FINANCIAL FRAUD
What is Financial Fraud?

Financial fraud is when someone takes your money or assets through deception or criminal activity. Fraud is now a $130 billion global financial issue due to the rise in digital interactions and records. According to the Federal Trade Commission, consumers lost more than $5.8 billion to fraud in 2021. This was a rise of 70% when compared to the previous year.
What are the Types of Financial Fraud?
Cash apps, such as Zelle, Venmo, or PayPal make paying an individual easy when cash is not around. However, it is important to be aware of possible scams that can occur when using these apps. Always make sure you know the person you are paying. Use secure passwords and make sure that you stay signed out of these apps when finished. Never use public wifi when using these types of apps.
Due to the increase in scams occurring through Cash App, Venmo, and Zelle, BHFCU has implemented P2P (peer to peer) transfers through our mobile app and online banking platforms. You can security and easily transfer money to friends and family or account to account. Just make sure you have the right username, phone number, or identifier prior to sending.
If you haven’t already, download the BHFCU Mobile App today!
One out of every 5 individuals over the age of 65 have been a victim of financial fraud. Why are seniors targeted so frequently? Seniors are oftentimes more trusting, typically have financial savings, higher credit scores, and own their home. Elderly fraud can occur in a variety of ways. The FBI has listed some of the more popular scams that target the elderly.
- Tech Support Scams: Criminals pose as a technology support representative and offer to fix non-existent computer issues.
- Grandparent Scams: Criminals pose as a relative claiming to be in financial need.
- Government Impersonation Scams: Criminals pose as government employees and threaten to arrest or prosecute victims unless they provide payment.
- Home Repair Scams: Criminals appear in person and charge homeowners in advance for home improvement services that they never provide.
Phishing is a type of online scam that targets consumers by sending them an e-mail that appears to be from a well-known source. The email may include the companies name, logo, and contact information. One simple way to detect a phishing scam is by checking the email address that the message was sent from. Oftentimes these phishing emails will use a gmail or yahoo account. BHFCU sends out monthly e-blasts to alert members of current promotions or urgent message such as early closings. These messages will come from contact@baptist-healthfcu.com.
Any message sent from Baptist Health Federal Credit Union will end with @baptist-healthfcu.com
Sweetheart Scams typically start with a message from someone you don’t know on a dating app or social media account. The scammer sets up a profile, gets to know you, and then slowly lures you in to sending that person money. They may say they need money to travel and come see you, funds for an emergency, or even personal needs like paying rent. Visit CUInsight for more information on Sweetheart Scams and how to prevent them.
How Can I Protect Myself from Fraud?

BHFCU offers a free credit monitoring program to allow members to monitor their credit score. This program monitors your your credit report daily and informs you if there are any big changes detected such as; a new account being opened, change in address or employment, a delinquency has been reported, or an inquiry has been made. This helps you keep an eye out for identity theft and monitor spending on your credit cards. Sign up for our Free Credit Monitoring today and setup alerts to help protect your accounts from fraud.
2. Review Accounts & Statements
Download the BHFCU app where you can continuously monitor your account activity, turn your debit card “On” and “Off”, message BHFCU directly through the app, and set up security alerts. If you notice any type of fraudulent spending on your account, call us immediately at 501-202-2373!

BHFCU will NEVER call or text you and ask for your personal information. If you are suspicious of a phone call that you have received, hang up and call BHFCU directly at 501-202-2373.

3.Make Sure the Company is Legitimate
Do not send money or give your account information to a company that you did not initiate contact with. Attackers will often reach out by phone, text, or email pretending that there is a problem with your account. Additionally they will pretend to represent a company you may have done business with in the past. Always verify that you know the person or company you are talking to. If you’re concerned, call them back at the company phone number to verify that it is a legitimate call.
4. Make Sure Websites are Secure
Look for the https:// or the security lock in the web address at the top of your internet browser. Never put any type of credit card information into a website that does not include these items as your information may not be secure.

If you think you’ve been a victim of fraud, contact us at 501-202-2373. If you would like more information on the types of common scams, crimes, and how to report them, visit the FBI Website.
Remember, Baptist Health Federal Credit Union is here for you! If you have questions about fraud or fraud prevention, give us a call at 501-202-2373!
Financial Wellness in 2023
What is Financial Wellness?
Set a budget
One of the most basic steps in setting yourself up for financial wellness is setting a budget. Create a list of your expenses and compare that to your income. Are there areas that you can make changes? Look specifically for areas that you can save money each month. Do you have a lot of subscription services? Is that morning cup of designer coffee a necessity?
Don't forget to set some room in your budget for fun! You're more likely to stick to your budget if it meets all of your needs. Remember that your budget is there to help you maintain balance, pay down debts, and increase saving. As you pay down debts, revise your budget to better serve your current needs.
Pay DOWN Large Debts
Debt can be overwhelming! Which debt should be paid first? How much should you pay? When creating a budget, it is important to set aside extra funds to pay down large debts or those with the highest interest rates. Don't just budget the minimum monthly requirement, but always try and pay over that amount each month if possible. Consider refinancing loans with high interest rates. BHFCU offers the option to make no payment for 90 days when you refinance your auto, farm equipment, boat, RV, camper, or ATV loan, giving members the ability to use those 3 months of payments to put toward other needs!
Start Saving!
Did you know you can use Direct Deposit each month to have money from your paycheck put directly into a savings account. Doing this makes sure that the money is saved and not spent.
Plan for the future
While it may seem hard to plan 20 years from now when you’re struggling financially today, investing is still an important part of financial wellness. BHFCU offers IRA, CDs, and Life Insurance policies. Planning a life insurance payment into your monthly budget is an easy way to start saving for your future today.
increase your credit score
Your credit score determines your interest rate, which determines how much you’ll pay on your loan. BHFCU is now providing FREE Credit Monitoring without negatively impacting your credit score. Our program allows you to see what your credit score would be based on future payments and teaches you how to improve your credit score in the future.
refinance your home or auto loan
Refinancing is a great way to save money each month. If you’re paying a high interest rate on your home, auto, boat, RV, or camper loan, consider refinancing with BHFCU. When you refinance, you’ll make no payment for 90 days! That gives you 3 months to use the money that would have been spent on your loan, to put toward an urgent need.
EArn additional income
We find ourselves living in a world where you can work from anywhere, anytime! If money is placing a financial burden on your life, look for additional ways to bring in income using your unique skillsets. Are you creative? Consider looking at starting an Etsy Business or becoming a freelancer. Do you have a car? Put it to use by working for a delivery or pickup service during your free time. Interested in sports? There are paid positions such as a referee or coach that could be done on the evenings or weekends. Love fitness? Offer your services as a personal trainer. Whatever you're interested in, look for ways to use your talents and earn extra money in your spare time!
