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Archive for Financial Self Defense

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How to Avoid Credit Card Fraud this Holiday Season

Posted by Emily Beatmann 
· Tuesday, December 14th, 2021 

With the holiday shopping season heading into its final frenzied stretch, scammers are out in full force to take advantage of busy shoppers. In particular, credit card fraud is rampant during this time of year. With most purchases paid for with plastic, scammers have their pick of vulnerable prey before the holidays. Stay safe this season and protect yourself and your cards from fraud with these safety measures and preventative tips: 

Choose zero liability 

If you can, choose a credit card with zero liability protection. This way, you won’t be responsible for any unauthorized charges made on your card. 

Monitor your credit

Stay alert and learn about the first signs of fraud to your credit accounts by reviewing your credit card statements carefully. It’s also a good idea to enroll in available alerts so you are notified of unusual and/or large purchases made on your card, and transactions made in remote or obscure places. Most credit card issuers offer instant text or email alerts, which helps cardholders to be alerted to fraudulent activity so they can take action before it happens again. 

Strengthen your passwords

Take some time out during this busy season to review the passwords on your accounts. Does each account have its own unique password? Are your passwords strong, using a combination of letters, numbers and symbols as well as varied capitalization use? If any passwords use your personal information, such as your date of birth, your hometown or your mother’s maiden name, change them. Easily cracked passwords like these can be used to hack into multiple accounts and can even lead to identity theft. Keep your passwords strong, and change them from time to time to prevent fraud. 

Shop with caution

Be an alert shopper this holiday season to avoid falling victim to credit card fraud. Only shop reputable sites and avoid clicking on pop-up ads or links in emails coming from unverified senders. To confirm a site’s security, look for the lock icon before the URL and the “s” after the “http.” Finally, make sure you are using a device that’s using updated security settings and choose a VPN (virtual private network) if you must use public Wi-Fi. 

Be wary of “support staff” calls from your credit card issuer

Some scammers resort to phishing calls for pulling off credit card fraud before the holidays. In these scams, a target will receive a phone call from someone who allegedly represents their credit card company or financial institution. The “support staff member” will tell the target there’s been an issue with their account and that it needs to be updated before the card can be used again. The caller will then ask the cardholder to share sensitive information, such as their card numbers, account details, passwords and more. Unfortunately, if the cardholder complies, they will be playing directly into the hands of a scammer. 

If you receive a phone call like the one described above, hang up and block the number. You can reach out to your card issuer on your own to check if there really is a problem with your account; but chances are, everything will be in proper order. 

Keep your cards close

Don’t forget to take basic precautions with your credit card this season, especially if you’ll be hitting a lot of shops before the holidays. Keep your card tucked into your wallet or purse. If you use a cardholder on your phone case, keep your phone in a safe place and make sure the card numbers are not visible to passersby. Finally, put your card away immediately after completing a purchase. 

Take immediate action if there are signs of fraud

If you suspect your credit card has been stolen or hacked, alert your credit card issuer and financial institution immediately. Your old card will be canceled to prevent the scammer from making additional charges and you’ll be issued a new one so you can complete your shopping. Consider placing a credit freeze on your accounts as well, which will make it nearly impossible for the fraudster to open new accounts or take out loans in your name. 

Stay aware this holiday season, and keep your money and your information safe!

RESOURCES:
https://www.chase.com/personal/credit-cards/education/basics/how-to-stop-credit-card-fraud-during-the-holidays
https://www.cnbc.com/select/how-to-prevent-credit-card-fraud-this-holiday-season/#:~:text=Holiday%20shopping%20is%20in%20full,credit%20card%20to%20purchase%20gifts.&text=While%20there’s%20the%20potential%20for,be%20charged%20for%20fraudulent%20charges.
https://moneyfit.org/blog/holiday-credit-card-fraud-guide

Categories : Christmas, Credit, Credit Union, Cyber Security, Financial Self Defense
typing

6 Reasons to Switch to E-Statements

Posted by Emily Beatmann 
· Monday, June 7th, 2021 

Are you constantly dealing with a barrage of junk mail that clogs up your mailbox? Drowning in papers needing sifted through? Are you always afraid to throw out any paper from your financial institution, fearful that you’ll be throwing sensitive material into the trash and making it an easy steal for would-be scammers?

If this sounds familiar, you may benefit from switching to electronic account statements.

Electronic statements (E-Statements) are similar to paper statements, except for the fact that they’re delivered electronically. At the end of each statement period, which is generally monthly for checking accounts and quarterly for basic savings accounts, you’ll receive a notification from 705 Federal Credit Union informing you that your statement is ready to view through the online banking portal, app, or by downloading from a secure site. Once you access the E-Statement, you’ll find it has all the information you’re used to receiving in your paper statements. You can also access your E-Statement by logging into your online banking site or app at any time throughout the month.

Quick, convenient and clutter-free, E-Statements are the way of the future. Here are six reasons to consider switching to E-Statements.

 1. Check your accounts at a glance

With E-Statements, there’s no need to wait for your monthly statement to arrive in the mail. Just a few clicks and you get your account statement at any time, from anywhere, using the mobile device of your choice. Some financial institutions also offer members the option of signing up for financial alerts, such as a warning when your account is running low and in danger of being overdrawn. With E-Statements, managing your accounts is easy.

2. Clear out the clutter

Why bother with piles of paperwork when you can access your accounts online? It’s neater, cleaner, and helps cut down on the correspondence you have flooding your mailbox. You’ll also save time sorting through papers when you can find your last account cycle balance with just a few quick swipes.

3. Keep your information safer

No matter how careful you are with papers containing sensitive data, there’s always a chance you can miss something and it’ll end up in the wrong hands. It can also be a pain to keep track of every incoming piece of mail and to dispose of it properly. With E-Statements, you’ll never have to worry about losing a paper that contains confidential banking information, or mistakenly tossing it into the trash where it can be easily accessed by identity thieves.

Some people are wary about sending sensitive information online and are fearful that an E-Statement can easily be hacked. However, you can access your account balance online with confidence, knowing that 705 Federal Credit Union uses several layers of protection to keep your information absolutely safe.

4. Monitor your accounts frequently for fraud

When you have instant access to your accounts throughout the month, it’s a lot easier to check for signs of fraud. Plus, when you spot the fraud sooner, you can take steps to mitigate the damage earlier and have a better chance of a full recovery.

5. Eco-friendly

When you choose to receive your monthly account statements electronically, you’ll be doing the environment a favor. Less paper statements means less paper waste and fewer trees getting cut down for something that will ultimately be tossed. Go green for the environment with E-Statements!

6. Safe and secure storage

Filing cabinets are so last century. With E-Statements, you’ll never stress about misplacing your account statements again. Your online banking portal or app acts as a convenient and secure filing cabinet, storing your account statements for you to access as needed.

Ready to make the switch to E-Statements? Signing up is easy. Log into Online Banking to sign up, today!

Categories : Credit Union, E-Statements, Finances, Financial Self Defense, Member, Money Management
Tags : , , ,

Beware of Coronavirus Scams!

Posted by Emily Beatmann 
· Monday, March 16th, 2020 

Scammers are notorious for capitalizing on fear, and the coronavirus outbreak is no exception.

Woman wearing mask

Showing an appalling lack of the most basic morals, scammers have set up fake websites, bogus funding collections and more in an effort to trick the fearful and unsuspecting out of their money.

The World Health Organization (WHO) has published on its website a warning against email scams connected to the coronavirus. The agency claims it has received reports from around the world about phishing attempts mentioning coronavirus on an almost daily basis.

Closer to home, the Federal Trade Commission (FTC) is warning against a surge in coronavirus scams, which are being executed with surprising sophistication, so they may be difficult for even the keenest of eyes to spot.

The best weapons against these scams are awareness and education. When people know about circulating scams and how to identify them, they’re already several steps ahead of the scammers. Here’s all you need to know about coronavirus-related scams.

How the scams play out

There are several scams exploiting the fear and uncertainty surrounding the virus. Here are some of the most prevalent:

The fake funding scam

In this scam, victims receive bogus emails, text messages or social media posts asking them to donate money to a research team that is supposedly on the verge of developing a drug to treat COVID-19. Others claim they are nearing a vaccine for immunizing the population against the virus. There have also been ads circulating on the internet with similar requests. Unfortunately, nearly all of these are fakes, and any money donated to these “funds” will help line the scammers’ pockets.

The bogus health agency

There is so much conflicting information on the coronavirus that it’s really a no-brainer that scammers are exploiting the confusion. Scammers are sending out alerts appearing to be from the Centers for Disease Control and Prevention (CDC) or the WHO; however, they’re actually created by the scammers. These emails sport the logo of the agencies that allegedly sent them, and the URL is similar to those of the agencies as well. Some scammers will even invent their own “health agency,” such as “The Health Department,” taking care to evoke authenticity with bogus contact information and logos.

Victims who don’t know better will believe these missives are sent by legitimate agencies. While some of these emails and posts may actually provide useful information, they often also spread misinformation to promote fear-mongering, such as nonexistent local diagnoses of the virus. Even worse, they infect the victims’ computers with malware which is then used to scrape personal information off the infected devices.

The phony purchase order

Scammers are hacking the computer systems at medical treatment centers and obtaining information about outstanding orders for face masks and other supplies. The scammers then send the buyer a phony purchase order listing the requested supplies and asking for payment. The employee at the treatment center wires payment directly into the scammer’s account. Unfortunately, they’ll have to pay the bill again when contacted by the legitimate supplier.

Preventing scams

Basic preventative measures can keep scammers from making you their next target.

As always, it’s important to keep the anti-malware and antivirus software on your computer up to date, and to strengthen the security settings on all of your devices.

Practice responsible browsing when online. Never download an attachment from an unknown source or click on links embedded in an email or social media post from an unknown individual. Don’t share sensitive information online, either. If you’re unsure about a website’s authenticity, check the URL and look for the lock icon and the “s” after the “http” indicating the site is secure.

Finally, it’s a good idea to stay updated on the latest news about the coronavirus to avoid falling prey to misinformation. Check the actual CDC and WHO websites for the latest updates. You can donate funds toward research on these sites as well.

Spotting the scams

Scammers give themselves away when they ask for payment via specific means, including a wire transfer or prepaid gift card. Scams are also easily spotted by claims of urgency, such as “Act now!” Another giveaway is poor writing skills, including grammatical errors, awkward syntax and misspelled words. In the coronavirus scams, “Breaking information” alerts appearing to be from health agencies are another sign of a scam.

You can keep yourself safe from the coronavirus by practicing good hygiene habits and avoid coronavirus scams by practicing healthy internet usage. Keep yourself in the know about the latest developments.

Resources:

https://www.consumer.ftc.gov/blog/2020/02/coronavirus-scammers-follow-headlines
https://www.wsj.com/amp/articles/hackers-target-companies-with-fake-coronavirus-warnings-11583267812?tesla=y
https://blog.malwarebytes.com/social-engineering/2020/02/battling-online-coronavirus-scams-with-facts/

Categories : Financial Self Defense
Tags : , , ,

CREDIT CARD FRAUD IN 5S

Posted by Emily Beatmann 
· Monday, October 1st, 2018 

Financial Self Defense against Credit Card Fraud

An image of someone typing in credit card information into the computerWhodunnit? When we’re talking about credit card fraud, everyone’s pointing fingers at everyone else. Consumers tend to blame the credit card issuer, but the vulnerability usually lies with the point-of-sale terminal.

Tampering with a credit card reader takes just a few minutes and can be done with an inexpensive device that’s available on Amazon. There are lots of other ways your information can be skimmed, too. However, none of that points to a security deficiency with your credit union or credit card company.

Thankfully, there are steps you can take to prevent and recognize credit card fraud before it happens. Read on for all you need to know about credit card fraud.  

5 ways your card can be frauded 

  1. It’s physically lifted from your wallet.
  2. A restaurant or bar server skims it while it’s in their possession.
  3. A terminal you use is compromised.
  4. An online breach puts your information on the black market.
  5. Your computer has been hacked. 

5 signs a terminal’s been compromised 

  1.    The security seal has been voided. When the pump is safe to use, the label has a red, blue or black background. A breached seal shows the words “Void Open” in white.
  2.    The card reader is too big for the machine.
  3.    The pin pad looks newer than the rest of the machine.
  4.    The pin pad looks raised.
  5.    The credit card reader is not secured in place. It should fit tightly and not be easily rattled. 

5 times you’re at high risk for credit card fraud 

  1. You lost your card.
  2. You’ve patronized a business in an area that’s unfamiliar to you.
  3. A company you use has been breached.
  4. You shared your information online with an unverifiable contact.
  5. You downloaded something from an unrecognizable source. 

5 ways to protect yourself against credit card fraud 

  1. Check all card readers for signs of tampering before paying.
  2. Never share your credit card information online unless you’re absolutely sure the website is authentic and the company is trustworthy.
  3. Check your monthly credit card statements for suspicious activity and review your credit reports on a frequent basis.
  4. Use cash when patronizing a business in an unfamiliar area.
  5. Don’t download attachments from unknown sources. 

5 steps to take if your credit card’s been frauded 

  1. Lock the compromised account.
  2. Place a fraud alert on your credit reports.
  3. Consider a credit freeze.
  4. Alert the FTC.
  5. Open new accounts. 

At 705 Federal Credit Union, we’ve always got your back! Call, click, or stop by today to ask about steps you can take to protect your information from getting hacked. 

SOURCES:

https://www.thebalance.com/how-credit-card-skimming-works-960773

https://www.thebalance.com/more-at-risk-of-credit-card-fraud-960780

https://www.makeuseof.com/tag/credit-card-fraud-works-stay-safe/

http://gizmodo.com/home-depot-was-hit-by-the-same-hack-as-target-1631865043

Categories : Credit Union, Finances, Financial Self Defense
Tags : , ,

6 COMMON TAX MISTAKES TO AVOID

Posted by Emily Beatmann 
· Monday, February 26th, 2018 

Image of Uncle SamIt’s Tax Time!

It’s that time of year again! Get ready to break out the calculator and pencils; dig out the enormous pile of receipts, tax forms, and pay stubs, and get to work. Whether you choose to go it alone, use a tax-prep computer program or hand it all over to an accountant, start with checking out our handy list of common mistakes people make on their tax returns.

1.) Faulty math

One of the most common errors on filed taxes is math mistakes. A small miscalculation can throw off all your numbers and get you into trouble with the IRS. However you choose to prepare your taxes, be sure to triple-check the math before filing.

2.) Name changes and misspellings

When preparing your taxes, you’re thinking about numbers, but don’t forget to pay attention to everything else on your form! If you use a name that’s different than the one the IRS has on file for your Social Security number, or even if you spell it wrong, that can mean trouble for you and your taxes. If you’ve recently changed your legal name, be sure to let the Social Security Administration know.

3.) Omitting extra income

Many people neglect to include secondary sources of income on their tax forms. This may include freelance work and any other side work they may have done throughout the year. If you’ve taken any side jobs in 2017, fill out a 1099-MISC and file it along with your taxes.

4.) Deducting funds donated to charity

Charity laws are complicated! First, only donations given to an organization with a tax-exempt status can be deducted from your taxes. Second, if you’ve donated food items or used clothing, they had to have been in decent shape to be eligible for a write-off. Finally, calculate the value of your non-monetary donations according to what they would be worth if you’d sell them now. Don’t forget to include those charity tax receipts when you file!

5.) Using the most recent tax laws

The current administration has made some major changes to the tax code. While most of these changes won’t take effect until you file your first taxes for 2018, there are some changes that are effective for this year, including the following:
  • The standard deduction increased to $6,350 for single, $9,350 for head of household, and $12,700 for married filing jointly.
  • The maximum earned income tax credit increased to $6,318.
  • The maximum income limit for the EITC increased to $53,930.
  • The foreign earned income deduction increased to $102,100.
  • Annual deductible amounts for Health Savings Accounts increased for individuals only, to $3,400.

6.) Signing your forms

If you’re filing through the USPS, be sure to put your signature wherever necessary, and get a mailing receipt. If filing online, you can use a PIN instead. Most places that require a signature will need to be dated as well.
 
Check your forms for errors before submitting and file with confidence.

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Categories : Credit Union, Finances, Financial Self Defense, Savings Hacks
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3 Steps to Strong Passwords You Can Remember

Posted by Emily Beatmann 
· Monday, November 27th, 2017 

Passwords are the house keys to your online accounts, and when they’re hacked, intruders can break in and wreak havoc.

Women typing on computer

Photo Credit: http://ow.ly/SBlC30gQ8mN

To create strong passwords, you have to strike a balance between making them difficult for others to guess and making them easy enough for you to remember. Many people favor simple ones at their own risk: “123456” and “password” have remained the two most common passwords for six years, according to password security company SplashData.

Unlike many other security measures on websites, a password is one you have full control over. And given that over 1,000 data breaches happened in 2017 alone, according to the Identity Theft Resource Center, it might be time to strengthen your passwords. Here’s how.

How to make a foolproof password

1. Start with a sentence

Despite the “word” in “password,” it’s better to think of starting with multiple words. Some websites require only six or eight characters for passwords, but that doesn’t mean it’s a recommended length.

» MORE: How to make online banking more secure

When it comes to passwords, “longer is better,” says Richard Crone, a payments expert and CEO of Crone Consulting LLC. “And the way to do that is to use a sentence structure.”

Pick a sentence that’s memorable but doesn’t have details that relate too closely to you. Avoid using birthdays or the names of pets or family members, and feel free to be creative. Here’s an example: “cats do not like cucumbers.” Then, take out the spaces, “catsdonotlikecucumbers.”

“It’s really the length and the unrelatedness that gives you the best protection,” Crone says.

2. Avoid using real words

Change how your sentence looks by removing all the vowels, or only use the first one or two letters of each word. Don’t use dictionary words, which makes your password easier to guess.

The previous example becomes “cadonolicu” if you’re using the first two letters of every word in that sentence.

3. Mix in numbers, symbols and uppercase letters

Bring in a variety of characters to your password. Some websites have minimum requirements so you need to use at least one capital letter, one lowercase letter and a number. You might have to add a symbol like a period or exclamation point, too. As you mix it up, don’t repeat letters, numbers or symbols right next to each other.

By capitalizing some letters, replacing the “l” with an exclamation point and turning an “o” into a zero, the sample password becomes “CaD0No!icU.”

Use a password manager

The steps above help when you’re creating one really strong password, but remembering a dozen or more such passwords might make your head spin. That’s why you might want to consider using a password manager such as LastPass or Dashlane. There are free options, but some features are available only for purchase.

Think of a password manager as a bank vault that creates and stores long and complex passwords so you don’t have to. The only password to know is the one that unlocks the vault. Once you type that one, you can log into whatever online accounts you decide to keep on the password manager.

If you don’t use an online password manager, consider writing down complex passwords and storing them in a safe place such as a locked cabinet at home or in an encrypted file on your computer. These passwords should be difficult to access as well as to guess.

A password is “like scrambled eggs,” Crone says. “The more you fluff it up and spice it up, the better.”

The article 3 Steps to Strong Passwords You Can Remember originally appeared on NerdWallet.

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Categories : Credit Union, Financial Self Defense, Identity Theft
Tags : , , ,

Why Do I Need To Get Preapproved For A Loan?

Posted by Emily Beatmann 
· Monday, November 13th, 2017 
 
Q: I’m in the market for a new home, and everyone I talk to, from friends to financial advisors, suggests I get preapproved for a mortgage before I start house hunting. Why is this so important?
house with sold sign

Photo Credit: http://ow.ly/MP2m30gxTCA

 

A: You’re actually on the receiving end of great advice. When looking to take out a large loan, whether it’s for purchasing a home or buying a car, having that preapproval in hand before you start your search is crucial.

Depending upon the type of loan, the process of getting preapproved for a loan can take time. The lender will begin by asking for your financial history and other personal information. If you have a co-borrower, the lender will need this information about them as well.
 
You’ll be asked to provide your Social Security Number (SSN) and for permission to allow the lender to access your credit report. If the information you provide is satisfactory, as is your credit report, the lender will begin constructing the details of your loan. When they have determined how large of a loan you will be eligible for, they will grant you a preapproval letter. The letter will also detail your estimated interest rate on the loan, though that will sometimes also depend upon the specifics of your purchase, such as the year and condition of a car or appraisal on a home.
 
Having your preapproval letter will shorten the loan process significantly when you’re actually ready to take out the loan. However, that is only a small benefit of getting preapproved before you start “shopping.”
Here are some other advantages of getting preapproved for a loan:

1.) You’ll know what you can afford

Your preapproval will tell you exactly what you can afford. This way, you’ll avoid being disappointed later when you have your heart set on a certain home only to be told you can’t swing it financially. Knowing how large a loan you’ll qualify for will simplify your search and get you into your new home or car sooner.
Be sure to calculate other monthly costs, such as property taxes, home insurance and increased auto insurance rates when determining the actual amount of money you’ll need to shell out each month.

2.) Don’t get taken for a ride

Picture this scene at a car dealership:
 
Salesperson: So, you’re here to buy a new car! What are you looking for?
You: Well, I want something with a smooth ride and –
Salesperson: Got it. And how much of a monthly payment can you afford?
You: Weeelll, I think I can swing up to $200 a month, but I’d rather something closer to $150 if you —
Salesperson: Step right this way please! Let me show our new line of Camrys at just $205 a month! They have the most luxurious feel and the ride is smooth as butter!
 
What happened here is, quite simply, a salesperson looking to make the most money out of a customer. When you’re unsure about how much you can spend, the dealer will capitalize on your uncertainty and try to sell you a car that just barely skims the maximum amount you’ve decided you can afford.
 
Also, when you name a monthly payment you can manage, the dealer will work with that number instead of talking about the price of the car. They may try to inflate the payment with charges and fees just because they fit within your named payment amount.
 
In contrast, when you show up at the dealer with a preapproval in hand, the salesman will have to show you cars with price tags that fit within your loan amount.
 
Don’t get taken for a ride; get your preapproval before you set foot in the dealer shop!

3.) Be taken seriously

A car dealer will take you a lot more seriously when you wave that preapproval in their face, since having that information in hand shows you’re ready to buy.
 
When purchasing a home, the same rule holds true. A realtor will be able to assist you more efficiently when you know exactly how much house you can afford. They may also give you better service since you’re showing that you’re serious about buying a home. In fact, many realtors refuse to show homes to buyers who don’t have a preapproval in hand.

4.) Know you have financing you can trust

When you show up at the car dealership with a preapproval from your credit union, you know the deal is in your best interest. Many auto shops have access to several financing options and they’re almost always going to put customers into financing options that are in their own wallet’s best interests.

5.) Purchase your dream home

A preapproval makes you a valuable customer. It also helps you stand out from the pack. If you’re looking to buy a home in a competitive market, you may be competing with several other buyers for the same house. Having your preapproval will give you a leg up on bidding wars. A seller will be more eager to work with someone who’s already started the mortgage process. You can end your search sooner with a preapproval!
 
In the market for a new home or car? Don’t forget to call, click, or stop by 705 Federal Credit Union to hear about our fantastic rates on mortgage and auto loans!

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Categories : Financial Self Defense, Home, Loans
Tags : , , , , ,
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