Throughout life’s journey, St. Thomas Federal Credit Union is here to help you reach your financial goals. Money 101 is our ongoing education series—built for the people of the Virgin Islands—to show practical ways to get the most out of your money so you can get the most out of life.
We all work hard to build a life for our families here in the Virgin Islands. Unfortunately, as our world becomes more digital, the threats to our hard-earned savings are becoming more sophisticated. From deceptive phone calls to social media messages that are too good to be true, fraudsters are constantly looking for ways to target our neighbors on St. Thomas and St. John.
At St. Thomas Federal Credit Union, we believe that your best defense is staying informed. At a recent community workshop held at Victor’s New Hideout, our CEO, Keisha L. Richards, shared a vital message with the membership:
Financial safety isn’t something you “set and forget.” It’s something that requires daily awareness vigilance.
Understanding the Reality of Identity Theft
Identity theft is deeply personal. When someone gains access to your accounts or your data, in addition to the financial headache it causes, it’s the invasion of your privacy that can take months or even years to fully resolve. But, if you understand the tactics scammers use, you can stop them before they ever have a chance to do damage.
Here are three key strategies for staying one step ahead of fraudsters:
1. Recognize the Red Flags
Scammers often rely on creating a sense of “false urgency” because they want you to panic and act without thinking. So, you may receive a phone call, text or email claiming that your account is frozen or that you owe an immediate payment for something. We’re in the heart of tax season, so there’s a good chance you’ll get a call from a scammer claiming falsely that you owe back taxes.
Remember, STTFCU will never call or text you and ask for your full social security number, your PIN or your online banking password. If a message feels suspicious or overly aggressive, hang up the phone or delete the text. When in doubt, call us directly to verify the claim.
2. Secure Your Digital Life
Your mobile devices and social media accounts are often the first places a fraudster will look for information. You can significantly lower your risk by taking a few simple steps:
- Use unique, complex passwords (letter, number and symbol) for every account. Don’t use any phrases or words in your password that have personal meaning.
- Enable two-factor authentication (2FA) whenever it is offered.
- Review your social media privacy settings to ensure your personal details, like your birthdate or home address, aren’t visible to the public.
3. Act Quickly if Something Feels Wrong
If you suspect your information has been compromised, then time is of the essence. You should immediately:
- Contact STTFCU: We can help you secure your accounts and monitor for any unauthorized activity.
- Place a Credit Freeze: You can contact the major credit bureaus to “freeze” your credit, which prevents scammers from opening new accounts in your name. Freezes can be permanent or established for specific periods, and they do not cost you any money to turn on or off.
- Update Your Credentials: Change the passwords for your email and banking accounts immediately using a secure device.
STTFCU Is Your Partner in Security
The lessons shared during our recent fraud awareness workshop aren’t just for a one-time event. They are tools you can use every day to protect your peace of mind. As a member-owned credit union, your security is our top priority. We are constantly monitoring for threats and working to ensure our community remains a safe place to grow your finances.
If you ever have questions about a suspicious message you received or want more tips on how to safeguard your data, our team is always here to help. Stop by the branch or give us a call. Together, we can keep our island safe and secure!
And stay tuned to this website for more helpful Money 101 articles that will help you achieve your financial goals.