Protecting Yourself from Gift Card Scams: A Credit Union Member’s Guide
Your Legacy Federal Credit Union is committed to protecting our members from financial fraud. We’ve prepared this guide to help you stay safe from gift card scams.
How Gift Card Scams Operate
Scammers often pose as authority figures or organizations you trust. They may claim to be from the IRS, a utility company, or even your credit union. The scammer will insist that you owe money and must pay immediately using gift cards. They’ll provide specific instructions on which cards to buy and where to purchase them. We wish we could tell you exactly what company they would impersonate, but there are so many these days, your best shot is to look for the red flags.
Red Flags to Watch For
- Urgent demands for payment
- Insists that you are the one in error and need to rectify the situation
- Requests for payment specifically via gift cards
- Threats of arrest, lawsuits, or service disconnection
- Pressure to act quickly without verifying information
Protecting Yourself
- Remember, legitimate organizations, including your credit union, will never demand payment via gift cards. If you receive such a request:
- Pause and think critically about the situation
- Verify the caller’s identity independently
- Contact the company directly using a known, official number, not one the caller gives you
- Don’t answer phone numbers you don’t recognize
What to Do If You’ve Been Scammed
If you’ve fallen victim to a gift card scam:
- Contact the gift card issuer immediately
- Report the scam to your local police department
- File a complaint with the Federal Trade Commission (FTC)
- Notify your credit union’s fraud department
Stay Informed, Stay Protected
By staying aware of these scams and following these guidelines, you can help protect yourself and your fellow credit union members from falling victim to gift card fraud. Remember, if something seems suspicious, trust your instincts and verify before taking any action. For more information on protecting your finances, visit Your Legacy Federal Credit Union’s security resources page or speak with one of our dedicated member service representatives.
