The holiday season is upon us, which means a higher potential for fraud.
FirstOak Bank provides fraud monitoring credit cards but there are some proactive measures you can use to protect against fraud.
If you’re even concerned about credit card fraud, contact customer service!
Do you know an older person who is isolated, home-bound, female, and / or deteriorating health? They might be at greater risk for Elder Financial Abuse.
Who typically commits elder abuse:
Perpetrators may pretend:
Why do people commit Elder Abuse:
If you think an older person in your life is being abused, look for the warning signs like:
If you notice changes like these, don’t wait, take action immediately to keep your older friend safe!
How to protect your older friend:
Spot scams before they happen! With Holiday scamming on the rise through email, phone, text message and mobile payments apps, we need to be more vigilant than ever to avoid scammers. Here’s a could quick ways to reduce your chances of being scammed.
Vishing is fraudulent phone calls and / or leaving convincing voicemails acting as a reputable company or agency to convince victims to reveal personal information such as banking, credit card numbers, passwords and more.
Here’s more:
Like Phishing or smishing, vishing relies on technology to convince victims they are doing the right thing by revealing their information. Many times, the fraudster portrays an urgent need for the victim to give up their information quickly. Cyber criminals use threats and presuasive language to make victims feel like they have no other choice. A common tactic is that fraudsters may leave threatening voice mails that the recipient must call back immediately or they risk accounts being frozen, arrest or worse.
Here’s how you can protect yourself!
Smishing is cyber crime carried out through text messages on your phones and tablet.
Here’s more:
Cybercrime aimed at mobile devices is skyrocketing – especially among texting and SMS messages since the technology works among all devices and tablets. Since this form of cyber attack reaches you on your phone or tablet, it has the capability to catch you when you’re in a hurry or not paying as close attention making you more likely to get caught off gaurd.
To get to the point, cyber criminals are out there to steal your personal data which will eventually get them enough information to steal money – sometimes yours but also sometimes your company’s.
Here’s how you can protect yourself!
Headed to college in the fall? Make your financial stability a priority! The American Bankers Association has identified 6 pitfalls to be aware of to help new students secure their future.
Get a budget!
Don’t spend more than you make. Figure out how much money you can afford to spend each month while contributing to your savings.
Start an emergency fund!
Start saving for an emergency fund. Make it a priority to put away a little bit each month no matter how small the amount. This will help you avoid going into debt when your car breaks down or for an unforeseen medical expense. FirstOak Bank can help you setup a savings account.
Pay your bills each month and on-time!
Missed payments can hurt your credit and can affect your ability to get credit in the future. This can mean credit for a new car, a home, and more. Consider setting up automatic payments
Don’t rack up debt!
Spend only what you can afford to pay back and check with a FirstOak Bank representative for accounts that fit your need and lifestyle.
Think about the future!
It may seem odd to think about your future since you’re just starting your career but thinking about your future now will prevent debt and other financial issues later.
Get help from your bank!
FirstOak Bank offers a number of services and tools to help you manage your finances and keep your budget and emergency fund on track!
Just as a reminder: FirstOak Bank will never text or email and ask for your personal information!
NEVER give away personal or financial information through email, over the phone, or via text. FirstOak Bank or other legitimate businesses will never ask for this information via these methods. Also, do not download links from suspicious emails or fill personal information into websites that these emails may direct you to. Reach out to FirstOak Bank or the company directly if you are unsure.
Did you know that Elder Financial Exploitation affects at least 10% of older adults each year in the US and cost our older friends more than $3B each year?
Here are two of the most popular ways our elders are exploited:
Elder Theft
Elder Theft is stealing an older adult’s assets, funds and / or income by a trusted person. It is often a family member, caregiver, friend, neighbor, financial services provider or other business associate – someone who typically has contact with the person’s finances who is abusing their position of trust.
Elder Scams
Elder Scams involve the transfer of money to a stranger or imposter for a promised benefit or good that the older adult didn’t receive. Typically scammers are located outside of the United States and have no known relationship to the victim and reach out through a phone call, robo call, text, email, regular mail, through online dating apps and even through social media. The scammers try to impersonate a person of authority like a government official, police officer or technical support rep – someone who is trusted in society and the perpetrators create high pressure situations where the victim must act immediately.
Common Elder Scams:
FirstOak Bank will never text or email and ask for personal information.
Identity Theft occurs when someone uses another persons identifying information such as their name, address, phone number, credit card, or social security number without their permission to commit fraud or other crimes
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On a desktop computer, sign in to your FirstOak Online Banking Account using your credentials as you normally do to access online banking.
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From the menu on the left, select Bill Pay and then Go To Bill Pay
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You’ll see a list of existing payees you’ve paid in the past. If you’ve never paid a person or business, this screen will be blank and you’ll need to select “Add Payee”
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We are wanting to “Pay A Person” and the easiest way is to send money using email or text so select “Pay a Person” and leave the default method as “Email or Text” and click Next
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Enter all required information and select the method you’d prefer for the recipient to receive their payment from you either “Text” or “Email”
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Enter a keyword the Payee will use to access the funds you’ll transfer – think of the keyword as a password you’ll tell your friend or family member to use to access the funds – they will be prompted for the keyword when they try to receive the money you’re sending them.
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For verification purposes, select the preferred method of contact to receive a verification code via text or email and check your phone or email for the code. Codes are typically received within 5-10 minutes.
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Check your inbox for the code sent.
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Enter the code in the prompt to verify your identity
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Once the Payee is verified with your code, the payee will appear on the payments page. To send a payment, enter the amount you’d like to send and click Pay
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Once the amount is entered, confirm the Payee and the amount from the Popup and click Submit and your payment will be sent!
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Your payee will receive a notification that you have sent them money! Be sure to notify the Payee of their keyword as they will be prompted to enter it when they attempt to receive their money.
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