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IBEW December Newsletter

Dealing with Ever-Changing Fraud and Other Happenings at the Credit Union
By:  Barbara Mathey

I have written several articles over the past few years about fraud; how to avoid it, how to watch for it and what to do if it happens to you.  Once again we are seeing another increase in fraud and wanted to make you aware of the steps we are taking to protect you and your Credit Union.  The current fraud we are dealing with involves primarily the unauthorized use of ATM and Debit Cards and we are setting new levels of allowed transactions to limit the amount of exposure for all members.  We encourage you to limit your use of ATM’s and instead obtain needed cash through point of sale transactions; making a purchase.  We also recommend that you verify your personal information on file with us, including your email and mobile phone number so that we can send alerts to you about potential fraud on your account. In the event that you receive a fraud alert, respond to it according to the instructions included in it.  If you are instructed to make a call in, know that you will be calling the fraud center and they will be able to go over all recent charges and place any necessary blocks.  In the event that you confirm fraud, you will be instructed to contact the Credit Union to start the process to be reimbursed any losses on your accounts.  You will need to contact us during our business hours but we will process your request as quickly as we can.  The process will include filling out and notarizing a dispute form and filing a police report (usually over the phone).  When we receive the documents, your account will be credited.  We know that this would be a stressful time and we are not intending to cause an inconvenience but the police have asked for whatever information we can provide that may help to stop “fraud rings” active in our area and in the event that we might be able to recover any of the losses from insurance, all documents are needed so we ask your patience and co-operation.  Unfortunately, the Credit Union suffers the loss in these situations so any help we can possibly get is most welcome.  We continue to recommend that you keep a close eye on your accounts which can be accessed online for any unusual activity.  Also remember to notify us if you are planning a trip or change in your spending habits so that a potential fraud alert and transaction delay can be avoided.  Together we can slow down fraud and make it much less “profitable” for the fraudsters.

In other Credit Union news, our App is underway and on target to launch during the first quarter of 2019.  You will be able to conduct most Credit Union business including mobile deposit capture, account access, loan applications and other transactions.  We are excited to be bringing this new convenience to our membership and we will welcome your comments.  We will also be wanting to do some testing of the system and may put out a request for volunteers to help us-watch the website for more information.

The update to the phone system is also moving forward and should also be completed during the first quarter.  We are currently looking to hire Member Service Representatives that will focus on phone service to improve our member contact.

We will continue to keep you all informed as we make progress to bring our member service back to the levels that you desire and deserve.  As we approach the holidays, your Credit Union family wishes you all the happiest of seasons and an amazing New Year!

Holiday Closures

December 24 Christmas Eve
December 25 Christmas Day
January 1, 2019 New Year’s Day
When Should You set up a Child’s Savings Account?
Determining the right time to establish your child’s financial basics

It’s never too early to start saving money, which is why a growing number of parents are opening savings accounts for their children.

Pros and Cons of Having an Emergency Fund
The upsides and possible downsides of socking away money

Is establishing an emergency fund always the right decision for your situation?

How to Give Back During the Holiday Season
Get into the spirit of generosity by sharing with your community

Though it may not seem like it, a simple donation or act of kindness can make a world of difference for those who are in need.

How to Set Attainable Goals for the New Year
Setting goals that you can achieve in 2019

Making resolutions is a tradition for many people who want to start the New Year off fresh and focused. Whether you’re determined to revamp your eating habits, get in shape, start a new business or pursue a new passion, the best way to achieve your resolutions is to break each one down into small steps.

Published by IBEW And United Workers Federal Credit Union
Includes copyrighted material of IMakeNews, Inc. and its suppliers.
Disclaimer - All content contained in this newsletter is for informational purposes only and should not be relied upon to make any financial, accounting, tax, legal or other related decisions. Each person must consider his or her objectives, risk tolerances and level of comfort when making financial decisions and should consult a competent professional advisor prior to making any such decisions. Any opinions expressed through the content in this newsletter are the opinions of the particular author only.  

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