Navy Fed Shuts Down 50,000 Fraud Exploiter Accounts

Something big is happening at the most popular credit union in the country.

They are cracking down on members who sold membership access codes to scammers who used it to infiltrate their portfolio.

Credit gurus like King Shaun say that Navy Fed has closed over 50,000 credit card accounts.

Scammers have targeted Navy Fed

Navy Fed accounts are highly sought after because of their customer-friendly policies and because they have perks only available to military families. They have great products that consumers love.

But they are also highly sought after by scammers who work to exploit those customer-friendly policies.

There are even Telegram channels (like Navy Fed Party) dedicated to exploiting and defrauding Navy Fed.

Some of the most popular schemes are using CPN’s to create synthetic identities which can be used in a variety of scams and fraud.

People Are Selling Their Navy Fed Access Codes To Exploiters

The problem for scammers is that getting a Navy Fed account is limited only to military personnel or their families.

If you’re a servicemember, veteran of any branch of the armed forces, or a Department of Defense employee, then you’re eligible to apply for a Navy Fed account.

People off the street, cannot apply without a sponsorship.

To get around this, fraudsters use backdoor methods to get around the application process. And that includes purchasing “member access codes” for $180 or more from members with them.

Those access codes allow anyone to get approved for accounts they would otherwise not qualify for.

But, members who sold their access codes didn’t realize that the people buying them would use the accounts for nefarious purposes.

And apparently, that is precisely what happened.

Scammers created fake accounts, added authorized users to their accounts, used the accounts for muling and a whole lot of other nefarious activity.

Navy Fed Has Reportedly Shut Down 50,000 Accounts

According to several experts, Navy Fed has begun a massive crackdown on exploiters – shutting down over 50,000 accounts associated with fraud.

That number of accounts has not been confirmed, but others indicate it could be even more. One video claims 100,000 accounts have been terminated.

The terminated accounts include members who sold their access codes and those who purchased them.

Members who sell their access codes to scammers are losing their membership forever.

Another Youtuber Star Knows Credit outlines why members should

Navy Fed Is Also Cracking Down On Authorized User Sellers

Navy Fed is not only shutting down massive numbers of folks who sold their access codes to scammers. They are also targeting members who are adding authorized users to their credit cards for profit.

Tradeline Brokers connect Navy Fed members and tradeline purchasers, selling tradelines for $600 to $800.

This isn’t the first time that Navy Fed has shut down exploiters in droves. In fact, last year, they reported closing over 100,000 accounts, including member’s accounts and the scammers that got access.

I guess this is an annual purge that Navy Fed does to get scammers out of their portfolio and crack down on member abuse.