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Spotting Red Flags

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Nov 1, 2022
Submitted by: WESTconsin Credit Union
  • Identity Theft Prevention & Mitigation
We recently had a member visit one of our offices to make a wire transfer. The Member Service Representative who was helping the member started to pick up on red flags when the member started using keywords like: “fiancé, deployed, on his way back within 3-4 weeks." After reviewing the member's account, our MSR noticed a large ACH deposit that had recently been deposited. The member explained that she had received the deposit because she was investing in a business and the company had given her those funds to invest in stocks for them. Our Electronic Services team then took it upon themselves to reach out to the financial who initiated the large ACH deposit, where they discovered that the company who sent the ACH transaction had been internally hacked and the account information for their vendor had been changed to our member’s account information. Although this wasn’t our member’s money, our team acted diligently, saving the company who initiated the ACH deposit $121,000. Just by asking more questions and recognizing red flags, our MSR and Electronic Services team helped the credit union and the member from facilitating a classic “mule” movement of money. The member was so grateful for our continued dedication and support throughout the entire process.