How to Protect Yourself After a Data Breach

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In our digital world, data breaches are an unfortunate reality – affecting millions each year. These incidents expose sensitive information and can lead to financial fraud and identity theft. If you’ve been notified of a data breach or suspect your information may have been compromised, follow these crucial steps to safeguard your financial security.

1. Save Notifications & Respond Promptly

If a company or service provider informs you that your data may have been compromised, be sure to keep that notification. Breached companies are legally required to inform affected users and often provide next steps to secure your information, or contact information for credit bureaus and departments that can offer more guidance. This information can also serve as a record if you need to document or report future issues.

Immediately change your login information and passwords connected to the affected account(s) and remove any banking or credit card information that may be stored within the account(s). If the breach affects accounts tied to financial information, immediately begin securing your bank accounts and monitoring for suspicious activity.

2. Strengthen Account Security

Start by updating passwords on any accounts tied to the breached organization. For strong security, each account should have a unique password with a mix of letters, numbers, and symbols. If possible, use a password manager to store these securely and reduce the risk of previously used or weak passwords.

For added security, enable multi-factor authentication (MFA) on all accounts. This extra step, such as a verification code sent to your phone, makes it harder for unauthorized users to access your information, even if they have your password.

3. Set Up Fraud Alerts

Adding a fraud alert to your credit report signals to creditors that you may be a victim of fraud, prompting them to take extra steps to verify your identity when a new credit request appears. Contact any one of the three major credit bureaus — Experian, TransUnion, or Equifax, or create an online account to set up free fraud alerts. This alert will automatically apply to all three bureaus and remain active for a year, giving you added protection against fraudulent activity.

4. Monitor Your Financial Activity and Credit Reports

Carefully monitor your financial statements, bank accounts, and credit card activities for unusual transactions. Many financial institutions, including First Financial – offer free transaction alerts available through our mobile app, allowing you to catch unauthorized activity early.

Additionally, check your credit report regularly. You’re entitled to a free credit report each year from each bureau at AnnualCreditReport.com. Frequent reviews of your report can help detect unauthorized loans, new accounts, loan applications, or address changes that could indicate identity theft.

5. Consider a Credit Freeze

For those seeking a stronger defense, a credit freeze restricts access to your credit report, making it harder for new accounts to be opened in your name. You can apply a freeze by calling or creating online accounts with each of the 3 credit bureaus at no cost, and lift it temporarily if you need to apply for credit yourself. A freeze doesn’t affect your existing credit cards or loans, but it’s an effective barrier against unauthorized new accounts.

6. Be Aware of Phishing and Scams

Data breaches often lead to an increase in phishing attempts where criminals pose as reputable institutions to trick you into sharing more information. Beware of emails, calls, or texts from unfamiliar contacts or even those posing as your financial institution. Anyone who asks you for sensitive information or points to an unidentified link should be treated with extreme caution. Indicators of phishing include urgent requests, generic greetings, and suspicious sender addresses. When in doubt, reach out to the company or your bank directly using a verified contact method rather than interacting with suspicious messages.

7. Stay Vigilant and Consider Identity Protection Services

If you want an additional layer of protection, some individuals choose identity theft protection services such as Norton LifeLock ID Navigator – which is an included benefit for users of our VISA Signature Cash Plus Credit Card. These services monitor credit activity, provide alerts, and may even offer insurance to cover certain identity theft related losses.

Secure Your Finances with First Financial

Taking immediate action after a data breach can reduce the chances of financial harm and identity theft. At First Financial, we’re committed to helping you protect your financial future with resources and support to keep your information safe. For more personalized financial guidance, call us at 732.312.1500 or visit a branch. And don’t forget to subscribe to our First Scoop blog for more helpful tips on managing your finances and staying safe online.

How to Maximize Savings as Interest Rates Decrease

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The Federal Reserve announced a federal funds rate cut of half a percentage point at its September meeting, the first time it has lowered rates since the start of the pandemic in March 2020. There is also another Federal Reserve meeting scheduled to take place this week. Here are some key strategies to help you navigate a fluctuating interest rate environment and make the most of your hard-earned savings.

1. Consider High-Yield Savings Accounts

As interest rates fall, traditional savings accounts may offer minimal returns. However, many banks and credit unions offer high-yield savings accounts. These accounts generally provide better interest rates due to lower overhead costs, making them a smart option for those looking to grow their savings more efficiently.

To maximize your returns, compare rates regularly. Even a small increase in your savings account’s interest rate can make a noticeable difference, especially over time. First Financial’s Savings Accounts offer quarterly dividends.*

2. CDs are Another Option for Savings

If you’re concerned about declining interest rates, certificates of deposit (CDs) can offer a more stable option. By locking in a fixed rate, you ensure your savings will continue to grow regardless of future rate cuts. When your CD matures, you can decide whether to reinvest at a potentially better rate or keep the funds available for other financial needs. First Financial’s Savings Certificates offer terms ranging from 6 to 72 months.**

3. Focus On Your Emergency Fund

In any interest rate environment, your emergency fund is critical. Experts typically recommend keeping 3 to 6 months’ worth of living expenses in easily accessible savings. With rates dropping, now might be a good time to reassess that fund.

You should never move your emergency savings into riskier investments, but it’s smart to ensure that it’s earning the best rate possible. High-yield savings accounts or short-term CDs may offer the liquidity you need, while providing a modest return. Keep in mind that the goal of an emergency fund is security, not high returns – so focus on accessibility first.

4. Stay Informed and Be Flexible

Interest rates can fluctuate based on economic conditions, so stay informed and be flexible. Review your financial plan regularly and be willing to adjust your savings strategy as needed. What works in a high-interest environment likely won’t be effective when rates decline and vice versa, so be prepared to shift tactics if necessary. However, you shouldn’t continually make drastic changes just to keep pace with the market either. Consult with a financial professional and take time to conduct research.

You can also subscribe to financial newsletters or consult with a financial advisor to stay updated on changes in the rate environment and how they may impact your savings. By staying proactive, you can ensure your money is always working as hard as possible, regardless of the current economic conditions.

Make Your Savings Work Harder with First Financial

Navigating a changing interest rate environment can feel challenging, but with the right strategies, you can continue to grow your savings. For personalized financial guidance, call us at 732.312.1500 or visit a branch today. Don’t forget to subscribe to the First Scoop blog for more tips and insights on managing your finances.

*A $5 deposit in a base savings account is required for credit union membership prior to opening any other account. 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. View full Rewards First program details at firstffcu.com. Some restrictions apply, contact the Credit Union for more information. If balance falls below $5, a monthly service fee of $5 will be imposed.

 **A penalty may be imposed for Certificate withdrawals before maturity. See your Important Account Information for Our Members document for details. The Annual Percentage Yield is based on the assumption that dividends will remain in the account until maturity and the minimum balance is maintained.

Things to Do on a Budget in Monmouth & Ocean Counties this November 2024

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Although your Thanksgiving feast is around the corner, we want you to feast your eyes on these free or inexpensive activities to enjoy with your family and friends this November. We hope this list gives you some ways to spice up the month amidst all the holiday preparation!

November 1

Legends & Lore Boat Tour (Tuckerton) – If you haven’t quite been spooked this Halloween, you have another chance by visiting Tuckerton Seaport for a Halloween-themed, family-friendly boat ride along Tuckerton Creek starting at 4pm. Admission is $16 per person, and includes a narrated boat tour of hauntings and legends of the Jersey Shore and Pinelands, admission to the museum buildings (including climbing the lighthouse), crafts in the Folklife Center, a pumpkin decoration station, and more. With all these activities, you won’t want to miss it—and you have opportunities all weekend long through November 3rd at 5pm. For an all-inclusive list of available times and purchasing tickets, click here.

November 2

Fall Fest & Fishing Tournament (Manahawkin) – Join the Maximilian Foundation at Manahawkin Elks Lodge #2340 from 12pm-6pm for their 8th annual Fall Fest & Fishing Tournament. Enjoy the crisp autumn air with your loved ones by checking out craft vendors, local bands, a magician act, a bouncy house for little ones, and more! Admission is free for all ages, and you can learn more here.

Hoofy’s Fall Fest (Barnegat) will be held in the field adjacent to the Barnegat Volunteer Fire Company Station 11 from 11am-7pm, with a rain date of Sunday, November 3rd. There are countless family friendly activities to enjoy – such as a cornhole tournament, children’s inflatables, live music, food trucks, and more. Admission is $10 per person. Additional information can be found here.

Jersey Devil Show (Waretown) – To celebrate New Jersey’s favorite urban legend, Albert Music Hall is hosting a night of haunting music, with doors opening at 5pm and performers taking the stage at 6pm. Five different bands and performers headline the evening, and the venue is selling dinner, desserts, and beverages to enjoy between sets. Admission is $6 per person, and $1 for children 12 and under. Parking is free, and the venue is cash only. Stay tuned for more details and updates here.

Soup and Sip (Colts Neck) – Join 4JG Orchards & Vineyards from 12pm-5pm for their 4th annual Soup and Sip, where guests (ages 21+) are treated to soup and wine pairings. You can enjoy your soup and wine by the fireplace, so be sure to bring a sweater to keep warm! Tickets are $25 per person and include the soup and wine. Find more details here.

November 8

First Responders’ Teddy Bear Clinic (Hazlet) – Local first responders are hosting a Teddy Bear Clinic from 4:30pm-5:30pm at the James J. Cullen Center, giving your little one the chance to bring their teddy bear in for a check-up and become comfortable with first responders should an emergency ever occur. Attendees will learn about different local first responders and basic first aid procedures, as your child’s teddy bear undergoes them! Click here to learn more.

Jersey Shore Restaurant Week runs from Friday, November 8th through Sunday, November 17th, and features more Jersey Shore fan-favorites than ever before. For $32.24 or $42.24, you can get a 3-course meal consisting of an appetizer, dinner, and dessert at participating restaurants. You can find an all-inclusive list of restaurants and their menus here.

November 9

Fall Craft Show (Tinton Falls) – Head over to the Fort Monmouth Recreation Center from 9am-2pm to check out specialty items, such as jewelry, crocheted/knitted items, and glassware – from over 40 unique vendors. Admission is free, so bring the whole family along to find unique gifts or get gift-giving inspiration just in time for the holidays! You can find additional information here.

Holiday Craft & Vendor Show (Wall) – The Historic Village at Allaire is hosting over 140 crafters, artisans, exhibits, and demonstrations from 10am-3pm to bring the holiday spirit to town! You will get a chance to see the work of local artists, as well as watch demonstrations from the carpenter, blacksmith, and tinsmith shops—to name a few. Admission is $5 for those 6 years old and up. You can learn more and purchase tickets here.

November 10

Family Candy Bingo (Hazlet) will take place from 2pm-4pm at the James J. Cullen Center. Bring the whole family to maximize your chances of winning Bingo—and the candy prizes that come along with it! If you would like to increase the pot, bring some candy to turn in when you buy your bingo boards. Registration is required, and there is a fee of $3 for those 4 years old and older. For additional information and a link to register, click here.

Hot Rod Harvest Festival and Car & Truck Show (Lacey) – Stop by Murray Grove with your family, friends, and furry friends from 9am-3pm to check out unique cars and fall activities. This event promises to be fun for the whole family with a wide array of cars old and new, a DJ/live music, vendors, and a competition to show off your pets for a chance to win a special award! Admission is free, but registration for your vehicle is $20 if you plan on showing it to attendees. Learn more by visiting this webpage.

November 16

Outrageous Reptiles (Belmar) – The Belmar Public Library is calling all animal lovers to Taylor Pavilion at 11am for a morning of learning about various reptiles, with an opportunity to see some them in person! Knowledgeable keepers will be present to teach you about some of the most fascinating reptiles in the animal kingdom and answer some of your most pressing questions. Admission is free, however, registration is required to attend. It is important to note that attendees will not be able to directly interact with the reptiles for the safety of themselves and the animals. A link to register, as well as additional information, can be found here.

Rock to Fight Alzheimer’s (Neptune City) – Head over to Headliner Oasis from 1:30pm-6pm for an afternoon of rocking out while bringing awareness and raising funds to combat Alzheimer’s. Your $20 ticket includes an opportunity to see all four bands headlining the event. There will also be a 50/50 cash raffle, gift basket raffle, and door prizes. For more information and purchasing tickets, click here.

November 17

5K Turkey Trot & 2 Mile Fun Run/Walk (Howell) – Bring your family and friends down to Oak Glen Park for a morning of walking or running through the crisp autumn air, with race day check-in starting at 8am and the race kicking off at 9am. Pre-registration is required to participate in the 5K or 2 mile fun run/walk and costs $25/participant. The 5K course is trail-style. You can find additional information here.

November 23

Give Thanks Food Truck Festival (New Egypt) – Laurita Winery is welcoming family and friends of all ages to check out their grounds and food trucks on Saturday, November 23rd (11am-9pm) and Sunday, November 24th (11am-7pm). Adults (ages 21+) can pair delicious wines with various food offerings from the food trucks that will be onsite. Those under 21 are welcome to enjoy the food and music, but must be supervised by an adult. Tickets purchased in advance are $13, with tickets being $15 at the gate. Admission for anyone under 21 is free. Laurita Winery invites you to visit their website to learn more and purchase general admission tickets in advance.

Granny’s Attic Craft Show (Middletown) is returning for its 43rd year at Thompson Middle School from 9am-4pm. Boasting as one of the largest craft shows on the East Coast, Granny’s Attic brings together over 250 vendors and crafters selling unique items, right in time for the holidays. By attending, you can also participate in a 50/50 raffle and a $1,000 Visa gift card raffle. General admission is $6, and children under 3 are free—with all proceeds going to support Thompson Middle School. To learn more and purchase tickets, click here.

Harvest Fest (Lacey) will take place at the Lacey United Methodist Church from 9am-2pm, featuring holiday photos with Santa from 10am-1pm. In the spirit of the coziness of fall, there will be baked goods, homemade soups, and chili for sale—along with items from other crafters and vendors! Check out this page for more details.

November 30

Victorian Holiday Open House with Santa & Mrs. Claus (Toms River) – Get in the holiday spirit with your loved ones by meeting Santa and Mrs. Claus at the Ocean County Historical Society from 10am-3pm, with pictures with our friends from the North Pole taking place from 11am-2pm. The Victorian style house will be complete with holiday decorations and music playing within, holiday-themed refreshments, and gifts for the children attending. In the spirit of giving this holiday season, admission is free for all ages. To learn more about this event, click here.

On behalf of the team at First Financial, we want to extend our warmest Thanksgiving wishes to you and your loved ones. We hope you find yourself spending time around the table with family and friends, and find gratitude in the little things this Thanksgiving!

Last Minute Scams Ahead of the Presidential Election

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With the 2024 Presidential Election just days away, you might be hearing a lot of political chatter on the news, online, and among those you socialize with. While this might be an exciting or nerve-wracking time, one thing remains true for all voters alike – scammers are getting more desperate to try and scam you out of your personal information and hard-earned money as their chance to use the election as a disguise withers away.

As we mentioned in our recent blog post covering political scams, advances in technology, and especially in artificial intelligence (AI), can make some of these scams harder to spot. These scams can take place in many forms, and although most will take place online, it’s important to remain vigilant even on the phone or with someone standing right in front of you. While you’re taking the time to learn some last-minute facts about our presidential candidates, take some time to learn about these last-minute attempts that scammers will make to defraud you ahead of the election.

Cybersecurity Election Scams

Technological advancement is good, but like anything else – can also have a downside, especially when malicious actors try to use it to their advantage and to your detriment.

  • AI-Related Scams: As we mentioned a few weeks ago, deepfakes – which are videos or audio recordings that seem realistic but are fabricated, can be deployed to attempt to induce someone to perform a certain action. An example of a deepfake in action is receiving an AI-generated robocall that is impersonating a presidential candidate with the intent of spreading misinformation. This robocall might attempt to influence or sway the person on the receiving end of the call to cast their vote in a different manner based on misinformation. The Federal Communications Commission has outlawed robocalls featuring AI-generated voices, citing the exploitation of the technology and how it can mislead and deceive voters. Despite these calls now being illegal, voters should remain wary and skeptical of any calls depicting the voice of a presidential candidate since scammers are continually pushing the limits of what this technology can do.
  • Voter Registration Scams: If you are reading this post, it’s most likely too late to register to vote in the 2024 Presidential Election based on state voter registration deadlines. Additionally, you can only register to vote online, by mail, or in person at a local election office or motor vehicle services office – never over the phone or on-the-spot. Keep this in mind should a scammer approach you over the phone or in person claiming that they can register you to vote last-minute, just days before the 2024 Presidential Election. The scam plays out like this: a scammer reaches out with links to fake voter registration forms or asks you to download an app to register to vote. The fake voter registration forms would steal your personal information, and the malicious app could steal your payment information or log-in credentials. It is always best practice to go in-person or mail your voter registration in yourself.

Other Election Scams

  • Scam PACs: A scammer might also attempt to inspire you to donate to the cause as a “last-ditch effort” to get your presidential pick elected. Political Action Committees (commonly referred to as PACs) pool contributions from donors to support a common cause, whether that is a certain policy initiative or to support the election of a particular candidate running for office. The FBI urges voters to research candidates and their causes before donating, or you could be donating to a fake PAC. Fraudsters can reach out to you via any medium, asking you to donate to support a candidate or cause, when the money is truly for their own personal gain. Additionally, the scammer might display a sense of urgency persuading you to donate, citing that this is your “last chance” to help your candidate get elected. The FBI encourages voters to reference the Federal Election Commission to confirm if a PAC you would like to donate to is registered, to check what their expenditures are on, and to see how long they have been established. You can also go directly to a candidate’s website to learn how to donate and support their campaign if you are skeptical. In the case of protecting your hard-earned money or personal information, it is always worth going the extra mile and doing the research to ensure you are really donating to the political candidate or cause.
  • Fake Surveys and Polls: Election surveys and opinion polls are commonplace during election season. However – be wary of who contacts you, how they contact you, and what type of information they are requesting from you. You can be contacted over phone, email, or text by a person claiming to be administering a survey and collecting the needed information. Although being asked certain demographic information is common, you should never be asked to provide personally identifiable information, such as your Social Security Number or birthdate. Scammers administering these fake surveys and polls may also display a sense of urgency, so always be vigilant as to whether that common red flag is present. Additionally, never click on links in unsolicited emails or text messages, as you could be downloading malicious software or providing your personal information to a bad actor. Lastly, scammers administering fake surveys and polls have been known to promise a reward for completing the survey or requesting credit card numbers prior to sending your prize. Most organizations administering opinion polls do not provide a reward for participation, and no legitimate organization will ask for your credit card number.

With the Presidential Election nearly here, we know it could be easy to get caught up with information overload and miss out on red flags where a scammer is trying to defraud you. By following the above tips, you can help to prevent any fraud or identity theft from happening to you this election season. Keep Thinking First!

Think You’ve Been Scammed?

At First Financial, our number one priority is helping you protect your important personal and financial information. To stay on top of critical alerts and common scams, be sure to subscribe to our First Scoop Blog! If you believe your personal or financial information has been compromised by a scammer, please contact us at 732.312.1500 or visit one of our branches.

Navigating Federal Rate Cuts as a Small Business

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The Federal Reserve’s recent rate cuts can impact small businesses significantly, influencing everything from borrowing costs to consumer behavior. Understanding how these changes can affect your business finances and potential growth is crucial in making strategic decisions. As rates decrease, there are key factors small business owners should consider to navigate this economic shift and capitalize on new opportunities.

Access to Affordable Capital for Growth

When the Federal Reserve lowers interest rates, small businesses can benefit from more affordable access to capital. A reduction in borrowing costs could mean your business can more easily afford loans for various purposes – such as for purchasing inventory, expanding operations, upgrading equipment, or remodeling. Aside from loans, rate cuts can also lower interest rates on lines of credit, which for some business owners can translate into thousands of dollars saved annually and higher profit margins. This savings can then be invested back into the business for further growth.

At First Financial we understand that not every business is the same, and therefore – not every loan need can be the same. We offer a wide range of business loan options and look at each individual business and create a customized lending solution to meet your business’ specific needs. We pride ourselves on educating our members prior to finalizing loan decisions to provide peace of mind in knowing they chose the right option for their business.

Increased Consumer Spending and Confidence

Federal rate cuts don’t just benefit businesses; they also directly impact consumer spending. As interest rates drop, discretionary income increases – leaving consumers with more money to spend on goods and services. This creates a favorable environment for businesses to attract more customers – especially in the retail, hospitality, and service sectors. Offering promotions or expanding marketing efforts during these times can help businesses capitalize on increased consumer confidence.

Be Strategic with Business Credit and Loans

While lower rates can make borrowing more attractive, it’s important to approach new financing strategically. Even though rates may be lower, taking on additional debt should align with a clear business plan. Ensure that your business’ financial health can support the repayment of any new loans or credit lines you take out. Business owners should review their current debt, such as business loans and credit cards, to see if refinancing at a lower rate makes sense. Reducing interest payments through refinancing can improve cash flow and free up resources for other areas of your business.

Plan for Future Rate Fluctuations

Although rates are currently lower, they can rise again in the future. Business owners should be cautious when taking on variable-rate loans or lines of credit, as these products can become more expensive if rates increase later. Locking in a fixed-rate loan now could be a good way to safeguard against potential future rate hikes. If your business has an immediate need for funding, such as purchasing equipment or seizing a time-sensitive opportunity – it may make sense for you to move forward with financing at current rates. The key is to strike a balance between timing and necessity.

Preparing Your Business for Financial Success

As federal rates continue to fluctuate, small business owners may have a unique opportunity to lower borrowing costs and tap into increased consumer spending. However, these benefits must be balanced with careful financial planning to ensure long-term stability. At First Financial, we’re here to help you navigate through your journey as a small business owner. For more insights and guidance – call us at 732.312.1500, email business@firstffcu.com, or visit a branch today.