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A Fraud Claim is where you (or a person who you have authorized to use your card or account information) never participated in the transaction with the merchant. This means that you did not provide any of the card or account information to the merchant at any time, not even for verification purposes.
A Merchant Dispute is where you or an authorized person uses your card or account in a transaction with a merchant but now there is problem with how it has been billed. This includes transactions for items like trial memberships and/or incorrect charges on the account. The member will need to contact the merchant first to settle the issue.
Definition: The fraudulent practice of registering domains with deliberately misspelled names of well-known websites to lure unsuspecting visitors to alternative websites, typically to obtain personal information such as passwords and banking information.
Definition: The fraudulent practice of sending emails purporting to be from reputable companies in order to induce individuals to reveal personal information such as passwords and credit card numbers.
Read More at Federal Trade Commission
Definition: The fraudulent practice of directing internet users to a bogus website that mimics the appearance of a legitimate one, in order to obtain personal information such as passwords, account numbers, etc.
Definition: The fraudulent practice of making phone calls or leaving voice messages purporting to be from reputable companies in order to induce individuals to reveal personal information, such as bank details and credit card numbers.
Definition: An automated telephone call which delivers a recorded message, typically on behalf of a political party or telemarketing company.
Read More at Federal Trade Commission
Definition: Caller ID Spoofing is the process of changing the Caller ID to any number other than the actual calling number. Caller ID spoofing happens when a caller knowingly falsifies the information transmitted to disguise the number they are actually calling from.
Definition: the fraudulent acquisition and use of a person’s private identifying information, usually for financial gain.
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Definition: A money mule is a person who transfers stolen money between different countries. Money Mules are recruited, sometimes unwittingly, by criminals to transfer illegally obtained money between different bank accounts.
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Definition: Financial exploitation occurs when a person misuses or takes the assets of a vulnerable adult for his/her own personal benefit. This frequently occurs without the explicit knowledge or consent of a senior or disabled adult, depriving them of vital financial resources for their personal needs. Assets are commonly taken via forms of deception, false pretenses, coercion, harassment, duress and threats.
Definition: Bogus job postings, recruitment emails and online ads, often illegally using legitimate company names, are all tools scammers use to defraud people seeking employment. Be suspicious of quick offers with high salaries or prepayment requests for coaching, training or certifications. Many employment scams also offer advanced payment for supplies. These checks will often bounce, costing the victim money.
Definition: Romance scammers contact their victims through dating apps or social media to try to establish a romantic relationship with the individual in order to access their money and personal information. Scammers use fake identities and back stories to gain their victim’s trust.
Definition: Phone scammers may masquerade as tech support employees for a major company (ex. Microsoft) in order to take their victim’s money and install a virus on their computer. Scammers may call from what seem to be legitimate company numbers using caller ID spoofing.
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Catfishers create fake identities on dating apps and social media to coax their victim into fake online relationships. The scammer often moves quickly to personal channels such as phone or email, using the victim's trust to acquire money or personal information, or for help in hiding their criminal activities. Most victims never meet their love interest in person.
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Definition: Scammers sometimes prey on grandparents by claiming their family members are in jail or in trouble and need money quickly. They use personal information such as family member names and hometowns to seem more convincing.
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Definition: These scams involve someone claiming the victim has won a prize. However, they say the victim must pay a fee or provide sensitive banking information in order to get it. The scammer keeps the money, and the victim gets nothing for it.
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Definition: Scammers sometimes pose as IRS agents, threatening legal action and demanding money or personal information. To appear legitimate, scammers may attempt to spoof an IRS number or email address.
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Definition: Scammers call asking for charitable donations, often during the holidays or after large-scale disasters. The scammer may make up phone charities or spoof a real charity to trick the victim out of their money.
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Definition: Scammers will send brochures offering expensive home improvement services at unusually low costs, or they will mail an offer for a free home inspection that results in expensive repairs that are unnecessary. In some instances, the scammer will show up at the victim’s home and try to gain access by posing as a utility repairman or home insulation inspector, flashing something that appears to be an identification card as a way to convince the victim to let the scammer enter their home or perform repairs on the spot. The victim is usually left with a large bill and a faulty repair job.
Read More at the FCC Read More at Federal Trade Commission
Definition: Free-trial product offers that consumers receive over the phone or the internet may be too good to be true. Victims are asked to pay a small fee by credit card. This can lead to other unwanted charges, or the victim may be unable to cancel after the trial runs out, forcing the individual to pay for the product in question.
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Definition: Phone scammers are preying on fears over the novel coronavirus (COVID-19) pandemic, calling and texting consumers with scam offers for free home testing kits, bogus cures, fake health insurance, and more.
When you are traveling outside of your local area, it is important to contact ValleyStar so that your credit and debit cards will not be restricted. Notifying ValleyStar of your travel plans is easy. Call 800.475.6328.
Getting a new home or cell phone number? Don’t forget to update your contact information with ValleyStar! Maintaining up-to-date contact information helps us to notify you of important information or suspicious activity.
At ValleyStar Credit Union, your security is our priority. That’s why we encourage you to enable Multifactor Authentication (MFA) on your accounts.
MFA adds an extra layer of protection by requiring not just your password but a second verification step, like a code sent to your phone. This helps ensure that only you can access your accounts, even if your password is compromised.
Stay secure and give yourself peace of mind by activating MFA today. It’s quick, easy, and an important step in safeguarding your financial information.
Read More at Federal Trade Commission
Read More at American Bankers Association Read More at Bankrate