Beware of Mailing Scams: Protect Yourself After Getting a New Loan

If you've recently taken out a new mortgage or home equity loan, congratulations! However, it is important to note that this significant life milestone can make you a target for fraudsters.

Understanding the Scam

• Access to Public Records: Scammers take advantage of the fact that certain mortgage information is public. They gather enough details to make their notices seem legitimate.
• Fake Notices: These notices usually contain vague but alarming language, urging you to call a number to resolve an "important matter" about your loan.
• Phishing for Information: Once you call, they may try to convince you to provide personal information, which they can then use for identity theft or other fraudulent activities.

Spotting the Red Flags

• Incorrect Mortgage ID: The mortgage ID provided in the scam letters often does not match your actual account number.
• Suspicious Small Print: Look for disclaimers in fine print. Scammers might include statements like "Not affiliated with [Your Institution]," "Sponsored by [Your Institution]," or "loan information not provided by [Your Institution]."
• Vague Wording: Legitimate notices from your financial institution will clearly identify themselves and provide specific, direct information. Scammers often use vague language to create a sense of urgency and confusion.

Protecting Yourself

• Verify the Source: If you receive a suspicious notice about your loan, verify its legitimacy by contacting your financial institution directly using a trusted phone number.
• Keep Personal Information Private: Never provide your personal information to unsolicited callers or through unsecured channels.
• Educate Yourself and Others: Stay informed about common scams and share this information with friends and family.

Your security is our priority. By staying informed and cautious, you can protect yourself from scams and keep your financial information safe. If you have any concerns or questions about a notice you received, don't hesitate to contact us at Maine State Credit Union. We're here to help!

(800) 540-8707