Iowa credit union blocks $10 million in overseas scams

In Dubuque, Iowa, Jill Gogel, the vice president of fraud services at Dupaco Community Credit Union, has taken significant steps to combat online scams affecting her customers. With nearly 170,000 accounts under her management, Gogel has witnessed the pervasive nature of fraud, which the FTC reported cost victims nationwide $10 billion last year. To address this issue, she has implemented annual fraud training for all employees, ensuring they are equipped to identify suspicious withdrawal patterns and engage with members about unusual transactions. The proactive approach includes direct communication between employees and Gogel when concerns arise, sometimes leading to outreach to trusted contacts listed on accounts. Corporal Isaiah Hoff from the Dubuque Police Department collaborates with Dupaco on fraud cases, providing support to victims who may struggle to accept they have been targeted. This partnership enhances the credit union's ability to protect its members effectively. Dupaco's fraud prevention efforts have evolved significantly over the past decade. Initially, the credit union was able to prevent around $300,000 in potential fraud losses. However, last year, Gogel estimates that they successfully blocked $10 million from reaching scammers, showcasing the effectiveness of their initiatives. Gogel emphasizes the importance of protecting members' finances, particularly as they age, and believes that financial institutions have a societal responsibility to safeguard their customers. The credit union's commitment to fraud prevention serves as a model for others, demonstrating that proactive measures can yield substantial results in the fight against scams.