Don’t Answer That Text From Your “Bank”

MoneyTips

Does your bank have a cardless ATM? Cardless ATMs interact with your smartphone to let you withdraw cash from your bank’s enabled ATMs without inserting a card into a card reader.

With some ATMs, your smartphone app generates a QR code for your withdrawal, and the ATM scanner reads the QR code off your phone. Other ATMs use near-field communications (NFC), the same technology that allows you to avoid slot readers by tapping your card or phone against a receiving sensor (think Apple Pay and digital wallet apps).

In either case, your smartphone substitutes for your card. However, that adds another avenue for fraudsters to trick you out of personal information and drain your bank account.

From a technology standpoint, cardless ATMs are relatively safe. They use tokenization to provide a random number for each transaction, avoiding transmission of the card number. The…

Checking Account Scams

MoneyTips

Your checking account is a tempting target for thieves. You must stay alert for the many varieties of checking account scams – but first, you must be able to recognize a scam when you see one. Have you ever been targeted by any of the scams below?

Free Prizes – This scam usually starts with a postcard or a telephone call notifying you of a prize that you have won. If you respond positively, the telemarketer will ask you for your checking account number, either for verification or to use for direct deposit. Once they have your account number, scammers will be able to apply a “demand draft”, allowing them to withdraw funds directly from your account without your signature.

Variations of this theme exist, such as a special credit card offer that applies even if your credit history is suspect. In all cases, the end result is the same – the telemarketer will ask for your checking account information. Don’t give it to them.

Compromise…

Free Government Program Can Help You Master Your Finances

MoneyTips

You’re never too old to learn new things – including better money management practices. The Federal Deposit Insurance Corporation (FDIC) agrees.

To address financial literacy concerns, the FDIC created the Money Smart teaching program in 2001 to help educators and financial institutions increase consumer understanding of basic financial systems work and how to use them to stay financially healthy.

The Money Smart for Adults program is expanding to include more topics. According to the FDIC website, the updated Money Smart for Adults program is set to begin in fall 2018.

The updated program contains eleven separate modules that take one to two hours of time per module. Topics include how banking services work, the basics of credit and credit histories, how to use credit cards…

91% Of Us Have Taken Steps To Protect Against Identity Theft

MoneyTips

In September 2017, America learned about the massive data breach at the credit reporting agency Equifax that affected approximately 148 million consumers – one of the largest breaches ever. Identity thieves suddenly acquired a new batch of Social Security numbers, names, addresses, phone numbers, and other personal information.

Consumers were advised to take steps immediately to protect themselves against identity theft. Did they heed that advice? A new survey from CompareCards.com shows that the vast majority of Americans (91%) took at least one protective step against identity theft while the average American had taken at least three steps.

The most cited protective steps were reviewing online bank and credit card statements more often (65%), checking credit scores (51%), and setting up alerts to notify users when charges were made to their accounts (50%).

Card Cracking 101

MoneyTips

By Sandra Parsons

While Cardi B is topping the charts, “Card Cracking” is ruining some music fans’ lives. Rapper Young Ash and five others were recently indicted for running a card cracking ring that recruited accomplices through her Snapchat channel. Learn how card cracking works and how you can avoid falling victim to such a scam.

What is card cracking?

Card cracking is a type of financial fraud in which the fraudster promises easy money to entice regular people into sharing their debit card, PIN, and online banking credentials. The fraudster deposits bad checks (often online) and then quickly withdraws them from the ATM. They instruct their victim/accomplice to report the activity to their bank as unauthorized to get reimbursed for the loss once the checks bounce. The fraudster walks away with the withdrawn cash, and the accomplice gets a cut of the profits.

However, it doesn’t usually play out the way the accomplice t…

Get Cash Back On Your Debit Cards!

MoneyTips

Prefer using debit cards over credit cards, but miss earning rewards? Some debit cards offer cash-back rewards – either as a straight points-based redemption program or as a perks-based program directed at purchases with specific merchants. You may have debit card cash-back benefits through a perks-based program and not even realize it.

Cardlytics is one of the largest of the perks-based programs, having paid over $200 million in cash-back rewards to debit card holders. They have relationships with over 2,000 financial institutions across America, including large banks such as Bank of America, PNC, SunTrust, and Regions.

Essentially, Cardlytics offers cash-back rewards programs through the banks’ online user interfaces in exchange for information on your spending habits. Their approach of targeted cash-back rewards allows you to easily redeem offers at merchants you al…

How to Select the Best Business Bank – How to Choose the Bank Your Company Needs

MoneyTips

As a company owner, CFO or Controller, one of your most important tasks is to select the right business bank. It is easy to think that all banks are the same, but there are important differences in services, fees and culture. So it’s worth taking some of your valuable time to insure that the bank you select is the best fit for your business.

First, analyze the services you need from a bank. Here are some factors to consider: