Category: security

Don’t Get Caught in a P2P Scam

by lweavermyaocucom, posted in online security, security

P2P platforms, like Zelle, Venmo and PayPal, have made life so much easier for many consumers. Paying your friend back for the $20 you borrowed while at the mall, splitting a meal and purchasing a shared gift are now as easy as a few quick screen swipes. Unfortunately, though, P2P scams are rampant and varied. Also, once money is transferred through a P2P service, it’s usually gone for good.

Here are six P2P scams to beware of:

  1. Mystery money

In this P2P scam, a stranger “accidentally” sends the target money and then reaches out to them, asking for their money back. The target will see these funds in their P2P account and willingly return the funds. Unfortunately, though, because this money was added to the target’s account using a stolen credit card or checking account, the platform will ultimately flag the transaction as fraud and remove the funds. If the victim already forwarded the funds to the scammer, the platform will hold them accountable for the funds and potentially block their account. 

  1. Hidden credit card fraud

In this P2P scam, a fraudster will purchase an item listed on Craigslist or a similar site using a P2P service. They’ll pick up the item, or have it shipped to their home, and they’ll never be heard from again. Meanwhile, the P2P platform will eventually recognize that the funds for the purchase were fraudulently sourced, and will take the money back from the seller. The victim will be left without the item – and have no money to show for it.

  1. Fake customer representative 

Customer rep scams are an old story, but their appearance in the P2P world is only as old as these payment platforms. In this scam, a target experiencing difficulty with a transaction on a P2P platform inquires about assistance on social media. A scammer sees that inquiry, and then reaches out to the target, claiming to represent the platform and offering their assistance. If the target falls for the ploy, they’ll be directed to a bogus support site where they’ll be asked to enter their account details or credit card info. This, of course, leaves them open to identity theft and financial loss. 

  1. Utility scams

Utility scams pulled off via P2P platforms follow the same script as the classic scam in which an alleged rep from a utility company reaches out to a target, claiming their service will be shut off unless a payment is immediately made. In this variation, the scammer insists on payment via a P2P service. Unfortunately, once the payment is made to this “service rep,” it can be impossible to reclaim the funds. 

  1. Password scam

In this P2P scam, an alleged representative of a credit union or bank will reach out to a target via text, asking if they approve a recent large P2P transfer from their account. The target will respond with a quick “no.” Next, the scammer will call the victim, again posing as a rep of their financial institution, and offer to assist them in reclaiming the allegedly frauded money. To do so, the scammer claims, the victim will need to share their Zelle login credentials. Unfortunately, if the victim shares the one-time passcode, the scammer will have the info they need to change the password and access the victim’s Zelle account. The scammer can now send themselves money through the victim’s Zelle account. 

  1. Bogus receipts

In this variety of a P2P scam, a scammer will insert themselves into a legitimate P2P transaction by digitally manipulating a screenshot to make it appear as if they have completed a part of an ongoing deal and insisting that you now owe them money. In truth, though, the transaction was never completed and, if you send the money, you’ll be sending it directly to a scammer’s P2P account.

Stay safe

Follow these rules when using P2P platforms: 

  • Only send and accept funds from people you personally know and trust. 
  • Always confirm that you’re interacting with the correct person by verifying their phone number at every stage of the P2P transaction process.
  • Call the P2P platform’s customer service number directly to resolve errors. Similarly, reach out to Advantage One Credit Union directly if you receive notification of an allegedly frauded account. 
  • After completing a P2P transaction, check your checking account to confirm you’ve actually received the promised funds. 

P2P services are enormously convenient, but each transaction carries the risk of fraud. Use the tips outlined here to stay safe from P2P scams. 

Your Turn: Have you been targeted by a P2P scam? Share your experience in the comments. 

Device Advice: How to Keep Your Phone Safe from Fraud

by Advantage One, posted in online security, security, Tips & Best Practices, Uncategorized

Smartphones are the millennial’s answer to the disorganized life. You can buy practically anything with just a few swipes, schedule your appointments and store all your photos and home videos in this one, convenient location. [You can also manage your accounts, check your balance and deposit checks through Advantage One Credit Union’s mobile banking app and/or website]. Unfortunately, all of that convenience comes at a price: Your mobile devices pose an inherent risk to your security if they fall into the wrong hands. The good news is, there are ways to protect your phone and your information from fraud. 

Here are 6 tips for keeping your device safe and secure. 

  1. Keep your phone locked

If your entire life is on your phone, you run the risk of giving up complete access to your identity if your phone is stolen or misplaced. The best way to prevent this from happening is to have a lock on your screen. Opt for a physical lock if possible, such as fingerprint or face recognition; meaning no amount of automated password inputs can open your phone. Consider installing a tracking device/app on your phone as well to help you locate it and retrieve or erase the data if it gets misplaced. Finally, adjust your phone’s lock settings so the screen automatically locks after the shortest amount of time being idle.  

  1. Choose strong, unique passwords across all your devices and apps

Passwords should be a blend of letters with varied capitalization use, numbers and symbols. Be sure to use a different password for each of your devices, apps and other online accounts, and to change up your passwords approximately every six months. Don’t store the info for all your passwords in one location on your phone or have your device “remember” your passwords. If you find it challenging to recall all your passwords and login credentials, you may benefit from a password manager like Sticky Password or LastPass. 

  1. Browse safely

Follow these rules for safe online browsing:

  • Look for the padlock icon and the “s” after the “http” in the URL of each landing page you visit to ensure it’s a secure site.
  • Never share your personally identifiable information (PII) with an unknown contact.
  • If an alleged representative of Advantage One Credit Union reaches out to you regarding an issue with your account and you’re unsure of whether this contact is legit, reach out to us directly through a secure channel to confirm your suspicions.
  • Don’t store your credit card info in online shopping accounts. 
  • Keep your security settings current.
  • Avoid clicking on pop-up ads or links in emails from unverified senders. 
  1. Use secure Wi-Fi

The first thing many people do when they sit down in a restaurant, at a bar, or almost anywhere, is search for free Wi-Fi access. It’s an easy way to save on data, so why not? Simply put, using public Wi-Fi makes you vulnerable to hacking. It’s best not to use public Wi-Fi at all, especially when banking online. To keep your device safe while using public Wi-Fi, connect to a virtual private network (VPN). Changing your virtual network will protect your location and sensitive information from scammers. In addition, be sure to keep your own Wi-Fi locked to prevent strangers from accessing your network. 

5. Encrypt your data

Your phone stores loads of your PII, which can make you vulnerable to identity theft if it’s stolen or misplaced. Protect your information by encrypting all sensitive data on your phone. Most phones have encryption settings, which you can enable easily. 

To encrypt data on an Apple device,  go to the settings menu, choose “Touch ID & Passcode” from the pop-up menu and follow the prompts to unlock your phone. When you’ve gained access, scroll down until you see the words “Data Protection”. If this feature is not enabled, enable it now. Your data is now unreadable. 

If you own an Android phone, charge your phone at least 80% and unroot it. Next, go to your security settings and choose “Encrypt Phone” from the menu. Encryption may take an hour or more.

  1. Install antivirus software on your phone 

The same antivirus programs that protect your laptop can also keep your phone secure. Check out security programs for phones, like McAfee or Norton 360. Antivirus software will provide your phone with protection from security breaches and attacks from scammers. 

If you believe your device has been compromised, and/or you’re vulnerable to identity theft, notify Advantage One Credit Union immediately. Alert the FTC as well.

Smartphones bring a lot of convenience into our lives, but they carry an inherent security risk. Use the tips outlined here to keep your device safe from fraud.

Your Turn: How do you keep your device secure? Tell us about it in the comments?

All You Need to Know About Credit Card Fraud and How to Protect Yourself

by Advantage One, posted in Lifestyle, online security, security, Tips & Best Practices, Uncategorized

With the advent of online commerce, credit and debit card fraud has exploded. In fact, according to data collected by the Federal Trade Commission (FTC), there have been 230,937 reports of credit card fraud filed in the first two quarters of 2022.

Unfortunately, credit card fraud can go unnoticed until it causes serious damage. Here, we’ve outlined what you need to know about credit and debit card fraud, how to protect yourself and what to do if you’re targeted. 

What is credit card fraud?

Credit and debit card fraud occurs when a scammer gains access to a victim’s card information and goes on to empty their accounts, commit identity theft and more. 

Card fraud can be pulled off in several ways:

  • Card skimming involves a scammer tampering with an ATM or payment terminal. The machine reads the victim’s card information and transmits this information to the scammer.
  • Brute force attacks occur when a scammer employs an auto-dialer to access the card numbers issued within the target’s bank identification number (BIN). The scammer can perform an infinite amount of guesses until they land on the card’s expiration date, security code and other numbers.
  • Online phishing is implemented through insecure links embedded in emails or online ads, or through bogus surveys, solicitations, job offers, dating profiles and the like. The scammer uses these means to gain access to the victim’s credit or debit card information.

Protect yourself

Fortunately, there are measures you can take to protect yourself from credit or debit card fraud. Follow these tips to stay safe:  

  • Monitor your accounts. Check your checking account and credit card statements frequently so you can spot the first signs of fraud.
  • Sign up for alerts. Many issuers will send you texts or emails when new charges post to your account or card-not-present transactions take place. These alerts can help you spot credit card fraud more easily.
  • Use strong, unique passwords across all your accounts. It’s also a good idea to change your passwords approximately every six months.
  • Choose zero liability. If possible, choose a card with zero liability protection so you won’t be held accountable for any fraudulent charges made on your card.
  • Shop with caution. Only shop reputable sites and avoid clicking on pop-up ads or links in emails from unverified senders. To confirm a site’s security, look for the padlock icon and the “s” after the “http” in the URL. Avoid storing your credit card information in online shopping accounts. Finally, make sure the security settings on your devices are updated and choose a VPN (virtual private network) when using public Wi-Fi.
  • Keep your cards close. Keep your card tucked into your wallet or purse. If you use a cardholder on your phone case, keep your phone in a safe place and make sure the card numbers are not easily visible. It’s also a good idea to put your card away right after completing a purchase. 

If you’re targeted

If you believe your credit or debit card has been frauded, take immediate steps to mitigate the damage. First, let the credit card company know about the fraud. Similarly, if your debit card has been frauded, let Advantage One Credit Union know as soon as possible. Your old card will be canceled and you’ll be issued a replacement card immediately. You may also want to consider placing a credit freeze on your accounts as well to prevent the scammer from taking out a loan or opening another account in your name. 

Will I be liable for the fraud?

Taking immediate action upon the event of fraud is critical to your recovery. Under federal law, credit card holders are only liable for up to $50 in fraudulent charges. Debit card holders, on the other hand, only enjoy the same cap on their liability if they report the fraud within two days. Upon failure to do so, they may be held accountable for up to $500 if the fraud is reported within 60 days of occurrence. If they miss this deadline as well, they will be liable to cover the entire fraudulent charge to their account.

The good news is most credit and debit cards issued through major payment networks, like Visa and MasterCard, offer zero liability policies and other consumer protections. Read the fine print in your card agreement carefully to familiarize yourself with your responsibilities.

Credit and debit card fraud can devastate a victim’s financial health and leave them with huge bills to pay. Follow the tips outlined here to stay safe.

Your Turn: How do you protect yourself from debit and credit card fraud? Share your tips with us in the comments. 

Free Vacation Scams

by Advantage One, posted in Lifestyle, security, Tips & Best Practices, Uncategorized

Congrats – you’ve won an all-expense paid vacation to the Bahamas! It’s a dream come true! Or is it? Unfortunately, if you receive notification that you’ve landed a free luxury vacation, you’ve likely been targeted by a scam. Here’s what you need to know about free vacation scams and how to protect yourself from falling victim.

How the scams play out

In a free vacation scam, a target will receive a letter, email or text message informing them that they’ve just won a sweepstakes for a free luxury vacation. They’ll be asked to pay a small fee or tax to help process the prize. Alternatively, they may be asked to share their credit card information before they can claim the prize. Sadly, after paying the fee, they’ll never hear from the sweepstakes company again.

In another variation of this scam, the target is asked to attend a “short” meeting before they can claim their prize. This turns out to be a prolonged and overt sales pitch for a time-share purchase or travel-club membership. There may be vouchers for the promised vacation at the end of the class, but they can only be used for specific dates that may not work for the target, and require all sorts of additional fees before the “free” vacation can be redeemed. Also, if the victim signs up for what the scammer is selling, they’ll be charged hefty membership fees with few and/or hard-to-access benefits. When they try to cancel this nightmare membership, they’ll find a tangle of rules and regulations, and may find themselves stuck paying a monthly fee for a full year or more.

Red flags

Look out for these red flags to help you spot a possible free vacation scam:

  • You’re told you’ve won a sweepstakes you know you’ve never entered.
  • You’re asked to pay a fee or tax before a prize you won can be processed.
  • You’re highly pressured to sign up for a time-share purchase or travel club membership.
  • You’re told a free vacation offer with a club membership purchase is a one-time-only deal and that you must act quickly to avoid missing out.
  • You’re asked to share your credit card information to claim a free vacation you’ve allegedly won.

Protect yourself

Follow these tips to keep yourself safe from free vacation scams:

  • Never share personal information with an unverified contact.
  • Never agree to pay a “processing fee” or “tax” to claim a prize.
  • If a caller insists on payment via gift card or wire transfer, hang up.
  • Always read the fine print and do careful research before you sign up for a time-share or club membership. Look up online reviews, ask to speak to current clients or members and be sure to have a clear understanding of the cancellation policy before you join.
  • Be wary of club memberships that promise a lot of benefits for very little money. 

If you’re targeted

If you believe you’ve been targeted by a vacation scam, there are steps you can take to mitigate the damage. 

First, if you’ve paid the “processing fee” or “tax” with a credit card, be sure to dispute the charge as soon as possible. If you’ve shared your credit card information, cancel the card and consider placing a credit freeze on your name. Finally, let the FTC know about the scam so they can do their part in catching the scammers. If you’ve been targeted by a travel company, you can also alert the BBB so they can update their ratings and take appropriate action.

Responsible behavior never goes on vacation. Follow the tips outlined here to keep safe from a free vacation scam.

Your Turn: Have you been targeted by a free vacation scam? Tell us about it in the comments. 

Wealth Habits: Six Ordinary Steps to Achieve Extraordinary Financial Freedom

by Advantage One, posted in book review, Budgeting, Credit, Debit, Lifestyle, Reviews, Saving, security, Tips & Best Practices, Uncategorized

Title: Wealth Habits: Six Ordinary Steps to Achieve Extraordinary Financial Freedom

Author: Candy Valentino

Hardcover: 256 pages

Publisher: Wiley

Publishing date: Nov. 15, 2022

Who is this book for? 

  • Anyone lacking connections and/or an education who’s wanting to build wealth.
  • Seasoned entrepreneurs, young adults and everyone in between who is looking for financial guidance. 

What’s inside this book?

  • Candy’s own story of how she opened her first store at age 19 (without the benefit of a college education) and built it into a 7-figure business before most of her friends had even completed college.
  • The six key habits to building wealth:
  1. Long-term investing strategies
  2. How to recession-proof your life
  3. Ways to keep money out of the IRS’ hands
  4. What to teach your children about money
  5. How to establish financial protection and security
  6. The secrets to keep more of the money you make (so you can invest more of it)

4 questions this book will answer for you:  

  • Can I get ahead in life without having a formal education?
  • What are the key habits needed for building wealth?
  • Is it too late to turn my money story around?
  • How can I overcome obstacles to my financial freedom?

What people are saying about this book: 

“I love the way Candy thinks. She shows you how to collapse time in a way the most successful people I know have done: breaking wealth down to the simplest form of the game to create success. This book should be required reading for every high school student, aspiring entrepreneur, or anyone who wants to turn the tables on their current financial situation.” – Rick Steele

“People that build wealth do things differently. Not only does Candy understand this from her own experience, but she does a masterful job of giving the reader actionable steps to immediately put them on the path to financial freedom and generational wealth. She has cracked the code, and if you’re looking to change your financial reality, this book is for you.” – Todd Davis

“Candy Valentino is the real deal! She’s overcome massive obstacles and built practical systems to help anyone achieve massive wealth. I highly recommend this book!” – Rory Vaden

“Candy Valentino is an Entrepreneur’s Entrepreneur! By researching and interviewing the various stages of wealth creation from industry leaders, Candy has really done a masterful job of simplifying the complex. This book is a must read!” – Tom Hatten 

Your Turn: What did you think of Wealth Habits? Share your opinion in the comments.

Which Apps Can Help Me Keep My Financial Resolutions for the New Year?

by Advantage One, posted in App Reviews, Credit, Lifestyle, Reviews, security, Tips & Best Practices, Uncategorized

Q: I’m looking for tools to help me actually keep the financial resolutions I made for the New Year, but I’m confused by all the options. What are the best personal finance apps that can help me stick to my money resolutions this year?

A: These days, there’s an app for virtually anything; and personal finance is no exception. The app market is flooded with personal finance apps, but there are a select few that stand out for their excellent functionality and ease of use. Here, we’ve reviewed five of the most popular personal finance apps to help you stick to your financial resolutions.

  1. Mint

A quick look at this app:

  • Function: Full money management
  • Cost: None
  • Free Trial: N/A
  • Basic Features: The wildly popular money management app lets you track your bills, categorize and review your spending and monitor your credit health, all at no cost. 

Mint excels at providing a complete financial picture in one location. You can link your credit and debit cards to the app, and Mint will read your transactions, categorize them and show you how you’re spending your money. Access your credit score and get a breakdown of how your score is determined. You can also easily create a budget within one of the most popular personal finance apps on the market. 

The one significant downside to Mint is the ads, which many users find excessive, intrusive and annoying. 

  1. Personal Capital

A quick look at this app:

  • Function: Budgeting and investment tools
  • Cost: Budgeting tool is free. Wealth management costs 0.89% of the balance, up to $1,000,000.
  • Free trial: No
  • Basic features: Allows you to manage your assets and investments along with your everyday spending. 

Personal Capital promotes itself as an overall personal finance app, but it really shines at investment management. Track your portfolio by account, asset class or individual security and identify new opportunities for diversification and risk management, all on the app.

The disadvantages of Personal Capital include the relatively high cost for wealth management and complicated budgeting features. 

  1. You Need a Budget

A quick look at this app:

  • Function: Budgeting and tracking expenses
  • Cost: $98.99/year or $14.99/month
  • Free trial: Yes
  • Basic features: Import transactions from your checking account and apply them to each budget category to get a full picture of your spending habits. Adjust budgeting categories as necessary and review detailed reports of how spending is progressing throughout the month. 

You Need a Budget (YNAB) is an app built around YNAB’s famed four rules for improved overall financial health:

  1. Give every dollar a job.
  2. Embrace your true expenses.
  3. Roll with the punches.
  4. Age your money.

The app provides highly detailed budgeting tools and spending reports for the ultimate in money management. YNAB claims its users save an average of $600 in the first two months, and more than $6,000 in the first year.

The cons of YNAB include a premium subscription price and multiple features that can be confusing for new users and those who prefer a simpler interface. 

  1. Prism

A quick look at this app:

  • Function: Bill payment and tracking
  • Cost: Free
  • Free trial: N/A
  • Basic features: Track and pay your monthly bills with ease.

Prism takes the stress out of bills. Sync the app with thousands of billers nationwide, add your bills and Prism will automatically track them for you. You’ll get friendly reminders when a bill is nearly due and you can even use the app to schedule payments several days in advance. Never miss a bill payment again!

Prism is an excellent app for bill payment, but it’s otherwise limited in its money management functions. You won’t be able to create a budget or track expenses outside bill payments on the app.

  1. M1 Finance

A quick look at this app:

  • Function: No-fee investing
  • Cost: Free
  • Free trial: N/A
  • Basic features: Blends automated investing with expansive portfolio customization’s.

M1 Finance offers more than 60 pre-built portfolios, or “pies,” for users to choose as their own investment strategy. There’s also the option of building your portfolio on your own in the app. M1 can be a fabulous tool for investors who are looking for automation that aligns with their personal preferences, risk tolerance and investment goals.

While M1 shines as a no-fee investment app, it fails at offering several key features that other competing apps boast, including tax-loss harvesting, advisors and syncing external accounts for investment purposes. 

It’s a new year, and a new chance at improving your financial wellness. Use this guide to find the perfect apps to help you reach your financial goals this year.

Your Turn: Which apps are you using to help you keep your financial New Year’s resolutions? Share them with us in the comments.

Don’t Get Caught in a Charity Scam

by Advantage One, posted in Convenience, Lifestyle, security, Tips & Best Practices, Uncategorized

Sharing your blessings through charity is a truly wonderful way to give back. Unfortunately, though, scammers are out in full force to hijack the kindness of charity-givers everywhere to get at their money and their information. Here’s what you need to know about charity scams and how to protect yourself. ` 

How the scams play out

In a charity scam, a scammer or scam ring will target victims via phone call, by advertising on popular social media platforms and websites or by sending out mass emails with embedded links. The scammer pretends to represent a well-known charity, such as Make-A-Wish, or a popular cause, such as emergency relief funds for victims of a recent natural disaster. They’ll ask the target to make a donation toward their organization, and sometimes to share personally identifiable information as well. Sadly, though, instead of these funds going to help a charity, they only go to line the scammer’s pockets.

Red flags

Look out for these red flags, which can alert you to the fact that you may be, or have been, targeted by a charity scam:

  • You’re asked to share personal information, like your Social Security number, when making a donation.
  • You’re pressured into making a donation now.
  • You’re thanked for a donation you’ve allegedly made in the past, which you know you’ve never made.
  • When asked how your donation will be used, you’re given vague, evasive responses that don’t really answer your question.
  • You’re guaranteed to win a sweepstakes if you make a donation.
  • The “charity’s” website is full of typos and grammatical errors.
  • An organization with a name that closely resembles a well-known charity solicits a donation from you.
  • The alleged charity will only accept donations via prepaid debit card or gift card.
  • When you ask that the charity not call you again, they disregard your request.

Give with caution

Don’t let talk of scams hold you back from giving. Instead, learn these basic rules for giving safely:

  • Give to established charities you know and trust. Be wary of “charities” having names that are very similar to well-known organizations.
  • When donating to a new charity, verify its authenticity on a charity-vetting site, like Charity Navigator, GuideStar or CharityWatch. You can also Google the charity along with the word “scam” to see if there’s anything suspect about this organization.
  • Never click on embedded links or open email attachments from an unverified contact. 
  • Contact the charity you wish to donate to on your own instead of clicking on an ad or link.
  • Check the URL of the charity’s website for accurate spelling, and note that most legitimate charities have a URL ending in .org; not .com.
  • When planning to make a donation by phone, visit the charity’s website to make sure you have the correct number.
  • Don’t share personally identifiable information via email, phone or in any other way with an unverified contact. 
  • Be super-wary of social media posts soliciting donations. If using text-to-donate, verify the number with the charity before making your donation.
  • When donating to a charity, it’s best to use a credit card for optimal purchase protection.

If you’ve been targeted

If you believe you’ve been targeted by a charity scam, there are steps you can take to help various law enforcement agencies catch the scammers. First, report the scam to the FBI at tips.fbi.gov. Next, you can alert the FTC at FTC.gov. Finally, if the scam involves financial aid for a recent natural disaster, you can report it to the National Center for Disaster Fraud.

Charity scams vilify a beautiful deed, but you don’t have to let them ruin it for you. Use the advice offered in this guide to help recognize a charity scam and give safely.

Don’t Get Caught in a Non-Delivery Scam

by Advantage One, posted in Lifestyle, security, Tips & Best Practices

With the holidays approaching, and online shopping reaching its annual peak, scammers are out in full force to get at your money and your purchases. There are many scams to watch for this time of year, from online “retailers” phishing for information as you shop to brazen porch thieves who swipe delivered packages from doorsteps and so many more. The non-delivery scam can be particularly difficult to spot, and recovery is nearly impossible. Here’s what you need to know about this scam and how to protect yourself.

How the scam plays out

In a non-delivery scam, a shopper makes an online purchase, often at a discounted price. They may have chanced upon this “sale” through a social media ad, an unsolicited email or a banner ad on their favorite website. Unfortunately, though, the promised package is never delivered. After weeks of waiting, the shopper may try reaching out to the seller, only to find that the seller’s gone AWOL, along with the victim’s chances of recovering their money and/or their purchase.

Protect yourself

The best way to protect yourself against non-delivery scams is to practice online safety measures and to shop smartly. Here’s how.

  • Never click on links or attachments in unsolicited emails or on social media, regardless of how amazing the offer may be. If an ad looks promising, look up the alleged associated retailer directly and on your own. 
  • Keep your device’s security at its strongest settings and mark all suspicious emails as spam. 
  • Opt out of websites that are full of typos and/or grammatical errors.
  • Check each website’s URL for authentic spelling and signs of security, like the “https” and padlock icon. Recheck each landing page as you shop. 
  • When shopping a new seller, do some research before sharing any information with the seller. Look for a phone number and street address associated with the seller or company, dig up some online reviews and ratings and Google the retailer’s name along with the word “scam” to see if anything comes up. 
  • When shopping a private seller on an online marketplace, like Jiji or Etsy, check the seller’s profile carefully. Be extra wary if the profile is new.
  • Avoid shopping at retailers who insist on payment via prepaid gift cards or wire transfer. When shopping online, it’s best to use a credit card.
  • Stay away from sellers who advertise as if they are residents of the U.S. and then respond to questions by claiming that they are actually out of the country.
  • Always ask for and save the tracking numbers of online purchases. Monitor the shipping process so you can dispute the charge if the process seems suspect.
  • Be wary of items with prices that are too good to be true; in all likelihood they are.

If you’re targeted

If you believe you’ve fallen victim to a non-delivery scam, there are steps you can take to mitigate the damage. 

First, if you’ve paid via credit card, call the issuing company to dispute the charge as soon as you recognize the scam. If you believe the account has been compromised, you may want to close it and place a credit alert and/or credit freeze on your name as well. Next, be sure to alert the FTC about the scam so they can do their part in catching the crooks. If the alleged retailer is on the BBB website, you can let them know, too. Finally, let your friends know about the scam so they know to be aware.

Online commerce makes holiday shopping so much easier–but scams are everywhere. Shop smartly this season and follow the tips outlined here to avoid getting scammed. Stay safe!

Your Turn: Have you been targeted by a non-delivery scam? Tell us about it in the comments. 

All You Need to Know About SIM Swaps

by Advantage One, posted in Lifestyle, security, Tips & Best Practices, Uncategorized

SIM swapping, also known as SIM swap scams, or SIM hijacking, can be a nightmare for an unwary victim. According to a recent announcement by the FBI, this ruse is on the rise. In 2021, the FBI received 1,611 reports of SIM swapping, with losses totaling over $68 million, a more than five-fold increase from the 320 SIM swap complaints occuring in 2018 and 2019 combined. Here’s what you need to know about this prevalent scam and how to protect yourself. 

How the scam plays out

In a SIM swap scam, a criminal steals a target’s mobile phone number by tricking the victim’s cellphone provider into transferring the number to a SIM card in the criminal’s possession. 

Before the actual scam is pulled off, the scammer will generally employ a phishing scam to obtain some basic information about the target’s mobile number and phone service provider. They may reach out to the target via email, text message or phone call. They’ll pretend to represent the service provider, and ask the target to share or confirm their phone number and/or account number. They may claim there is an issue with the target’s account, and say they need this information to fix the problem. Unfortunately, the target often believes they are engaging with an authentic representative of their phone company, and willingly shares this information.

Next, the scammer will call the target’s service provider and use this info to convince them that they are actually the target. The scammer will claim that their SIM card has been lost or destroyed and they’ve purchased a new one to replace it. If the mobile service provider falls for the ploy, they’ll transfer the phone number to the scammer’s SIM card.

Finally, the criminal inserts the now-active SIM card into their own device and uses it to access the victim’s accounts by bypassing the SIM-based two-step authentication. The scammer then proceeds to change all passwords for online accounts linked to the phone. Unfortunately, this leaves the victim with an inactive SIM card and worse, locked out of their own accounts.

Protect yourself

Despite its prevalence, there are ways to protect yourself from SIM swap scams. The FBI advises consumers to take the following precautions:

  • Never share information about your financial assets while online.
  • Never share information about your mobile phone number or cellphone provider with an unverified contact over the phone or online.
  • Don’t assume every communication from an alleged service provider is legit. If you receive an unexpected call, message or email from your mobile phone’s provider asking you to share or confirm information, do not engage. Contact the provider directly to determine if the communication was authentic. 
  • Keep your social-media platform settings private.
  • Use strong, updated security for all your devices. 
  • Never share personally identifiable information online. 
  • Use strong, unique passwords across all your online accounts.
  • When possible, use strong, multi-factor authentication, standalone authentication, apps and physical security tokens to access accounts that contain sensitive information.
  • Don’t allow your mobile devices to “remember” your passwords, usernames and other personal information.

If you’ve been targeted

If you believe you’ve been targeted by a SIM swapping scam, take these steps to mitigate the damage:

  • Reach out to your cellphone provider for assistance in regaining control of your phone number.
  • Change the passwords and logins on all your online accounts.
  • Let your financial institution and credit card companies know about the scam so they can look out for suspicious activity on your accounts. 
  • Consider placing a credit alert and/or credit freeze on your accounts. 
  • Report the scam to your local FBI field office, your local law enforcement agency and the FBI’s Internet Crime Complaint Center.

Stay alert and stay safe!

Your Turn: Have you been targeted by a SIM swap scam? Tell us about it in the comments. 

Don’t Get Caught in a Pre-approval Scam

by Advantage One, posted in Credit, Lifestyle, Loans, security, Tips & Best Practices, Uncategorized

You’ve got mail! But beware, because this particular missive telling you that you’ve been preapproved for a large loan – maybe even a mortgage – may not be as it seems! The exciting news may be accompanied by a check that’s made out to you and even for the full loan amount! It’s a dream come true. Until, of course, it all turns into a living nightmare. 

Here’s what you need to know about preapproval scams and how to stay safe.

How the scams play out

In a preapproval scam, a target receives a letter in the mail, an email or a text message informing them they’re preapproved, or “prescreened,” for a large loan. The letter is often accompanied by a live check, or an unsolicited check that can be cashed in by the named recipient – which is you. The letter may also be highly relevant to your life. For example, if you’re in the market for a new home, the offer may feature an alleged preapproved mortgage loan. If you’re looking for a new set of wheels, the letter will likely offer a bogus auto loan. More commonly, though, will be the offer of a personal, or unsecured loan, through a live check. 

When you go ahead and cash that check, you may be playing right into the hands of a scammer. 

The authentic-looking check cannot be cashed unless the recipient shares their personal information. Of course, this means providing a scammer, or a scam ring, with all the info they need to empty your accounts, commit identity theft or worse. In addition, the check may appear to clear but then bounce a few days later, leaving you to pick up the tab for any of the money you’ve spent. Finally, if you really do need to take out a large loan, the bogus offer can set you back significantly by hurting your credit score.  

Checklist for legitimate preapproval offers

If you have a credit history, you’ve likely received these preapproval offers at least several times. Some of them are actually legitimate offers to cover a loan for a large amount. How, then, can you tell which of these offers are legitimate or scam?

First, it’s important to know that, while some of these offers may be legit, that doesn’t mean they’re good for your financial health. If you cash that check and/or accept that loan offer, you’ll be bound by the loan terms, which you may not be truly aware of until the first repayment bill becomes due. Most of these preapproval offers will have exorbitant interest rates and may demand full repayment quicker than typical loans obtained from a bank or credit union. 

Now, let’s take a look at how you can determine whether one of these preapproval offers is legit. If you receive an offer as described, look for this information to verify the authenticity of the offer: 

  • A disclosure of the loan fees
  • The annual percentage rate (APR), which is the annual cost of the loan 
  • The payment schedule
  • The loan agreement
  • A privacy notice about the sharing of your personal information
  • An opt-out notice for future offers
  • Contact information for the sender, which includes a number and street address

If any of this info is missing from the preapproval offer, you’re likely looking at a scam. 

If you’ve been targeted

If you’ve been targeted by a preapproval scam or a legitimate but shady offer, there are steps you can take to protect yourself from further harm and to stop the annoying letters from landing in your mailbox. 

First, let the Federal Trade Commission (FTC) know about the circulating scam. Next, it’s important to note that, under the Fair Credit Reporting Act, you have the right to opt-out of future loan offers for five years, or permanently. To opt-out for the next five years, call 1-888-5-OPTOUT (1-888-567-8688) or visit OptOutPrescreen. To opt-out forever, visit OptOutPreScreen to request a Permanent Opt-Out Election form. Return the signed form and you should be off the list of all preapproval offers. Finally, keep your online interactions safe from scams by using the strongest and most up-to-date security settings across your devices and being careful about the information you share online.

Preapproval scams can be super-annoying and destructive, but you can outsmart them. Stay safe!

Your Turn: Have you been targeted by a preapproval scam? Tell us about it in the comments.