COVID-19 has disrupted almost every area of life recently. We wear masks, sanitize our hands, and maintain distance from each other; taking measures to ensure the safety and health of ourselves, our families, and our neighbors. But there is another risk this virus has created for our financial health—fraud.
FTL Finance is partnered with Transunion and we have been working closely with them to understand the impact of fraud during the pandemic and how we can protect our customers.
Transunion reports that fraud is on the rise since the COVID-19 crisis hit, up 11% in the financial services industry. As digital transactions increase, so does the potential to target consumers in cyber-space. Fraudsters take advantage of our time spent at home and the vulnerability of our society. The creativity of fraudsters is always evolving as they look to attack in this new, unprecedented world.
FTL Finance takes consumer safeguards seriously and we are committed to stopping the spread of fraud. Although hand sanitizer and masks can’t keep your credit and identity safe, there are steps you can take to protect yourself.
- Keep an eye on your credit. Consumers can access a free weekly credit report via AnnualCreditReport.com until April 2021. Review your transactions and accounts for fraudulent activity.
- Educate yourself on how COVID-19 is impacting consumer credit. Transunion’s COVID-19 Support Center provides support, guidance and resources, such as this handy guide for “Managing Your Credit Through Financial Hardship” on their blog.
- Be cautious when providing personal information. FTL Finance offers a secure, online application process linked to each contractor so consumers can directly send us the information needed.
- Understand identify verification is for your protection. Every FTL application requires consumer identity verification, through digital and identity components, to avoid fraud.
- Request hardship relief as needed. FTL offers relief to consumers in hardship with payment deferrals. Reach out to your lenders to see how they can support you if you are experiencing financial strain.
Wishing you safety and health – physically and financially!
