This November, a new law will go into effect to help protect older and more vulnerable people who might get caught in scams.
Communication Federal Credit Union Vice President of Compliance Heather Converse and CEO Stephen Lark sat down with News 9 to discuss the law and what it means for consumers as well as financial institutions.
What are you seeing as far as scams?
Converse: So many scams. The law was needed because there were some boundaries, some barriers, from financial institutions really stepping in and stopping the scam. Getting that reported to law enforcement quickly, getting financial information to maybe Adult Protective Services if it’s needed. So that’s what the law helps. Also, we would like Oklahomans to think about adding a trusted contact to their account. It doesn’t change the ownership of the account in any way. That person cannot do transactions on your account, but it’s a trusted individual that we can reach out to when something’s not right.
How will the new law protect financial institutions?
Lark: You know, it’s one of those things that we’ve seen over the past several years. And last year I was visiting with Heather and she was telling me about some of the constraints on the on the laws with the unique laws in Oklahoma. And so we talked with our with our lobbyists and a few lawmakers and they were super receptive. And and, you know, the law really helps us protect individuals. And that’s as a credit union. That’s what we’re really about. And so Heather was able to work with the legislature and went down there many times and testified. And I think the biggest win was that it passed both houses unanimously.
What’s something that you want Oklahomans to know about how these scams are so convincing?
Converse: The biggest thing we’re seeing right now is caller ID. So even if it says it’s your financial institution, you don’t need to trust that. Call them back on a trusted number. Log into your account, see if there’s anything going on. But don’t ever answer the phone when it says it’s your bank or your credit union and trust that that’s really them. And do not, we do not give out our usernames and passwords. Never. To anyone. Never. When you get those MFA codes, those codes that we send you to verify that it’s you, those are for you and for you alone. We will never, ever, ever ask for those codes.
Why are these scams so dangerous?
Converse: They work; they know that you’re going to be urgent. They know that you’re going to be upset about it. They know that they need to work quickly. They want you to act quickly. They don’t want you to stop and think. So really, the biggest thing is to pause, slow down, calm down, and call your financial institutions.
What can people do if they feel like they need some more details on preventing scams or feel like they’ve become a victim of a scam?
Converse: First, you can reach out to your financial institution. Most of them have someone like my team and me. We can talk through whatever you think is happening. We can direct you to resources. We can step in and help you get out of the situation that you feel like you’re in. Social media has increased this, kind of thrown gas on the fire. People are being contacted; we’re on social media more they may be posing as your friend, you know, offering investment advice.
Click Here For The Original Source.
