Summit Credit Union Shares How to Spot Imposter Scams During Cybersecurity Awareness Month

October 20, 2026

CEO Kim Sponem shares simple ways consumers can spot scams and protect their money

Madison, Wis. – Imposter scams are getting harder to spot, with fraudsters using increasingly sophisticated technology and familiar names to earn consumers’ trust. This Cybersecurity Awareness Month, Summit Credit Union is sharing practical ways consumers can recognize scams and protect their money and personal information.

Consumers reported losing $3.5 billion to imposter scams in 2025, according to the Federal Trade Commission. More than 1 million imposter scams were reported, making them the most reported type of fraud last year.

“Scammers are good at creating a sense of urgency and making a situation feel real,” said Kim Sponem, President and CEO of Summit Credit Union. “One of the best things you can do is slow down. If something doesn’t feel right, trust your instincts, end the conversation and verify who you’re dealing with before taking action.”

How do impersonation scams work?

One of the most common tactics is impersonating a trusted financial institution. A scammer may call, text or email claiming there’s a problem with an account or suspicious activity that requires immediate attention. They may also spoof caller ID so the incoming call appears to come from a legitimate phone number.

Summit Credit Union will never contact a member and ask for their online banking password, credit card number or other sensitive information in an unsolicited phone call, text or email. If a caller claims to be from Summit and something seems suspicious, members should end the conversation and call Summit directly at 608-243-5000 or 800-236-5560, rather than a number provided by the caller.

What are the warning signs of a scam?

Summit recommends remembering one simple word: MUST. It represents four tactics scammers commonly use:

Money: They want access to your money or financial information.
Urgency: They pressure you to act immediately.
Scare: They use fear, worry or other emotions to influence your decision.
Trust: They pretend to be someone you know or an organization you recognize.

“Scammers want you to react before you have time to think,” said Sponem. “Give yourself permission to pause, hang up and check. Taking a few extra minutes to verify a request can make all the difference.”
How can consumers protect themselves from scams?

Summit recommends several everyday habits:

Use strong, unique passwords for accounts.
Turn on multi-factor authentication when it’s available, particularly for financial, email and social media accounts.
Be thoughtful about the personal information you share online.
Check links before clicking. Hover over a link to see where it will take you and make sure the web address looks legitimate. Sponsored search results can lead to fraudulent websites.
Verify unexpected messages before responding. Check the sender’s full email address and watch for subtle misspellings or variations that could signal phishing.
Don’t rely on caller ID alone. A displayed name or phone number can be spoofed.
Pause when someone pressures you to act immediately. Contact the organization directly through a source you trust.

How does Summit Credit Union help protect members from fraud?

Summit teams continuously monitor for suspicious activity and use fraud-detection tools to identify unusual transactions. The credit union also updates its protections as new scam patterns emerge.

Sponem concluded, “Technology will keep changing, and scammers will keep changing with it. But the fundamentals still matter: stay alert, pause before you act and verify before you trust. And if you’re ever unsure, Summit is here to help.”