Dakotaland FCU is protecting Our Members and Their Financial Well Being
October 26 is National Financial Crime Fighter Day, a day to recognize the professionals who
work to detect financial crime, prevent fraud, and help protect our financial system.
At Dakotaland Federal Credit Union, protecting our members and their financial well-being is an
important part of what we do. Financial crime prevention also starts with awareness. Whether
you're answering a phone call, checking a text message, making an online purchase, or
considering an investment, knowing what to look for can help you protect your money and
personal information.
Financial Fraud Close to Home
Financial scams affect people across South Dakota and the Midwest. Scammers may
impersonate financial institutions, government agencies, law enforcement officers, or people you
know. They often use fear, urgency, and convincing stories to gain your trust and pressure you
into acting before you have time to think.
Here are some common scams and warning signs to recognize.
- Imposter Scams
A scammer may pretend to be from your credit union, another financial institution, a
government agency, or law enforcement. They might claim there's suspicious activity on
your account, an unpaid fine, or an urgent matter that requires immediate attention.
In April 2026, the South Dakota Attorney General warned residents about text messages
impersonating law enforcement agencies and circuit courts. These messages threatened
fines or arrest over supposed unpaid traffic violations, tolls, or missed jury duty.
How to protect yourself: If you receive an unexpected call or message about a problem
with your account, don't share personal or financial information. Hang up and contact
your financial institution directly using a trusted phone number, such as the number on
your card or official website. Don't use a number provided by the caller or in the
message.
Read more: South Dakota Attorney General's consumer alerts.
Identity Theft and Account Fraud
Criminals may use stolen personal information to open accounts, apply for credit, or access existing financial accounts. Sometimes, the first sign is an unfamiliar transaction, an unexpected bill, or a notice about an account you didn't open.
Use strong, unique passwords, enable multifactor authentication when available, and regularly review your account activity and credit reports.
If you believe someone has stolen your identity, visit IdentityTheft.gov for guidance on reporting identity theft and beginning the recovery process.
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Online Shopping and Payment Scams
Online marketplaces and social media make it easy to find great deals, but scammers may advertise items they don't have, create fake storefronts, or send links to fraudulent payment pages.
Be cautious of prices that seem too good to be true, sellers who pressure you to pay immediately, and requests to move a transaction away from a trusted platform. Before sending money, verify the seller and understand what protections your payment method offers.
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Storm-Repair and Contractor Scams
After severe weather, homeowners may face unexpected repair costs and pressure to get work completed quickly. Scammers may take advantage of the situation by promising quick, inexpensive repairs or pushing homeowners into rushed agreements.
Before hiring someone, request a written estimate, check references and credentials, compare quotes, and avoid paying the full amount upfront. Take time to review the details before signing a contract or handing over money.
Protect Your Information: What Your Credit Union Will Never Ask You to Share
One of the most important ways to protect your finances is to keep your account credentials and security information private.
Never share your online banking username, password, PIN, full card details, or one-time verification codes with someone who contacts you by phone, text, or email. This applies even if the person claims to be calling from your credit union's fraud department.
A scammer may already know your name, phone number, or some of your account information. They may even make a call or message appear to come from a legitimate phone number or organization. That doesn't mean the contact is genuine.
Remember:
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Never share a verification code. A one-time code helps verify your identity. If someone who contacts you asks you to read or send them a code, treat it as a scam.
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Never give out your password or PIN. Don't share these details with someone who calls, texts, or emails you, even if they claim your account is compromised.
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Don't provide card or account details to an unexpected caller or message. If you receive an alert about suspicious activity, verify it independently before taking action.
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Hang up and call your credit union directly. Use a trusted phone number from your card or the official website. Don't call back using a number provided by the person who contacted you.
Remember, a legitimate warning about possible fraud should never require you to give an unexpected caller your password, PIN, or verification code.
The "Move Your Money to Protect It" Scam
This scam deserves special attention because it can lead to significant financial losses. It often begins with a call or message claiming your bank account, computer, or identity has been compromised. The person may claim to be from your credit union, a government agency, or law enforcement.
They may tell you that your money is in danger and that you need to move it immediately to a supposedly safe account. They might instruct you to withdraw cash, transfer funds, purchase cryptocurrency, buy gold bars, or hand money to a courier.
These are scams. No legitimate financial institution or government agency will tell you to move or withdraw your money to protect it from fraud.
Watch for these red flags:
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Someone tells you to transfer money to a new account to keep it safe.
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Someone directs you to withdraw large amounts of cash and hand it to another person.
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Someone tells you to buy gold bars or cryptocurrency and deliver them to a courier or send them to a digital wallet.
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Someone insists you must act immediately, stay on the phone, or keep the situation secret.
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Someone asks you to lie to your credit union or another financial institution about why you're withdrawing or transferring money.
If you encounter any of these requests, stop. Don't withdraw or transfer money, purchase cryptocurrency or gold, or give cash or valuables to anyone. Hang up and contact your financial institution using a verified phone number. If you're unsure whether a request is legitimate, talk to someone you trust before taking action.
Learn more from the Federal Trade Commission: Never Move Your Money to "Protect It." That's a Scam.
Investment and Romance Scams Can Happen Here, Too
Financial scams aren't limited to any particular state, community, or age group. South Dakotans can be targeted by the same sophisticated schemes affecting people nationwide, including cryptocurrency investment scams and romance scams.
Cryptocurrency Investment Scams
According to the FBI's Internet Crime Complaint Center (IC3), reported U.S. losses from cryptocurrency investment scams increased from $907 million in 2021 to $7.2 billion in 2025.
These scams may begin with an unsolicited message, a social media connection, an online investment group, or a seemingly promising opportunity. Scammers may use fake investment platforms and account balances to make it appear that your money is growing. They may even let you withdraw a small amount at first to build your confidence before encouraging you to invest more.
Eventually, victims may find they can't withdraw their money without paying additional fees, taxes, or deposits. The displayed profits may never have been real.
Be cautious of guaranteed returns, pressure to invest quickly, and anyone who asks you to send cryptocurrency to a wallet or platform you haven't independently verified. Never invest money based solely on an online contact's recommendation or screenshots of supposed profits.
Read more: FBI Internet Crime Complaint Center's 2025 Annual Report.
Romance and Relationship-Based Scams
Some scammers build relationships online over weeks or months, gaining someone's trust before asking for money. They may claim to need financial help, experience an emergency, or introduce an investment opportunity that supposedly helped them earn significant returns.
The relationship may feel genuine, but the person may be using a fake identity and fabricated circumstances to gain access to your money.
Be cautious if someone you've met online asks for money, requests cryptocurrency, or encourages you to invest through a platform they recommend. Be especially wary if they discourage you from talking with family, friends, or a trusted financial professional.
Never send money or make an investment simply because you trust someone you've met online. Take time to independently verify the opportunity and discuss concerns with someone you trust.
Business Email Compromise and Payment Redirection
Criminals may impersonate a business owner, employee, supplier, or real estate professional to convince someone to change payment instructions. These schemes can target businesses, organizations, and individuals making large payments.
If you receive new or changed payment instructions, verify them using a separate, trusted communication method before sending money. Don't rely solely on a reply to the email requesting the change.
These scams can be convincing, and anyone can be targeted. Staying informed and taking time to verify unexpected requests can help reduce the risk of financial loss.
Simple Steps to Help Protect Your Finances
You don't have to be a financial crime expert to make a difference. A few everyday habits can help you spot suspicious activity and reduce your risk.
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Pause before you act. Scammers often rely on urgency, fear, or excitement to get people to make quick decisions.
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Protect your information. Keep your passwords, PINs, card details, and verification codes private.
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Verify unexpected requests. Contact the organization directly using a trusted phone number or website.
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Monitor your accounts. Review transactions and statements regularly, and report unfamiliar activity promptly.
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Be cautious with payment requests. Be especially wary of anyone demanding gift cards, wire transfers, cryptocurrency, gold, or cash to resolve an unexpected problem.
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Talk it through. If a request feels suspicious, take time to ask someone you trust before sending money or sharing information.
For additional guidance, visit the Federal Trade Commission's How to Avoid a Scam resource.
What to Do If You Suspect Fraud
If you think you've been targeted or notice suspicious activity, acting quickly can help limit further loss.
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Contact your financial institution. Use a verified phone number if your account or payment information may be compromised.
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Secure your accounts. Change affected passwords and follow your financial institution's guidance to protect your accounts.
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Report the scam to the appropriate authorities. You can report suspected fraud through the resources below.
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Take steps to recover your identity. If your personal information has been stolen, visit IdentityTheft.gov.
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Keep records. Save relevant messages, emails, receipts, transaction details, and other information that may help with a report.
If you've already sent money or shared information, don't let embarrassment keep you from asking for help. Scams can be convincing. Contact your financial institution promptly and report what happened.
Where to Report a Scam
If you encounter a scam or believe you've been a victim, these official resources can help:
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Local law enforcement: Contact your local police or sheriff's office to report suspected criminal activity, particularly if you've lost money or provided personal information.
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South Dakota Division of Consumer Protection: Visit Consumer.SD.gov or call 1-800-300-1986 for consumer information, assistance, and complaint resources.
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Federal Trade Commission: Visit ReportFraud.ftc.gov to report scams and fraudulent business practices.
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FBI Internet Crime Complaint Center: Visit IC3.gov to report internet-enabled crime, including online investment scams and other cybercrime.
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Identity theft recovery: Visit IdentityTheft.gov for steps to report and recover from identity theft.
Reporting suspicious activity can help authorities identify patterns, investigate potential crimes, and warn others.
People Helping People, Together
National Financial Crime Fighter Day recognizes the professionals who work behind the scenes to identify suspicious activity and protect the financial system. It also reminds us that everyday awareness matters.
At Dakotaland Federal Credit Union, our commitment to People Helping People extends to helping our members stay informed and make confident financial decisions. By asking questions, verifying unexpected requests, and looking out for one another, we can all play a part in protecting what matters.
Because when it comes to financial well-being, we're stronger together.
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Additional Resources
Explore these trusted resources to learn more about recognizing, preventing, and reporting financial crime.
