WARREN, Ohio—With FTC data showing Americans lost more than $12 billion to fraud in 2024, a 25% increase from the prior year, 717 Credit Union here hosted a roundtable with a number of other credit unions and law enforcement that focused on fraud prevention.
The discussion brought together leaders from several northeast Ohio credit unions and representatives from local and federal law enforcement to share trends they are seeing and strategies to help consumers recognize and avoid scams, according to the Business Journal. Participating credit unions included Associated School Employees Credit Union, Cardinal Credit Union, Canton School Employees Federal Credit Union and Unity Catholic Federal Credit Union. Law enforcement attendees included the FBI and police and sheriff’s departments from Boardman, Howland and Trumbull County.
Knocking on Almost Every Door
“Fraud is just really knocking on almost every door, and we’re seeing new stuff all the time,” said Mike Kurish, CEO of Associated School Employees CU, according to the Business Journal. He said scammers often coach victims in real time, directing them by phone on how to withdraw funds and what to say to credit union staff.
The Business Journal said several participants said urgency is a common red flag. Kelly Reddy, business development manager at Unity Catholic Federal Credit Union, said staff are trained to provide a member safety brochure when transactions seem suspicious to help slow down and inform members under pressure.
Cardinal Credit Union Chief Operating Officer Mario Duvnjak said his institution sees frequent ATM and passcode-related fraud attempts and has strengthened online banking security with multifactor authentication and repeated warnings not to share personal codes, the Business Journal reported.
Funds are Gone
Meanwhile, law enforcement officials said scams increasingly involve gift cards, cryptocurrency and peer-to-peer payment apps, which make recovery difficult. Brittany Socie, assistant fraud manager at 717 Credit Union, reminded that once funds are sent through platforms such as Bitcoin kiosks, Venmo or Cash App, they are often unrecoverable.
Patrick Koeth, an FBI supervisory special agent, urged financial institutions and police to report fraud quickly. In about 70% of cases, the FBI can trace cryptocurrency transactions, he said, but timing is critical, the Business Journal reported.
Additional Warning
Officials also warned that victims span all ages, with the publication noting that while widows and isolated individuals are often targeted, younger adults and even businesses are falling prey to scams, including callers posing as corporate offices instructing employees to move cash into crypto machines or gift cards.
Participants emphasized education and communication, encouraging consumers to hang up on suspicious calls, independently verify requests and share experiences to help others avoid becoming victims, according to the Business Journal.
