Author Archives: VP of Marketing and Business Development Jessica

How Scammers Use Social Engineering to Steal Money & How to Spot Them

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As scams become more prevalent, they are also more sophisticated – making them harder to detect. Scammers often employ what is known as “social engineering” to manipulate people into revealing sensitive information.

It’s all about the psychology of persuasion. These scammers take advantage of human nature, aiming to lower your defenses so you’ll act on impulse rather than reason.

Let’s look at some examples of how social engineering uses the powers of persuasion to steal personal information and money:

Pretexting

Building a solid pretext or a fabricated scenario is an important aspect of social engineering. Hackers often research their victims in advance to get a sense of the victim’s personal and professional life to help establish the right pretext with which to approach a victim. This information can easily be found by a simple internet search or reviewing social media activities.

Pretexting is typically the first step in a broader scheme to steal from you. The scammer then pretends to be someone you trust, possibly a representative from your financial institution or a government worker offering loan forgiveness. It often starts with a friendly “hello” and a convincing story that leads the victim to hand over sensitive information that can be used to steal money or commit identify theft.

Baiting

Baiting uses the false promise of an enticing item, such as a monetary reward or free movie download, to trick the unsuspecting consumer into opening a file or providing sensitive information – like their login credentials. Instead of the attached file being the movie or other reward, it is actually infected with malware that will encrypt or take control of the individual’s data, allowing the attacker access to their personal information.

Phishing

Phishing is one of the most common types of social engineering attacks, typically in the form of emails or text messages that look like they are from a reputable source, like your financial institution – informing you of an urgent matter that needs your immediate attention. The message may include a link to a fake website that looks legitimate and suggests that you must provide personal information in order to remedy the urgent issue. This can result in the scammers gaining access to your accounts or learning important details about your identity.

How to Combat this Psychological Manipulation

Knowledge is key. Now that you know what to look for, follow these tips to help protect yourself:

  • Delete requests for personal information or passwords. No one should contact you for your personal information. Not even your financial institution.
  • Disregard offers for help or requests of help from those you don’t know. Especially if unsolicited.
  • Avoid tempting offers. Though it may be difficult to pass on what appears to be a great offer, don’t just dive in. If it seems too good to be true, it probably is. If you’re really interested, take a step back and do some research. Confirm that the company is legitimate by researching reviews. If they are reputable, call the company allegedly offering the deal to ensure the offer came from them and not a scammer pretending to be them.
  • Verify contacts. Scammers usually imitate legitimate companies by mimicking their names in emails or using caller ID spoofing. You can check their authenticity by looking at the domain name of an email address or hanging up on an unsolicited caller, verifying the legitimate phone number, and calling back.

At First Financial, our goal is to help protect our members from scams and identity theft. If you have any concerns or questions about any of your First Financial accounts, please call member services at 732.312.1500 or visit one of our branches.

To learn more about scams and ways to protect yourself, visit zellepay.com/pay-it-safe.

Zelle and the Zelle related marks are wholly owned by Early Warning Services, LLC and are used herein under license

 

 

 

Inexpensive Halloween Costume Ideas

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Let’s face it – no one wants to buy an expensive Halloween costume they’ll only wear once. Sure, it might be easier to quickly put one together on the day of – but all those costume pieces can really add up. Plus, store-bought costumes can sometimes be of lesser quality and expensive at the same time. If you’re looking for cheap Halloween costume ideas for you and your family, we’re here to help. Here are some budget-friendly tips to get you inspired.

Consider a DIY costume

Put those artistic skills to good use by making your own costume this year! There are many ideas out there that you can work off of, no matter your skill level. While making a costume from scratch is a bigger time commitment, you’ll be extra proud of your finished product. Here are some themes to get you started.

  • Bag of ice costume: Use plastic bags to create the look of a bag of ice and make it into a family-friendly “ice ice baby” costume.
  • Butterfly costume: Whether you choose to create wings with fabric or by painting cardboard cutouts, you can certainly generate something unique.
  • Operation board game costume: Use felt fabric to create shapes inspired by the board game and then glue them to the costume.
  • Bat costume: Cut a black umbrella in half and use it as wings. Make sure to wear all black and add in ears as well.
  • Spooky ghost: Use white sheets and cut out eyeholes, or use white makeup and gauze to make yourself look extra eerie.
  • Mummy costume: Wrap yourself from head to toe in toilet paper and bandages to achieve this look.
  • Bob Ross and Happy Little Tree: You might have to buy some art supplies for this one, but the rest of this couple’s costume is pretty simple to put together.

Work with what you have

Sometimes the inspiration comes directly from your closet. Chances are, with a little creativity, you can put together a costume based on what you already have. Use some of these ideas for encouragement or take an inventory of your closet and see what you can come up with.

  • Lumberjack costume: If your closet is stocked with flannels, this look will be easy for you to achieve.
  • Hippie costume: Got some 70’s inspired clothes in your wardrobe? Create a hippie-inspired costume and add in some temporary butterfly or flower tattoos.
  • Nerd or gamer: Go the traditional route with glasses and suspenders, or dress up like a gamer with headphones and a game controller.
  • ‘Men in Black’ costume: You’ll need a black suit and sunglasses to look like you’re walking out of the popular Will Smith movie.
  • Bread winner costume: Got a few loaves of bread around and some old trophies or medals? Together they can make a truly ‘punny’ costume.
  • Brawny man costume: All you’ll need is a fresh roll of paper towels, a red flannel, and jeans!

Rely on costume makeup

Not all costumes need accessories to make a statement. Sometimes it’s the makeup that brings a costume to life. Don’t worry, you don’t need to be a professional makeup artist to achieve some of these looks. You can make it as simple or as detailed as you’d like!

These looks can be easily achieved with a bit of makeup:

  • Any animal costume (cat, dog, mouse, deer, etc.)
  • A skeleton costume
  • Pop art character
  • Zombie costume
  • Alien costume
  • A (haunted) doll

No matter what you decide to wear or how you’re celebrating, we hope everyone has a safe and happy Halloween! Want more budget-friendly tips? Subscribe to First Financial’s monthly newsletter for all the latest financial resources and advice.

Financial Steps to Take After a Divorce

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Going through a divorce not only takes an emotional toll, but can also leave a strain on your finances. Between legal fees and income changes – there’s a lot to adapt to, plan for, and consider. After updating your insurance and legal documents, there are financial steps to take after a divorce to maintain your independence and security. Here’s what we recommend, if this is something you are going through and are trying to best prepare to embark on your next journey in life.

Close your joint accounts

You may have already done this, but if not – be sure to immediately close all your joint accounts. Leaving unused accounts open can lead to fees. And even worse, sharing an account with an ex-spouse leaves the opportunity open for racking up a bill and potentially leaving you responsible for it. Leaving your joint account open is not worth the risk of potentially hurting your credit score and financial health.

Open new accounts

After a divorce, it’s time to start fresh. That means opening a new credit card, checking, and savings account in your name exclusively. With new accounts, comes more opportunities to make better financial habits. We recommend taking this time to consolidate any potential credit card debt, and making the commitment to pay your balance on time and in full each month.

At First Financial, we offer credit cards and checking accounts that fit a wide range of financial needs. Whether you’re looking for a card with extra perks, low rates, or one to help build or re-establish your credit, we can help!

Adjust your budget

Mastering budgeting is an empowering journey. As you change from two incomes to one, you’ll want to get a full idea of your expenses and cash flow – especially if you have children. Start by creating a list of essential expenses including housing costs, food, transportation, clothing, internet, cell phone, insurance, and more. Use our fillable PDF budgeting worksheet as a resource. Then add up your monthly income and deduct your expenses. The amount left over should be used toward building your savings and/or for any less essential purchases or entertainment.

Rebuild your savings

Speaking of savings, now is the perfect time to rebuild your emergency fund. Once you have a good idea of your budget and cash flow after covering expenses, you’ll be aware of how much to devote to a savings account. The typical rule of thumb is to dedicate 20% toward savings and future investments, but you’ll also need to be realistic based on your new financial situation.

First Financial not only offers various savings accounts to our members, but we can also advise you on additional financial considerations to make after your divorce.* You can have peace of mind knowing our team is putting your financial needs first, no matter what financial situation you might be going through. Contact us to get started, or stop into your local branch to speak with a representative today.

Want to see more articles like this? Subscribe to First Financial’s monthly newsletter for financial resources and advice.

*A $5 deposit in a base savings account is required for credit union membership before opening any other account/loan. All personal memberships are part of the Rewards First program and a $5 per month non-participation fee is charged to the base savings account for memberships not meeting the minimum requirements of the program. Click here to view full Rewards First program details. Some restrictions apply, contact the Credit Union for more information.

First Financial Member Spotlight: Lauren Griffin

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“First Financial knows their members. And that really makes a huge difference.”

Welcome to our First Financial member spotlight – a series where we feature some of our personal and business credit union members who we’ve happily worked with over the years. Next up is Freehold/Howell Branch member, Lauren Griffin.

Lauren initially came to First Financial when she was a new teacher looking for good rates and a safe place to put her money. After a positive experience obtaining a car loan, Lauren continued her membership with checking and savings accounts. Watch the video to learn more about her experience with us!

How to join First Financial

If you live, work, worship, volunteer, or attend school in Monmouth or Ocean Counties in NJ, you’re eligible to become a member. Businesses in Monmouth or Ocean Counties and our community partners are also eligible for membership. To join, all you have to do is open a savings account with $5. It’s that easy! Once you’re a member, your immediate family can also sign up. To get started, call us at 732.312.1500, email info@firstffcu.com, or stop by any of our local branches.

When is it Time to Downsize Your Home?

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Maybe the spacious home with the white picket fence you’ve always wanted doesn’t have the same charm it used to. Between increased maintenance over the years, unused rooms, and high monthly expenses – your home may be causing more headaches than it’s worth. If any of this is resonating with you, it could be time to downsize your home.

Choosing to sell and move to a smaller home is a big and likely emotional, decision. You might have lived in the home for decades or raised your family there – that’s why it’s important to know when the time is right and what resources are available to help. Keep reading to see when you should truly consider downsizing.

Your monthly housing expenses are high

The U.S. Department of Housing and Urban Development recommends spending no more than 30% of your monthly income on housing. If you’re paying more than that, you could be qualified as “financially burdened.” This means if you’re planning on retiring anytime soon, or will have a significant drop in income, it will be even harder to keep up on bills and monthly expenses. Downsizing will allow you to have a reduced mortgage or rent, cheaper utilities, and fewer maintenance needs. If you’re able to downsize 5 to 10 years before retirement, you can use the extra cash to save for travel or other activities.

Home maintenance is overwhelming

The older your home gets, the more maintenance it will need. Minor repairs, painting, caring for the lawn, and snow removal all take time and are physically demanding. Instead of throwing more money into maintenance costs by hiring a professional, consider moving into a rent-controlled space that has maintenance included. This will take the burden off of having to keep up with home repairs so you can focus on relaxing and enjoying retirement.

Your home doesn’t fit your needs

As we get older, our mobility changes – causing us to have different needs and requirements for our day-to-day lives. Whether it’s steep stairs, bathtubs without grab bars, or large yards that are impossible to keep up with – an inaccessible home is reason enough to consider downsizing. This is especially the case if you’d also have to invest in upgrades to accommodate your needs.

Financial considerations for selling your home

Before making a financial decision, you should also consider how much downsizing would cost. While you’ll be saving money in the long run, you’ll also need to account for any costs that come with selling your current home. Not only will you need to plan for initial updates if you want a higher value on your home, but you will also have to account for real estate agent fees and closing costs.

Downsizing takes time, planning, and research. Outside of finances, there will be other factors to evaluate and our financial experts are here to help! Contact us to get started, stop into your local branch, or schedule a video chat or phone call with our loan department.

Want to see more articles like this? Subscribe to First Financial’s monthly newsletter for financial resources and advice.

 

Stay Safe with These ATM Security Tips

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ATMs may be one of the easiest ways to access the money in your bank account, but they are also a target for theft. Criminals have been known to try taking cash right out of your hands upon leaving the ATM, or even stealing your personal identification number (PIN) at the ATM. This risk can be higher depending on the machine’s location or the time of day. Don’t let this scare you from ever using an ATM again though – you can take plenty of safety precautions to protect yourself and your money.

Here are our top ATM security tips for the next time you plan to withdraw money.

Keep your PIN private

If someone can steal your PIN, they can likely pretend to be you and use your account. That’s why it’s essential to be aware of your surroundings when using your card at an ATM. Someone waiting in line behind you can peer over your shoulder to see your PIN, or even withdraw more money if you forgot to end your transaction before walking away.

A more stealthy way criminals can try to take your money is by installing card skimmers on ATMs to capture people’s debit cards. Skimmers are hard to identify, making it challenging to even know your information has been compromised. Without taking proper precautions, your information can be sold online or used by criminals to make purchases.

Here are some tips for protecting your ATM/Debit card:

  • Inspect the ATM for possible skimming devices. Some red flags include sticky residue from an adhesive, damaged pieces, loose or extra attachments on the card slot, or noticeable resistance with pressing the keypad. Check out our ATM card skimming and fraud prevention guide for more information and images.
  • Cover your hand over the ATM keypad as you enter your PIN so no one around you can see.
  • Never write down your PIN or tell anyone your number. Keep it as private as possible.
  • Never give information about your ATM card or PIN over the phone. If your bank calls asking for you to verify your PIN, it is likely a scam.
  • Consistently check your accounts for suspicious activity.
  • Keep your card in a safe place and don’t ever leave it lying around – even at home.

Be alert at the ATM

No matter where you’re using an ATM, you’ll need to scan your surroundings for suspicious activity. If you notice someone waiting in a nearby car or hanging around while keeping an eye on you, try coming back later or using a different ATM. You’ll want to use your judgment – if something doesn’t feel safe, you’re probably right.

After withdrawing cash, stay alert. Some criminals may try to follow you. If you think that’s the case, find a heavily populated area and call the police. We recommend following these precautions every time you visit the ATM:

  • Bring someone with you when you go to the ATM.
  • Lock your doors at drive-thru ATMs.
  • Avoid using ATM machines at night.
  • Have your card ready as you get to the ATM, and do not linger and count your cash once it’s withdrawn from the machine.
  • Don’t leave your transaction receipt at the ATM.
  • If someone approaches you at the ATM and demands money, give it to them. No amount of money is worth risking your life. Call the authorities as soon as you’re somewhere safe if this happens.

View additional ATM skimming safety tips in our YouTube video.

At First Financial, we are here to help protect our members from fraud, scams, and identity theft. If you have any concerns or questions about any of your First Financial accounts, please call member services at 732.312.1500 or visit one of our branches.

Want to see more articles like this? Subscribe to First Financial’s monthly newsletter for financial resources and advice.