Beware of Romance Scams & Fraud

Love is in the Air, or is it?

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Scam artists play on emotion. They may email photos to create a bond with you, their target. Once that emotional bond is cemented, they often say that all they need is for you to send them money by wire transfer; once they get the money, they will travel to meet you.

A romance scam is a type of confidence ruse where a criminal pretends to be romantically interested in a victim to gain their trust and steal money. Scammers may use dating sites and social media to target victims. 

According to Yale Cybersecurity, “The average loss from a romance scam was $4,400 in 2022. Nearly 70,000 people reported a romance scam to the Federal Trade Commission (FTC), with total reported losses of an astounding $1.3 billion.”

There are other scenarios where a person arrives at the potential target’s home with “family members” who then physically and emotionally abuse the victim.

Whatever the case, it begins with that first wire transfer which makes it easier to avoid meeting in person - and more plausible when they ask for money for a medical emergency, an unexpected legal fee, or some other emergency.

If someone you meet online asks for your bank account information to deposit money, they are most likely planning to use your account to carry out other theft and fraud schemes. Do not ever provide your banking information to an online “acquaintance.”

OTHER COMMON SCAMS
It is a very common practice for fraudsters to send emails and texts that are designed to look like they come from your financial institution - same logo, colors, design.

The emails/texts are often urgent in nature and tell you things like your account is locked, your debit card is blocked, etc. They ask you to click on a link or call a phone number to verify your account number, card number, and/or PIN.  Don’t click on the link or call the number they provide! Instead, go to your financial institution’s known website and contact them.

IMPORTANT REMINDER

 PCU will never text or call you to ask for personal financial info like your password, security questions or PIN. If you receive an email, text, or call asking for this information, please contact us immediately at 850.769.3306.

Online Banking and Zelle Fraud

There have been reports in Bay County of another round of scams involving Online Banking and Zelle fraud. Members can protect themselves by knowing fraudsters' tactics.

No, these fraudsters do not know you are a Panhandle member. They are simply guessing you may be a good target based geographically on where you live and your proximity to the credit union. The same emails are also going out to people who are not Panhandle members. 

What do you need to know?

• PCU will never email, text or call you to ask for personal financial info, like your password, security questions or PIN.
  
  
• Never click on a link or call a number shown in an email unless you are certain of where it came from. Instead, go to the company's website directly to log in or to find a valid phone number to call.

What type of electronic communications do we send to members?

• eStatements: An email is sent to members on or just after the 1st of the month to let you know that your eStatement is available for viewing in Online Banking. Simply log in to Online Banking, look for "Services," then "Online Statements," to view your eStatement. Not yet enrolled in eStatements? Just click "Enroll."

• Emails about products, promotions, and updates: To ensure members get the most out of the services the Credit Union offers, we periodically send emails regarding new and current promotions and product developments. We will also notify you if there has been an important update to a product you have or if you need to activate a new card or service.
  
  
• Texts & Online Banking Push Notifications: You may receive this type of message when there is a suspicious transaction on your debit or credit card. We will only ever ask you to respond with "V" for Valid and "F" for Fraud to confirm or deny the charge.
  
  
• Loan payment reminders: As hectic as life is these days, it is easy to forget to make a payment on a specific date if you are not enrolled in auto-pay, so if you're ever just a few days late, an automatic late payment reminder will be sent to you. It's just a friendly reminder to help you avoid getting hit with a late fee.
  
  
• Emails about TruStage insurance: Credit Union members have access to excellent insurance offers via our partner, TruStage. On occasion, you may see communications from TruStage on our behalf.
  
  
• Emails about your Credit Score (for those enrolled in Savvy Money): Savvy Money is a sweet tool within Online Banking that allows you to monitor your credit report and score for free, just for being a PCU member. If you are enrolled in Savvy Money, you will receive monthly credit snapshots from PCU to help you stay on top of your credit activity. It's a great way to watch for fraud on your credit report.

What can you do to help protect yourself from fraud?

• Check your account routinely: You can easily check your balance using the Panhandle Credit Union Mobile App or by using the new convenient log-in directly on the PCU website. For added security, you will receive a security code either to your mobile device or email to confirm your identity.
  
  
• Use your Virtual Wallet: Reduce the need for searching for your debit or credit card by adding your PCU cards to your mobile device's Virtual Wallet. This will allow a contactless transaction while at the same time making a secure payment with a one-time authentication code, reducing the risk of fraud. 
  
  
• Use “My Cards” in your Mobile App: Take control of your debit card by turning it off and on, receive activity alerts, set travel notices, reset your PIN, report your card lost or stolen, or add your card to your Virtual Wallet in your mobile device. Log in to your Mobile App and look for "Cards" at the bottom of your App. You have control in the palm of your hand.

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