Fraud Awareness Month: Stay Informed, Stay Protected

November is Fraud Awareness Month, a time to focus on keeping your financial information safe. At BMI FCU, we know that scams are becoming more frequent and more sophisticated. By understanding how fraud works and learning what to watch for, you can take simple steps to protect yourself and your money.

The Growing Threat of Fraud

Fraud continues to rise across the country. According to the Federal Trade Commission (FTC), consumers reported more than $12.5 billion in losses in 2024, a 25% increase from the previous year1. The American Bankers Association also found that one in five adults experienced or were targeted by financial fraud in 20242.

Fraudsters are using new tools, including artificial intelligence and deep-fake technology, to make scams harder to detect. Many schemes look convincing at first glance, but their goal is always the same… To get access to your money or personal information.

Common Scams to Watch Out For

Phishing and Smishing: Fraudsters send emails or text messages pretending to be from a trusted organization. They may ask you to click a link or verify your account. Once you do, they can steal your information or install malware on your device.

Tip: Always go directly to official websites or apps to log in, never click a link you did not request.

Phone Scams: Scammers may claim to be calling from a financial institution, a government agency, or another type of company. They use urgent language to pressure you into giving personal details or sending money.

Tip: Hang up and call the organization directly using a verified number.

Online Purchase Scams: Many scams take place on online marketplaces, where sellers request payment in advance for products that never arrive.

Tip: Use trusted payment methods and research sellers before completing any transaction.

Impersonation Scams: Fraudsters may pose as friends, family members, or even financial institution employees. They will often say there's an emergency and that you must act quickly, creating a sense of urgency.

Tip: Take a moment to verify the situation. A legitimate person or organization will never rush you into a payment.

Never Give Out Personal Information

One of the easiest ways to protect yourself is to know what information should never be shared.

Never give out:

  • Your full Social Security number.
  • Your Online Banking or Mobile Banking password or PIN.
  • One-time passcodes sent to your phone or email.
  • Remote access to your computer or mobile device.
  • Payments or gift cards to someone claiming they will refund you later.

If you ever receive a suspicious message or phone call asking for this type of information, stop and verify before responding. Contact us directly at 614.707.4000 or visit a branch to confirm if the request is legitimate.

How You Can Stay Protected

  • Review your account activity regularly and report unfamiliar transactions right away.
  • Use strong, unique passwords for all online accounts.
  • Turn on two-factor authentication for extra protection.
  • Be cautious on public Wi-Fi networks.
  • Talk with family and friends about common scams so everyone stays alert.

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(November 2025)

1New FTC Data Show a Big Jump in Reported Losses to Fraud to $12.5 Billion in 2025
Federal Trade Commission press release (March 10, 2025)
https://www.ftc.gov/news-events/news/press-releases/2025/03/new-ftc-data-show-big-jump-reported-losses-fraud-125-billion-2024

2Fed: One in five Americans victims of financial fraud, scams
Federal Reserve report summary (May 29, 2025)
https://bankingjournal.aba.com/2025/05/fed-one-in-five-americans-victims-of-financial-fraud-scams/