Busting the Latest in Imposter Scams

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When trying to stay one step ahead of scams, knowledge can be a powerful tool. In this day and age where scams are getting increasingly more complicated and scammers are deploying creative tactics, you can never know too much about the nature of scams. At First Financial, there is nothing more important to our team than protecting the personal and financial information of our members, and that includes protection from scammers. Below are some common imposter scam tactics you could experience, and how to identify them before it’s too late.

What it is:

An imposter scam starts with an unexpected call, email, or text message from a person, supposedly working for a government agency, financial institution, or popular social media platform, or claiming to be a family member or friend. This person alerts you to supposed fraud or criminal activity occurring in your accounts, and proposes a solution that requires sharing verification codes or moving money. Once you entrust them with this sensitive information, they likely have all the information they need to defraud you. Divulging this sensitive information will always benefit them, and it will harm your finances.

Red Flags:

  • Request of Sensitive Information: A government agency, financial institution, or social media platform will not request that you divulge personal or financial information via call, email, or text. In the case of verification codes, these are used by institutions as a second step to prove that you are really you, so never give a scammer the tool they need to impersonate you and steal your money.
  • Sense of Urgency: The scammer will likely convey a sense of urgency, convincing you that some sort of action needs to be taken now to protect you. They are trying to get what they want quickly, and move onto the next person they can defraud.
  • Moving Money to “Protect” it: When there’s a scammer on the other end of the line, moving your money means losing your money. A legitimate government agency or financial institution will not have you moving your assets off their platform to “protect” them.

Staying Safe:

  • Do Not Divulge Information: If someone is coercing you to divulge your personal or financial information to “protect” you or act before it is too late, you likely need to protect yourself from that person. Simply end the conversation, block them on the platform you were communicating on, and report the interaction to the Federal Trade Commission.
  • Call the Person, Agency, or Company Yourself: Caller ID can appear to be real – but just like many other things scammers take advantage of, this too can be faked. Scammers have been known to spoof your bank’s phone number, and even major government agency phone numbers such as the IRS. If you are trying to call the real individual, agency, or company the person is allegedly calling you from – get that information from a statement, bill, or the company website.

Remember: First Financial will never ask you to share personal information, passwords, or verification codes via call, email, or text. The only thing we ask our members is to remain vigilant to scammers, and continually educate yourself on the evolving nature and tactics of scammers.

While these types of imposter scams have been especially prevalent in 2024, they are likely not going away and will continue to take place in the coming year. If you believe you have been the victim of an imposter scam, you can report it to the Federal Trade Commission at ftc.gov, and/or your local police department.

Questions? Contact First Financial’s Member Relationship Center at 732-312-1500, email us at info@firstffcu.com, or visit one of our local branches.

Protect Yourself Against Tech Support Scams

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As digital threats evolve, tech support scams are becoming more prevalent, targeting unsuspecting individuals with fake offers of help for non-existent computer problems. These scams can lead to identity theft and great financial loss if not properly identified and avoided. At First Financial, we’re committed to helping you stay informed and protected from these common fraud tactics.

What Is a Tech Support Scam?

A tech support scam typically begins with an unsolicited call, email, or pop-up alert on your computer from someone claiming to be a representative from a well-known company such as Microsoft, Apple, or even your internet provider. The scammer tells the victim a virus or malware has compromised their computer and urgently needs to be fixed. The goal is to convince you to grant them remote access to your device, pay for unnecessary services, or share your financial information.

How Do Tech Support Scams Work?

Tech support scams rely on creating a sense of urgency and fear to trick you into believing that your computer or personal data is at immediate risk. They may claim that your device has been hacked, that your personal data is vulnerable, or that your system is infected with dangerous malware. The scammer then offers to “help” you fix the issue — sometimes for a fee. In reality, there is no problem – they intend to either steal your personal information or convince you to pay for fraudulent services.

How to Spot and Avoid Tech Support Scammers

  • Unsolicited Contact: Scammers often initiate contact via phone calls, emails, or pop-up windows, falsely claiming to be from reputable tech companies. If you didn’t initiate contact, be cautious — this is a major red flag.
  • Urgent or Scary Language: Scammers create a sense of urgency, telling you that your device is at risk of being compromised or that your personal data is in danger. The goal is to pressure you into quick action without giving you time to think.
  • Requests for Remote Access: If a supposed “tech support” person asks for remote access to your computer, this is a key sign of fraud. Giving someone remote access opens the door to your personal data and files, putting you at great risk.
  • Demand for Payment: Legitimate companies will never ask you to pay for services upfront or demand immediate payments through unconventional methods like gift cards, Bitcoin, or wire transfers.
  • Verification Codes: Scammers might ask for a verification code sent to your phone or email. These codes are designed to protect your accounts, and no legitimate tech company will ask for them. Never share them with anyone.
  • Unverified Claims: Always be skeptical of unsolicited claims about your computer or account being compromised. A reputable company will never demand immediate action or payment without a legitimate service request from you.

How to Protect Yourself from Tech Support Scams

1. Never Move Your Money to “Protect Your Account”

Scammers may claim your bank account is at risk and urge you to transfer money to a “safe” account. This is a scam. No legitimate company will ever ask you to move funds for security reasons.

2. Do Not Share Verification Codes

Verification codes are meant to keep your accounts safe. Scammers may ask for these codes to gain unauthorized access. Never share them with anyone, and if asked – it’s a sure sign of fraud.

3. Be Wary of Suspicious Calls or Emails

If you receive unexpected communication about an issue with your computer or a suspicious transaction, pause and verify. Scammers use these tactics to pressure you into giving up sensitive information. Contact the company directly using their official contact details.

4. Take Your Time

Scammers thrive on creating urgency. If someone is pressuring you to act quickly, it’s likely a scam. Always take a moment to verify the legitimacy of the situation by reaching out to the company or speaking to a trusted representative.

5. Avoid Payment Requests via Gift Cards or Bitcoin

If you’re asked to pay for tech support services using gift cards, cryptocurrency, or wire transfers, it’s a scam. Legitimate businesses will never demand payment through untraceable means.

Protect Your Finances

At First Financial, we take your financial security seriously. If you ever suspect you’ve been targeted by a scammer or feel unsure about a suspicious interaction, call 732.312.1500 or visit a branch for guidance. We’re here to help you keep your finances safe. For more helpful tips and resources, visit our website or subscribe to the First Scoop blog for ongoing updates on keeping your finances safe from scammers.

Considerations When Purchasing Life Insurance

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Discussing life insurance can be a sensitive topic — after all, talking about death is never comfortable. But life insurance is an important financial product, especially if you support others or have substantial assets that you wish to transfer to future generations.

Choosing a life insurance plan is anything but straightforward, though. There are many types of insurance and features for you to consider. Here’s a quick overview of the most popular types.

The most popular type is term insurance, which often is the least expensive. These policies are written for a specific period of time — one to 30 years, for instance. You can renew them once the term expires, but the price may increase. If you wish to lock in the premium, you’ll select what’s called a level term policy.

A declining balance term insurance policy is used to protect your mortgage principal, and its benefits are paid only if you die during the policy’s term, which aligns with your mortgage amortization. Once you pay off your mortgage, the policy expires and has no value – unless you choose to renew it.

Whole life features permanent protection with a savings element. You can lock in a premium rate, and part of the premium accrues a cash value. As the savings amount increases, you can even borrow up to 90% of the policy’s cash value tax-free.

Next is universal life, which is like whole life but potentially accrues higher savings. You can change the premium amount and withdraw cash, and even possibly change the face value of the policy. These can offer a guaranteed return on cash value, too.

A variable life policy generally features a fixed premium and a flexible cash value policy. In fact, you can invest the cash in a variety of investment types. However, keep in mind that the cash value and death benefit can fluctuate, based on the performance of your investments.

Finally, universal variable life is considered an “aggressive” policy. While similar to variable life, there is no guarantee beyond the original face value death benefit. As such, they are more common with wealthy buyers who can withstand the risks.

For questions about navigating the many complexities of life insurance, including recommended coverage amounts, consult your financial professional. You can also email the financial professionals in the First Financial Investment & Retirement Center at mary.laferriere@lpl.com or maureen.mcgreevy@lpl.com.

 Securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker/dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. First Financial Federal Credit Union (FFFCU) and First Financial Investment & Retirement Center are not registered as a broker/dealer or investment advisor. Registered representatives of LPL offer products and services using First Financial Investment & Retirement Center, and may also be employees of FFFCU. These products and services are being offered through LPL or its affiliates, which are separate entities from and not affiliates of FFFCU or First Financial Investment & Retirement Center.

Securities and insurance offered through LPL or its affiliates are:

The cost and availability of Life Insurance depend on many factors such as age, health and amount of insurance purchased. In addition to premiums, there are contract limitations, fees, exclusions, reductions of benefits, and charges associated with policy. And if a policy is surrendered prematurely, there may be surrender charges and income tax implications.

Variable Universal Life Insurance/Variable Life Insurance policies are subject to substantial fees and charges.

Both loans and withdrawals from a permanent life insurance policy may be subject to penalties and fees and, along with any accrued loan interest, will reduce the policy’s account value and death benefit. Withdrawals are taxed only to the extent that they exceed the policy owner’s cost basis in the policy and usually loans are free from current Federal taxation. A policy loan could result in tax consequences if the policy lapses or is surrendered while a loan is outstanding.

Policy values will fluctuate and are subject to market risk and to possible loss of principal.

Any life insurance guarantees are contingent upon the claims-paying ability of the issuing company.

This material is for general information only and is not intended to provide specific advice or recommendations for any individual. There is no assurance that the views or strategies discussed are suitable for all investors or will yield positive outcomes. Investing involves risks including possible loss of principal.

This material was prepared by LPL Financial, LLC

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

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As we begin to fall out of summer, let’s find some free and inexpensive activities to explore this September. Grab your friends and family, and soak up the last bits of local summer!

September 11

Bell Works Fresh Farmers & Makers Market (Holmdel) will feature fresh produce and unique creations. Happening every Wednesday of September from 11am-4pm, this is a great place to explore handcrafted goods, and support the local community. Learn more here.

Fall Concert Series (Freehold) at the Hall of Records every Wednesday in September from 7:30pm-9:30pm. Bring the family out to enjoy an evening of live music, and discover both new and widely known local talent. Check out the schedule and voices here.

September 13

Bonfires on the Beach (Asbury Park) will take place from 7pm-10pm every Friday night during September, weather permitting. The 9/13 bonfire will be at First Avenue Beach. Check the schedule online for other dates and locations through the end of September.

Italian Festival (Englishtown) join the Italian American Association of Monmouth County at their Italian Festival from 6pm-10pm. Taking place all weekend long through September 15th, this festival features rides for the whole family to enjoy, games, food, live entertainment, and more. Admission to the festival and parking are free. For more information and a full schedule, click here.

September 14

A Tribute to All Things Broadway (Lincroft) takes place from 2pm-3:30 pm & 7pm-8:30pm. Bring the family for a day of appreciating Broadway without having to leave New Jersey! Featuring songs, scenes, and dances performed by local talent from hit Broadway musicals, there will be something for everyone to enjoy. Tickets cost $15/adult, $10/senior, and $5/child (ages 12 and below). Additional information can be found here.

Neptune Day – Celebrate the town of Neptune at the Neptune Middle School Parking Lot from 12pm-5pm. There will be inflatables, carnival games, pony rides, a petting zoo, and more. Admission is free. For more information, click here.

Sip and Shop Local Craft Vendor Fair (Toms River) – Join the Garden State Distillery in celebrating and showcasing local talent from 12pm-4pm. While admission is free, local craft vendors will be selling a variety of items. For ages 21+, you may also order craft beer from the distillery to enjoy while you shop. Find out more details here.

Wind & Sea Festival (Port Monmouth) will take place from 11am-5pm at Bayshore Waterfront Park, weather and conditions permitting. Visitors will celebrate all things water by enjoying a variety of family-friendly coastal activities including kayaking, fishing, sandcastle building, children’s crafts, and more. For additional information, check here.

September 20

Climb Time (Seven Presidents Oceanfront Park in Long Branch) – If you are looking for an adventurous family-friendly activity, head over to Seven Presidents Oceanfront Park for climb time. Open to ages 8+ (those under age 18 must be accompanied by an adult) and 42” or taller, you can try the 25’ portable climbing wall for free. Check it out on the Monmouth County calendar.

September 21

Allaire State Park Fall Harvest Festival (Wall) – If you are looking for a chance to get in the fall spirit, look no further than the Fall Harvest Festival, taking place from 11am-4pm both Saturday and Sunday, 9/22 at the Allaire Historic Village. Stop by to enjoy live music, live demonstrations, craft vendors, an apple pie baking contest, apple cider pressing, and more. Tickets are $10/adult and $5/child (ages 4-12, 3 and under are free). More information can be found here.

Howell Day & Green Fair – Join the Township of Howell from 3pm-8pm at Soldier Memorial Park for this fun for the whole family event. There will be an array of children’s activities, free inflatable and mechanical rides, live entertainment, vendors, and more. It will also feature fireworks at dusk. Get additional information here.

Kids Day America (Wall Township) is from 10am-2pm in the Court Yard at the Wall Municipal Building. This is the 21st annual event dedicated to children’s health, safety, prevention, and environmental awareness. Come down for free information on children’s health and safety, free screenings, free goodies, and free interactive events. This event is free for all ages. For more information, click here.

Latino Festival of Monmouth County (Freehold) Grab your family and join the community in a day of immersion in Latino culture at the Latino Festival of Monmouth County. Taking place from 12-7pm at the Hall of Records Parking Lot, this family-oriented event celebrates the diversity of Latin America through special attractions, music, cultural offerings, and cuisine. Find more details here.

Red Bank Oktoberfest – Come down to the 2nd annual Oktoberfest from 1pm-5pm at Edmund Wilson Plaza. There are a variety of activities to enjoy, Monmouth County breweries, distilleries, and wineries to meet, and sampling packages to purchase for tasters 21+. Admission is free for all ages. Learn more information here.

September 28

Fall Bazaar (Asbury Park) – Taking place at Convention Hall from 12pm-5pm Saturday and Sunday, 9/29, stop by to get in the fall-spirit with shopping from local makers, kid’s activities, fall photo opportunities, and more. The event is indoors, admission is free for everyone, and it’s pet friendly. Learn more here.

September 29

Jersey Shore Comic Book Show (Sea Bright) Sea-Con is back at the Sea Bright Recreation Center from 10am-4pm. From special guests and interactive activities for kids to artists and vendors, there is something for all comic book, collectibles, and pop culture lovers to enjoy. Get more details here.

SPUR Family Barn Dance (Lincroft) from 1pm-5pm at the Thompson Park Activity Barn, come learn to line dance with the family while benefiting Special People United to Ride (SPUR). To enjoy the live line dancing lessons, tickets will be $10/adult and $5/child. Find more information here.

We hope you, your friends, and your family participate in these fun ways to enjoy September!

7 Questions to Ask Yourself Before Spending Your Emergency Fund

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An emergency fund is essentially a financial safety net, designed to ‘catch you’ in an emergency by helping you navigate unexpected challenges without going into debt. However, deciding when to tap into these savings is a crucial decision that requires many considerations. Before you dip into your emergency fund, evaluate the situation carefully to ensure spending that money is essential. Here are seven questions to ask yourself before spending your emergency fund, to help you make the right decision.

1. Is This Expense Truly a Necessity?

The first question to ask yourself is whether the expense you’re facing is truly essential. Your emergency fund is meant to cover critical needs, such as keeping a roof over your head, ensuring you have food on the table, or covering medical emergencies. If the expense isn’t vital to your survival or well-being, it may be wise to reconsider using your emergency fund. This might mean postponing non-essential expenses like entertainment or luxury items until your financial situation is more stable.

2. Are There Other Resources Available to Help?

Before using your emergency fund, check if there are any external resources available to help cover the expense. In times of financial crisis – many organizations, banks, and utility companies offer assistance programs such as deferred payments, waived fees, or discounted services. Additionally, food pantries and community services can provide essential support in times of need, reducing the need to use your savings. By leveraging these resources, you can stretch your emergency fund further and preserve it for truly critical situations.

3. Do I Have Other Cash Reserves?

Consider whether you have other cash reserves that can be used before tapping into your emergency fund. This could include money saved for non-essential purposes, like a vacation or new car fund, or extra cash in your checking account. Utilizing these funds before turning to your emergency savings can help you avoid depleting your emergency fund unnecessarily. However, be cautious about pulling money from long-term investments like retirement accounts, as this may have significant consequences in the future.

4. Can I Find a More Affordable Solution?

Another important consideration is whether there’s a less expensive way to handle the situation. Your emergency fund is a finite resource, so it’s important to stretch it as far as possible. Look for cost-effective alternatives, such as buying generic products instead of name brands, reducing utility usage to lower bills, or finding discounts on necessary items. Frugality and resourcefulness can minimize the amount you need to withdraw from your emergency savings.

5. Do I Have Other Ways to Generate Cash?

Before withdrawing from your emergency fund, consider whether there are alternative ways to generate the cash you need. For example, taking on a temporary side gig or selling unused items around your home may provide the extra income you need to cover an unexpected expense. This approach can help you preserve your emergency fund for more dire situations. Remember, your emergency savings should be a last resort, so explore all other options before making a withdrawal.

6. Will I Need This Money for Something More Urgent Later?

When considering whether to use your emergency fund, think about potential future expenses that could arise. If your job is unstable or you have an older car that might require costly repairs, you may need your emergency fund for these situations. While it’s impossible to fully predict future expenses, it’s important to weigh the current need against possible future emergencies. If you anticipate larger, more pressing expenses down the road, it might be better to hold off on using your emergency fund now.

7. How Much Will Remain in My Emergency Fund After This Expense?

Finally, consider how much of your emergency fund will be left after covering the current expense. It’s crucial to maintain a sufficient balance to handle future emergencies. If withdrawing for this expense would significantly deplete your savings, leaving you vulnerable to future crises, you may need to think twice about using the funds. Financial experts generally recommend keeping three to six months of living expenses in your emergency fund, so consider whether your balance will still meet this guideline after making a withdrawal.

Protect Your Financial Future

Your emergency fund is a vital tool for financial security, but it’s important to use it wisely. By asking yourself these seven questions, you can make informed decisions about when and how to use your savings, ensuring that your emergency fund remains intact for when you truly need it. For more personalized financial advice and tips on managing your finances, contact us at 732.312.1500, visit a branch, or explore our services online.

6 Tips to Save Money While Owning a Pet

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Owning a pet can bring immense joy, but it can also come with heavy financial responsibilities. According to the American Society for the Prevention of Cruelty to Animals (ASPCA), the first year of dog ownership costs around $3,221, with an average annual expense of $1,391 every year after. Cat owners can expect to spend about $1,904 in the first year and $1,149 each year after. These costs can increase quickly, especially when unexpected medical expenses arise. However, with thoughtful planning – you can provide excellent care for your pet while staying within your budget. Here are six tips to help you save money on pet care.

1. Adopt, Don’t Shop

If you’re looking to add a pet to your family, consider adopting from a shelter as a cost-effective and compassionate option. Adopting a pet gives a homeless animal a loving home while also saving you money. Adoption fees are typically much lower than costs from a breeder, and many adopted pets come fully vaccinated and spayed or neutered, greatly reducing your initial costs.

2. Choose the Right Veterinarian

Finding the right veterinarian is crucial for your budget and your pet’s health. Take the time to research and compare costs from different vets in your area. Ask about the price of routine checkups, vaccinations, and emergency services. Don’t hesitate to ask for recommendations from other pet owners and switch vets if you find a more affordable or suitable option. A good vet will prioritize your pet’s health while offering fair prices.

3. Invest in Preventative Care

Preventative care is key to avoiding costly medical issues down the road. It may sound counterintuitive, but spending money upfront can prevent excessive costs in the future. Scheduling regular checkups, vaccinations, and dental cleanings can help prevent more serious health problems that could lead to expensive treatments and emergency visits at a premium cost. Some veterinarians offer wellness plans that cover routine care for a monthly fee, which can help you budget for these expenses. Alternatively, look for low-cost clinics in your area that provide discounted services through veterinary schools or non-profit organizations.

4. Shop Smart for Pet Medications

Just like human medications, the price of pet prescriptions can vary widely depending on where you purchase them. Before buying, compare prices from different sources including your vet, local pet stores, and online retailers like 1-800-PetMeds, PetCareRx, and Chewy. You may also find good deals at Costco or on Amazon. Remember to ask your vet if there’s a generic version of the medication that could save you money.

5. Buy Quality Pet Food

Similar to preventative care, investing in high-quality pet food can save you money in the long run. A nutritious diet leads to better health, reducing the likelihood of expensive vet visits. Look for food subscriptions from online retailers like Chewy, where you can often save by setting up automatic deliveries. Prioritize your pet’s health with a balanced diet and regular exercise to avoid preventable health issues.

6. Get Creative with Pet Toys

You don’t need to spend a fortune on pet toys to keep your furry friends entertained. Pets are often just as happy playing with simple items like cardboard boxes or other safe household objects as they are with store bought toys. If you want to buy new toys on special occasions, consider shopping at discount stores or wholesale clubs, where you can find quality toys at a lower cost.

Navigate Pet Ownership & Budgeting with First Financial

Caring for a pet doesn’t have to break the bank. By adopting smart strategies, you can enjoy pet companionship without straining your budget. For more personalized financial advice and tips on saving money and managing your budget, call us at 732.312.1500, visit a branch, or explore our services online. Don’t forget to subscribe to our First Scoop blog for more valuable insights on saving money and achieving your financial goals.