Ukrainian National Federal Credit Union: The Safe Haven for Rapidly Growing Deposits

In a recent conversation with Iurii Baiurak, the communication manager at Ukrainian National Federal Credit Union, we discussed the topics of deposit safety and fraud prevention. Iurii Baiurak shared valuable insights into the measures taken by the credit union to protect their members’ deposits and prevent fraudulent activities.

Deposit Safety

When asked about the safety of account holders’ funds, the Mr. Baiurak confirmed that all deposits at the Ukrainian National Federal Credit Union (UkrNatFCU) are protected by the National Credit Union Share Insurance Fund. Deposits are insured up to at least $250,000 per individual depositor, and members have never lost a penny of insured savings at a federally insured credit union

Fraud Prevention and Detection

Ukrainian National Federal Credit Union takes fraud prevention seriously to protect its members’ accounts and sensitive information. Some common practices and policies include:

  1. Multi-Factor Authentication (MFA): UkrNatFCU implements MFA, requiring users to provide multiple forms of identification before accessing their accounts. This could include something they know (password), something they have (one-time code sent to their phone), and something they are (biometric verification).
  2. Regular Monitoring: Accounts are often monitored for unusual or suspicious activity, using automated systems to detect patterns that could indicate fraudulent transactions.
  3. Transaction Alerts: The credit union offers transaction alert services that notify members about certain account activities, such as large withdrawals or purchases. This allows members to quickly respond if a transaction appears unauthorized.
  4. Member Education: The credit union educates its members about common fraud tactics, such as phishing scams and identity theft. By raising awareness, members are better equipped to recognize and avoid potential threats.
  5. Secure Online Banking: The credit union invests in secure online banking platforms with encryption and security features to protect members’ information during online transactions.
  6. Regular Security Audits: UkrNatFCU may conduct regular security audits to identify vulnerabilities in their systems and processes. This helps stay proactive in addressing potential security gaps.
  7. Blocking and Freezing: If suspicious activity is detected, the credit union might temporarily block or freeze accounts to prevent further unauthorized transactions while investigating the issue.

By implementing these measures, Ukrainian National Federal Credit Union ensures the safety of their members’ deposits and work diligently to prevent and detect fraud.

About UkrNatFCU

Currently Ukrainian National Federal Credit Union provides a variety of services for its clients: Auto loans, mortgages, personal loans, member business loans, share savings accounts, IRA accounts etc.

Please, visit UkrNatFCU website for more information.

At this moment Ukrainian National Federal Credit Unio has offices in NY and NJ, but they provide service all over the country.

215 2nd Avenue New York, NY 10003-2735
Phone: (212) 533-2980

1678 East 17 Street Brooklyn, NY 11229-1281
Phone: (718) 376-5057

35 Main Street South Bound Brook, NJ 08880-1481
Phone: (732) 469-9085

615 Amboy Avenue Perth Amboy, NJ 08861-2577
Phone: (732) 802-0480