Category: SECURITY

Between working, spending time with your friends and family, and pursuing your hobbies, there never seems to be enough time in the day. As a result, we are all looking for ways to cut the amount of time spent on mundane chores. Setting up automatic payments for recurring bills is a modern convenience that saves …

Why You Should Monitor Your Automatic Payments

Between working, spending time with your friends and family, and pursuing your hobbies, there never seems to be enough time in the day. As a result, we are all looking for ways to cut the amount of time spent on mundane chores. Setting up automatic payments for recurring bills is a modern convenience that saves a significant amount of time. As long as you have the funds in your account, you’ll simply be able to set it and forget it, right? Yes—you could, but here are a few reasons why you should monitor your automatic payments:

Overdraft Fees

When making manual bill payments, you can always check to ensure you have sufficient funds in your account before you pay. When you enroll in auto-pay, there’s a greater risk of an overdraft to your account. While truly being able to set it and forget it would be great, it’s a good idea to continue checking in on your accounts before your automatic payments clear each month. This is especially crucial if you’ve automated any variable expenses, such as a utility bill. Try to get in the habit of checking your account balance before your auto-pay clears. While it’s not exactly a “set it and forget it” approach, it’s still more convenient that manually paying your bills each month.

Unnoticed Errors

There are a number of benefits to enrolling in auto-pay. It’s convenient and you’re less likely to miss a payment. A major downside, however, is actually something out of your control. Payees do occasionally make mistakes. While rare, these mistakes could be costly. If you aren’t monitoring your automatic payments, a significant mistake could go unnoticed.

Cancelled Services

If you’ve enrolled in auto pay and had only positive experiences, you might simply let your automatic ACH or Bill Pay services take care of everything. However, your auto-pay service doesn’t know when you’ve stopped going to the gym or canceled a service. If you’re letting your auto-pay take care of everything, you may find yourself wasting money on subscriptions you’re not using. Instead, simply check in on your account statements each month to ensure that you aren’t throwing your hard-earned money away.

If you decide to sign up for auto pay, set up eAlerts using the Compass app. You will receive a notification when your balance is low or when a transaction has occurred. It’s a great way to stay on top of your payments without having to manually make them yourself. Auto pay is incredibly convenient and is a payment process that is certainly worth looking into, but it’s important to have good financial habits rooted in an awareness of what you’re paying and when.

Elder Abuse Awareness Day – June 15th!

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
  • 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 legit. 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 in 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 out of over 60 billion dollars 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:

  1. Money and valuables are disappearing for no good reason.
  2. Bills aren’t paid, and a parent seems confused about finances.
  3. They are being secretive about money and asking for more. There may be strange credit card charges.
  4. A family member won’t answer questions about your parent’s money.
  5. 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.

It’s important to stay on top of global cyber-attacks.

Fraudsters use circumstances like this to prey on innocent people. To protect yourself from scams, use caution and watch for these types of threats.

1. Financial Imposter Scam
Fraudsters create SMS/Text Messages that look like they came from your financial institution, prompting you to take action immediately. Once you respond, they follow up with a call pretending they are from the security department. They use some of your information found on social media or the internet to coax you into providing your username, password and 2FA code. This information allows them to access your online banking. Compass will never ask for your password or 2FA code and you should never give this information out.

2. Phishing Emails
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 legit. 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. 

3. Spoofed (Fake) Websites
Crooks like to create fake websites that look genuine. They can be very impressive to deceive you in 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.”

4. Reusing Usernames and Passwords
Protect yourself by using different usernames and passwords for every account. Passphrases consisting of simpler words or constructs are better than short passwords with special characters. A password is a short character set of mixed digits. A passphrase is a long string of text that makes up a phrase or sentence. Example: mydogRocky#1

For additional information and to learn more about other security tips, visit Compassccu.org/securitytips. If you think you have been a victim of fraud, please contact us at 707-443-8662.

7 Ways to Protect Yourself When Shopping Online

Every year, stolen debit and credit card information account for billions of dollars in losses and fraud. Cybercriminals are standing by 24/7, so we’ve compiled a list of tips to keep yourself protected.

1. Credit Card vs. Debit Card

Both can fall victim to fraud. If you’re the victim of fraud or theft, Compass can assist you with filing a dispute to get your money back. Best practice is to monitor your account regularly with our free online banking or free Compass mobile app. You can even set up alerts to help manage your account.

2. Don’t Store Your Card Information on a Website

If your computer asks: “remember my password,” the correct answer is “no.” This feature is obviously convenient, but it leaves you vulnerable should someone gain access to your computer or browser. Similarly, if you’re making a purchase, some sites will ask if you want to save your card information for future purchases. Always choose “no.”

3. Monitor Account Activity and Boost Anti-Fraud Measures

Many credit and debit card issuers allow you to sign up for transaction alerts that will notify you when a purchase has been made over a set amount, which can help you monitor your account. Regularly log in to your account to keep tabs on your account activity. If you notice anything questionable, report it right away.

4. Look for http “s” Before Purchasing

Not all sites are safe and secure. Ensure the site you are visiting is secure before purchasing by looking for the “https://” in the browser’s address bar before you provide your credit card information. The “s” stands for Secure and should appear on all web pages that require disclosing financial information. If it’s not there, the site is not secure, so discontinue any transactions or sharing of personal information.

5. Be Wary of Emails Requesting Information

Attackers may attempt to gather information by sending official-looking and sounding emails requesting that you confirm a purchase or account information. Legitimate businesses will not solicit this type of information through email. Do not provide sensitive information through email. If you receive an unsolicited email from a business, instead of clicking on the provided link, directly log in to the authentic website by typing the address yourself.

6. Be Careful of Faked Websites

“Typosquatting,” also called URL hijacking, is what may occur when you mistype a website name and don’t realize it. Scammers set up fake domain names that are just a letter or two off from popular sites to take advantage of unintentional misspellings. Those who normally type quickly and rely heavily on autocorrect are especially at risk. This can result in Amazon becoming “Amazone” or “Amazne.” Also, bookmark the pages you visit most often to make navigating easier and less of a hassle.

7. Assume Public Wi-Fi is Not Secure

Wi-Fi hotspots in coffee shops, libraries, airports, and other public places are convenient but often not secure. Online shoppers don’t realize that cyber thieves can grab their wireless data at Wi-Fi hotspots because the majority of these places don’t encrypt the information you send over the Internet. If a network doesn’t require a password, it’s safe to assume it is not secure.

The Bottom Line: It’s important to take extra precautions while shopping or doing any financial transactions online. Cybercriminals know we’re conducting more business online than ever and they’re looking for ways to target unsuspecting consumers.

Stay on top of your credit scores and protect your identity with our IdentityIQ plan. To learn more, click here.

Watch out for these scams

Phone scams have been around almost as long as phones. Sadly, the prevalence of automated robocalls has exploded and appears to invade our lives almost daily.

Three general warning signs your call may be a scam:

  1. You get an unsolicited call from someone claiming to work for a government agency or Microsoft. None of them will call you unless you have already contacted them.
  2. The caller asks for your Social Security number or to “verify your identity” in any way.
  3. The caller threatens consequences if you do not provide payment or personal information.

Beware of these particular scams that are sweeping the nation:

The IRS Swindle

A threatening phone caller “from the IRS” (or “from the Federal Reserve”) says you’re guilty of tax evasion and must pay the penalty at once with your credit or debit card, or else face jail time or revocation of your driver’s license. Some folks with complex financial lives may pay up, assuming they made a mistake on their taxes. Wrong—the IRS never demands payment over the phone. Self-defense: Don’t pay. Report the scam to the U.S. Treasury Inspector General’s office at 1-800-366-4484.

The “Family member” Scam

The person claims to be a family member in trouble and needs your help, asking you to send them money or use your credit card. You might be asked to guess who’s on the line. If so, don’t give out any names. You ask the caller to identify who they are. Then ask them to describe something you know only the real person would know like a special occasion or trip together, a gift you gave or received or something in your home that they would know. Self-defense: Be absolutely sure you know who you are speaking with and do not give out any information until you know for sure who it is you’re talking with.

The “Computer Crash” Con

You get a phone call from a self-described “computer security expert” who warns that your Windows PC or laptop may be infected with a fatal virus. You might be asked for money to protect your system or to remove this nonexistent malware. If you agree to download a fix or allow remote access to your computer, the crook can ask for your passwords—and may actually install malware that you then have to pay to get rid of. Self-defense: Hang up on this scammer. No legitimate IT security pro will ever cold-call you in this way.

In short, a credit union is a cooperative financial institution where people work together to make everyone’s lives better. Everyone who has an account here is a member. And every member is an owner.

Rather than making profits to send to far-off shareholders, Compass CCU reinvests in our credit union. Which means we reinvest in YOU. That’s why we say that, at Compass Community Credit Union, we guide you to better banking.