Every year, during the first full week of March, something important happens — and it directly affects your financial life. It's called National Consumer Protection Week (NCPW), and it's a nationwide effort to help you understand your rights, spot scams, and make smarter financial decisions. At your credit union, we think that's worth celebrating — and acting on.
So, What Exactly Is Consumer Protection Week?
Consumer Protection Week has been around since 1998, led by the Federal Trade Commission (FTC) alongside dozens of federal agencies, nonprofits, and businesses. The goal? Simple: to arm everyday Americans with the knowledge they need to protect themselves from fraud, deception, and financial harm.
The stakes are real. In 2023 alone, Americans reported losing more than $10 billion to fraud — a record high. Identity theft, fake investment schemes, phishing emails, and imposter scams are on the rise, and they don't just happen to "other people." They happen to our members.
That's why this week matters. Knowledge is your best defense.
Why This Matters Especially to Credit Union Members
Here's the thing about credit unions: we're not-for-profit and member-owned. That means when you thrive financially, we succeed. Your financial wellbeing is literally our mission.
Scams and financial fraud can undo years of hard-earned savings in a matter of minutes. Whether it's a convincing text message pretending to be your bank, a fake charity asking for a gift card, or a too-good-to-be-true investment, these threats are designed to catch even savvy people off guard.
Consumer Protection Week is your reminder to pause, check in with your habits, and take a few simple steps to lock down your financial life.
Did you know?
The FTC received 5.4 million reports of fraud and identity theft in 2023. People aged 30–59 were most likely to report losing money to fraud.
Staying informed is your #1 protection.
10 Easy Steps to Protect Yourself Right Now
You don't need to be a cybersecurity expert to protect yourself. Start here:
- Freeze your credit — for free. If you're not actively applying for a loan or credit card, place a free credit freeze with all three bureaus (Equifax, Experian, and TransUnion). This stops fraudsters from opening new accounts in your name, even if they have your personal information.
- Check your credit report. You're entitled to a free credit report from each bureau every week at AnnualCreditReport.com. Look for accounts you don't recognize, addresses you've never lived at, or inquiries you didn't authorize.
- Use strong, unique passwords. Never reuse the same password across accounts. Use a password manager like Bitwarden or 1Password to create and store complex passwords — so you only have to remember one.
- Turn on two-factor authentication (2FA). Adding a second layer of verification (a text code, app notification, or fingerprint) makes it dramatically harder for hackers to access your accounts, even if they have your password.
- Be skeptical of unexpected contact. If someone calls, texts, or emails you claiming to be your bank, the IRS, Social Security Administration, or even your credit union — hang up and call the official number directly. Legitimate organizations never ask for your PIN or full account number.
- Watch out for "too good to be true" offers. Prize winnings you didn't enter for, investment returns that seem impossibly high, or urgent requests to act "right now" are classic red flags. When in doubt, take a breath and do a quick search before responding.
- Set up account alerts. Log into your accounts and enable notifications for transactions, logins, and password changes. Real-time alerts mean you'll catch unauthorized activity fast — sometimes before any real damage is done.
- Shred sensitive documents. Old bank statements, medical bills, and pre-approved credit card offers are a goldmine for identity thieves. Shred anything with your name, address, account number, or Social Security Number before tossing it.
- Secure your phone. Your smartphone contains a treasure chest of personal information. Use a strong PIN or biometric lock, keep your software updated, and avoid using public Wi-Fi for banking or shopping without a VPN.
- Know who to call if something goes wrong. If you spot fraud, report it to the FTC at ReportFraud.ftc.gov. Contact your credit union immediately if you notice unauthorized transactions. The sooner you act, the better your chances of recovery
We're In Your Corner
Consumer Protection Week is a great reminder, but protecting yourself is a year-round job. Your credit union is committed to helping you stay informed and stay safe.
If you ever have questions about a suspicious message, a transaction on your account, or want guidance on protecting your finances, please reach out to us. That's what we're here for.
Because at the end of the day, the best financial institution is one that has your back — not just in the good times, but when things go sideways too.
Useful Resources
- ReportFraud.ftc.gov — Report scams and fraud to the FTC
- AnnualCreditReport.com — Get your free credit reports
- IdentityTheft.gov — Step-by-step recovery guide if your identity is stolen
- Consumer.ftc.gov — Free guides on scams, credit, and more