Don't Take the Bait: 3 Financial Scams to Avoid

Ahoy there, mateys! As we dive into the deep, dark waters of the financial world, it's important to look for those sneaky sharks trying to take a bite out of your hard-earned treasure. In honor of Shark Week, let's talk about three financial scams that you'll want to avoid. And hey, if you're looking for a safe harbor or a first mate in these choppy seas, consider setting sail with Georgia United Credit Union. 

The Phishing Expedition - Don't Get Reeled In 

Have you ever received an email that looked like it was from your financial institution, but something felt a little... “phishy”? You're not alone. These sneaky emails are called phishing scams, and they're designed to lure you in and steal your personal information. 

Think of these emails as chum in the water, attracting you with fake urgency or promises of hidden treasure (like a surprise account boost). But just like a hungry shark, these scams can leave you feeling empty and vulnerable. 

Here's how to stay safe and avoid getting hooked: 

• Double-check the sender: Phishing emails often have slightly misspelled addresses or come from unfamiliar domains. A legitimate Georgia United email will always come from a recognizable address, such as georgiaunited@gucu.org. 

• Beware of urgency: Phishing scams often create a sense of panic by claiming your account needs immediate attention. Don't rush. If you're unsure, contact us directly using a phone number you know is correct (not one provided in the email). 

• Don't click on fishy links: Phishing emails often contain links that lead to fake login pages designed to steal your information. If you're unsure, don't click. Instead, go directly to gucu.org by typing the address into your browser. 

• Be wary of unexpected attachments: Phishing emails may contain attachments that, when opened, can download malware onto your device. Never open attachments from unknown senders. 

Georgia United will never ask for sensitive information like your password or PIN through email. By staying vigilant and following these tips, you can navigate the digital waters with confidence, leaving the phishing expeditions to the hungry sharks. 

The Loan Shark Lagoon - Navigating Predatory Waters 

Sometimes, even the most financially savvy sailor can find themselves in need of a loan. But beware: The loan shark lagoon is filled with predatory lenders waiting to exploit your financial vulnerability. These loan sharks offer seemingly tempting deals with high interest rates and hidden fees, leaving you treading water with a hefty anchor tied to your finances. 

So, how do you avoid getting caught? Here's your deep-sea treasure map to navigate these treacherous waters: 

• Know your credit score: A strong credit score is your life raft in the loan market. It allows you to qualify for loans from reputable lenders with fair interest rates. 

• Chart your course: Before taking out a loan, create a budget that outlines your needs, use a budget calculator and create a repayment plan. Don't be lured by shiny loan offers that exceed your ability to repay. 

• Beware of hidden reefs: Predatory lenders often disguise fees and penalties in the fine print. Read loan agreements carefully, and don't hesitate to ask questions before signing on the dotted line. 

• Seek a credit union instead: Credit unions are not-for-profit organizations that offer loans with lower interest rates and more flexible terms. Think of us as your friendly lighthouse, guiding you towards financial stability. 

There's no shame in needing a loan but educate yourself and seek help from reputable lenders like Georgia United Credit Union. 

Identity Theft - The Pirates Lurking in Digital Waters 

More terrifying than sharks, there's pirates lurking in the financial sea – ready to plunder your accounts. Once these identity thieves have your personal information, they can wreak havoc on your credit score, open accounts in your name and leave you financially floundering.  

Here’s your treasure map to navigate the digital waters: 

• Guard your Social Security number: This is your financial passport. Don't share it unless necessary and never carry it in your wallet. 

• Monitor your accounts regularly: Regularly monitor your Georgia United accounts in Online or Mobile Banking and sign up for e-statements to avoid mailing personal information. 

• Freeze your Credit Card (if necessary): If you have misplaced your Georgia United Visa® Credit or Debit Card or believe an unauthorized person has access to your card information, quickly "freeze" your card through  Online Banking  or our  Mobile App to prevent fraudulent account activity. 

• Swim with a trusted crew: Partner with Georgia United. We offer security features like fraud alerts and tips on how to keep you financially safe. 

Before you walk the plank of financial despair, be sure to safeguard your data. We are here to help you navigate the financial waters and keep your identity safe. 

Georgia United - Casting a Net of Support to Keep You Swimming Strong