Your Primer On Fraud Prevention

Discovering fraud has happened on your account is a terrible feeling, and one that far too many of us have experienced. In fact, 63 percent of credit card holders report that they have been victims of fraud, and more than 51 percent have been affected by fraud more than once.

Fraudsters continue to develop more sophisticated schemes, and they are relentless - sending messages, making scam phone calls, even showing up at people's doorsteps. With fraudsters taking many different approaches to access your information and accounts, it's more important than ever to stay informed and to protect yourself from scammer attacks.

At Andrews Federal, we take safety and security seriously. While we are constantly working behind the scenes to put the best fraud prevention technology in place, you are the first line of defense and have the opportunity to stop fraud before it starts. We've put together a primer of what you need to know about fraud, as well as some useful tools you can use to protect yourself and your accounts.

What Is the Impact of Fraud?

Fraud losses continue to grow year-over-year. Card-not-present fraud (where fraudsters use payment information online or in other ways to make purchases) continues to grow rapidly and to be very costly. More than $9.4 billion was lost to card-not-present fraud in 2023 and $10.16 billion in 2024.

While the collective financial losses are staggering, individuals also face costs and inconvenience from fraud and information theft. In fact, 65 percent of victims report that they still face unresolved fraud issues months after reporting an incident.

It's our goal to provide members greater awareness and more resources, so they can reduce the potential to be impacted by fraud. It starts with education and with using the right tools to protect ourselves.

What Tools Does Andrews Federal Provide Members to Protect Against Fraud?

Credit union members have access to tools that help them keep a close watch on their accounts. For example, members can regularly check their FICO score at no cost through their Digital Banking accounts.

One of the best ways to stay on guard against fraud is to set up Fraud Alerts. Members can choose Alerts based on parameters they choose, including:

• When a password is changed
• When an incorrect login attempt occurs
• When an account balance drops below a set threshold
• When a transaction is completed online
• When a debit card transaction is more than a set amount
• When a card is used outside the normal geographic area

The Alerts can also be delivered in whichever way is most convenient for the member, including by email, secured message or SMS. This way, members can get an immediate update whenever something changes on their accounts.

How Do Members Set Up/Manage Fraud Alerts?

Members can set and manage their fraud alerts from their Digital Banking account or from the Andrews Federal Mobile Banking app.

To set up alerts about account changes (password changes, login attempts, etc.), follow these steps: 

1. Log in to Digital Banking. 
2. Go to Account Services on the navigation menu. 
3. Choose Manage Alerts. 
4. Set up customized Alerts to stay on top of your account activity. 

To set up alerts for debit or credit card transactions, follow these steps: 

1. Log in to Digital Banking. 
2. Go to Card Services > Card Management on the navigation menu. 
3. Choose the card you want to manage.  
4. Choose Alerts.
5. Set up customized Alerts, including spending limits, location-based alerts and more

How To React if You Receive a Fraud Alert

If you receive an alert, don't panic. Since the alerts can be customized to your own desires, you may set up alerts out of an abundance of caution. For example, if you set an alert to notify you when your balance drops below $500, receiving that alert may not indicate fraud, but instead may mean that you have just spent more than expected this month.

If you receive an alert that you are not expecting, start researching immediately. Log in to your account to review balances and transactions, and to verify that your account looks as expected. If you see discrepancies, communicate with the credit union immediately. You may also:

• Report your card as lost or stolen using our card management tools (see page 96 of our Digital Banking User Guide)
• File a dispute report

Your account's protection is stronger when you remain alert and vigilant. Take proactive measures to take care of your accounts. Fraud alerts are an easy way to monitor and manage your accounts. If you are concerned that you have been targeted by a fraudster, our team is here to help. Reach out to our member contact center, send a secure message, or visit us at your nearest branch.