Simpson joins National News Desk to talk post-holiday fraud risks

America’s Credit Unions President/CEO Scott Simpson joined National News Desk to discuss the rise in fraud and scams that occurs in the post-holiday season as consumers review their finances, prepare for tax season, and create new resolutions around money.  

Speaking with anchor Taylor Murray, Simpson explained that bad actors take advantage of the sincerity during the holidays and notes what makes these scams such a harmful type of fraud.

“The distinction is that those that are losing the money, the victims are actually unwitting, but willing participants. They often are convinced that they need to send their money somewhere,” said Simpson.

Simpson noted that Americans need to be on the lookout for a false sense of urgency created by scammers, as well as requests to convert funds to payments like cryptocurrency or gift cards. “All of those things should be a warning sign to anyone that a bad actor is likely involved,” he added. “And if your financial institution staff member suggests that you slow down and review it, I would listen to them.”

Noting credit unions are an important layer of defense for their members, Simpson said the personal touch and expertise that credit union professionals impart is something to lean into as a consumer.

In a recent RealClearPolicy op-ed, Simpson reiterated this fact and highlighted real-life examples of how credit unions’ vigilance has protected members. America’s Credit Unions continues to engage regulators and Congress on solutions to stop fraud and scams and to ensure the credit union perspective is included. 

Watch the interview: