Eglin Federal Credit Union home page

As consumers become more educated about fraud and identity theft, online criminals are moving to other places to launch their scams. Phone scams are gaining popularity again.

There are two common types of phone scams. The first type of scam involves an email detailing a problem with your account and requests you to call a specific phone number to provide more details. The second type of scam involves a phone call from an automated call center asking you for sensitive information. You should never provide personal information to an unsolicited caller.

If you receive a call from an individual stating they are an Eglin FCU employee, even if the number appears to be from Eglin FCU, don’t give out any personal information. We will never contact you asking for your full card number, expiration date, three-digit code or one-time verification code. Instead, ask the individual for their extension, hang up, then call the main Eglin FCU number at 850.862.0111 or 800.367.6159 and enter the extension the caller gave you. Never call a number provided by an unverified individual unless you have confirmed the number is valid.

Mobile phones are another new target. For example, one scam involves sending a text message to your mobile phone claiming to be your financial institution or a credit card processor. If you receive such a text message and are unsure if it is a legitimate communication, call your financial institution's customer service center to verify that the message is genuine.

Voice Cloning

The Federal Trade Commission (FTC) released a consumer alert regarding using AI for new scams: cloning someone’s voice. This could happen to anyone. An attacker could pose as one of your family members or a co-worker (like your manager) and use the sound of their voice to try and trick you into moving money or giving out information.

Remember to always stop, look and think:

• Does the request make sense?
• Do you get a feeling in your gut?
• Does the request follow normal policy or procedure?
• Is the request out of character for the person asking you?
• Is there a sense of urgency?

When in doubt, call the person back from a number you know.

Read more about voice cloning and other scams

Beginning May 1, guest members using Shared Branch locations will be required to verify their identity through IDCheck in order to complete certain transactions. IDCheck offers a seamless and secure way to verify identity and helps protect your credit union accounts from unauthorized access. All Shared Branch transactions must be conducted in Eglin FCU branch lobbies and will no longer be available in drive-ups.

Here’s what you can expect when you visit a Shared Branch location:

1. Visit verify.coop.org or scan the in-branch QR code with your smart device.

2. Select your credit union’s name from the drop-down list.

3. Enter your member account number and the last four digits of your Social Security number.

4. Upload a photo of your ID and take a selfie. Tip: Save your validation for an even quicker experience next time!

5. Show your one-time passcode to the teller. The passcode is valid for 20 minutes.

Check out the easy-to-use Credit Score Simulator, powered by SavvyMoney, which takes the guesswork out of managing your credit. It takes the "what-ifs" and generates an approximate credit score to help you see where you stand.

If you are an Online Banking user, you can log in to your Eglin FCU account, and click on the "Track my Score" button to have access to your credit report as often as you like without impacting your credit score. In the Mobile App, you can find it under the "view your free credit score & report" button. This service is FREE.

Now available when logged into your account online via a browser or the Eglin FCU Mobile App. Click the banner in Online Banking or the Mobile App and agree to the terms to access this new and exciting feature.

It is important to understand the value of monitoring your credit information regularly as your credit score has a major impact on the Annual Percentage Rate you qualify for on auto loans, credit cards, mortgages and more. We've made this easier than ever by providing 24/7 access to your free, comprehensive credit report when logged into your account online via a browser or the app. Your free credit report makes checking and monitoring your credit both easy and efficient without affecting your score.

Your Comprehensive Credit Report Features

• Unlimited access to your credit score and key factors impacting your score. View your credit score as often as you like and identify how inquiries, payment history and other factors influence this number.
• Credit alerts. Receive email notifications of significant changes to your credit file (e.g., hard inquiries, new account openings, change of address) as well as any activities suspect to fraud or identity theft.
• Credit improving tips. Gain insight on actions that may be helping or harming your credit score.
• Money-saving opportunities with various Eglin FCU products. Receive instant offers right on your dashboard and discover how refinancing with Eglin FCU can save you money and/or reduce your payments.
• Credit score history. Observe how your credit score has changed over time.
• Average credit score within your ZIP code. View the average credit score in your area and see how you compare.
• Initiate credit disputes. Send a dispute at the click of a button if you notice any incorrect information.

Why Credit Monitoring Matters

• Know the interest rates you qualify for on loans. Your credit score determines your ability to qualify for loans and receive better interest rates when borrowing. Knowing your credit score can help you shop for the best APR before applying for the loan.
• Ensure your credit information is accurate. Your credit score is directly linked with the information in your credit report and can give you an indication as to whether your credit information is accurate. If your credit score is lower than you expect, it may point to some errors that need to be disputed with the credit bureaus.
• Deter fraud and identity theft early. With technology increasing rapidly and fraudsters and identity thieves becoming more creative, monitoring your credit report on a regular basis is more critical than ever. Your comprehensive credit report will alert you as soon as suspicious activity appears on your account so you will be able to stop fraud and identity theft in its tracks.
• Stay updated on ways to improve your score. Items such as short credit histories, high balances on credit cards, and late payments can all affect your score. Your comprehensive credit report will note which of these are impacting your credit score so you can develop a plan for strengthening it.
• Enjoy financial peace of mind. The convenience of your credit score, credit report and instant offers at Eglin FCU right on your dashboard will help you take control of your credit and gain the upper hand on your finances.

Difference in Credit Scores

If you have ever received your credit score from the three major credit bureaus, you may have noticed that these scores are not the same. Why do credit scores vary? Here is why.

Scoring Models
Differences in credit scores derive from the numerous credit scoring models that are used in the financial industry. Credit scoring models are used by credit bureaus to collect and analyze your statistical data to determine your credit eligibility. There are a range of credit scoring models that weigh in on varying factors which change the way scores are computed, however, Eglin FCU uses the FICO 9 scoring model and the VantageScore model.

FICO Scoring Model
The FICO Scoring model has been around since 1989 and is the most widely used measure of creditworthiness primarily due to its longevity. FICO scores take payment history, credit utilization, credit history, types of credit, and new credit into account when determining its credit score, with much emphasis or "weight" placed on payment history and credit utilization. Eglin FCU has upgraded to VantageScore Model which is the score used for all Eglin FCU loan decisions.

VantageScore Model
The VantageScore model was created by the three major credit bureaus (Experian, Equifax, and Transunion) in 2006. The VantageScore model takes payment history, age and type of credit, credit utilization, total balances, recent behavior, and available credit into account when determining its credit score, with much emphasis or "weight" placed on payment history, age and type of credit, and credit utilization. Your free credit score uses the VantageScore model.

If you have any further questions regarding your comprehensive credit report, contact us at 850.862.0111 x.1421.

Peer-to-peer (P2P) payment apps have transformed the way we transfer money, making it quick and convenient to send funds to friends, family and those you trust.

While these apps are an easy and convenient means to pay someone, they are not the safest way to purchase services or items from strangers and may limit dispute resolution after a bad outcome. Here are some great safety tips to keep in mind while using any cash app:

1. Only send money to people you know and trust. With many of the apps, it is difficult to cancel a payment once you have sent it.
2. Double-check your recipient’s phone number and email. If you accidentally send it to the wrong place, you likely will not get it back.
3. Treat these cash apps like cash. Once you authorize a payment to someone, it’s quickly in their hands.
4. Be cautious of deceptive payment schemes. An offer that sounds too good to be true probably is.

Want to find out if you are eligible to become a member of Eglin Federal Credit Union? Check out this video that covers membership eligibility. There are many ways to qualify for membership! Learn more at eglinfcu.org/join.

Each member's funds are federally insured to at least $250,000 by the National Credit Union Share Insurance Fund administered by the National Credit Union Administration (NCUA), an agency of the Federal Government. IRA accounts are separately insured up to $250,000. Additional protection may be provided on joint owner accounts and payable-upon-death trust accounts.

If you wish to contact NCUA's Consumer Assistance Center for questions related to share insurance coverage, call Monday through Friday 8am to 5pm Eastern 800.755.7030 Option 1 or send an email to [email protected].

To assist with information about your banking needs, Eglin FCU now offers text, chat and video engagement through EVA, Eglin’s Virtual Assistant chatbot, located on our website.

Members can choose to communicate by text, chat or video with a live Eglin FCU representative during business hours. These options can reduce call durations with our representatives.

Additionally, Eglin’s Virtual Assistant chatbot has hundreds of automated responses to answer your questions on our website by clicking "Chat" or by calling 850.862.0111, Option 9.

Supported browsers include Chrome, Edge, Safari and Firefox. Give EVA, the Eglin Virtual Assistant, a try!