SMARTLAB by Logix

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As the weather cools down, and the leaves start to fall, October is the perfect time to cozy up with a pumpkin spice latte and swap scary stories. While ghost tales can be fun, there's one type of myth you shouldn't fall for: those haunting old rumors about credit unions.

At Logix, we want to clear away the cobwebs and reveal the truth: when it comes to your financial wellness, credit unions are all treats and no tricks.

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Scam calls, texts, and emails (often referred to as "phishing"), are rapidly increasing and becoming more sophisticated. Scammers often impersonate trusted financial institutions to steal authentication codes and member credentials.  Staying vigilant is key to protecting your accounts, even for the most careful among us.

Below, we will give you a breakdown on how the most common scams work, red flags to look out for, a step-by-step response plan, and introduce you to Logix's Fraud Risk Meter, to ensure you can better understand and manage your personal scam risk and protect yourself.

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Credit unions are renowned for offering an array of benefits over traditional banks, one of the most notable being lower fees. Unlike banks, credit unions operate as not-for-profit entities, owned by their members. This fundamental difference in structure means that credit unions prioritize serving their members' interests rather than maximizing profits. This translates to lower fees for services and potentially higher earnings on deposits for members. In contrast, banks often have higher fee structures designed to generate revenue. Understanding this distinction illuminates why credit unions are often preferred over banks.

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