Media City Credit Union in Burbank, a financial cooperative who returns its earnings back to its Member-Owners, aims to offer comprehensive financial education to its existing and prospective members. In the credit union spirit of “People Helping People,” Media City hopes to educate people about common financial scams so they can protect themselves and their loved ones.
Modern financial scams can be difficult to identify. Scammers craft their scams to play into people’s sense of trust or lack of technological knowledge, making many people—particularly the elderly—vulnerable. They often deceive isolated or unaware people with elaborate schemes to make them feel special and important before using these victims for financial gain.
Every year, scammers target people with increasing frequency. Protect yourself, your family, and your friends by sharing awareness of the dangers of these financial scams:
- Technology Scams: Scammers pose as customer service experts and call or email with an offer to ‘fix’ a nonexistent or unknown problem. If successful, they gain access to your computer and private information.
- Romance/Relationship Scams: Scammers lurk on social media and dating sites. They initiate communication in order to develop ‘trust’ before asking for money. They also may ask to transfer money into your bank account in hopes of gaining access.
- Fraudulent Family Member Scams: Scammers impersonate grandchildren and other loved ones, claiming to urgently need money to help them get out of a crisis.
In a technologically complex world, it’s easy to feel overwhelmed by potential fraudulent interactions. The good news? These scams can be avoided. You can take action to prevent major losses to scammers:
- Encourage older loved ones to stay involved in their community and with their family. By keeping an open line of communication with trusted family members and friends, they are less likely to fall for a scam.
- Carefully monitor accounts for unusual purchases, transfers, or unauthorized payments. Report suspicious transactions to your credit union, bank, or card company.
- Watch out for signs of potential financial exploitation by caregivers or relatives.
- Remind your friends and family to avoid any requests to send gift cards, money, or personal information to anyone they don’t know or anyone who could be impersonating a loved one.
Media City Credit Union is here to protect and support our members. If you suspect fraudulent financial requests, please reach out to us for assistance. It’s better to err on the side of caution, especially when it comes to your finances.
About Media City Credit Union
Media City Credit Union has served its members since 1936 when we were founded by employees of Helms Bakeries. A credit union is like a bank, only better. Media City offers checking, savings, credit cards and loans, yet profits are returned back to members in the form of reduced fees, higher savings rates and lower loan rates. Media City CU is a financial cooperative, giving back to its member-owners.
The credit union provides fee-free access at 75,000 ATMs worldwide and provides online account access. If you live, work, worship, or attend school anywhere in Burbank, or if you have a relative who is already a member, you can become a member too. As soon as you join, your family members also become eligible. Media City CU partnered with the ChangeWorks Foundation and by making a minimum $25 donation to this wonderful cause (Media City matches the $25 donation), you also become eligible for membership. New members enjoy immediate access to all services, including loans.