Protecting Your Money

Your security matters.

Fraud prevention starts with awareness. This page is designed to help customers recognize scams, protect personal information, and use safer banking habits when managing their money. From phone scams and suspicious text messages to identity theft, online fraud, elder financial exploitation, and pressure-based payment requests, this page provides helpful information to support customer safety and financial confidence.

At Ladysmith Federal, we know scammers often try to create fear, urgency, or confusion to get people to share information or send money quickly. Learning the warning signs of fraud can help customers pause, ask questions, and take steps to protect their accounts. This page includes practical fraud awareness tips, scam prevention reminders, and guidance on what to do if something feels suspicious.

Customers can use this resource to learn more about protecting bank accounts, debit cards, online banking, mobile banking, passwords, personal identification, and sensitive financial information. It also offers important reminders about safe communication, including why customers should be cautious if someone asks for account numbers, login information, verification codes, wire transfers, gift cards, cryptocurrency, or other unusual payments.

The Protecting Your Money page is part of Ladysmith Federal’s commitment to financial literacy, fraud awareness, and customer education. If you believe you may have been targeted by a scam or notice suspicious account activity, contact Ladysmith Federal directly for assistance by giving us a call at 715-532-3389.

Before you withdraw cash

If someone is asking you to take out a large amount of money, pause. You could be in the middle of a SCAM. 

Ask yourself:

• Are you being pressured to act quickly?
• Is someone on the phone telling you what to do?
• Were you told to lie to the bank staff, or to family, about why you need the cash?
• Were you told not to talk to anyone about it or keep it a secret?
• Are you afraid, confused, or unsure?

If you can answer "yes" to any of these questions — Stop! Don't hand over your money.

What might be happening

Scammers often pretend to be:

• Law enforcement or government officials (IRS, Social Security, "Court", "Warrants")
• Tech Support
• Bank Staff
• A family member or romantic partner "in trouble"

Scammers can sound convincing, but they are not who they claim to be.  Cash, gift cards, cryptocurrency, wire transfers, area all red flags. A real government official will never ask you to withdraw money. 

How Real Companies Contact You

Legitimate companies will contact you through:

• Official emails
• Secure app messages
• Verified phone numbers

They will never:

• Use pop-ups
• Pressure you to act immediately
• Demand secrecy

• Ladysmith Federal will never contact you to ask for your online banking username, password, or multi-factor authentication codes. If someone claims to be from the bank and requests this information, it’s a scam.

  If you’re ever unsure, hang up and call Ladysmith Federal directly using the phone number on our website or your statement to protect your account.

Who Scammers Target

• Younger adults are targeted more often online and through social media
• Older adults experience higher losses when scams occur
• Scam tactics vary (text messages, friend requests, unexpected phone calls) but everyone is at risk

Protect Yourself Online

• Use strong, unique passwords
• Enable multi-factor authentication (MFA)
• Secure social media accounts
• Be cautious with online ads

Tip: Nearly all modern cyberattacks are blocked by Multi-Factor Authentication (MFA). 

What is Multi-Factor Authentication (MFA)?

MFA is a security method that requires two or more forms of verification to access an account, making it much harder for unauthorized users to get in.

Strong Password Basics

• 12+ characters
• Upper & lowercase letters
• Numbers & special characters
• Avoid personal information and consider a password manager.

Is Online & Mobile Banking Secure?

Yes. Online & Mobile banking uses:

• Encryption to protect your data
• Multi-factor authentication for extra security (you may need to enable this feature) 
• Look for https:// and the lock icon when visiting websites to know that they are secure

What is encryption?

Encryption is the process of turning information into a scrambled, unreadable format so only authorized people or systems can access and understand it.

Think You’re Being Scammed or Were a Victim?

Act quickly and don’t feel embarrassed. Scams can happen to anyone.

What to do right away:

• Stop all communication with the scammer
• Do not send more money or information
• Contact your bank immediately so we can help protect your accounts
• Tell someone you trust (a family member, guardian, or financial advisor)

The sooner you reach out, the better the chance of preventing further loss.