MEFCU Financial Wellness Center
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Scams Target Older Americans at an Alarming Rate
The number of elderly victims impacted by fraud has risen dramatically and the loss amounts are even more staggering. In 2021, over 92,000 victims over the age of 60 reported losses of $1.7 billion to the Internet Crime Complaint Center (IC3). This represents a 74% increase in losses over 2020. Many of these member-targeted scams involve fraudulent wire transfers reaching hundreds of thousands of dollars, specifically targeting your elderly members.
CREDIT UNION NEWS
2022 Scholarship Winners Announced
The Merck Employees Federal Credit Union is proud to announce that it has awarded five (5) $5,000 scholarships to high school seniors in three (3) states—Delaware, New Jersey and Pennsylvania. Each year MEFCU’s scholarship program attracts hundreds of applicants throughout the country. Applicants are required to be members of the credit union or a family member of a MEFCU member and to be in their senior year of high school.
Latest On Demand Webinar is Here: Home Buying in 2022
The financial landscape has changed drastically in recent months and Merck Employees Federal Credit Union and MemberFirst Mortgage teamed up for Financial Literacy Month to educate you on the current home buying landscape.
Beware of Amazon Texting Scams
A Texas police department recently issued a warning regarding people receiving phony text messages that purport to be sent from Amazon telling you that your account has been hacked. These phony text messages, called "smishing" will either attempt to lure you into providing personal information that will be used to make you a victim of identity theft or try to persuade you to click on a link that will download malware.
Fraudsters Change Tactics in Person-to-Person (P2P) Fraud Scam
Person-to-Person (P2P) or Zelle fraud is widespread and has been making national and local news in recent months. As the fraudsters pivot to new tactics, the social engineering used by them is also evolving. In the newer version of the scam, fraudsters, impersonating a Zelle user's financial institution, con the user into using Zelle to transfer funds to themselves using their mobile phone number under the guise that it will replace funds stolen from their account, however, the Zelle transfers go to the fraudsters instead.