MCT Federal Credit Union

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Top 10 ways to prevent fraud

March 19, 2009

1) AnnualCreditReport.com – (not freecreditreport.com) Check your credit report at least annually. And, it’s truly free.

2) Keep your mailbox’s red flag down. Don’t send sensitive information from your mailbox. Use the local post office. Better yet, use Web Bill Pay and Online Banking for your financial transactions and bill payments.

3) Shred everything. Get a fire proof lockbox for everyday valuables in your home such as passports, birth certificates, mortgage documents and other papers with your personal information.

4) Protect your card’s PIN. At the store, try to always use the “credit” option when making transactions with your check card. Entering your PIN number with people standing near you in line is a common way for “friendly fraud” to occur. In other words, somebody you know takes your cards and obtains cash or merchandise without your approval. Using the “credit” option is also a great way for MCT to earn income, which helps reduce loan rates or increase savings rates for its members.

5) Gmail it! The Gmail email service is phenomenal in combating spam and has many features you can trust. Sign up for a free account at gmail.google.com.

6) Phishing only belongs in a boat, not on your PC. Never give out any personal information, even when somebody you know asks for it (because it may not be them) – especially from an email request. Legitimate businesses never ask for personal information via email.

7) Use code words whenever possible for any institution that offers this service. And pick something others can’t guess – like your favorite character on the Golden Girls or your favorite high school teacher’s name.

8) Monitor your accounts daily through Online Banking and immediately report unrecognized transactions to MCT. This is especially true if you utilize the internet for common activities such as eBay.

9) Ensure elderly friends and family members do not become fraud victims. Financial elder abuse unfortunately exists and, as members age, this is going to become more and more common.

10) Trust MCT's fraud department to help you! Remember, most people fall victim to fraud because they ran across something (or someone) they thought they could trust – trust your instincts and never accept money (or an offer to receive money in exchange for some kind of action) from someone you don’t know! If you come across something suspicious, call us at 301.948.9880.