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.
Below are a few examples of known Payment or Money Transfer Scams and Mail Fraud. If you believe you have been a victim of these types of fraud, please contact MSUFCU immediately so that we can take the appropriate measures to protect your account.
Visit the FTC website for additional informaton on these types of scams and more.
Internet Payment Scams
From time to time, you may encounter payment or money transfer scams. In some instances, a buyer may be interested in purchasing an item you are selling and offers to overpay you with a cashier's check or wire. The buyer then requests that you return the remaining funds to them via wire transfer, MoneyGram, or Western Union. The payment sent to you via check or wire is fraudulent; no funds exist to cover the payment or the money you returned to the payee via your personal check.
In other instances, you may receive a check for a large amount via US mail, FedEx, or UPS that accompanies a survey. Often, the letter with the survey information instructs you to deposit the check to your account, and to later return a portion of the check via MoneyGram, Western Union, or wire transfer. Being asked to return a portion of a check to a third-party is a red-flag that the check you received is fraudulent.
Thieves can steal your mail from your mailbox, including checks you have issued to pay bills. The thief then uses a chemical to wash the ink off your check and make it out to themselves for a much larger dollar amount. If you live in community-based housing, such as an apartment complex, you may be especially vulnerable to this type of fraud.
Avoid this scam by dropping your mail off directly at the post office or in a secure mailbox, or use MSUFCU's Bill Payment service to eliminate paper payments.
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.