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As not for profit financial institutions, credit unions put their members first and can help address financial concerns in unprecedented uncertainty. Your money is safe and accessible and credit unions can put you in touch with additional resources that may be available. This is what you need to know:
Most Minnesota Credit Unions offer the following services:
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Getting Financial Assistance
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Minnesota Credit Unions are committed to meeting the financial needs of our members through this evolving situation. Contact your credit union if you have financial concerns and they may be able to provide emergency loans or skip-a-payment options. If you are not already a member, visit yourmoneyfurther.org to find a credit union near you.
Unemployment
Economic Injury Disaster Loans for Small Businesses
Second Harvest Heartland LSS Financial Counseling
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Financial Literacy Forum |
Avoiding Scams and Protecting Your Finances
Consumer Financial Protection Bureau: The CFPB is committed to providing consumers with up-to-date information and resources to protect and manage their finances during this difficult time as the situation evolves.
Minnesota Department of Commerce and Department of Health Warn Minnesotans of COVID-19 Contact Tracing Scam
The Minnesota Department of Commerce
Urging Minnesota consumers to be on alert for potential scams created to take advantage of the fear, isolation, and uncertainty during this unprecedented time.
In addition, consumers should be asking the following questions about every e-mail, phone call, and piece of mail they receive because the answers could trigger potential red flags for fraud and scams:
Minnesota consumers should be cautious. If there is doubt about the sender, caller, or the idea being pitched - Hang up. Delete the e-mail. Recycle the mail.
At this time, the Department does not have any reported cases of COVID-19 financial scams. If you have questions or if you believe you may have been the victim of a scam or fraud, please contact the Commerce Department’s Consumer Services Center by e-mail at consumer.protection@state.mn.us.
Minnesota Attorney General
FBI Anticipates Rise in COVID-19 Scams Against Businesses and Consumers
The Federal Bureau of Investigation (FBI) is warning both businesses and consumers of a rise in fraudulent scams related to the COVID-19 Pandemic. In a recent press release the FBI states, “Fraudsters will take advantage of any opportunity to steal your money, personal information, or both. Right now, they are using the uncertainty surrounding the COVID-19 pandemic to further their efforts.” Here are some of the most common fraud schemes the FBI is seeing:
Be aware of red flags, such as:
More information on ways to protect against scams is available on the FBI’s press release. In general, the FBI recommends that people be skeptical.
Minnesota Department of Commerce and Department of Health Warn Minnesotans of COVID-19 Contact Tracing Scam
The Minnesota Department of Commerce
Urging Minnesota consumers to be on alert for potential scams created to take advantage of the fear, isolation, and uncertainty during this unprecedented time.
In addition, consumers should be asking the following questions about every e-mail, phone call, and piece of mail they receive because the answers could trigger potential red flags for fraud and scams:
- Is the e-mail, phone call, or mail from someone you don’t know?
- Is the sender, caller, or item offering you something that seems too good to be true?
- Is the sender, caller, or item using language to incite fear or threaten you?
- Is the sender, caller, or item urging you to “Act Now” before it’s too late?
- Is the sender, caller, or item requesting payment from you and promising to give you something in return after your payment?
Minnesota consumers should be cautious. If there is doubt about the sender, caller, or the idea being pitched - Hang up. Delete the e-mail. Recycle the mail.
At this time, the Department does not have any reported cases of COVID-19 financial scams. If you have questions or if you believe you may have been the victim of a scam or fraud, please contact the Commerce Department’s Consumer Services Center by e-mail at consumer.protection@state.mn.us.
Minnesota Attorney General
- Minnesota’s Attorney General Keith Ellison has advised consumers to be hyper-aware of COVID-19 scams and report price gouging.
- Attorney General Ellison warns Minnesotans about COVID-19 phishing attacks.
FBI Anticipates Rise in COVID-19 Scams Against Businesses and Consumers
The Federal Bureau of Investigation (FBI) is warning both businesses and consumers of a rise in fraudulent scams related to the COVID-19 Pandemic. In a recent press release the FBI states, “Fraudsters will take advantage of any opportunity to steal your money, personal information, or both. Right now, they are using the uncertainty surrounding the COVID-19 pandemic to further their efforts.” Here are some of the most common fraud schemes the FBI is seeing:
- “Business email compromise scam” (BEC) where fraudsters target persons who perform legitimate funds transfers. According to the FBI there has been an increase in BEC frauds targeting municipalities purchasing personal protective equipment or other COVID-19 related supplies. There have also been BEC attempts against financial institutions and their customers.
- Government Impersonator scam is one of the most prevalent schemes. Fraudsters contact people via social media, email or by phone and pretend to be from a government agency (e.g., IRS or CDC). The FBI has seen cases of fraudsters going door to door with this scam.
- Fraudulent Cures or Medical Equipment scam where fraudsters sell fake COVID-19 cures or medical equipment. The danger of this scam goes beyond financial harm and can result in physical harm.
- Investment Fraud is a scheme where criminals offer an opportunity to invest in COVID-19 cure or treatment.
Be aware of red flags, such as:
- Unexplained urgency in the communication.
- Last minute changes in wire instructions or recipient account information.
- Requests from employees to change direct deposit information.
- Last minute changes established communication platforms or email account addresses.
More information on ways to protect against scams is available on the FBI’s press release. In general, the FBI recommends that people be skeptical.
Online Financial Education Resources – for Parents and Teachers
MnCU Jr Financial Education App: Sponsored by the Minnesota Credit Union Foundation, this app teaches simple money concepts through tools for kids to manage their money and financial games for ages 2 to 12. Available in your app store.
Biz Kid$: The overall objective of Biz Kid$ is to engage young people and help them develop life skills in the areas of money management and entrepreneurship. The initiative includes an Emmy award-winning television series, free classroom curriculum, outreach activities, and a website targeting kids 9 – 16 year olds. Biz Kid$ is exclusively funded and by credit unions!
MyCreditUnion.gov: The NCUA’s consumer website includes information on topics like managing debt, setting a budget, understanding home equity loans, and planning for the expected.
My Money.Gov: The Department of the Treasury prepared report highlighting the importance of financial literacy and education for all Americans and identifies ways to improve the delivery of financial education. A special section provides information about and links to a collection of federal guides and curricula for teachers; and another area provides games, fun activities, websites, video games, and information about money for kids and youth.
University of Minnesota Extension: University of Minnesota Extension helps Minnesotans explore and understand how to secure stable housing, manage the safety and efficiency of homes, and better plan for your financial future.
Minnesota Council for Economic Education – distance learning resources
National Endowment for Financial Education
Best Prep: BestPrep is a Minnesota-based nonprofit organization that provides educational programs to students in grades 4-12, with the mission of preparing students with business, career, and financial literacy skills through hands-on experiences that inspire success in work and life. Play the Stock Market Game with kids while they’re at home and want to learn to invest.
Jump$tart Clearinghouse: Search the premier online library of financial education resources for teachers, parents, caregivers, and anyone committed to financial smarts for students.
Biz Kid$: The overall objective of Biz Kid$ is to engage young people and help them develop life skills in the areas of money management and entrepreneurship. The initiative includes an Emmy award-winning television series, free classroom curriculum, outreach activities, and a website targeting kids 9 – 16 year olds. Biz Kid$ is exclusively funded and by credit unions!
MyCreditUnion.gov: The NCUA’s consumer website includes information on topics like managing debt, setting a budget, understanding home equity loans, and planning for the expected.
My Money.Gov: The Department of the Treasury prepared report highlighting the importance of financial literacy and education for all Americans and identifies ways to improve the delivery of financial education. A special section provides information about and links to a collection of federal guides and curricula for teachers; and another area provides games, fun activities, websites, video games, and information about money for kids and youth.
University of Minnesota Extension: University of Minnesota Extension helps Minnesotans explore and understand how to secure stable housing, manage the safety and efficiency of homes, and better plan for your financial future.
Minnesota Council for Economic Education – distance learning resources
National Endowment for Financial Education
Best Prep: BestPrep is a Minnesota-based nonprofit organization that provides educational programs to students in grades 4-12, with the mission of preparing students with business, career, and financial literacy skills through hands-on experiences that inspire success in work and life. Play the Stock Market Game with kids while they’re at home and want to learn to invest.
Jump$tart Clearinghouse: Search the premier online library of financial education resources for teachers, parents, caregivers, and anyone committed to financial smarts for students.
