantage of the situation and examples include fake government employees and bogus charities. Fraudsters approach when you are vulnerable and in crisis to exploit your money and financial information while pretending to help with recovery.

No FEMA, federal, or state workers will ask for or accept money from you when applying for disaster assistance. If someone wearing a FEMA jacket or shirt without an I.D., approaches, do not trust or offer any personal information and always ask to see an official I.D. Take your time and contact government agencies or local law enforcement to confirm identity and legitimacy of suspicious contacts.

Check Washing

Check washing scams involve changing the payee names and often the dollar amounts on checks and fraudulently depositing them. Occasionally, these checks are stolen from mailboxes and washed in chemicals to remove the ink.

Retrieve your mail regularly instead of leaving it in your mailbox. Deposit your outgoing mail at your local Post Office or in blue collection boxes before the last pickup. If you’re going on vacation, have your mail held at the Post Office or have it picked up by a friend or neighbor each day.

Targeting Seniors

Financial crimes are often targeted at our growing older population more frequently and are all too often successful. Older citizens are most likely to have a “nest egg,” own their home, and have excellent credit—all of which make them attractive to con artists.

Common Scams Aimed at Seniors

Understanding and identifying elder financial exploitation can help you protect yourself, your loved ones, or someone you care for who may be at risk for this kind of abuse. Scammers may use information that seniors may need such as health care, reverse mortgages, funeral planning, and investments. Older adults are less likely to report a fraud because they don’t know who to report it to, are too ashamed or don’t know they have been scammed. Elderly victims may not report crimes, for example, because they are concerned that relatives may think the victims no longer have the mental capacity to take care of their own financial affairs.

Identity Theft

What is Identity Theft?

Identity theft happens when someone uses your personal or financial information without your permission. They might steal your name and address, credit card or bank account numbers, Social Security number, or medical insurance account numbers.

How Does Identity Theft Happen?

There are several ways that scammers can steal your identity, including in person, online, through social media, and by phone. Thieves can steal your wallet or go through your trash to retrieve account numbers. Online, scammers can sometimes get personal information from public Wi-Fi or through social media, or use “phishing” techniques to get information from you through fraudulent email, texts, or phone calls.

How to Protect Yourself

Be aware of your surroundings and think before you immediately respond to requests that may seem suspect, so you can make sure they are legitimate. Tips include do not answer phone calls, texts, social media messages, or email from numbers or people you do not know. Do not share personal information like your bank account number, Social Security number, or date of birth and store these documents in a secure location. Collect your mail every day and place a hold on your mail when you will be on vacation or away from your home. Review credit card and bank account statements. Watch for and report unauthorized or suspicious transactions. Create and maintain strong passwords and log in information that’s not easy to guess. Following these practices will help you avoid someone stealing your identity. If it does happen to you, know there are resources to help you correct it.

Report Identity Theft

Report anything you think may be identity theft – in a scam, cybercrime, or data breach – and get a recovery plan. The FTC, your credit union, and credit reporting agencies can all be resources to help you stop the theft and reclaim your identity.

Cybersecurity

What is Cybersecurity?

Cybersecurity involves any activities, people and technology you use to avoid security incidents, data breaches or loss of critical systems. It’s how you protect yourself against digital threats. Effective cybersecurity prevents damage to your systems and keeps your accounts safe despite any threats that come its way.

Common Types of Cyber Crimes

Making sure you have updated anti-virus software on your devices is one way to keep your information and finances secure. You must also be on the lookout for suspicious requests via phone, text, or e-mail. Here are some of the more common types of cyber crimes and how you can avoid them.

Phishing

Scammers send an email, text, or message on social media that appears to be from a legitimate business and lure you into providing your information by visiting a website that looks almost identical to the real one. Once you click the link, you may be asked to provide sensitive information for verification purposes, such as your Social Security number, login credentials, mother’s maiden name, or place of birth. Once the information is provided, scammers use it to access your accounts to steal money or sell your information to other scammers.  

Businesses and financial institutions would never call you first to verify your account information or to ask for sensitive information. DO NOT click links in emails or messages. If you believe the contact may be legitimate, contact the business or visit the official website yourself. Never provide your personal and sensitive information in response to an unsolicited request over the phone or the Internet. If you feel suspicious of or fall victim to Phishing, alert the situation to your credit union

Spoofing

Scammers deliberately falsify an email address, sender name, phone number, or website URL and manipulate you into believing that it is from a trusted source. Once you seem engaged, they lead you to download malware, send money, or share personal, financial, and other sensitive information. Spoofing is often used in connection with other crimes.

Scammers tweak little things – often a letter, symbol, or number. DO NOT click on or download anything unless they are verified to be from legitimate sources. Additionally, if a call comes from an unknown number or the caller (or a recording) asks you questions or to hit a button, DO NOT hang on, just hang up.

ATM Skimmers

ATM skimmers are illegal devices installed on ATMs, gas pumps, and payment terminals that capture your pin number. To protect your card information, check an ATM or payment terminal for tampering before using it. Perform a visual examination and physically test the machine for loose or unusual parts. There is no foolproof way to detect a skimmer, but with safe ATM habits, you can reduce your risk.

Ransomware

Ransomware is a type of malicious software, or malware, that prevents you from accessing your computer files, systems, networks, or cell phone. Malware is installed in various ways, including through links and attachments in emails, downloads from malicious websites, or removable drives. Criminals hold your data hostage until the ransom is paid or pressure you for the ransom by threatening to destroy or release your data to the public. One way to prevent or minimize the risks is to conduct system and software scans using anti-virus and anti-malware programs. You can also make an offline backup of your data and update your operating systems and software on your devices frequently. I


Frequently Asked Questions

What are some common examples of scams involving credit counseling?

Common Credit Counseling Scams include the following. 

  • Upfront Fees – Scammers often demand large upfront fees before providing any services. Legitimate credit counseling agencies typically do not charge significant fees upfront.

  • Overpromising – Fraudulent companies may promise to erase accurate negative information from your credit report, which is not legally possible.

  • Lack of Transparency – Scammers may not explain your rights or the details of their services clearly. They may push their own programs without considering your specific needs.

  • Complex Contracts – Contracts that are difficult to understand or filled with legal jargon can be a red flag. Legitimate services should provide clear and straightforward agreements.

What are some common examples of debt relief scams?

Common debt relief scams include the following.

  • Guaranteed Debt Elimination – Scammers may guarantee complete debt elimination, which is unrealistic. No company can guarantee that creditors will agree to settle for less than what you owe.

  • Upfront Fees – Similar to credit counseling scams, debt relief scams often require significant upfront fees before any services are rendered.

  • High-Pressure Tactics – Scammer may use high pressure sales tactics to rush you into signing up for their services without giving you time to consider your options.

  • False Claims – Some scammers falsely claim they can negotiate with creditors to reduce your debt significantly, but they either do nothing or provide minimal assistance with charging high fees.

What should I do if I get a call from my credit union requesting account details or other sensitive information that could compromise the security of my online account?

If you are asked to provide financial information, it may be a scam. Exercise caution with any phone calls, text messages, or emails that claim to be from your credit union, law enforcement, or your phone service provider, especially if they ask for personal or financial information or prompt you to transfer money to a different account. Legitimate credit unions and other institutions will never solicit such details or request these kinds of transfers from you. If you receive such a call, note the department they claim to be from and return the call using the number you have for your credit union on file. Be aware that scammers might supply a number that connects you to another scammer impersonating a credit union employee.

What safety precautions should I consider when using my phone or computer for online banking?

Using your phone for online banking raises several security concerns.

  • Phishing – Cybercriminals may send emails or texts that seem to come from a trustworthy source, but their true goal is to deceive you into clicking on a harmful link or providing personal details.

  • Insecure data storage – Some apps may save sensitive information such as login credentials and transaction records on your device. If this data is not properly encrypted, it could be accessed by malicious individuals.

  • App vulnerabilities – Although mobile banking apps are typically safer than using a web browser, some developers might not adequately address the risks of fraud and money laundering during the development process.

  • Coding errors – Errors in coding can introduce vulnerabilities that disrupt an app's functionality, potentially leading to unintended issues. 

Consider installing a virus scanning tool on your phone and computer. Ultimately, it's important not to save your online passwords on your phone. Additionally, consider implementing multiple layers of identification, such as using a password along with having the credit union send you a PIN via text.

How do I prepare financially before a natural disaster?

It is important to prepare for the unexpected. In the case of natural disasters, you can prepare by first creating an emergency fund consisting of 3 to 6 months of your monthly expenses. Gather and securely store important documents such as proof of identity, financial account information, house deed and rental agreements and insurance information including home and medical. Also, it is important to make sure these records are current and up to date.

What should I do after a natural disaster?

If you experience property damage due to a disaster, you should contact your insurance company as soon as possible to verify that you have coverage and start the claims process. This will probably involve you taking an inventory of damaged property and providing the insurance company with available photos or video to prove the validity of your claim. Contact your creditors including mortgage servicer and utility companies to see what options are available to reduce or delay payments, prevent foreclosure, loss of service and derogatory credit reporting. Disaster survivors can also contact the Federal Emergency Management Agency (FEMA) to apply for assistance at 800-621-3362 or their website at The following is an external link to a website belonging to a private organization or commercial entity.FEMA.GOV(Opens new window).

What type of fraud/scams are prevalent involving natural disasters?

Unfortunately, it’s common for scammers to prey on victims of disasters because victims are extremely vulnerable and sometimes desperate to receive assistance. Some examples of this include: 

  • Contractor Fraud – Unethical contractors sometimes misrepresenting themselves as being affiliated with government entities will scam victims out of funds resulting in shoddy repairs or no repairs at all.

  • Price Gouging – The practice of increasing prices of high demand goods and services during a disaster.

  • Forgery – Scammers will use a disaster as an opportunity to get access to victims’ personal information and documents to commit identity theft.

  • Charity Fraud – Scammers posing as representatives from notable charities including the Red Cross will solicit funds from donors who want to help those affected.

If you are a victim of a scam, you can contact the National Center for Disaster Fraud (NCDF) 24 hours a day. 7 days a week through their hotline number 866-720-5721.