Victims of financial fraud suffer negative emotional and physical effects, too

MemberPass prevents these things from troubling your members

It’s always traumatic to be a victim of financial fraud. From every perspective, it can be devastating. It starts with the financial insecurity related to losing money. Then it can morph into several emotional troubles too. These often manifest as depression, anxiety, fear, or panic.

Also, fraud victims, especially older individuals, often know the perpetrator. The shattering violation of trust and sudden loss of a long-term relationship can have devastating impact.

The list of known fraud-related stressors is long

A study by the Identity Theft Resource Center (ITRC) pointed out a range of negative personal outcomes related to suffering financial fraud. They said fraud victims complained of:

  • Increased worry and anxiety
  • Increased debt
  • Trouble finding housing
  • Being hounded by collection agencies
  • Persistent feelings of having been violated
  • Suicidal thoughts

The previous ITRC study was pre-pandemic. Since COVID, it’s gotten worse. A significant percentage of fraud victims in 2020 reported multiple additional ill effects, including:

  • Feelings of great stress and personal violation
  • Eviction due to non-payment of rent or mortgage
  • Difficulty finding a job after identity theft or misuse
  • Inability to pay routine bills or buy food

Credit unions can help

Credit union managers are in a strong position to bring relief to members who’ve experienced these adverse outcomes. It’s natural to want to help members navigate the troubling impacts of fraud a little better than they can all by themselves.

Here are ideas to try:

  • Pause mortgage payments and other debt repayment
    • This can be a limited-term step to give people time to regain more secure financial footing
  • Offer education sessions with suggestions for how to learn to reduce the emotional and physical stress of fraud and identity theft

You can probably come up with additional ways to provide your members with post-fraud assistance that make sense in your community and environment.

Help members avoid financial fraud with MemberPass

MemberPass is perfect way for you to help your members avoid financial fraud in the first place. After all, if the fraud never happens, your members won’t have to deal with all the negative impacts it can generate. MemberPass will also be able to help your members in the future as it expands into other industries, like healthcare and travel.

MemberPass is a secure encrypted connection between you and your members. When it’s in place, all forms of financial fraud and identity theft are eliminated. The negative emotional toll and debilitating physical stress are eliminated too.

If you haven’t already added MemberPass to your credit union, we’d be happy to arrange a personal demo

Seeing is believing, and you can email us to set one up. You can also register to attend a MemberPass webinar or visit us online at www.memberpass.com to find out more.

The convenience, security, and fraud-fighting power of MemberPass should be part of every member’s financial wellness profile. The sooner you adopt the program, the sooner your members will enjoy the direct benefits!

Bonifii, a credit union service organization, offers MemberPass, a simple, secure, and convenient member identity verification method. MemberPass is a digital passport that provides members convenient access to their financial accounts while they keep control of their private personal information.  We leverage touchless technology to protect you and your members. Visit  www.memberpass.com or email sales@memberpass.com.