Local credit union teaches financial lessons through first-of-its-kind experience branch

BOSTON — Many of us have probably received a text claiming our toll bill was unpaid or that there’s a job to apply for.

Fraud is becoming more and more common, and unfortunately, the Federal Trade Commission reported more than $1.9 billion in fraud loss by older Americans in 2023. That’s why a local credit union created a first-of-its-kind experience branch—teaching financial literacy in an interactive way.

The Hanscom Federal Credit Union in Government Center offers more than just banking services. They’ve created an experiential way to teach important financial lessons called WealthTrek.

“You sit in a classroom, you learn fraud, and people give you a list of things, what to do and not to do,” said Peter Rice, the Hanscom Federal Credit Union CEO. “But that’s not how people learn. People learn through experience.”

There are four escape-room-style chambers where people have to solve clues about real financial challenges to try and advance to the next room.

“People from all experiences in America are being frauded as we speak,” said Rice. “And we’ve designed an experience that anyone can partake in.”

Rice added that this experience allows people to safely make mistakes and prepares them to be able to target fraud in the future.

“We wanted to create something that will get rid of shame and stigma and allow people to learn safely in a safe environment and maybe even have a little bit of a good time with it so that when it does happen, and it will happen, that you’re prepared and you’re ready to act,” said Rice.

The concept was tested out for a year in Burlington before opening up in Boston. Rice says since most fraud is in the form of emails and now text, they can constantly update their scenarios to keep up with fraudsters.

“Fraudsters are highly educated, they’re highly sophisticated,” said Rice. “They’ve got the best technology, and we have to evolve faster than they evolve. So they’re very clever, they put that pressure on you, and then you respond instantly in the moment, click that text, and before you know it, your bank account is wiped out.”

Rice says about 15% of people actually click that text in the moment, but the effects of the fraud can last a lifetime. Money is the number one stressor for a majority of Americans, according to the American Psychological Association. That’s why Rice adds it’s crucial more people understand their finances.

“It’s also the biggest cause of depression, of divorces,” said Rice. “It’s a major epidemic within our nation, and nobody is teaching financial health it’s major opportunity we see even here in Massachusetts.

The WealthTrek experience is open to anyone and takes about half an hour to go through. Once you finish, there is a financial coach who will debrief and go over what you learned.

This is a developing story. Check back for updates as more information becomes available.

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