Fighting Fraud from the Inside: Q&A with PSECU’s Financial Crimes Unit

Fraudsters are constantly coming up with new tricks and changing tactics, but so is our Financial Crimes team. To get an inside look at what’s happening behind the scenes when it comes to fraud protection, we caught up with Amanda Balmer, Director of Financial Crimes. From the most common scams we’re seeing right now to simple things you can do to protect your account, Amanda gave us the scoop.

What types of fraud are you seeing most often right now?

Amanda: We’ve been hearing a lot of reports about phishing and smishing attempts – those are where fraudsters send fake emails or text messages pretending to be banks, government agencies, or even credit unions like PSECU. They’ll spoof phone numbers to make it look like they’re coming from someone trustworthy, such as the IRS, delivery service, local police, or financial institution, then pressure you into sharing sensitive information, like your account number, Social Security number (SSN), or login credentials.

These aren’t your average scam messages; they’re calculated, deceptive, and increasingly hard to spot. And they’re catching people off guard. That’s why we’re always telling members that if you didn’t start the conversation, be extra cautious. Hit the pause button, and don’t click or reply without verifying who you’re talking to.

What should a member do if they think they’ve been targeted - or worse, they fall for it?

Amanda: First of all, know that this happens to people every day - you’re not alone. These scammers are good at what they do, and they can catch even the most careful person off guard. The most important thing to do is trust your instincts; don’t be afraid to ask questions, and don’t feel rushed to respond.

If someone claims to be from PSECU and starts asking for your account number, SSN, PIN, or an authentication code just sent to you, your “red flag radar” should start going off. Instead, tell the caller you’re going to hang up and call us back at 800.237.7328. You can verify our number on our official website, psecu.com, or by looking at your statement. If it’s really us, we’ll understand.

Some key things to remember: 

• Listen. Were you expecting the call? Are they being pushy and pressuring you to act quickly? Remember, if you didn’t initiate the call, don’t give out your personal information.

• Read. If someone is asking you to provide them with a code to verify your identity, read the text message before providing any information.  Many times, the verification codes that are texted will say “do not provide this code to anyone,” so make sure you follow those instructions. 
• Pause and verify. Taking a moment to check can help protect your account and your money. We’ve said it before and will say it again: pause, think about it, and reach out directly to the company using an official number.

If you think you’ve shared sensitive information with a fraudster, or see something unusual happening in your account, call us right away at 800.237.7328, extension 3872. The sooner we know, the faster we can get your account and money secured.

What does PSECU’s Financial Crimes Unit actually do behind the scenes to protect members?

Amanda: A lot! Safeguarding our members’ financial security is a top priority. We have a full Financial Crimes Unit consisting of highly-trained professionals skilled in recognizing fraud indicators. Our team monitors accounts around the clock, watching for anything out of the ordinary, and employs a proactive, multi-layered approach to fraud prevention.

For example, if we detect unusual activity like a login attempt or transaction that seems off, we’ll send you an authentication code to confirm it’s really you. When necessary, we might also reach out to ask a few additional questions about a transaction just to make sure it’s not part of a scam and protect your funds.

It’s always important to remember that while we work diligently to keep your accounts secure, it’s a shared responsibility – meaning, you’re a big part of this equation. You can safeguard your personal data by following best practices, including: 

• Keeping your account details, like your login info, private. Don’t share this with anyone.
• Avoiding the reusing passwords. Instead, use strong, unique passwords for all your accounts.
• Checking your account regularly and reporting unauthorized transactions immediately. 

Most importantly, transparency is essential in fraud prevention. If we contact you regarding a transaction, providing accurate information helps us effectively detect and mitigate potential threats. By working together, we can create a secure banking experience for all members. 

What happens after a member reports suspected fraud?

Amanda: If you contact us to report suspected fraud, our investigation will start by asking you a few questions to understand what happened, determine the type of fraud, and what your next steps should be.

Here’s what that might look like:

• We’ll ask some questions to get a clear picture. We might ask you, was there an unauthorized transaction? Did you get a weird text or call, and did you respond to it? Did you share secure information?
• If a transaction was unauthorized, we’ll help guide you to file a dispute.
• If your personal information is compromised, we’ll provide you with the resources you need to protect your information - like placing a fraud alert on your SSN or credit freeze on your account.

We’ll help you understand the next steps to best protect yourself. Our goal isn’t just to fix the problem, it’s also to help members feel supported, informed, and more confident moving forward.

What’s the one small habit members can start today to protect themselves?

Amanda: That’s an easy one: keep a close eye on your accounts. Take a few minutes to regularly review your recent activity. Even a quick scroll through your recent transactions can help you catch fraud early.

Also, sign up for account alerts to get notification of all your account activity. In digital banking, navigate to your Profile & Settings and then Manage Alerts. Go through the Alert Categories and choose which notifications you want to receive by switching the toggle to “on.” Make sure you choose your delivery method most effective for you (email, text, or push notification options).

Are fraudsters targeting any specific groups more than others right now?

Amanda: Fraudsters don’t discriminate; they’ll target just about anyone.  It’s easy for them to cast a wide net with today’s technology. For example, they’ll send out a blast of text messages and hope that someone replies. We have been seeing some groups being hit more often:

• Older adults. Fraudsters will invest weeks or months into building fake relationships or friendships with their victims to gain their trust and eventually, convincing them to send money.

• Job seekers. Scammers post fake job listings that look completely legitimate, sometimes even on real job sites, or they may send hundreds of unsolicited text messages promoting high-paying opportunities hoping to get a few “bites.” Then, they’ll trick their victims into accepting fake job offers, depositing fraudulent checks, or sharing personal information. In some cases, scammers even try to use the victim’s account to move stolen funds without them realizing it.

• Busy people of any age. Fraudsters love people who are too busy to fact-check. They’ll hope that their victim doesn’t have time to validate that email, text, or phone call request before providing sensitive information to give them access to their account.

How can members tell the difference between a legitimate message from PSECU and a scam?

Amanda: Even if your phone says “PSECU” is calling, don’t let your guard down. Make sure you pay attention to what information you’re providing when you accept a phone call. PSECU will never ask you for sensitive information, like your full account number, full SSN, PIN, or digital banking security codes sent via text.   

If someone asks for that kind of information, hang up and call us directly.

Do you have any other advice or tips you’d like to share?

Amanda: Always be on alert and trust your gut. Fraudsters are using all of their resources to try to trick you into providing them with information or money. Remember that if something sounds too good to be true, or is unexpected and urgent, take some time to stop, think, and verify the claim.

Our Financial Crimes team is here to partner with you, so give us a call if you have questions and think you’re being scammed. Remember, it’s always better to call before you send money or share information. That’s how we stop scams in their tracks: together!

Need more fraud-fighting tips? Visit psecu.com/fraud to stay one step ahead of the scammers.