Recent & Common Financial Scams
Protect your financial and personal information by staying aware and informed. Below is information about a number of recent and common financial scams.
Fraudulent emails known as phishing scams pose as your financial institution or other trusted business to try to obtain your personal and financial information online or by telephone. Learn more about phishing.
Nigerian Payment Scam
There are several variations of what is commonly called the "Nigerian Payment Scam." Scammers usually contact potential victims by email, explaining that they know of an international bank account containing millions of unclaimed dollars. If you claim to be the next of kin to the deceased owner of the account, the emailer promises to split the money with you. Variations of this story include a trust fund that the individual cannot claim from his militant government or an account held in a murdered family member's name.
Before the money can be obtained, the scammer will tell you that you must first provide thousands of dollars up front to pay for various fees. This email and its variations are scams. The email may even provide the address of an international bank where you can set up an account. The scammer then supposedly fills the account with millions of dollars to prove that it is not a scam. The bank and the money are not real and are used instead to gather your personal information for illegal use or to convince you to transfer funds to them yourself.
Thieves may attempt to trick you into releasing sensitive information via telephone. The scammer will often speak quickly or attempt to confuse you. It is important to remember that businesses will never request information that they already have and that sensitive information should never be provided by phone or email if you did not originate contact.
Automated phone calls posing as trusted businesses or organizations state that the call recipient's card has been deactivated. To reactivate the card they need to press 1 and enter a full debit or credit card number and other card information
It's important to know that MSUFCU will NEVER contact you via telephone asking for credit card or account information. If you did not initiate the phone call, do NOT give out your credit card or account information. If you are unsure of whether the caller is a legitimate MSUFCU employee, end the call and call MSUFCU.
If you have received a call like this, please note the caller's number and report it to MSUFCU by using our Live Chat system, send us a secure email, or by call 517-333-2424 or 800-678-4968.
Visa Phone Scams
Phone scammers may pose as Visa security representatives, calling to verify unusual charges. The scammers will request you provide card information, including your Visa card number, expiration date, and security code for verification.
Scammers may also pose as Visa representatives soliciting cardholders because they have won a reward or prize. The caller will request card information for verification. Visa and MSUFCU do not solicit cardholders and will never request your credit card number.
Please know that MSUFCU does work with Visa Fraud Alert Management to monitor card activity and help prevent fraudulent Visa transactions on your account. Fraud Alert Management may contact you by telephone, or MSUFCU's Visa department may contact you via phone or email to confirm transactions should your Visa activity appear irregular. If you receive a call or email regarding your MSUFCU Visa and are uncertain as to its legitimacy, please feel free to contact us directly at 517-333-2424, 800-678-4968, or by secure email to review your Visa activity.