Thursday, June 15, 2017

Digital Banking Fraud – What You Need to Know

A business owner sued his financial institution after hackers submitted a substantial fraudulent wire transfer from his account to an international account. He thought the bank should reimburse the funds since they processed the transaction; however, upon investigation it was determined that his computer was infected with a virus that enabled fraudsters to retrieve his online banking credentials. He claimed that the bank was negligent because they had not informed him that this particular malware was a risk. The courts ruled in favor of the financial institution, stating that the customer had neglected to take the necessary basic precautions to protect his information.

With scams like the one cited above becoming more and more prevalent, consumer education is of utmost importance when it comes to preventing fraud. Are you aware of the risks and how to prevent yourself from becoming a victim?
 

Malware & Keylogging

Keylogging is a method by which fraudsters record your actual keystrokes and mouse clicks. Keyloggers are software programs that target your computer’s operating system and are installed via a virus. These can be particularly dangerous, as the fraudster is able to capture your user ID and password in addition to anything else you have typed. If you are like many other end-users and have the credentials for several different accounts online, you’ve essentially granted the fraudster access to your other online accounts. What’s worse is since they now have your login credentials, they appear to be a valid user.
Here are some crucial things you can do to prevent yourself from being a victim of keylogging:
  • Use Anti-Virus Software. This is the most important thing you can do to protect your computer from viruses. There are many options on the market today – some at a cost, while others are free. If you opt to use a free version, be sure to research the company to confirm it is being offered by a reputable business.
  • Keep your Operating System up-to-date with the latest security patches.
  • Workers suggests that online users install a software called Trusteer Rapport that provides online transaction protection and protection from online identity theft for consumers. You can use it to protect your web browser sessions with any website that contains private or personal information. Visit our website for additional information and to download.

Tuesday, June 6, 2017

It’s a Money Thing- It Pays To Start Saving Now

In case you haven’t heard, compound interest is the best.
You may remember it as an equation you had to memorize for math class, but it’s so much more than that. It’s the concept that powers all sorts of savings and investment products and, over time, allows you to turn your money into, well, more money!

Even though compound interest is easy to understand—compound interest = more money for you!—those who can potentially benefit most from it (those in their teens and 20s) don’t seem to be taking advantage of it. Savings contributions and retirement savings participation rates are falling among young adults.

So if we understand that compound interest translates into free money down the road, what could possibly be standing in the way?

As it turns out, it’s not so much a math or finance issue as it is a life issue—if we have trouble identifying our life goals, we’ll also have trouble planning and saving for them. At the risk of sounding like Dr. Phil, we need to understand ourselves before we can fully understand our …. On blog finances.

Acknowledge the big picture

This is a tough one, because a lot happens between your teens and your 30s. You’ll experience a combination of moving out, starting your career, dealing with student loans, getting married, financing a home—all these things have their own set of stresses that make it difficult to see past them. When you’re a new grad and job hunting, it’s hard to imagine yourself retiring in 40 years. If you’re living with your family rent-free, it’s hard to imagine yourself putting down a deposit on a home. If you’re living paycheck to paycheck, it’s hard to imagine having enough to pay off your student loans.

The first step is to acknowledge that you want these things, even if they seem impossible right now. You want to retire comfortably. You want to buy a home. You want to live debt-free. You may even want to travel or go back to school. These goals may seem far away, but they’re definitely there and they’re certainly not going away. Every day that goes by is one day closer to the time when you want to achieve those goals.

The good news is that a little bit of your time and energy now can go a long way later. Make an appointment with your credit union to learn about their savings products. Take 10 minutes and set up a direct deposit into your savings account. When you’re dealing with compound interest, the longer you wait to get started, the less money you’ll earn in the long run.

Lack of clarity is self-sabotage

If you’re already at the stage where you can see the big picture, it’s time to get specific. You know you want to save for your retirement—great! But how much is that, exactly? $350,000? A million dollars? More? Do you have any idea?
These questions aren’t meant to overwhelm you, but if they caught you off guard, that means it’s time to add some real dollar amounts and real timelines to your big-picture goals. For example, you could turn “saving for home ownership” into “saving $50,000 in the next 12 years for a down payment on a home”.
Details make your goals more tangible, more immediate and, therefore, easier to commit to. Take a little time, do a little research and turn your big picture into something you can start on right now.

Don’t let decisions overwhelm you

Not many people enjoy making decisions—especially when it comes to life changes and major financial commitments. It’s easy to understand why—decision-making is scary (not so much the actual “deciding” part, but more the “fear-of-making-the-wrong-decision-and-regretting-everything-forever” part).
Savings goals require you to make a lot of big decisions. You need to choose goals to focus on, you need to choose between different banking products and you need to choose how to distribute your savings contributions. Sometimes the choices are brutally blunt, such as choosing between owning a car and paying off your credit card debt.
The important thing is to not let all that decision-making overwhelm you. Remember: just by facing those decisions, you’re making progress, because you’re establishing what’s most important to you and you’re renewing your commitment to your goals.

Thursday, June 1, 2017

Workers Credit Union Members Get Exclusive Discounts from Love My Credit Union Rewards

Everyone loves to save, especially on products and services you use every day.  That's what Love My Credit Union Rewards is all about.  Members have saved nearly $2 billion in discounts from valued partners through Love My Credit Union Rewards. You can save too with valuable discounts from these partners:
  • $100 cash reward with every new line switched to Sprint!  Current customers will receive $50 for every line transferred.  Plus, a $50 loyalty reward every year for every line!*
  • Save up to $15 on TurboTax federal products!
  • Get an exclusive smoke communicator and a $100 gift card with a new ADT monitored home security system.
  • Shop and get cash back at over 1,500 online retailers with Love to Shop.
To find out more and learn about other valuable discounts, visit LoveMyCreditUnion.org. You get all these offers and discounts just for being a member of Workers Credit Union

Start saving today at LoveMyCreditUnion.org.

*Activ. Fee: Up to $30/line. Credit approval req. Sprint Credit Union Member Cash Rewards Offer: Offer Ends 12/31/2017. Avail. for eligible credit union members and member employees (ongoing verification). Tax ID req. to establish business acct. Switch to Sprint and receive a $100 cash reward for each new smartphone line activation. Reqs. port-in from an active number (wireless or landline). Existing customers receive a $100 cash reward for each new smartphone line activation and/or a $50 cash reward for each smartphone line transferred to program. New lines req. activation at point of sale. Max 15 lines. Sprint acct must remain active and in good standing for 31 days to receive Cash Reward. Excludes MBB devices, tablets and Sprint Phone Connect, upgrades, replacements and ports made between Sprint entities or providers associated with Sprint (i.e. Virgin Mobile USA, Boost Mobile, Common Cents Mobile and Assurance.) May not be combinable with other offers. $50 Loyalty Cash Reward: Members can earn one $50 cash reward annually when Sprint acct remains active and in good standing for 1 year. Max 15 lines. Cash Reward: Cash Reward issued by CU Solutions Group. Allow 6-8 wks for Cash Reward to be deposited to your Credit Union acct. If the Cash Reward does not appear after 8 wks, visit lovemycreditunion.org/sprintrewards. Other Terms: Offers/coverage not avail. everywhere or for all phones/networks. May not be combinable with other offers. Offer, terms, restrictions, and options subject to change and may be modified, discontinued, or terminated at any time without notice. Restrictions apply. © 2016 Sprint. All rights reserved. Sprint and the logo are trademarks of Sprint. Other marks are the property of their respective owners.