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Something for your member newsletter

Category: BSA
By Kyle Woodmansee    No Comments

Credit unions truly care about their members, so here is a little something from FinCEN that would be great for your member newsletter. FinCEN issued an advisory on fraudulent correspondence and phone calls in which the call states that they are calling on behalf of FinCEN. Here are the two scams:

FinCEN has been receiving calls and reports of financial scam attempts conducted via telephone. In this scam the caller represents himself/herself as an employee of FinCEN and asks for the victim by name, either at the victim’s home or work number. The caller will identify an outstanding debt; this debt may be actual or bogus. The caller will provide the victim with the victim’s account, Social Security or other similar number and demand that immediate payment be made. The caller’s knowledge of the victim’s name, telephone number, account description and personal information serve to legitimize the caller.

FinCEN also has become aware of another financial scam conducted via e-mail and telephone in which an individual claiming to be a representative of the U.S. Department of the Treasury or FinCEN informs the victim that he/she has received a large Treasury Department grant. To obtain the grant, the victim is instructed to provide bank account information and make some type of initial payment or donation.

Pass this information along to your members to help educate them, in an effort to protect their financial well-being. FinCEN also reminds you that:

Those who believe that they are or have been a victim of a financial scam should report this information to local, State, or Federal law enforcement authorities.

Have a great week.

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