We have been alerted to a higher than usual number of suspected fraud cases involving credit union member accounts recently. These cases relate to both incoming and outgoing payments to and from credit union member accounts.
We would like to remind members before sending a payment that once the payment has been sent, it is irrevocable. In addition, when making large over-the-counter payments please ensure that you are confident prior to sending a payment that the recipient is legitimate and will honour commitments to deliver goods or services. This is particularly true for all cross-border payments. Lately, there have been a number of fraudulent incidents involving payments to banks in the UK in particular.
While CUSOP can request a recall of outgoing payments (under certain circumstances) and it is good practice to do so if possible to alert the receiving bank, it is usually the case that there are no funds left in the recipient’s account to recall.
- Be Informed: Stay in control, don’t be rushed and make a decision you or your business will regret.
- Be Alert: Always double check random or unexpected emails, calls or texts requesting personal, business or financial information.
- Be Secure: Never give your security details such as full banking password, codes/login details, or PIN to anyone.