Recently, a member stopped by our North Attleboro branch after discovering a credit card was fraudulently opened in her name. Thanks to our Universal Banker, Marcus, the issue was quickly resolved—he reached out to the credit card company and credit bureaus to report the fraud and help set things right.
Fraudulent credit card openings can be a real headache, but with a few smart moves, you can greatly reduce your risk. The key is to be proactive and protect your personal information like it's a valuable treasure. It’s all about making it as difficult as possible for someone to steal your identity and use it to their advantage. Here’s how you can stay one step ahead of the bad guys.
Freeze Your Credit—Your Best Defense
The most effective way to prevent someone from opening a new credit card in your name is to freeze your credit reports. A credit freeze, also known as a security freeze, essentially locks your credit file. This means that lenders and other creditors can't access your credit report, which is a necessary step for opening a new account. Since a fraudster can't get past this step, they can't open a new card. It's like putting a padlock on your financial identity.
You'll need to contact each of the three major credit bureaus—Equifax, Experian, and TransUnion—to place a freeze. Luckily, it's free to place and lift a freeze. The only time it might be a hassle is if you genuinely need to apply for a new loan or card. In that case, you'll have to temporarily "thaw" the freeze with the specific bureau the lender uses. But for most people, keeping your credit frozen is a simple, powerful way to prevent this type of fraud.
Monitor Your Financial Footprint
Even with a credit freeze, it's a good idea to keep a close eye on your financial life. Stay informed with real-time credit monitoring alerts from SavvyMoney. Available directly in the SCU Credit Union mobile app. Similarly, reviewing your bank and credit card statements online to help you spot any suspicious activity right away. Setting up transaction alerts with your bank and credit card companies is a smart move, too. You can get a text or email every time a purchase is made, so you'll know instantly if something is wrong.
Be a Digital Guardian
A lot of identity theft happens online, so protecting your digital presence is crucial. Start by using strong, unique passwords for all your accounts, especially those related to your finances. Use a password manager to help you keep track of them all. And wherever possible, enable two-factor authentication (2FA). This extra layer of security requires a second form of verification, like a code sent to your phone, to log in, making it much harder for a thief to access your accounts even if they somehow get your password.
Be on the lookout for phishing scams. These are fake emails or texts that try to trick you into giving up your personal information. They might look like they're from your bank or a company you trust, but they'll often have spelling mistakes or a sense of urgency. If you get one, don't click on any links or download any attachments. Instead, go directly to the company's official website to log in. Always be cautious about what you share online, too. Posting things like your full birthdate, address, or even your pet's name on social media can give a thief clues they can use to steal your identity.
Your security is our top priority! Our branch teams and contact center are fully trained to help keep your accounts safe from fraud and any suspicious activity. If you notice anything unusual, don’t hesitate to call us at 877-661-3300 or visit any of our branch locations. We’re here to help!