woman in kitchen using cell phone

UNEMPLOYMENT INSURANCE FRAUD | WHAT YOU NEED TO KNOW
7/1/2020

A report by the Department of Insurance and Financial Services states,  “An alert issued by the U.S. Secret Service explained an international crime ring is exploiting the COVID-19 crisis by committing large-scale fraud against multiple state unemployment insurance programs, with potential losses in the hundreds of millions of dollars.”
 
Financial institutions in Michigan and around the country are seeing a dramatic increase in unemployment insurance fraud.

What is Unemployment Insurance Fraud?
Unemployment Insurance Fraud is when a person is recruited online by a perpetrator and paid a fee for allowing the perpetrator to use the member’s account to deposit fraudulent funds from another state and then the member is asked to withdraw the funds and wire to the perpetrator from another financial institution. 
 
How Christian Financial Is Protecting Your Finances
Protecting our members’ finances is of upmost importance. To decrease the amount of unemployment insurance fraud, we are increasing the examination of ACH transactions especially those outside the norm for member accounts. In addition, Christian Financial will also be reporting any unemployment insurance fraud activity to the Michigan Unemployment Insurance Agency and State Police.
 
How You Can Prevent Unemployment Insurance Fraud
Scammers are sending emails in an effort to steal legitimate claimant’s passwords, account numbers, and/or Social Security numbers. This information will allow scammers to gain access to email, bank, or other accounts.
 
Be aware of what you are tapping or clicking on. Never click/tap on an email or link that you were not expecting or give out sensitive data information to someone you do not know. Christian Financial will never contact you to ask you for your account number, full social security number or other personal information.