Bank transfer scams are on the rise, and the amount of money taken by fraudsters is growing at an alarming pace. You may have heard people refer to these types of scams as 'authorised push-payment fraud', 'wire-transfer scams', and 'bank wire fraud'.
Your Current Account (CUCA) comes with a debit card, making it convenient to withdraw cash from a cash machine or spend money in shops or online. Unfortunately, the same things that make it easy for you to spend money also make these types of accounts more vulnerable to fraud.
Your other credit union accounts don't have a card and are less likely to be used regularly for day-to-day payments transactions. This makes it harder for scammers to find out the account details or steal money from them without your knowledge.
Because of these risks, we try to discourage you from keeping large amounts of money in your current account at any one time, where it might be vulnerable to fraud. It is much safer in a separate credit union account not linked to a debit card.
We make doing this simple. If your current account balance exceeds £2,000, we will move the extra money into your 'CUCA SAFE' account each evening. We do this to protect you. It ensures that if fraudsters obtain your card details, there will be a limit on what they can spend.
You can move money back and forth between your CUCA SAFE account and your current account at any time using online banking or by calling the Help Desk.
We understand this can sometimes be slightly inconvenient. Thank you for your patience. We do all we can to keep your money safe, so hopefully, you agree that it is worth it.