• Checks in Excess
• Fraud Prevention
• Fraud Resources
• Identity Theft

CHECKS IN EXCESS

In reality, the cashier’s check you have received is more than likely counterfeit. You will be notified by your Credit Union or other financial institution that the check you cashed has been returned and debited from your account. Not only are you no longer in possession of the item for sale but you are also out the full amount of the check.

Red Flags:

• The check is for considerably more than the agreed upon amount.
• The letter may have grammatical errors and/or be overly friendly.
• There may be spelling errors on the check or printing inconsistencies.
• The buyer’s location is either undisclosed or is not consistent with the check location.
• You are asked to send back money.
• The buyer is in a big hurry for the return of the money.

Prevention:

• Accept electronic payment for online transactions.
• If you accept a paper check, accept it for the amount of purchase only.
• Ask your financial institution for guidance.
• Take your time; do not let someone rush you into doing a large financial transaction.

Information on other current scams:

• MN State Attorney General
• US Postal Inspection Service

FRAUD PREVENTION

The chance of becoming a victim of fraud is on the rise. HealthEast Employees Credit Union wants to prevent you from being lured into a scam or becoming an unknowing victim of fraud. Here you will find the resources you need – because knowledge is your greatest defense against fraud.

Here are some helpful hints to avoid becoming a fraud victim:

• Your account numbers and personal information should never be revealed to telemarketers, prize personnel, or anyone you have not initiated contact with.
• Be wary of overpayment or checks in excess from people that want money returned.
• You cannot win a lottery you have not entered, nor should you have to pay to obtain winnings.
• Shop online at sites that are secure and trusted. Do not supply confidential information online.
• Take your time, request offers in writing, and do research to ensure a reputable transaction.
• If something sounds too good to be true, it is.

FRAUD RESOURCES

• Fake Checks and Fraud Information
• National Consumers League’s Fraud Center
• MN State Attorney General
• US Postal Inspection Service
• FBI
• Reporting Fraud (MN residents): E-mail to: dps.reportfraud@state.mn.us or Call 800.333.2433

IDENTITY THEFT

Identity theft is the fastest growing crime in the United States. The reported victims total over 10 million. The success of the crime is attributed to advances in technology, the difficulty of identifying the criminals, high profit for little consequence, and the consumer’s lack of accessibility to their own financial information.

How can you help protect yourself?

• Guard your Social Security Number! You should never give this out to anyone unless you have initiated the transaction with a reputable source. Be careful of your surroundings when giving out your SSN and other personal information. Never carry your SS card with you unless absolutely necessary.
• Manage your mail. Collect your mail as soon as possible. Shred any pre-approvals and mail with identifying information on it. Do not leave bills in your mailbox for collection. Thieves can grab your mail and alter checks, use the information to open new accounts in your name, or take over existing accounts.
• Be financially responsible. Review your monthly statements; reconcile accounts frequently; be aware of what you buy on credit, when you purchase it and where you are using credit; and review your credit report annually.
• When having your checks printed, the less information you have on your checks the better. Information on your check is information a thief may use to damage your financial reputation.

IDENTITY THEFT RESOURCES

• ID Theft Resource Center
• Federal Trade Commission
• Department of Justice
• Social Security Administration

Fair and Accurate Credit Transactions Act – FACT Act
In an effort to help protect consumers, the Fair and Accurate Credit Transactions Act (FACT Act) was put into effect in December 2004. The FACT Act gives consumer several protections and rights pertaining to accuracy of credit reporting and accessibility.

The highlights of the FACT Act include:

• The development of ID Theft victim rights.
• The ability to place a fraud alert on your credit report.
• A free annual credit report for consumers.

You may request your free report from one or all of the three credit bureaus by calling 877.322.8228, visiting the website www.annualcreditreport.com, or sending a request form to Annual Credit Report service, P.O. Box 105281, Atlanta, GA 30348-5281.