4 Scams to Watch Out for this Black Friday and Cyber Monday
Black Friday has traditionally been the day that kicks off the holiday shopping season, sending hordes of crowds surging through malls and big-box stores all over the nation. Unfortunately, it’s also been a day that kicks off the season of shopping scams. Here are four scams to watch out for this Black Friday and throughout the holiday shopping season: In this ruse, a scammer posing as an Amazon representative will call a target to notify them about an alleged problem with their Prime account. The victim will be prompted to download a tool on their computer or mobile device. That “tool” will give the scammer remote access to “help them resolve the problem” that is at hand. If they comply, the victim will then be instructed to log onto their banking account, supposedly so the caller can be compensated for their time. Unfortunately, doing this will give the scammer direct access to the victim’s accounts. Phishing emails are nothing new, but they can be difficult to spot among the barrage of promotional emails flooding inboxes during this time of year. Here are two common variations of phishing scams: The coronavirus pandemic has forever changed the way Americans shop. It’s resulted in the volume of U.S. online purchases increasing steadily, according to the Census Bureau’s quarterly e-commerce reports. Scammers are well aware of this, and they’ve been quick to capitalize on the opportunities to pull off delivery scams, especially this time of year. Delivery scams generally take the form of a message appearing to be from UPS, FedEx or another delivery service, informing the victim of a “delivery issue” with an order. They’ll be asked to confirm or update their information with the provided link. Doing so will give the scammer access to their financial information and open the door to identity theft and more. In another variation of the delivery scam, a victim will be asked to pay a fee for covering a customs charge or tax. Of course, these fees are invented by the scammer, who will gladly pocket the money. Another scam whose prevalence has spiked with the increase in online shopping is the non-delivery scam, which involves a purchased gift that never arrives. The victim, likely lured in by an ad promising a super-low price on a desired item, rushed to complete the purchase without researching the seller. Unfortunately, the seller then disappears and the victim has no way of notifying them about the no-show or requesting a refund. How to avoid Black Friday scams Follow these tips to keep your shopping free of scams: Stay safe! Your Turn: Have you been targeted by a Black Friday scam? Tell us about it in the comments.
Dress Up and Get Your Scream On!
SRI Federal Credit Union is having a costume contest! Join the fun by emailing us an image of you in your spookiest, most creative Halloween costume. You can also post your image on Facebook or Instagram and tag us using #SRIFCU. We didn’t forget about all of the paws and claws out there. We will hold a separate Halloween pet costume contest. Send all of your pictures by emailing us or by posting them on your Facebook or Instagram account and tagging us by using #SRIFCU. Email all entries to connect@srifcu.org. We will accept entries submitted through Friday, November 5th, 2021. Winners for both Costume contests will also be announced on our website on Friday, November 5th.
Don’t Get Spooked by One of these Scams this Halloween!
That cackling, long-haired witch might send your heart fluttering with fear, but these Halloween scams are even spookier! Here’s what to know about these common Halloween scams. 1. The Joker Desperate for money before the holiday shopping season hits? Looking to pad your pockets with a bit of extra cash? Scammers know this all too well, and target consumers with messages promising loads of money for very little work. All you need to do is send a small amount of money to a designated digital address via CashApp, Venmo, or another money transfer app, and your money will be doubled, tripled, or more. Don’t fall for the tricks! Much like another variation of the money-flipping scam, they’ll ask you to share your account information so they can withdraw the money and then “treat” you with the cash you’ve earned. It’s like getting free money – which, of course, doesn’t exist. Spot a money-flipping scam through the amateur writing and too-good-to-be-true promises. Any request for you to share your banking information is another dead giveaway. 2. Night of the Living Dead This scam can be pulled off at any time of year, but it takes on an extra level of spookiness when yards are decorated with ghosts and cobwebby graveyards. In the deceased identity theft scam, scammers actually steal the identity of someone who is no longer living. They may empty the decedent’s accounts, pass off their credit history as their own and use their Social Security number to collect benefits, apply for a job, and more. Protect a loved one’s identity from being stolen after they pass on by taking steps to lock down their social media accounts, credit report, and Social Security number. Keep an eye on their accounts until their assets have been lawfully divided. 3. Trick or Treat You found the perfect costume online, and for a bargain price! You happily pay up, complete your order and wait for the package to arrive. And wait. And wait. Unfortunately, you’ve been tricked. In a variation of the online order scam, the package arrives on your doorstep as promised, but has little resemblance to the way it looked online. The quality may be lacking, the size and color completely off, or important components missing. You may try to find a customer service line, but there’s no working number listed. You may also try returning the purchase, but a street address for returns will be more elusive than the invisible man. Don’t get tricked! Only order from reputable sites that display complete contact information for the company. Ignore all offers that scream “Hot Deal! Act Now!” and feature prices that are way below the average sale price. Shop with caution and you’ll only walk away with treats. 4. Hitman There’s a hitman at your door – and no, this is no disguise! In the hitman scam, scammers pretend to be assassins who were hired to take out a target. They’ll send the target extortion emails and messages, promising to spare their life for just a few thousand dollars. Often, they’ll even drop the name of the friend or family member who allegedly put a hit on the target’s life. Don’t get scammed! If you receive an extortion message of any kind, contact local law enforcement. Never share money with an unverified contact. And finally, if the scammer shared the name of the person who allegedly hired them, reach out to this person to verify that no, they didn’t put a hit on your life. It’s a frightening world out there, but being aware of these scams and following smart precautions, you can protect your money and your information. Have a happy and safe Halloween! Your Turn: If you think you have been targeted for one of these Halloween scams or any other fraud please let us know as soon as possible.
Why You Need to Be Financially Fit
Individual Americans spend hundreds of dollars a year and at least as many hours on keeping themselves physically fit — but too many people neglect their financial health. Just like physical health, being financially fit is crucial to your wellbeing, your future and your quality of life.
Here’s why being financially fit is so important and how you can overcome common barriers to achieving financial wellness. Financial wellness: a ripple effect Being financially fit is about more than just having enough money in your account to cover your expenses and put away something for tomorrow. Managing money responsibly will affect many aspects of your life: What are the leading causes of money stress? According to a survey by Credit Wise®, 73% of Americans rank money issues as the number one stressor in their lives. Here are the top causes for financial stress: Stressing over money is never fun. Stressing over money, when any of the above applies to you, takes on its own form of angst by adding a level of long-term anxiety. It takes time, sometimes years, to undo the damage of any of these stressors — but it can be done! Barriers to financial wellness and how to overcome them We’re convinced: being financially fit is super-important. But what happens now? Why are 80% of Americans in debt? Why do only 39% of Americans have enough saved up to get them through a $1,000 emergency? Unfortunately, while many people may understand that financial fitness is crucial to their wellbeing, there are several barriers that make it difficult to follow through on their convictions. First, many lack the basic financial knowledge necessary to responsibly manage their money. Second, many people mistakenly believe that budgeting, saving and being more mindful of how they manage their money are too time-consuming and tedious. Finally, some people may have fallen so deeply into debt, they’ve begun believing they will never be capable of ever pulling themselves out. Here are some simple steps you can take today to help you achieve and maintain financial wellness: You give your abs a great workout each day — now it’s time to get those money muscles into shape! Follow the tips outlined above and be sure to talk to our lending officers to see how we can help you save money. You may be overpaying on loans you currently have and would benefit from refinancing them over to us. Look at our balance transfer program, pay off your current credit card debt faster than you thought was possible!
How much will that four-legged pal cost you?
Q: How much does it really cost to have a dog?
A: That ball of fur may be adorable, but having a dog doesn’t come cheap!
Here’s a rundown of what buying and owning a dog can cost. Start-up costs Buying a purebred will run you $500-$2K, but a dog from a shelter can cost as little as $50, or up to $200. You’ll need some doggy gear, including a bed, a collar and leash, a feeding bowl and some toys. These will run you approximately $50. Getting your dog trained can cost as little as $25 for a single class, or up to $300 for a full course of training and resource materials. Getting your dog spayed or neutered can add $20-$300 to your initial costs. Licensing, vaccinations and a microchip will bring that total up by $110-$360. Total one-time costs: $255-$3,060 Ongoing costs Now you’ll need to consider what it costs to care for your pet each month. Dog food The cheapest dog food can cost less than a dollar a pound. But if going gourmet, expect to pay up to $1.60/lb. The size of your dog also plays a role in the total food costs. A 3-pound pup will only need 1⅓ cups of food a day, compared to the 4½ cups of food a 100-pound beast will consume. Finally, consider your dog’s dietary requirements. A bag of food for dogs with sensitive stomachs is $2.60/lb. Total monthly cost: $20-80 Preventative health care and routine visits All dogs will need some medication to prevent common conditions. Most vets also advise dog owners to bring their pets in for a wellness checkup at least once a year. Total monthly cost: $20-80 Grooming and bathing If you’ll be hiring someone to bathe and groom your doggy, these costs can add another $100 to your monthly dog costs. Total monthly cost: $0-100 Doggy daycare, boarding, and walking Doggy daycare averages $40/day, while overnight stays can cost $100 a night. Professional dog-walking services can charge as much as $30 for every half-hour walk. Total monthly cost: $0-600 After the initial costs, expect to pay anywhere from $40 to $960 a month in total dog costs. That furry friend doesn’t come cheap! Make sure you can afford these new expenses before bringing your pet home. Your Turn: How do you pay for your doggy expenses? Tell us about it in the comments.
Beware of Gift Card Scams
Everyone loves a gift card for their favorite retailer or restaurant. It’s like getting money to spend in any way you please! Unfortunately, scammers also love gift cards, but for all the wrong reasons: They often use gift cards to pull off scams. Here’s what you need to know about gift card scams and how to avoid them. How the scams play out There are several ways scammers utilize gift cards to con victims out of their money: How to spot a gift card scam A little bit of knowledge goes a long way in recognizing gift card scams: In general, gift cards should be used for purchases or to send as gifts, and not as payments. Also, as with all sensitive information, the numbers on your gift card should never be shared over the phone or online. Finally, it’s best to only purchase gift cards through reputable sellers or those that have excellent customer reviews and/or offer a cash-back guarantee. If you’ve fallen victim to a gift card scam If you’ve paid a scammer with a gift card or shared your gift card information after being taken by any of the above ruses or similar schemes, take immediate steps to mitigate the damage. First, contact the company that issued the card as soon as possible. You can find the customer service number for most companies on the card itself or through a simple Google search. Tell the representative what happened. If you still have them, hold on to the receipt and the actual card for proof should it be required. Next, if the scammer continues to contact you by phone, text message or email, do not engage further. Block the scammer’s number from your mobile device and mark their emails as spam. Finally, report the incident to the Federal Trade Commission (FTC) and alert your family and friends about the scam. Stay safe!
Your Complete Guide to Secure Mobile Banking
In response to the rise of mobile banking scams, the Consumer Financial Protection Bureau (CFPB) recently published new guidance on unauthorized electronic funds transfers or EFTs. With more people using electronic banking as a holdover from pandemic times, it’s important for consumers to be aware of its vulnerabilities and how to protect themselves from scams. Here’s what you need to know about the risks of mobile banking and how to stay safe.
What are the risks of mobile banking? Banking through your mobile device is quick, convenient and efficient. There’s no longer a need to stop by the credit union on your way home from work to deposit checks, make a transfer or review your recent account history. Most banks and credit unions now allow you to do all that and more at any time, and from anywhere, using your phone and a mobile banking app. Unfortunately, though, like all transactions that take place over the internet, mobile banking has some inherent risks. First, hackers can break into a phone and an account to steal money and information. Also, phishing scams that target people over the phone can trick them into sharing login information with scammers who may then hack into the account. Finally, bogus emails and messages appearing to be from your credit union can lead you to unknowingly install malware on your device. Mobile banking scams can be difficult to spot and are frighteningly prevalent. In fact, according to a report by data science company Feedzai, the first quarter of 2021 saw a 159% increase in banking scams over the last quarter of 2020. This is likely due to the fact that the volume of banking transactions are returning to their pre-pandemic norm and many of them are happening online. How to bank safely online Instances of online fraud may be mounting, but that doesn’t mean you need to give up the convenience of mobile banking. Follow these protocols for online safety and bank with high confidence: Mobile banking scams are on the rise, but by simply following the tips shared above, you can use your phone to bank with confidence, knowing your money and your information are safe. Interested in downloading or finding out more about our secured mobile app, click here.
Did You Know that We Offer RV loans?
If you’re thinking of road-tripping your next getaway, think RVs. Recreational vehicles and their close cousin, campervans, are growing increasingly popular as more families hit the road for a true American adventure that’s easier on the wallet and heavy on the fun. When purchasing an RV, you can go all out with a fully loaded luxury vehicle, or go the less costly route by opting for a campervan, also called a Class B motorhome. The best part is that our current New and Used RV Loan rates are 5.99% APR both up to 180-month term (15 years)!
If you’re still not convinced, here are seven reasons to buy an RV or a campervan:
1. Save money
With a means of transportation and a place to stay all rolled into one, an RV helps you save significantly on your vacation costs. Plus, when you travel with an on-the-go kitchen, you can stock up on staples before heading out to cut down on the money you’ll spend feeding your family while on the road. In fact, despite the cost of fuel, a 2018 study conducted by the CBRE Hotels Advisory Group found that RV vacations were anywhere from 27-61% less expensive than conventional getaways.
2. Privacy and comfort
Why fight for legroom on a crowded airplane when you can travel in a vehicle that gives you plenty of space to stretch your legs? Move around as much as you’d like (as long as you’re not in the driver’s seat), enjoy a private bathroom, and catch a few winks in the sleeping area, all while traveling to your destination. No unpacking and repacking the vehicle when you stop at hotels along the way or sleeping with your face pressed to the window while stopped at rest areas. What more could you ask for while traveling?
3. Increased flexibility
When you travel with your own means of transportation and a place to stay while on your vacation, there’s no need to be locked into specific dates for your getaway. Instead of working around the cheapest flights and hotel stays, you can come and go as you please and vacation on the schedule that works best for your family.
4. Explore more
Traveling by RV will give you the opportunity to take in the sights and sounds of each place you’ll pass through. You’ll enjoy every bit of picturesque scenery on your travels and have the leisure of stopping to watch a glorious sunset or a passing herd of deer.
5. Bring your pets along
No need to arrange pet sitters or to keep your furry friend in a carrier under an airline seat as your plane wings its way across the skies. When you travel by RV, you can bring your pets along and keep them nearly as comfortable as they’d be while at home. Plus, you’ll save on the cost of pet care while you’re gone, or footing the cost of an extra airline seat.
6. Tax benefits
In many states, owning an RV can mean enjoying significant tax benefits:
- The homeowner’s deduction – if you claim your RV as your primary residence, you may be able to take the homeowner tax deduction for your vehicle.
- Sales tax deduction – in many states, the sales tax you paid on the RV is tax-deductible for the year the RV was purchased.
- Interest deduction – you may be able to deduct the interest you pay on your RV loan from your taxes.
- Business tax deduction – you may be able to claim this deduction if you work from your RV.
Be sure to check with your accountant or tax advisor to see which of these tax benefits applies to you.
7. RV campgrounds are everywhere
You’ll find public, private, and government-owned campgrounds near major attractions all around the country. Fees can be as low as $30 a night, or as high as $150 for upscale resorts with amenities. Look up RV parks near your vacation destination here.
If you’re ready to take the plunge and purchase an RV or a campervan, look no further than SRI FCU! Our RV loans have affordable interest rates, reasonable payback terms, and easy eligibility requirements for qualifying members. Call, click or stop by SRI FCU today to take the first steps on the road trip of a lifetime!
Your Turn: Apply here!
A Special Thanks From AFS-USA
As part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, the U.S. Treasury, and Small Business Administration implemented the Paycheck Protection Program in 2020. This was an effort to assist small business owners whose business operations had been adversely impacted by the COVID-19 pandemic crisis through a short-term loan relief program.
Participating with the SBA’s Paycheck Protection Program gave us the ability to help out businesses that were in need. AFS-USA was one of these businesses.
On July 22, 2021 AFS-USA was kind enough to send us a wonderful Thank you card and gift, it read.
“Dear Steve and the SRI Federal Credit Union Team:
I was given the privilege of delivering our gift to try to thank you for your support and guidance and confidence in 2020 and 2021 as we worked to survive. THANK YOU from me and all the staff and students and families whose lives were touched by your help. Thank you too from the Board & Leadership Team of AFS-USA. Jed“
The base of the Globe shows:
“AFS Intercultural Programs USA
Thank You SRIFCU!
Your PPP Pulled Us Through The Pandemic AFS-USA 2020”
A little about AFS-USA. They are a high school intercultural exchange program where students from all over the world come to the United States and stay for a semester with a guest family (and U.S. students go overseas). As you might expect, their organization was pretty much shut down during the pandemic and relied on their PPP loans to survive.
Their organization was created by the volunteer WWI and WWII American Field Service ambulance drivers-who emerged from the wars with a bold mission: to help prevent future conflict through cultural exchange and understanding
Deciphering Financial Aid Award Letters
You’ve received your college acceptance letters – congratulations! If you’ve been accepted to multiple schools, one of the biggest determining factors for your final choice may be the out-of-pocket cost for each option. Along with your acceptance letters, you should receive an award letter outlining the financial aid for which you are eligible at each college.
IMPORTANT DEFINITIONS:
Award Letter – An offer sent from a college or university to the student that details how much financial support the student is eligible for. The award letter is sent following the student’s submission of the Free Application for Federal Student Aid (FAFSA) and application to attend a college or university.
Cost of Attendance (COA) – A figure provided by college financial aid offices that estimates the total costs of attending that particular school for a period of one year. Included in the estimate are expenses such as tuition, room and board, books and supplies, personal expenses and transportation. Keep in mind that some of these expenses are not set in stone! For example, your costs may be less if you opt to live in a double dorm room versus a single room; select a smaller meal plan; purchase used books, or do not park a car on campus.
Financial Aid – Your award letter provides a list of the aid for which you qualify at each school. You will let the school know which pieces of your financial aid package you wish to accept. (Hint: take the free money first!)
Types of Financial Aid Offered (not all are available to every student):
• Scholarships and Grants (FREE money for college!)
• Federal Direct Loans
• Federal Direct PLUS Loan
• Federal Work Study Program
Comparing Costs – Unfortunately, there is no standard layout for an award letter, so you will need to carefully look at each offer and be sure you are comparing apples to apples. What type of dorm room or meal plan does each school include in their COA? Do both include the cost of books? Are miscellaneous expenses or other fees broken down and labeled? If you’re not sure about any of the numbers, reach out to the school’s financial aid office for clarification.
Can I appeal the decision for my financial aid package?
Yes! You can always reach out to the financial aid office to discuss your award package, especially if your family’s situation has changed. The following situations can be taken into consideration:
• Recent unemployment of family member(s)
• Medical, dental, or nursing care expenses not covered by health insurance
• Changes in the family’s income and/or assets
• Disability/death or divorce
• Homeless youth
• Parents incarcerated
Need more information about paying for college?
You can also schedule a one-on-one consultation with our College Counselor! Send your questions to scholarhelp@studentchoice.org or visit our College Counselor page to access a submission form and more resources. You can also apply online here.
