Scams and fraud can take many forms, from suspicious emails and text messages to fake phone calls and attempts to steal account information. As scammers continue to find new ways to reach consumers, knowing how to recognize warning signs can help you better protect your finances.
October is Cybersecurity Awareness Month, making it a good time to review your everyday financial habits and strengthen the steps you take to protect your accounts.
At Members Exchange Federal Credit Union (MEFCU), we encourage members to stay informed, monitor their accounts, and know what to do when something does not look right.
What Are Common Bank Account Scams?
Financial scams are designed to convince someone to provide information, send money, click a malicious link, or give a scammer access to an account.
Scammers may contact you through:
- Text messages
- Emails
- Phone calls
- Social media
- Fake websites
- Online advertisements
- Messages pretending to come from a trusted company or financial institution
Some scams create a sense of urgency by claiming there is a problem with your account, a suspicious purchase, an unpaid bill, or another issue that requires immediate action.
Before responding, take time to verify who is contacting you.
MEFCU members can also review our Identity Theft and Fraud Protection resources for additional information about protecting personal and financial information.
How Can You Recognize Phishing Emails and Suspicious Texts?
Phishing occurs when scammers impersonate a legitimate organization or individual to convince you to reveal sensitive information or take an unsafe action.
A suspicious message may:
- Ask for your password, PIN, or account information
- Tell you to click a link immediately
- Claim your account will be closed or frozen
- Ask you to send money or provide payment information
- Contain unusual spelling, formatting, or web addresses
- Create pressure to act before you have time to verify the request
If a message claims to be from your financial institution but seems unusual, avoid clicking the provided link or responding with personal information. Instead, contact the financial institution directly using contact information you already trust.
Remember, MEFCU fraud messages will never ask for your PIN or account number.
Why Are Strong Passwords Important for Online Banking?
Your password is one of the first lines of defense for your financial accounts.
Avoid using passwords that are easy to guess, such as birthdays, names, simple number combinations, or information that someone could find on social media.
For stronger account security:
- Use a unique password for your financial accounts
- Avoid reusing the same password across multiple websites
- Create longer passwords that are difficult to guess
- Never share your Digital Banking credentials with someone else
- Use two-factor authentication when available
MEFCU’s Digital Banking platform also uses two-factor authentication for secure password resets.
How Can Account Alerts Help You Spot Suspicious Activity?
Monitoring your accounts regularly can help you recognize transactions you do not remember making.
Through MEFCU Digital Banking, members can access their accounts and set up notifications for balances, transactions, and logins.
Account alerts can make it easier to stay aware of activity without waiting until your monthly statement arrives.
Even with alerts enabled, make a habit of reviewing your transaction history. Look for purchases, withdrawals, transfers, or other activity you do not recognize.
Catching an unusual transaction early gives you an opportunity to investigate and take the appropriate next steps.
How Can You Keep Your Debit Card Safer?
Debit cards make everyday purchases convenient, but protecting your card information is just as important as protecting your online banking credentials.
A few simple habits can help:
- Keep your card in a secure location
- Never share your PIN
- Be cautious when entering your PIN around others
- Review transactions regularly
- Avoid providing card information in response to unsolicited messages
- Report a lost or stolen card promptly
MEFCU members can manage their credit and debit cards through Digital Banking, giving members another way to stay connected to their accounts.
You can also learn more about MEFCU’s checking account options and available account features.
What Should You Do If You Notice an Unfamiliar Transaction?
An unfamiliar transaction does not always mean fraud. A merchant may appear under a different name, an authorized user may have made the purchase, or a recurring subscription may have been forgotten.
Start by reviewing the transaction and confirming whether another authorized user made the purchase.
If you still do not recognize the transaction, MEFCU provides guidance on how to dispute charges you did not authorize.
If you believe your account or personal information has been compromised, contact Members Exchange promptly so you can determine the appropriate next steps.
How Can Digital Banking Help You Stay Connected to Your Accounts?
One of the simplest ways to protect your finances is to know what is happening with your money.
With MEFCU Digital Banking, members can:
- Review account balances
- Monitor transactions
- Set up account alerts
- Manage debit and credit cards
- Access statements
- Make payments and transfers
- Use financial health tools
Regular account monitoring can help make unusual activity easier to identify.
Make Account Security Part of Your Routine
Protecting your financial information does not require complicated changes. Small habits can make account security part of your everyday routine.
Be cautious with unexpected messages. Protect your passwords and PINs. Review your accounts regularly. Set up useful alerts. Most importantly, do not hesitate to verify a request before providing personal or financial information.
If something involving your MEFCU account does not look right, contact Members Exchange Federal Credit Union for assistance.
Taking a few extra moments to verify a message or review a transaction can help you stay informed and better protect your finances.
At MEFCU, helping members protect their financial information is an important part of helping them manage their money with confidence. By staying alert, using the security tools available through Digital Banking, and reaching out when something seems unusual, you can take an active role in keeping your accounts secure.
With more than 70 years of experience, Members Exchange Federal Credit Union proudly serves members across Mississippi, including Hinds, Madison, Rankin, Simpson, Copiah, Attala, Claiborne, Covington, Holmes, Jasper, Jefferson, Jefferson Davis, Jones, Lawrence, Leake, Lincoln, Neshoba, Newton, Scott, Smith, Warren, Winston, and Yazoo Counties.
If you have questions about account security, Digital Banking, suspicious activity, or other MEFCU services, contact MEFCU today. Visit one of our branches, explore our website, read our recent blogs, or call us at (601) 922-3350 or 1-800-748-9459 to learn more.
For additional tips, visit our Identity Theft and Fraud Protection resources.
