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Fraud Awareness and Prevention

Fraud is an ongoing threat in today's rapidly evolving digital world. As technology advances, fraudsters continue to develop new methods to target individuals and financial institutions. MSDFCU takes fraud prevention seriously and is committed to protecting our members' accounts and personal information. Through proactive monitoring, security controls, employee training, and member education, we work diligently to detect and stop fraudulent activity at the earliest possible sign. Our goal is to provide a safe and secure banking experience while helping members stay informed about emerging fraud risks.

Protect Yourself From Scams

Scammers often impersonate fraud department representatives and contact members by phone or text message in an attempt to steal sensitive account information. These fraudsters may use caller ID spoofing to make it appear as though the call or text is coming from a legitimate financial institution.

Common Scam Tactics

  • Claiming they are investigating fraudulent activity on your account
  • Requesting card numbers, expiration dates, or security codes
  • Asking for online banking usernames or passwords
  • Requesting one-time verification or authentication codes
  • Sending fraudulent text alerts followed by an immediate phone call to create urgency

How to Protect Yourself

  • Never provide account information to unsolicited callers or texters
  • Do not share passwords, PINs, security codes, or verification codes
  • Be cautious of calls or texts that create a sense of urgency
  • Hang up immediately if you suspect a scam
  • Contact your financial institution directly using a verified phone number to confirm any suspicious activity

Remember: Legitimate financial institutions will never ask for your passwords, PINs, or verification codes over the phone or by text message.

 

Steps You Can Take

1. Freeze Your Credit

Consider placing a credit freeze with Equifax, Experian, and TransUnion. A credit freeze can help prevent someone from opening new accounts in your name. For added security, you may also want to create online accounts with each credit bureau. If you need assistance, use the contact information provided.

2. Add a Fraud Alert

If the Pentester.com search indicated that your information may have been exposed in the breach, consider placing a fraud alert on your credit file. A fraud alert notifies lenders that they should take additional steps to verify your identity before issuing new credit. You can contact the credit bureaus directly or visit their websites for instructions.

3. Review Your Credit Reports

You are entitled to free credit reports from Equifax, Experian, and TransUnion through AnnualCreditReport.com. Review your reports carefully for unfamiliar accounts, inaccurate information, or other suspicious activity, and report any discrepancies promptly.

4. Be Alert for Phishing Attempts

Use caution when responding to unexpected emails, text messages, or phone calls that request personal information. Scammers often use these tactics to obtain sensitive data. Because phone numbers were included in this breach, it is especially important to remain vigilant.

5. Monitor Your Financial Accounts

Regularly review your bank accounts, credit card statements, and other financial accounts for unauthorized transactions or unusual activity. Setting up account alerts can help you identify and respond to suspicious activity more quickly.

6. Enable Two-Factor Authentication (2FA)

Whenever available, enable two-factor authentication on your financial accounts and other important online services. This additional security measure requires a second form of verification—such as a code sent to your phone—when signing in, making unauthorized access more difficult.

MSDFCU will NEVER contact you and ask for your account number, login information, passwords, or card information. If you ever receive a call asking for your personal financial information, immediately hang up and contact us at 215-996-3700. We also encourage you to set up Alerts and Card Controls through Online Banking to better protect your information

Types of Fraud 

Social Engineering

Social Engineering is a type of fraud in which attackers manipulate, deceive, or impersonate trusted individuals or organizations to convince victims to disclose sensitive information, transfer funds, or grant unauthorized access to systems. Common examples include phishing emails, fraudulent phone calls, impersonation scams, and business email compromise attacks.

Data Breach 

A Data Breach occurs when unauthorized individuals gain access to, steal, expose, or misuse sensitive information. This may include customer records, employee data, financial information, intellectual property, or confidential business data. Data breaches can result from cyberattacks, insider threats, weak security controls, or accidental disclosures.

    Ransomware 

    Ransomware is a form of malicious software that encrypts, locks, or otherwise restricts access to an organization's data or systems until a ransom payment is demanded. Ransomware attacks can disrupt business operations, cause significant financial losses, and may also involve the theft of sensitive data for additional extortion.

    Helpful Tips 

    Websites to Help You Report Identity Theft, Fraud, or Scams

    Identity Theft:Identitytheft.gov

    Fraud or scam reporting: ReportFraud.ftc.gov

    Internet crime Complaint Center (IC3): ic3.gov

    ChexSystems reporting website: ChexSystems.com Consumer Page

    How to Check Your Credit Report

    Annual Credit Report.com

    Need Help?

    It is completely understandable to feel overwhelmed after learning about a possible identity theft or fraud. Taking things one step at a time can help you feel more in control. If you have questions or feel unsure about what to do next, please contact our Member Service line at 215-996-3700 and know you are not alone.

    Taking even one small step—like checking your credit report, watching your accounts, or placing a fraud alert—can help protect your information.

    If you believe your identity may have been misused, try to act as soon as you can and use the resources above for guidance and support.

    Frequently Asked Questions

    1. What is the difference between a credit freeze and a fraud alert?

      A credit freeze can help stop someone from opening new credit in your name. A fraud alert asks lenders to take extra steps to make sure it is really you before they approve new credit. Both are free and can give you added peace of mind.

    2. Do I need to contact all three credit bureaus?

      If you want to place a credit freeze, you will need to contact Equifax, Experian, and TransUnion. If you want to add a fraud alert, contacting one credit bureau is usually enough because they typically notify the other two for you.

    3. Will freezing my credit hurt my credit score?

      No. Freezing your credit does not hurt your credit score. It simply adds a layer of protection by limiting access to your credit file until you choose to lift the freeze.

    4. How can I get my credit reports for free?

      You can get free copies of your credit reports from AnnualCreditReport.com. It is a good idea to review them carefully and make sure everything looks correct.

    5. What should I look for on my credit report?

      Look for accounts you do not recognize, personal information that is incorrect, or anything else that does not seem familiar. Checking your report regularly can help you catch problems early.

    6. What if I think my identity has already been stolen?

      If you think someone may already be using your information, act as soon as you can. You can report identity theft and find step-by-step recovery help at IdentityTheft.gov.

    7. How do I report a scam or fraud?

      You can report scams, fraud, and other suspicious activities through ReportFraud.ftc.gov. Reporting what happened may help support investigations and protect others, too.

    8. What is phishing?

      Phishing is when someone tries to trick you into sharing personal or financial information through emails, text messages, phone calls, or fake websites. If a message feels unexpected or asks for sensitive information, it is best to pause and verify it before responding.

    9. Should I monitor my accounts even if I do not see fraud right now?

      Yes. Even if you do not see signs of fraud right now, checking your accounts and credit reports regularly can help you spot unusual activity early.

    10. What is two-factor authentication, and why does it matter?
      Two-factor authentication, or 2FA, gives your accounts extra protection. In addition to your password, it asks for a second step—such as a code sent to your phone or email—before you can sign in.