Category Archives: Preventing Identity Theft

How to Avoid Banking Scams and Stay Safe Online

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Banking scams are more common than you think, especially lately. In 2020, the Federal Trade Commission received more than 2.1 million fraud reports. Criminals use these types of scams to trick people into giving up their bank account information.

Don’t panic just yet. There are many ways to protect yourself against banking scams and online fraud, and we’re here to help.

What are banking scams?

Banking scams are when fraudsters attempt to access your bank account to take your money or private information. The most common banking scams include:

  • Overpayment scams: When someone sends you a check, asks you to deposit it into your account, and wire part of the money back to them. The check is likely fake, so you’ll end up having to pay your bank the amount of the check, plus what you wired.
  • Unsolicited check fraud: When a scammer sends you an unexpected check, you cash it, and then you’re suddenly authorized for purchases or a loan you didn’t ask for.
  • Automatic withdrawals: When a fraudulent company sets up automatic withdrawals from your account to qualify for a free trial or prize.
  • Phishing: When you receive an email or text asking you to verify your bank account or card number.

How to protect yourself from banking scams

Now that we know what kinds of banking scams are out there, let’s talk about how to prevent them from happening to you. Here are our top tips to follow:

  • Be careful who you cash checks for. Never write a check for someone in exchange for cash, unless you know the person well.
  • Trust your instincts. If something feels off or is too good to be true, it likely is. Always read the fine print with any email or text you receive.
  • Don’t share your personal information. Scammers can easily hack into your account with the right information. Therefore, it’s important to avoid sharing account, Social Security, and credit card information with anyone – unless you know for certain it’s a legitimate request that you initiated with your financial institution.
  • Question unnecessary fees. If you’re sent a prize or job offer that requires an upfront fee, it’s a scam. The same goes for offers from unverified sources that require bank account information to redeem or claim them.
  • Be careful where you send money. This may seem obvious, but do not wire or send money to people or companies you don’t know.

What to do if you’re a victim of a bank scam

If you believe you’re a victim of a scam, contact your bank immediately to stop any unauthorized purchases or withdrawals from your account. You’ll need to report the scam to the proper authorities as well. Your financial institution should most likely offer a way you can file a complaint directly, or be able to provide you with the necessary steps to take. If you received any phishing emails, forward them to the Federal Trade Commission at spam@uce.gov.

At First Financial, we are here 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.

 

How to Send Money with Zelle Safely

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Zelle® is a fast, safe and easy way to send and receive money with people you trust, like your babysitter, your fellow PTA mom, your son’s soccer coach, or your co-worker. Whether you just enrolled with Zelle® or have been an active user for a while, there are a few tips you should always keep in mind to ensure you are being safe when sending money.

Only send money to people you know and trust.

Money moves fast with Zelle®, directly from your checking account to the recipient’s checking account – within minutes.* So, it’s important you know and trust the people you’re sending money to.

Why? Because you can’t cancel a payment once it’s been sent, if the recipient is already enrolled with Zelle®. And if you send money to someone you don’t know for a product or service you might not receive (like paying for something in advance), you may not get your money back. Keep in mind that sending money with Zelle® is similar to handing someone cash.

Beware of payment scams.

One example of a payment scam is buying event tickets at a price that seems too good to be true – from a stranger, and never receiving them. If the seller asks you to use Zelle® to purchase the tickets, you should refuse unless the seller is a person you personally know.

Also, keep in mind that no one from First Financial will ever ask you to send them money with Zelle® as a test, or to send money to avoid a fraud event.

Neither First Financial nor Zelle® offers a protection program for authorized payments made with Zelle®. So, if you aren’t sure you will get what you paid for, you should instead use another payment method with purchase protection, such as a credit card.

Treat Zelle® like cash.

Did your friend change phone numbers recently? It’s easy for people to change their phone number or email address. When in doubt, contact your friend to verify the email or U.S. mobile number they used to enroll with Zelle® before you hit “Send.” Another good check point for ensuring you’re paying the right person, is to confirm the first name that is displayed for Zelle® enrolled emails and U.S. mobile numbers.

If a person has already enrolled a U.S. mobile number or email address with Zelle®, you can’t cancel the transaction – so it’s important you get it right the first time.

If you’d like more information on safely using person-to-person (P2P) payments, check out these articles from the Federal Trade Commission (FTC) and Consumer Financial Protection Bureau (CFPB).

Helpful Tips for Using Mobile Payments Services and Avoiding Risky Mistakes

Tips on Using Peer-to-Peer Payment Systems and Apps

How to Keep Your Personal Information Secure Online

Some final reminders:

  • Always use caution when sending or receiving money from someone you don’t know. Scammers can trick people into sending money through a person-to-person payment app without upholding their end of the deal. And once the money leaves your account and is transferred to the scammer, there is little you can do to get it back.
  • Double check before pressing send. Be sure you are sending your payment to the correct person by double checking their user name, phone number, or email address before you hit the send payment button.
  • Setup your P2P payment app to require a password before making a payment. Setting up a password, PIN, or fingerprint before making a payment with a person-to-person payment app is a great way to ensure authentication first. This also prevents a fraudster from gaining easy access to your mobile phone payment methods and making payments from your account.
  • Contact your financial institution right away if you suspect any errors. If you notice any fraudulent transactions within your P2P payment app, contact your bank or credit union right away to report it.

*U.S. checking or savings account required to use Zelle®. Transactions between enrolled users typically occur in minutes.

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

How to Spot Identity Theft and Ways it Can be Used Against You

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ID theft is unfortunately very commonplace today, and sometimes it can be unavoidable. Keep reading to find out a few ways you can safeguard your personal and financial information, how to spot if identity theft might be happening to you, and ways that having your identity stolen can be used against you.

3 Main Signs Your Identity Has Been Stolen:

  • There are accounts you don’t recognize on your credit report.
  • There are unfamiliar transactions on your credit card or bank statements.
  • The IRS informs you that more than one tax return has come in under your name.

Ways ID Theft Can Be Used Against You:

  • The identity thief may use your information to get credit, a loan, or another service in your name. This will ultimately affect your credit score, and potentially your credit usage and how much you’ll be approved for – if not spotted in time.
  • Your own money could be stolen right out of your bank account. If the identity thief uses your personal information to login to your bank accounts, your money could be stolen right out from under you.
  • Your tax refund could get stolen. If you go to file your taxes and are notified by the IRS that they already have a return filed under you, this is a very good indicator that an identity thief has already gained access to your tax refund.
  • Your Social Security Number could be used to work at a job you don’t actually have. An identity thief who has access to your SSN may use it for their own employment purposes. This could also directly affect your tax return, as it would add extra income you will be taxed on.
  • Your health insurance could be used to provide medical care or prescriptions to an identity thief.
  • Your personal and financial information could be used to file a false unemployment claim. This would mean unemployment benefits are being issued in your name to someone else.

There are a few things you can put in place to spot ID theft right away, and to help thwart it off:

  • Be sure you are reviewing an annual free credit report. At least once a year, go to annualcreditreport.com and review your credit report for accounts you didn’t open yourself, or to see if there were any credit inquiries that are not yours. You’ll want to check for credit cards you didn’t open, and car or personal loans you did not apply for. Utility services will also appear on your credit report, so you’ll also want to make sure you actually have the ones listed on it.
  • Check your bank statements often. At least once a month, review your bank and credit card statements to check for accuracy. Be sure the purchases listed were ones made by you. If not, call your financial institution to dispute any incorrect charges right away.
  • Sign up for email or text alerts. Most banks and credit cards offer purchase alerts that you can setup for your accounts. Check your mobile app or online banking settings to see what your alert options are. Here at First Financial, our members have access to First Financial Wallet. If you haven’t already, get started today!
  • Review your health insurance statements. Take note of any medical bills or explanation of benefits statements that arrive in the mail. If you don’t recognize a medical procedure or expense listed, call your health insurance provider immediately.

For more ways to protect your identity, check out our identity theft prevention guide.

Article Source: consumer.ftc.gov

Preventing Cyber Fraud

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Online and mobile fraud have certainly become more commonplace and extra concerning these days. Unfortunately, just a password is no longer enough to protect your important personal information against the threat of a cyber data breach. Keep reading to find out important ways to protect yourself and your personal and financial data online.

  • Set-up multi-factor authentication (MFA) on your various accounts. What is MFA? This is a secondary layer of security used to verify your identity. This means in addition to logging in as normal, you would also receive a confirmation email or text with a temporary code that is typically only valid for a few minutes. This second layer of protection allows the bank account you’re logging into, app, social media platform, or online shopping site (even Amazon has a two-factor authentication option for logging into your account) to verify that it’s really you and not a fraudster. Logging in with a fingerprint or Face ID is also considered an MFA option. Using MFA will allow you to be much less likely to get hacked. The more layers of security protection you have, the better!
  • Be sure your software and OS are up to date. Always make sure your online and mobile security software has been updated. This means any anti-virus programs you’re running, firewalls, your computer, smartphone and tablet operating systems (OS), as well as apps and software. Making sure your devices are up to date means that there are no security holes present or ways to gain access to your secure data. An easy way to be sure this is set-up is to enable automatic device updates, or allow your device to perform the update each time you see a notification. Don’t wait until it’s too late!
  • Beware of suspicious emails, calls, and texts. Even if the message or call appears to be from your financial institution. Also be weary of any links that may appear in emails or texts. Clicking on a fraudulent link can be a phishing or malware scam which enables an online criminal to gain access to your bank accounts and personal data. If you receive a message or call that you are unsure of, hang up and don’t click on any links. Instead, call or stop into your trusted financial institution and ask them if they were in fact trying to contact you. An important note to remember is that a legitimate financial institution, business, or organization will never typically contact you out of nowhere and ask you to reveal any personal or financial information (they already have it).
  • Be careful when using public Wi-Fi. If you are logging into your mobile banking app or any secure accounts (especially ones that have access to credit or debit cards), be sure you are not on public Wi-Fi. This makes it easy for a cyber thief to hack into your device through a shared network. Login to these types of sites at home using your secure password protected network, and if you absolutely must login while on the go – be sure to turn off your device’s Wi-Fi connection first. How to know a browser or network is secure? You’ll see a padlock icon within the corner of the browser. This means that you’re on a safe, encrypted network.
  • Use strong passwords and security questions. When you do need to create a password, make sure it’s a strong one that’s hard to crack. For instance – avoid using common names, words, and phrases. Also refrain from using numbers that are in order (ex: Hello123 is not a secure password), and try to also use special characters or substitute characters for letters/numbers (ex: F$rst!97). When setting up security questions, choose ones that only you would know personally and that would be extremely difficult to guess.
  • Monitor your accounts and set-up notifications. It’s always a good idea to monitor your frequently used and bank accounts on a daily basis. This will allow you to check for any fraudulent transactions or purchases you did not make. Another useful tip is to setup account alerts for your bank accounts – most financial institutions or credit cards will allow you to set-up email or text alerts for purchases, debits over a certain amount, low balance alerts, phone or online transactions, and more. Enabling these notifications will allow you to see instantly when a transaction was made that was not done by you.

As always, if you find any fraudulent transactions or receive any suspicious communications regarding your First Financial account – please contact us right away at 732.312.1500 or by emailing info@firstffcu.com.

Also remember that First Financial will never ask you for online or mobile banking login codes you receive, under any circumstances. We will also not ever ask you to download any remote desktop applications to your device.

You can rest assured that First Financial’s Online Banking and Mobile App are protected with various MFA capabilities. We also have the First Financial Wallet App, where you can keep track of all your First Financial card purchases and receive real time alerts right to your mobile phone.

THINK First because There’s Harm In Not Knowing!

How to Avoid Holiday Season Gift Card Scams

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It’s the time of year where many scams are prevalent, however lately – gift card scams seem to be popping up and affecting consumers more and more this holiday season. Continue reading to find out how to protect yourself and your finances from this type of fraudulent transaction.

If you ever receive a call, email, or text from someone asking to be paid via a gift card or to buy something by putting money on a gift card and then giving them the numbers on the back of the card – they are attempting to scam you. Before you read any further, know that a legitimate business or government agency will never ask to collect payment via gift card.

Why do fraudsters attempt to collect payment in the form of gift cards? Because they are easy to get, and there are virtually no buyer protections. In other words, it’s basically like using cash. And when the money on the gift card is gone, it’s gone.

How does a gift card scam work?

  • You’ll get a call, email, or text letting you know you’ll need to pay as soon as possible, and that the only way to do so and help is to buy a gift card.
  • The requestor will almost always tell you exactly which gift card to purchase – typically eBay, Google Play, Target, iTunes, and so forth. You might even be asked to purchase the gift card at a specific store, such as Target, Walmart, CVS, or Walgreens. The scammer may ask you to purchase various gift cards at different stores too (this is so the cashier won’t be suspicious).
  • Once purchased, you’ll be asked for the gift card number and PIN. These two items will give the scammer access to all the funds that were loaded onto the card, and once they have that – the money is theirs and they can use it immediately with no way for you to get it back.

If you are thinking the steps listed above are pretty obvious and how could someone actually fall for this type of scam – keep reading.

How scammers convince consumers to purchase gift cards and get away with it:

  • The caller states they are from the government, such as the IRS or Social Security Administration. They’ll tell you that you owe taxes or need to pay a fine, and the only way to do so is with a gift card.
  • The caller says they are with Apple or Microsoft tech support, and that there is something wrong with your device. They’ll also tell you that in order to fix it, you’ll need to go out and purchase a specific related gift card.
  • Online dating sites are another hangout for gift card scammers. If you meet and chat with someone via a dating site or app, and then after they build a connection with you – they tell you they need help and the only way to do so is with a gift card.
  • The scammer spoofs the phone number of a family member or friend close to you, and tells you they’re in trouble and that the only way to help them is to go out and purchase a gift card. If this happens to you, hang up and actually call your relative or friend on your own and ask if they truly need help.
  • You are contacted that you won a prize, however in order to redeem it – you need to pay contest fees with a gift card. This will never happen with a legitimate contest, and – did you ever enter one to begin with?
  • You get a call from your “utility company” threatening to cut off your service unless you pay them with a gift card.
  • Someone contacts you and says you will receive a check in the mail – however it ends up being more than you were told you would be getting. The sender contacts you again and tells you to deposit the check into your bank account, and give them the difference on a gift card. There are two problems here – the gift card payment, and also the check being deposited is typically fake and you may be held liable for that amount by your bank as well.

Here are a few ways to ensure gift cards are used properly and legitimately:

  • Remember that gift cards are for gifts. You should never use a gift card to pay someone.
  • Purchase gift cards at stores you know and trust – don’t buy them online or through a gift card auction site, as they may be fake or stolen.
  • Look the gift card over before you purchase it. Ensure there are protective stickers that have not been tampered with, and make sure the PIN on the back isn’t visible.
  • Keep your receipt after your gift card purchase. This will prove that money was loaded onto the card if you ever need it, as well as the gift card’s ID number will be listed. If you ever lose the gift card, you’ll be able to file a report to close that particular card.

The moral of the story: This holiday season (and any time), be mindful of those who might be trying to scam you into purchasing gift cards. Always remember, legitimate organizations will never ask to be paid in this manner.

THINK First because There’s Harm In Not Knowing!

 

Article Source: ftc.gov

Teens are Falling Prey to Online Scams

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Did you know that teens are now falling prey to online scams even faster than seniors? Last year, there were over 23,000 online scam complaints from individuals under 21 years old. This suggests that no matter how well-versed you are in technology and the internet, you can still be a victim of online scams. Learn more about these scams and how you can avoid them by reading below.

Common Online Scams Targeting Teens

Reports of online scams have increased by 156% among members of Generation Z. Born in the digital age, teens are more comfortable sharing their whereabouts on various online platforms. However, this can also make you vulnerable to the scams listed below.

Romance Scams

While using various dating apps, you might encounter a romance scammer. They’ll try to build an intimate online relationship with you, but their real goal is to make a hole in your wallet. Usually stationed abroad, they will often refuse meet-ups and video calls. Be on the lookout for these types of scammers and do not send them any money, gift cards, prepaid cards, or the like. If something feels off – it most likely is.

Fake Online Stores

While online shopping can be fun and even therapeutic, you might come across fake e-commerce stores that copy the logos and sites of legitimate businesses. These scammers will usually offer your favorite items at unreasonably low prices. In the end, you’ll get substandard products — or nothing at all.

Employment Scams

There may be various job opportunities online, but not all of them are real. Scammers have been known to post fake, poorly written ads. They’ll also make you pay up front fees for training, which no legitimate employer would ever do. Don’t fall into this trap!

Bogus Online Contests

While you may follow some online influencers, scammers are busy copying these public figures through fraudulent social media accounts. They’ll conduct online contests and giveaways. Once you’re declared a “winner,” they’ll solicit your bank account details or require you to pay a nominal fee to claim the prize. In reality, you won’t get anything — other than a stolen identity.

Avoiding Online Scams: Tips for Teens and Parents

Whether you’re still trying to familiarize yourself with online accounts or already tech-savvy, remember the following tips to avoid online scams:

  • Check various reviews online before purchasing items from a specific store.
  • Choose a strong and unique password for each of your online accounts. Avoid using your nickname, birthdate, or your pet’s name because these can be found easily on other platforms.
  • Never give out your personal and financial details, especially during unexpected calls.
  • Look for misspellings and grammatical mistakes in ads, websites, or emails.
  • Monitor what you or your child share on social media. Scammers may find some information in an online profile which they can then use to commit identity theft.
  • Before making a decision, share it with someone you trust, like parents, friends, and other family members. Doing so will help you figure out if you’re being scammed.
  • Be suspicious of people asking you to pay advance fees through P2P payment apps such as Venmo, Cash App, and Zelle, or through wire transfers and gift or prepaid cards.
  • When using a person-to-person payment app, only send money to someone who you actually know and trust.
  • If possible, don’t use public WiFi because scammers can usually find ways to access sensitive information.

Final Thoughts

Whether you’re a teen or a senior, you’re not free from the hands of scammers. Be extra careful and combat scammers by following the tips above. Always reach out to us if you suspect any of your First Financial accounts have been compromised due to a scam.

T.H.I.N.K First because There’s Harm In Not Knowing!