• Scammers create fake letters that look like they’ve come from reputable financial institutions or government agencies.
• These letters often claim that the recipient has been approved for a loan or credit, but require personal details or upfront payment to release the funds.
• Victims may be asked to provide sensitive information such as Social Security numbers, bank account details, or credit card information.
• The scammer may also ask for payment in advance, often in the form of a wire transfer or gift cards, before the “approval” is processed.

You receive an official-looking letter claiming to be from your credit union, stating that you've been approved for a large loan. The letter asks you to provide your bank account number to deposit the funds, or worse, asks for a processing fee to secure the loan. After you send the requested details or make the payment, you never hear from the scammer again, and the promised funds never arrive.

• Look for inconsistencies: Verify the sender’s email address or physical address. Scammers often use addresses that resemble legitimate ones but with small differences.
• Be cautious of fees or payments up front: Genuine financial institutions never require upfront payments to release funds.
• Double-check approval sources: If you weren’t expecting approval, contact the institution directly using a phone number from their official website to verify the legitimacy.
• Look for red flags: Poor grammar, generic greetings, and vague details can indicate a scam. Official letters usually have personalized, precise language.
• Trust your instincts: If something feels too good to be true, or the message seems off, take a step back and investigate further before responding.
• Report suspicious letters: If you believe you've received a fake approval letter, report it to the appropriate authorities or consumer protection agency to help prevent others from falling victim.
• Call the credit union