Atlantic Blog

How many spam calls do you get a day? It seemed we had a bit of a reprieve, but now they’re back in full force. How many emails end up in your junk box? How often do you throw mail out after checking the mailbox?

No matter where you look, there are people trying to scam you - they might want your personal information, your money, or something else entirely. We preach vigilance and staying up to date on the latest scam, but it only takes one slip up for you to become a victim.

When people become victims of fraud, they deal with a lot of shame that can cause them to avoid taking proactive steps to lessen the damage caused. Guess what? That only helps the scammers out; there's no time to wallow! If someone steals your money or personal data or you learn about a data breach that impacts you, you need to act immediately to protect yourself.

So, what do you do next if you fall victim to fraud?

1. Report the Fraud

If you've fallen victim to fraud, the first thing you should do is report it. Contact your Credit Union so that they can document the fraud and make any necessary account changes. Depending on the situation and the extent of the fraud you’ve fallen victim to you may want to contact the police and file a fraud notice - this will provide you with a paper trail that helps you refute fraudulent claims on your credit or account reports. 

You must also contact the fraud departments of the big credit bureaus (Experian, Equifax, and Transunion) to file a fraud report with them and prevent further damage. They can take immediate action to protect you from identity theft and limit what scammers can achieve. 

Credit Bureaus:

• Equifax: (800) 525-6285 www.equifax.com
• Experian: (888) 397-3742 www.experian.com
• TransUnion: (800) 680-7289 www.transunion.com

2. Cancel Your Cards and Freeze Your Account

If you believe your account information has been compromised or your debit/credit card has been stolen - you need to close your accounts immediately. Contact your card and/or account providers to make sure no fraudulent charges happen.

3. Update your Security

Once you're sure that new charges can't be added to your account, you can update all of your security information. Create new passwords, add two-factor authentication measures, and ensure the fraudsters can't utilize your information to wreak havoc on your expenses. 

4. Request a Credit Report

If your information has been stolen, there's a strong chance the scammer will try to use it to open new credit cards, obtain loans, or drain as much money as they can in your name. By requesting a credit report and thoroughly reviewing it, you can determine what a fraudulent charge is. Savvy Money, which you can access in our Digital Banking app, lets you set up alerts so that you get a notification any time something hits your credit. If you want to go one step further, you can also set up transaction alerts for your debit/credit cards within Digital Banking.

You can also place a freeze on credit reports to prevent checks into your credit from outside lenders and companies. This ensures that if a scammer has your information, they can't open new accounts in your name.

5.  Report it to the Federal Trade Commission (FTC)

Contact the FTC ( www.identitytheft.gov ) to report the identity theft. Once you do this, you will receive an Identity Theft Report that proves your identity was stolen.

6. Create a Fraud Alert

At Atlantic, if a suspicious transaction occurs, you will receive a text with the cell phone number we have on file asking you to verify the transaction. But what other fraud alerts can you set up?

You can contact a credit bureau and ask to set up a free fraud alert to protect yourself - especially if you information was in a data leak, or your wallet was stolen. Fraud alerts make it more difficult for thieves to open other accounts in your name. When placing a fraud alert on your report, businesses need to verify your identity before issuing credit. Ask that your file be flagged with a "fraud alert tag" and "victim's statement." Most fraud alerts get applied to your account for one year, at which point you’ll have to request it again. However you can submit a written request that the alert remain for up to seven years.

What should you watch out for?

It's still important to keep an eye out for fraud. Here are some common things to look out for that we've noticed scammers doing. 

• No legitimate company or government will ever ask you for funds in the form of gift cards or Bitcoin.
• Malware, malicious software designed to steal your information, continues to run rampant on the internet - never download things you don't know the origin of or from sites you trust.
• No company will contact you requesting your login and password or other sensitive information, ESPECIALLY over the phone. 
• Don't scan QR codes unless you've triple-checked the source - scammers will often spoof legitimate-looking email addresses with small spelling differences. 
• If something doesn't feel right, it's probably not. Trust your instincts. Always double-check before entering private information online, and if someone seems distrustful, take a second to think about what they're asking of you. 

Looking for something more in depth?

The government has provided a step-by-step outline of what you should do if you fall victim to identity theft.

It’s important to remember if you ever fall victim to fraud to not let shame or embarrassment cause you to delay taking positive actions to reclaim your financial health and safety. Remain diligent, but if something happens – reach out for help and act!

We’re Here to Help!

Your account security is a priority for us. If you suspect you are a victim of identity theft or fraud or have questions on reporting suspicious activity on your accounts, stop by any of our convenient branch locations or give us a call at 800-384-0432. We are here to help walk you through the process and limit the negative effects of fraud.

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The Atlantic blog strives to deliver informative, relevant, and sometimes fun financial information. If you enjoyed this article, please forward it to a friend.

Each individual’s financial situation is unique, and readers are encouraged to contact the Credit Union when seeking financial advice on the products and services discussed. This article is for educational purposes only; the authors assume no legal responsibility for the completeness or accuracy of the contents.