Financial Education Sites

FRAUD ALERTS! 

The FDIC has recently seen a number of targeted phishing scams.  They have issued an alert about attacks using phishing emails that claim your retail or commercial accounts have been suspended because of suspected ACH and wire fraud.  These emails usually warn that your transactions have been suspended for security reasons then go on to say an attached document contains instructions to update your security.  The FDIC warns the attachment likely unleashes malware to be installed on the recipient's PC.  The FDIC warns all consumers, including retail and commercial, not to open these emails or the attachments and make sure your anti-virus software is up-to-date.  

There have been reports of emails in our area that appear to be coming from NACHA.  The emails warn that an electronic payment was rejected by the Electronic Payments Association.  The email is not coming from NACHA, and NACHA would never contact a customer about any payments.  Do not open the link or attachment, just delete the email.  If you have opened the link or attachment you should run an antivirus scan or some other cleaning tool on your computer to see if it was infected with anything.  You may find more information on the phony email at NACHA's legitimate website of www.nacha.org.

Identity Theft
Teaching Your Kids About Money
FDIC Consumer News
GO Direct!
Check Fraud
New ID Theft Scam
Protecting the Elderly from Financial Abuse
U.S Savings Bonds

Identity theft continues to be a concern for everyone. Identity theft occurs when someone steals your personal information in order to establish credit or borrow money in your name. Measures are in place at your bank to protect your identity and your accounts against fraud and theft. Some examples include verifying your identity before releasing information over the telephone, and more stringent multi-factor authentication for your online transactions. However, maximum security is only possible with your help.

• Do Not Give Out Financial Information -
  unless you know the person or organization.
• Report Lost or Stolen Checks, Debit Cards or Credit Cards Immediately -
  payments on them can be blocked.
• Notify The Bank Of Suspicious Telephone Inquiries -
  this includes callers that ask for your account information to "verify" something or award a prize.
• Do Not Respond to "Phishing" EMails -
  this includes emails that request any financial information or request your social security number.
• Guard Your PIN Number -
  do not give out your PIN number for ATM or debit cards.
• Monitor Your Accounts Regularly -
  people that monitor their accounts regularly are more likely to notice account fraud earlier. Report any fraudulent activity to your bank immediately.

The Fair and Accurate Credit Transactions Act (FACT Act) was passed to help reduce identity theft. One of its features allows all consumers to request a free copy of their own credit report. You may obtain your free credit report at www.annualcreditreport.com or by calling 1-877-322-8228.

 The American Bankers Association provides information on financial eduation for all ages. One of their newest publications is designed to help parents teach their kids about money. Did you know that our teens spend roughly $170 billion a year? Do your kids know the dos and don'ts of credit? Or maybe they need some help with budgeting. See "The Parents' Guide ~ Teaching Your Kids About Money" for information you can use. We need to help teach our kids how to save and invest wisely and how to live on a budget. Let's help make our children's financial dreams come true with education.

The FDIC publishes a newsletter quarterly with information all consumers can use. The fall issue is now available. This issue contains articles that include “Logging In...and Locking Out Fraud Artists” and “Still on the Sidelines?  How to get Started with Online Banking”.  Another article offers tips on making sense of retirement accounts such as IRAs and 401(k)s.  Also in this edition you can find information on renting versus buying a home and things to think about before you make the decision.   You can find the full newsletter on the FDIC website www.fdic.gov.

GO Direct! is a national campaign sponsored by the US Department of the Treasury and the Federal Reserve Banks promoting Direct Deposit of federal benefit payments. You can have benefits such as your Social Security and Supplemental Security Income (SSI) directly deposited into your bank account. What are some of the benefits? Direct Deposit is safer than mailing checks. No direct deposit payment has ever been lost or stolen. You gain more control over your money. The deposit is made straight into your account on the same day each month. Plus, with direct deposit you will have access to your funds immediately from virtually anywhere. For maximum convenience ask for an ATM card to use with your savings accounts or an ATM/Debit card for your checking account. If you want more information, or you're ready to sign up, click on GO Direct!

The U.S. Postal Service has a new website to help fight check fraud. Fake checks and money orders are out there - don't be the victim of a check scam! Learn how to spot fake check scams at www.FakeChecks.org.

• Someone you don't know wants to give you a check or money order and asks you to wire cash back to them.
• Someone contacts you about winning a foreign lottery and wants your help to get the money out of their country.
• Someone wants to buy your online auction item and they are sending a check or money order for more than the item sold for.
• Someone hires you to work from home and wants you to deposit checks into your personal bank account as part of the job.

Who is responsible for losses to your account? If the check or money order turns out to be counterfeit, or is returned unpaid for any reason, you are fully responsible for the loss. Bank employees may not be able to determine if the item is valid, their job is simply to process your transaction. Learn more about check scams at the US Postal Service website FakeChecks.org.

Protecting the Elderly from Financial Abuse

Financial abuse, or financial exploitation, of the elderly is a growing and often unreported crime.  Financial exploitation can occur without the person’s knowledge, by trickery, intimidation or coercion, or when the person is too confused to give informed consent.  The exploitation can be classified in one of two categories: exploitation by a person known to the victim (family member, caregiver, POA, etc.) or exploitation by a stranger (con artists, bogus charities, unscrupulous salesmen, etc.).

Watch for the following “red flags” that may indicate financial abuse:

• Closing CD’s or accounts without regard to penalties
• ATM withdrawals by a person who has never used a debit or ATM card
• New powers of attorney the person does not understand
• A caretaker, relative or friend who suddenly begins conducting financial business on the other person’s behalf without proper documentation

How can you protect your elderly friends/loved ones and yourself?

• Never give out your SS#, account numbers or any other personal financial information over the phone unless you initiated the call
• Don’t open emails from people you do not know
• Shred bank statements, bank receipts, credit card statements and credit cards before throwing them away
• Review your bank and credit card statements regularly and call the institution if you find any instances of unauthorized use
• Do business with companies you know are reputable
• Do not let a stranger talk you into sending them money, this includes strangers who say you’ve “won money” and those that say they work for a charitable organization (make sure it is for real)
• Talk to your local banker if you have questions or concerns

If you suspect financial abuse, talk to the elderly person and try to determine what is happening.  Is there a new person “helping” them with their money or is someone taking advantage of them?  Report the financial abuse to the person’s banker and enlist their assistance.  You may want to contact adult protective services for your area and, all instances of elder financial abuse should be reported to your local law enforcement.

U.S. Savings Bonds Go Paperless

Big changes are in store for U.S. Savings Bonds!  Paper savings bonds will not be sold through financial institutions or mail order after December 31, 2011.  You can now buy and manage savings bonds through the Treasury Direct website at www.treasurydirect.gov.  Existing paper savings bonds are valid issues of the Treasury Department and will earn interest for 30 years from the issue date or until redeemed.  You can convert your paper savings bonds to electronic savings bonds in Treausry Direct using a program called SmartExchange.  You may still redeem your paper bonds at most financial institutions, including The Union Bank Company.  Visit www.treasurydirect.gov for full details.

Helping you to a better financial future through knowledge. Another way The UNION BANK Company can help you make your dreams come true.