Helpful Articles
Read about these helpful tips to make your financial life easier
Blog Hero Image

Protect Yourself Against Fraud: Money Mule Scams

SHARE THIS ARTICLE
Share to Facebook
Share to Twitter Share to LinkedIn Share via Email

Part 2 of 2—Missed Part 1? Read it here.

 

Protecting yourself against the constant onslaught of fraud is a big job. You have to be diligent to monitor your accounts and knowledgeable about the types of scams that are out there.

That’s where Mountain America Credit Union comes in. We want to help keep you and your money safe. Earlier this week we posted part one of this article where we explained what a money mule scam is and provided tips for how to spot one, specifically on social media. Today, in part two, we’re talking about how to protect yourself against this type of fraud and what to do if you think you’ve been part of one.

How can I protect myself?
The best way to protect yourself is to remember the old adage: anything that sounds too good to be true probably is. Being vigilant against possible fraud is the best protection around.


_________________________________________________________________________


The only way Mountain America Credit Union will ever contact you on social media is through our company account—never through an employee’s social media account, acting on our behalf.

_________________________________________________________________________


Additionally, be sure to monitor your bank accounts and credit reports regularly. And remember, you are entitled to a free credit report once each year.

If you believe you have been a victim of one or more of these money mule scams, contact your financial institution immediately. You should also contact local law enforcement as well as one of the three credit agencies (Experian, TransUnion and Equifax) to place a fraud alert on your account. The agency you contact will notify the other two companies of the alert.

Who is vulnerable to this type of scam?
Simple answer: anyone. With the necessity of mobile phones and the popularity of social media across all generations, it is more important than ever to educate those you love. Talk to your children, parents and grandparents, and anyone else who might be at risk. Explain to them how these scams work and how they need to be wary of people they don’t know contacting them online.

How should I report an imposter?
If you do see something questionable in your social media feed, report it directly to that social media channel (here’s how to do it on Facebook and Instagram), and to the company that the scammers are impersonating. This is the quickest way to get the account removed, thereby helping others avoid the same situation.

Mountain America Credit Union is committed to educating our members, and the general public, on keeping personal data safe. If you ever have any questions about activity on your account, a social media post from us or any other communication that seems suspicious, don’t hesitate to contact us. For additional information, check out our website pages on fraud and online security.

For additional information on fraud, please visit these sites:

NCUA Fraud Prevention Center
Federal Trade Commission Consumer Protection
Internet Crime Complaint Center
AARP Fraud Watch Center

Previous Article Next Article