Keeping your credit union members safe from coronavirus scammers

A common technique among internet and email scammers is to take advantage of public concerns and fears. Today, that means that scammers are capitalizing on the fear surrounding the emergence of the coronavirus (COVID-19) – from health and safety concerns to apprehension around financial market impacts. During this critical time, a proactive focus on the safety and security of our credit union members is more important than ever. Below are helpful tips that can be shared with your members to safeguard against coronavirus-related fraud.

Beware of Bogus Products and Investments
As scammers prey on coronavirus fears, we’re witnessing an uptick in the sale of bogus products like masks, immune system boosters and sanitizers. If you aren’t able to find a hand sanitizer at your local store, it doesn’t make sense that a random source on the internet would have an unlimited supply for sale. When an offer sounds “too good to be true,” verifying product credibility through research is key.

Also, be wary of “investment opportunities” related to the coronavirus. The U.S. Securities and Exchange Commission (SEC) is warning people about online promotions, including through social media, claiming that the products or services of publicly-traded companies can prevent, detect or cure coronavirus. Don’t get caught in a stock scam; always seek professional advice.

 

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