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Fake approval offer: The deceptive tactic

Fake approval letters are a common form of fraud that scammers use to manipulate people into believing they've been approved for loans, credit cards, or other financial opportunities. These letters often look official, making it hard for recipients to tell they’re being scammed.

How it works:

• 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.

Example:

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.

✩ Tips:

• 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

Remember:

We will never contact you by phone, email, or text asking you to provide account numbers, passwords, social security numbers, or other personal information. If you ever receive a suspicious letter from us,
contact us immediately.

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