Scams and frauds are becoming increasingly common, affecting individuals and businesses of all ages and backgrounds. Scammers often use pressure, fear, or false promises to trick people into handing over money or personal information. Some scammers will also impersonate trusted financial institutions.
At St. Paul Federal Credit Union, your financial security is a top priority. That’s why we will always be a resource for help and tips on how to stay safe. Knowing the warning signs is the best way to protect yourself.
Common Types of Scams
Scams may take many forms, including:
- Impersonation Scams – pretending to be a trusted organization, government agency, credit union or well-known company
- Phishing and Smishing Scams – emails, text messages or phone calls designed to steal personal or financial information
- Card Fraud – unauthorized transactions on debit or credit cards
- Online Shopping Scams – fake websites or ads offering goods at unrealistically low prices
- Investment and Loan Scams – offers promising guaranteed returns or “pre-approved” loans with upfront fees
- Romance Scams – building emotional relationships online to request money or financial help
- Tech Support Scams – claims that your device has a serious problem requiring immediate payment to fix
- Crypto Currency Scams – requests to transfer money into cryptocurrency or claims of guaranteed crypto returns, which are often linked to fraud and are difficult or impossible to recover
Warning Signs of Fraud
Be cautious if you encounter any of the following:
- Requests for account numbers, passwords, PINs or one-time security codes
- Urgent pressure to act immediately or face consequences
- Requests for payments via gift cards, cryptocurrency, wire transfers or cash
- Unexpected messages asking for personal, banking or login details
- Offers that seem too good to be true, such as guaranteed winnings or profits
- Poor spelling or grammar is messages to be from official sources
- Requests to keep the situation secret from friends, family or colleagues
REMEMBER: St. Paul Federal will never contact you asking for your full password, PIN or one-time security code
How to Protect Yourself
You can reduce your risk of falling victim to a scam by taking these steps
- Monitor your accounts regularly and report unfamiliar transactions immediately
- Take time to pause and verify before responding to any unexpected request
- Independently contact to organization using official contact details
- Never share passwords, PINs or one-time security codes
- Be cautions when clicking links or downloading attachments
- Use strong, unique passwords and enable multi-factor authentication when available
- Keep your devices and software up to date with security updates
- Trust your instincts – if something feels wrong, it probably is
What to Do If You Suspect Fraud
If you believe you have encountered a scam or fraud:
- Stop all communications immediately
- Do not send any money or personal information
- Report the incident to your financial institution if money is involved
- Warn others so they don’t fall victim to the same scheme
Staying Informed
Scammers constantly change their tactics. Staying informed and aware is one of the most effective ways to protect yourself and others. Regularly review scam alerts from trusted sources and talk openly with friends, family, and colleagues about potential risks.
St. Paul Federal Credit Union is committed to safeguarding your money and personal information. We continuously monitor for suspicious activity and invest in security measures to help protect our members. Staying informed and vigilant plays an important role in keeping your financial future secure.
Resources
Minnesota Commerce Department – Senior Fraud
Senior Fraud / Minnesota Department of Commerce – Money
AARP – Fraud Resource Center
Avoid Common Scams with AARP’s Fraud Resource Center
Federal Trade Commission
Bureau of Consumer Protection | Federal Trade Commission
Social Security Administration
Fraud Prevention and Reporting | SSA