Financial Education Sites

Identity Theft
Teaching Your Kids About Money
FDIC Consumer News
GO Direct!
Check Fraud
New ID Theft Scam

Identity Theft

 

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 stingent multi-factor authentication for your online transactions. However, maximum security is only possible with your help.

 

    Tips To Help Stop Identity Theft

  • 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.

     

    Teaching Your Kids About Money

     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.

     

    FDIC Consumer News

     

    The FDIC publishes a newsletter quarterly with information all consumers can use. The winter issue is now available. This issue contains articles that include “Online Banking, Bill Paying and Shopping” and “Some Tips for Managing the Pain of Medical Debts”.  One article offers tips on 10 ways to protect yourself and your money when you are online.  Also in this edition you can find "Ideas for Growing a Small Business" which includes information on where you can find experts who can help.  You can find the full newsletter on the FDIC website www.fdic.gov.

     

    GO Direct!

     

    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!

     

    Check Fraud

     

    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.

     

      It's Probably a fake check scam if . . .

  • 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.

     

     

    New ID Theft Scam

     The Ohio Bankers League is warning about a new identity theft scam that uses the telephone to steal personal account information. Voice phishing, also known as "vishing" or "voiching" uses voice response telephone systems to deceive consumers into revealing personal data. Consumers typically receive a recorded phone message asking them to input account information using their keypad or call their "bank" regarding a security breach on their account. The "bank" number given is to the scammers not the consumer's bank. Remember that banks do not request full account numbers, routing numbers or other personal financial information by telephone or email. If you are in doubt we encourage you not to respond but to hang up and call your bank.

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