Author: Compass Community Credit Union

Tax season is right around the corner, and it may be helpful to have a plan for the funds you expect to receive from the IRS. You may be tempted to spend the cash right away and treat yourself, but there are so many great things you could do with the sum that you won’t …

1. Create an emergency fund

Many Americans don’t have an adequate savings account accessible in case of a sudden financial need. A lack of savings leaves you vulnerable to a job loss, medical emergency or major repair and can force you to seek out short-term loans at high interest rates or carry credit card balances for an extended period. Using your refund to start or augment an emergency fund could leave you breathing easier should one of those events arise.

2. Send it to savings

The IRS allows you to split up your refund in up to three accounts via direct deposit. That’s a perfect opportunity to stash some funds in a savings account that’s inconvenient for you to access, assuring that the money stays out of sight and out of mind until you really need it.

3. Pay off debt

If you are carrying a balance with a high-interest rate, consider using your tax refund to pay that off. It doesn’t make much financial sense to put the IRS check for $3,000 in a fund yielding low interest. Once you’ve paid off those high-interest rate loans, you can start putting more money into a savings account every month.

4. Fund your retirement

What better way to sock money away for retirement than by using funds that aren’t a part of your paycheck anyway? You can use the funds to open a Roth or traditional IRA. You’ll probably be grateful that you had the foresight to save for retirement rather than spend it on something you’d have long since forgotten about.

7. Make home improvements

If you live in an older home, spending some of that refund around the house can lower energy bills. Replacing old windows can improve the efficiency in the winter and in the summer by reducing your electric bill. Old appliances can be replaced by models that use less energy. If your kitchen or bathroom is out of date a remodeling project can improve the functionality of your house now and also make it more attractive when you decide to sell.

Mobile Banking: Keeping it Convenient, Keeping it Safe!

December 13, 2023December 13, 2023

You know that mobile banking with Compass is a convenient way to access your account wherever you might be. While mobile banking with us is also safe and secure, there are some simple rules you can follow to ensure that your private information stays that way:

Never send your account information or password via text message or e-mail
Know that public internet connections are not always secure; before you log into your account, make sure you’re not connected to a public network, such as in a coffee shop
Avoid using your phone to visit any websites that seem illegitimate – even if there is just a hint of doubt
Avoid clicking on hyperlinks embedded in emails unless you know the source is legitimate
Create complex user passwords

Keep your phone password protected.

To learn more about mobile banking, click here.

The Latest Scam

November 15, 2023November 15, 2023

We have provided some information and tips on how you can protect yourself from phony emails and phishing scams. In this article, we will be focusing on the latest scam published by the FBI’s Internet Crime Complaint Center (IC3), Tech Support Scams. Based on a Public Service Announcement published in July, this particular scam is on the rise. IC3’s 2022 Internet Crime Report shows this type of scandal had a 27% increase over 2021 and totaled in over $1B in losses.

How do you know if you’re being targeted:

The scammers will initiate contact with their victim through a phone call, text message, email, or popup window posing to be support from a company. They hook their victims by telling them they are eligible for a refund and that they need to gain access to their computer so they can guide them through the transfer. They will urge their victim to log into their bank account, and then take over control. During this process they will intentionally transfer more money than what was said to be refunded and play on their victims’ emotions by telling them they could lose their job if they do not receive the funds back. They will instruct their victim to send the money via cash disclosed in a magazine or to a pharmacy or retail business which will accept packages like this.

How do you protect yourself against the threat, below are some tips provided from IC3:

Never download software at the request of an unknown individual who contacts you
Never allow an unknown individual authorization to access or control your machine remotely
Do not click on unsolicited popups, links, text messages or even attachments.
Never send cash via mail or shipping companies

What do you do if you’ve fallen victim, or suspect you’ve been targeted:

If you suspect you have been a victim of this attack, you should report this activity to the FBI Internet Complaint Center at www.ic3.gov. You will need to include as much information as possible, and this should include.

The name of the person or company that contacted you
Methods of communication used, in include websites, emails, and phone numbers
The address where the cash was shipped and the recipient name

The source of this information was gathered from the FBI’s IC3 website and can be reviewed in more detail at https://www.ic3.gov/Media/Y2023/PSA230718.

Compass Community Credit Union is dedicated to protecting our members and the safety of your information. If you have any questions or concerns, please call us at 707-443-8662.

Preventing Identity Theft

September 14, 2023September 12, 2023

If a fraudster steals your personal information, they can run up charges on credit cards, withdraw money from your accounts, open new accounts in your name, and more. Here are some ways you can prevent identity theft:

Safeguard Your Physical Records

While fraudsters are becoming increasingly sophisticated in their ways of stealing personal information, the tried-and-true method of physical theft is easy to rely on. Identity thieves can do a lot of financial harm with a lost or stolen wallet, mail, or documents you throw away. To limit the chances of identity theft, safeguard important documents at home, such as your Social Security card, birth certificate, passport, recent credit union statements, and tax documents. Put these documents in a locked safe. If you throw away any documents with your personal information on them, tear them up or shred them beforehand. Sensitive materials such as credit union statements, credit applications or offers, insurance forms, medical statements, checks, and utility bills can be a goldmine for thieves if they search through your trash. Opting into Compass e-Statements is an easy, secure way to protect your account information.

Additionally, you should consider collecting your mail daily. If an identity thief is willing to steal sensitive data out of your garbage, it’s likely they’re willing to steal sensitive data out of your mailbox. Consider signing up for Informed Delivery, which will notify you with a digital preview of the items being delivered—that way you’ll know if something is missing. If you know you’re going to be away from home for a while, sign up for Hold Mail service. By opting to use this tool, the USPS will safely hold your mail at your local Post Office until your return home, for up to 30 days.

Enable Two-Factor Authentication

Consider enabling two-factor authentication on all of your accounts. By adding two-factor authentication, accounts can only be accessed after entering the username and password, then by completing another prompt—such as entering a code you receive via text or email or scanning a fingerprint. Without having access to the latter, a fraudster can’t access your accounts.

Don’t Overshare on Social Media

Social media platforms are treasure troves for identity thieves. Not only is it common for someone to share their full name and date of birth on social media, but people are often sharing updates on their whereabouts and interacting with family members. For example, let’s say John Smith makes the following status update, accompanied by a photo: “Hey, everyone! Check out my new car! I’m going to take it for a spin and meet my mom at the dog park. Spike always loves playing fetch!” Under the photo, John’s mother, Jane (Doe) Smith comments, “I can’t wait to see you!” Without John realizing it, answers to common security questions were revealed:

What is the make and model of your first car?

What is your childhood pet’s name?

What is your mother’s maiden name?

Be wary of oversharing online.

If you have questions or if you’re looking for a way to increase security on your financial accounts, contact us at 707-443-8662. As an additional resource, visit IdentityTheft.gov to report identity theft and create a recovery plan.

Save Time with Mobile Deposit Capture

July 19, 2023July 17, 2023

Your time is valuable, so here is a service we think can be helpful. With our mobile deposit capture, you can deposit your check directly into your account without visiting a branch. It’s as easy as 1, 2, 3.

On the back of the check, write “For mobile deposit only CompassCCU”, along with your account number and endorsement.
Snap a picture of both sides of the check
Click “submit” and wait for your confirmation

It’s that easy! Mobile deposit helps you spend time doing what matters most to you. We encourage all members to use our secure mobile banking app. Please feel free to call us with any questions.

As a reminder, effective 11/1/2022, mobile deposits are subject to a 3-business-day hold.

How you can protect yourself from scams

June 15, 2023June 15, 2023

Every year, scammers inundate senior Americans with all kinds of fraudulent schemes. Here are just a few:

Phony investment schemes
Bogus charity fundraisers
Medicare fraud
Fraudster posing as a family member in need
Predatory reverse mortgages
Sweepstake scams
Fictitious surveys

Be wary of emails requesting personal information. Scammers send bogus emails that look like they come from a company you recognize. They include the company’s branding and logo so you think it’s legitimate. These scams are designed to trick you into providing your username and password. Do not click on any links in the email. Contact the company directly through their website by typing the web address yourself. You can also call the phone number that you have on file or the number listed on their website.

Crooks like to create fake websites that look genuine. They can be very impressive to deceive you into thinking it’s real. Then, they try and trick you into providing your debit/credit card number or your username and password. The best thing to do is go directly to the website by typing the web address yourself rather than from the link. Look at the website address and make sure it matches the site you’re trying to access.

Tip: Scammers usually misspell or add an extra letter to the website address. An example is Amazon becoming “Amazone” or “Amazne.”

Fraudsters con people every year. It can be difficult for some to admit they may have been victimized. According to AARP, there are several telltale signs to watch for:

Money and valuables are disappearing for no good reason.
Bills aren’t paid, and a parent seems confused about finances.
They are being secretive about money and asking for more. There may be strange credit card charges.
A family member won’t answer questions about your parent’s money.
Someone new befriends your parent and manages to take joint title to accounts and property.

To help keep our seniors safe, the Consumer Financial Protection Bureau has created some free materials at www.consumerfinance.gov.

For additional tips, visit https://compassccu.org/securitytips/

Four Ways to Stretch Your Food Dollars

May 24, 2023May 24, 2023

According to the United States Department of Agriculture, Americans spend an average of 9.9% of their disposable incomes on food. If you factor in expired and wasted groceries, and poor money management, you could be spending even more. If you’re looking to stretch your food dollars, here are four ways that can help you save at the grocery store:

Stick to Your List

Before heading to the grocery store, put together a shopping list. It’s easy to end up impulse buying when shopping without a list, and even more so when you’re hungry. With strategically placed displays, samples, and all the sweets near the checkout lane, it can be difficult to ignore those temptations. Every grocery store is laid out differently, but you become familiar with it after a few trips. If you know the layout, try to write your list in the order that you will find the product in the store. This will prevent you from any backtracking and reduce your temptation to grab other items not on your list. You can also avoid grabbing items not on your list by ordering online for pick up. While there may be a small fee, it can be cheaper than impulsively buying a bunch of food you don’t really need. Sticking to your list will give you a better estimate of your cost at checkout and can help prevent you from leaving the grocery store with too much food and too little money.

BYOB

Bringing your own reusable shopping bags to the grocery store is not only better for the environment, but it’s better for your wallet as well. Some grocery stores offer a discount on your grocery bill if you bring your own reusable bags from home to pack your food in. While a $.10 discount or being charged an additional $.05 here and there doesn’t sound like a lot of money, it certainly adds up.

Keep an Inventory

According to CNBC, the average American family loses around $1,500 a year on wasted food. You wouldn’t throw $1,500 in cash into a garbage bin, would you? However, it’s not uncommon to find something in the back of the fridge or pantry, but have no idea how long it’s been there, or worse, what it even is. To cut back on waste and extra food spending, consider creating and maintaining an inventory of all the items in your kitchen. You can plan cost-effective meals around what’s in the pantry and save money by identifying when you’re running low on something. If you see you’re starting to run low on something, you can plan ahead and replace that item while it’s on sale instead of when you’ve completely run out.

Shop for Seasonal Items

Fresh produce is delicious, but your favorite fruits and vegetables aren’t always in season. And when they aren’t in season, the prices are considerably more expensive. The cost of travel and shipping increases, and the stores pass the cost on to customers to balance out their return on investment. When you do buy fresh produce, make sure you stick to what’s in season. Strawberries and grapefruits are at peak season in the spring, while apples and pears are at their peak in the fall. Also, don’t be afraid to substitute fresh produce with frozen. If you find that your produce spoils because you can’t eat it in time, choosing frozen fruits and veggies can prevent that.

e-Statements

March 21, 2023March 20, 2023

If you haven’t already enrolled in e-Statements, consider the benefits:

Have your statements at your fingertips on the first of the month through our free online and mobile banking.

Avoid clutter by storing old paper statements. Plus, you have access to your e-Statements anytime you need them.

Security – As you know, theft is a common problem. Keep your account information secure by avoiding paper statements.

Reduce waste and save our natural resources.

In addition, we have an enrollment promotion through April 30, 2023. Click here to learn more.

Go mobile, stay safe

November 22, 2022November 16, 2022

Today, doing anything and everything on your mobile phone is extremely easy – often too easy. Here are some simple tips to help keep your money, and personal information, safe.

Treat your phone like a computer: It may be smaller but contains similar confidential information. Set a logon password to protect your information should you lose your phone. In addition to setting a password, enable the fingerprint security and/or facial recognition settings on your phone to better protect your information.”

Be careful when you connect to open Wi-Fi; you may be exposing your information to hackers. Only connect to known, secure Wi-Fi when conducting business that exposes sensitive data.

Never save passwords in a text document: Never save sensitive data or passwords to a text document on your phone.

Think before you download: Only download apps from trusted sources.

Equip your phone with protection: Take advantage of malware and virus protection. Avoid leaving your phone unattended: If you don’t, “hacking” can be as simple as someone else turning on your phone.

To learn more about the Compass app, click here.

Scams are on the rise. Protect yourself, don’t become a victim (part 2).

October 13, 2022August 30, 2022

Last month, we provided some tips on how to identify recent scams. This is part 2 of our series on how to identify them and what to watch for.

E-mail Fraud/Phishing – What is Phishing?

Phishing is a general term for e-mails, text messages and websites fabricated and sent by criminals and designed to look like they come from well-known and trusted businesses, financial institutions and government agencies in an attempt to collect personal, financial and sensitive information. It’s also known as brand spoofing.

Characteristics:

• The content of a phishing e-mail or text message is intended to trigger a quick reaction from you. It can be unsettling, might contain exciting information or demand an urgent response. Phishing messages are normally not personalized.

• Typically, phishing messages will ask you to “update,” “validate,” or “confirm” your account information or face dire consequences. They might even ask you to make a phone call.

• Often, the message or website includes official-looking logos and other identifying information taken directly from legitimate websites. Government, financial institutions and online payment services are common targets of brand spoofing.

Catch phrases:

• E-mail Money Transfer Alert: Please verify this payment information below…

• It has come to our attention that your online banking profile needs to be updated as part of our continuous efforts to protect your account and reduce instances of fraud…

• Dear Online Account Holder, Access To Your Account Is Currently Unavailable…, Important Service Announcement from…, You have 1 unread Security Message!

• We regret to inform you that we had to lock your bank account access. Call (telephone number) to restore your bank account.

In some cases, the offending site can modify your browser address bar to make it look legitimate, including the web address of the real site and a secure “https://” prefix.

Information sought: Social Security numbers, full name, date of birth, full address, mother’s maiden name, username and password of online services, driver’s license number, personal identification numbers (PIN), credit card information (numbers, expiry dates and the last three digits printed on the signature panel) and bank account numbers.

Foreign Government Fraud

Watch out for emails from senders posing as government or business officials offering to share large sums of money. If you have received an unsolicited letter containing any of the characteristics listed below, you should consider this a scam and delete the email. Most letters are variations of the following:

• You receive an “urgent” business proposal “in strictest confidence” from a foreign civil servant or businessman.

• The sender, often a member of the “contract review panel”, obtained your name and profile through the Chamber of Commerce or the International Trade Commission.

• The sender recently intercepted or has been named beneficiary of the proceeds from real estate, oil products, over-invoiced contracts, cargo shipments, or other commodities, and needs a foreign partner to assist with laundering the money.

• Since their government/business position prohibits them from opening foreign bank accounts, senders ask you to deposit the sum, usually somewhere between $25-50 million, into your personal account.

• For your assistance, you will receive between 15-30% of the total, which sits in the “Central Bank of ______” awaiting transfer.

• To complete the transaction, they ask you to provide your bank name and address, your telephone and fax numbers, the name of your beneficiary, and, of course, your bank account number.

• The sender promises to forward your share within 10-14 working days!

Money Mule – What is it?

The Money Mule (victim) is recruited – often unknowingly – by scammers to move money made from illegal activity. Money is moved from one bank account to another. By using a money mule, it makes it harder for authorities to track down.

How do people become Money Mules?

Fraudsters approach their money mule victims in a variety of ways including social media, email, mail or phone. Many scams are typically disguised as online job opportunities that promise a fast and easy way to earn money. All they need is your account information to let money be transferred into your account. Then you move the money out of your account for a commission.

These scams look attractive, especially when a little extra income wouldn’t hurt, which is why so many people fall for them. But they are actually helping criminals commit crimes.

Tips:

1. Be cautious of unsolicited emails and social posts.

2. Verify company information online or give them a call.

3. Thoroughly check offers from overseas companies.

4. Never give out your bank account information.

Remember, do not give out your personal or account information unless you are absolutely sure you know who you are dealing with. If you have any questions or concerns, please call us at 707-443-8662.