Ne'er-do-wells will try just about anything to get your money.
But they're not getting away with much at STCU, thanks to healthy skepticism on the part of our members and diligence from our frontline staff and fraud-prevention team.
Earlier this year, STCU reported that fraud-prevention efforts in 2008 saved members from an estimated $1.1 million in losses. Updated figures show that for the first five months of this year, another $339,000 in potential fraud has been prevented.
Traditionally, fraud was investigated after it occurred. But that approach no longer works in an age of digital scams and high-tech printing of bogus checks. STCU works hard to train its tellers and other front-line staff to recognize and prevent fraud before members lose any money.
The credit union also has increased efforts to keep you educated, hosting free "munch and learn" fraud prevention seminars, and providing practical articles in OSI, our quarterly magazine, and online here at stcu.org.
"The best defense is a better offense," said STCU fraud analyst Jim Fuher, who keeps the stats for attempted fraud on members.
In 2008, STCU caught an average of 30 fraud attempts each month. Numbers are a little higher so far in 2009, with the most common scam involving bogus checks that members receive by mail and bring to an STCU branch.
Be skeptical of any unexpected windfall such as receiving a check for something you did not earn or a contest you did not enter. You could be a target of a check scam. To ensure your financial safety, always ask an STCU employee first before you cash the check!
