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** FRAUD ALERT **

Common Wealth Credit Union Members:

Please be aware that there is a Fraudulent Email being sent to some of our Common Wealth Credit Union members, stating "This is an official notice from Common Wealth Credit Union that your online account has expired".

The email asks you to click on the attached links and update your personal information. Please DO NOT select either of these links, but rather delete the email. Common Wealth Credit Union would never ask members for personal information via the Internet. Common Wealth Credit Union would contact our members by letter or phone and arrange to meet with them in person at one of our branches. If you have any questions, please contact your local branch or phone our Call Centre @ 1.877.606.6333.

If you have lost your debit card call:

  • In Canada and the Continental US 1.800.567.8111 (1.800.lost.111)
  • Other Destinations Collect 1.306.566.1276 

Beware of Scams:

http://www.cra-arc.gc.ca/nwsrm/lrts/2008/l080818-eng.html

Debit Card Skimming


Debit card skimming occurs when the encoded information in the magnetic strip on your debit card is stolen and then counterfeit cards are made and used to fraudulently obtain funds from your account without your permission. The fraudsters use card reading devices to obtain the electronic data from your card and use hidden cameras, shoulder surfing or bogus pin pad terminals to obtain your personal access code.

Your card can be compromised at an ATM where the thief places a card reader on the ATM and uses a hidden pinhole camera or shoulder surfing to capture your PIN. If you use an ATM look for physical alterations; run your finger over the slot where you insert your card and if it feels odd or moves leave the area and call the police. If possible always use the same ATM for your transactions, that way you will notice if something seems odd or out of place.

Point of Sale terminals can also be used to capture your card information. This can be done by swiping your card on a legitimate POS machine and then swiping it again on the card reader that they have installed, usually under the counter or somewhere near the original terminal. They then capture your PIN by using a pinhole camera or shoulder surfing. The latest device used by the fraudsters is a bogus terminal where they are able to capture your stripe information as well as your PIN key strokes. In this case the transaction would not be debited from your account. If you notice a transaction missing you should call your credit union immediately. 


Protect Yourself and Your Account

  • Keep your card in a safe place and never let anyone else use it. NEVER disclose your PIN number to anyone.
  • Your PIN number is the key to your card. Without it the thief cannot obtain access to your account. Always use your hand or body to shield the pin pad when keying your PIN number.
  • Never write your PIN number down and do not use a number that would be easy to figure out like your phone number or date of birth.
  • Keep an eye on your debit card when conducting a transaction; if possible swipe your card yourself. 
  • Check your bank statements regularly and call your credit union immediately if you detect any unusual activity or if there are purchases that you did not make or missing charges.
  • Be alert and make sure no one is looking over your shoulder when you are keying in your PIN number.
  • Change your PIN number regularly

Contact Common Wealth Credit Union @ 1.877.606.6333 immediately if you suspect:

  • Your debit card has been compromised
  • Your debit card is lost or stolen
  • Your card is retained by an ATM
  • You have questions about any unusual or missing transactions


Links regarding counterfeit cash and identity theft:

If you have any questions, please contact our Corporate Security Manager, Georgette Wawryk, at 780.808.4732.

Investment Fraud: what can you do to avoid becoming a victim?

CWCU members work hard for their money; we would like to provide you with some investment tips to ensure that your hard earned money is not lost.

A recent Canadian Securities Administrators Survey indicated that almost 1 in 20 Canadians has been a victim of Investment Fraud.

  • Always check the credentials of the individual or the firm that you are investing with. Is the person or company registered with the Alberta Securities Commission? (albertasecurities.com)
  • Do not rely solely on the Internet to get your information on an investment or company, but rather call some reputable companies in your community and ask their opinion as well.
  • If something sounds too good to be true, it likely is. Ask yourself why you are being offered this chance of a lifetime.
  • When dealing with investments offshore or third parties use extreme caution do not let anyone pressure you into sending funds or signing documents without thoroughly doing your homework regarding the investment, the laws of the country you are dealing with, and the people claiming to be working with your best interest in mind.

Red Flags to watch for (From the Alberta Securities Commission)

  • Promises of high returns with little or no risk. There is no such thing. Usually, the higher the returns, the higher the level of risk.
  • Pressure to invest immediately or miss the opportunity. Don’t be pulled in. This tactic is used to pressure investors into handing over their money without doing their homework or asking for independent advice.
  • Offshore investment – tax-free. Taxes can be deferred, but they can’t be avoided. This tactic is used to get investors to send their money offshore where it is difficult, if not impossible to get it back.
  • Great investment opportunity – your friends can’t be wrong. Yes, they can. Roughly half of all successful investment fraud is introduced to the victim by someone they trust. Sometimes these trusted individuals are also unknowingly a victim of fraud. Check out as much as possible about the person who is selling the investment (no matter how trustworthy you think they may be) and the investment itself before you invest.

How to protect your Money (from the Alberta Securities Commission)

  • Don’t be afraid to ask questions and make sure they are answered to your satisfaction
  • Take notes during conversations with sales people
  • Beware of high-pressure sales tactics
  • Take your time to make decisions. Don’t allow anyone to rush you
  • Always seek independent financial advice or see a lawyer if you don’t understand a document 
  • Never accept a verbal agreement – get it in writing 
  • Never sign any document before reading it carefully 
  • Don’t be drawn in by appearances – fraudsters know the importance of first impressions 

If you have questions regarding an investment that you are considering one of our investment specialists would be happy to help you get the answers you need, please call your CWCU branch or our Call Center @ 1.877.606.6333.

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