It’s Murphy’s Law: The landline will always,always ring when you’re clear across the house. You leap over furniture and make a grab for it, only to find the caller has already hung up—after just one ring. You thumb through the Caller ID, poised to give your mysterious caller a ring back when you note the strange area code. You hesitate. Should you, or shouldn’t you, make this call?
Let’s play out the end of this story in two different ways: In Scenario 1, you flippantly hit the Call Back button and wait until someone on the other end of the line answers the phone. However, instead of a live person picking up, you get a recorded message that says something like, “Hello? Can you hear me? Hello?” Or, you might hear a recording like this: “You’ve received a song from someone who loves you. After listening to this song you will find out who sent this song as a gift.” Both recordings are designed to keep you on the phone for as long as possible. Unfortunately, you’ve just called a foreign country and you’ll be hit with a sky-high phone bill for your overseas call. Worse, the bad guy who conned you into making this call will walk away with most of that money. In Scenario 2, you stand with the receiver in hand, deliberating. After a moment, you shrug and return the phone to its base. You walk away, mildly curious about who has just called you, and blissfully unaware that you’ve only narrowly missed being targeted by an ugly scam. The FTC is warning of a recent surge in one-ring scams. As detailed above, scammers lure victims into placing overseas calls by targeting them with one-ring phone calls. When the victim returns the call, the scammer will employ any of a number of means to keep them on the phone for a while, thereby extending the length of the call. Sadly, the victim will be hit with sky-high international rates and other connection fees, much of which will end up in the scammer’s hands. Here’s how to spot these scams and protect yourself if you’re targeted. Red flags The primary clue that you’re being targeted by a one-ring scam is, quite obviously, a phone call that only rings once. If you get a call like this, by all means do not call back. You can also be on the lookout for foreign area codes, particularly those of countries in the Caribbean, including the following: 284, 473, 664, 649, 767, 809, 829, 849 and 876. Sometimes, scammers will spoof a local number, including those of recognized businesses, to get you to place a return call to foreign shores. They may even get your own name and number to appear on your Caller ID screen. Ignore these calls, as well. If you unknowingly return a scammer’s phone call, look for a plus sign to appear ahead of the area code. This is your clue that you’re placing an international call. If you see a plus sign, hang up immediately. If you’re targeted If your phone rings once and then stops, follow these steps to protect yourself from this scam and help the authorities close in on the bad guys.
Together, we can put the bad guys out of business! Your Turn: Have you been targeted by a one-ring call scam? Tell us about it in the comments.
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12 THINGS TO DO BEFORE YOUR SUMMER GETAWAY Your bags are packed, your itinerary is set and you’re counting down the minutes until you take off for your dream summer getaway. Before you head out to the airport, though, read through this checklist of important things people tend to forget before leaving for vacation.
1.) Let us know Give us a call at IRFCU before you set off on your vacay. Let us know your vacation destination so we know to honor any card transactions you make while in another state or abroad. If you’re traveling overseas, ask us about any foreign transaction fees and the best practices of using cash or debit/credit cards. We’ll help you make the best decisions for managing your money while you’re away. Plus, we’d love to hear all about your awesome travel plans! 2.) Check your auto insurance plan for coverage If you plan on renting a car when you land, check with your auto insurance provider first to find out if rental cars are covered in your plan. If they’re not, you may want to purchase travel insurance, just in case. 3.) Pay all your bills Before heading out on your trip, make sure all of your monthly bills are paid up. You don’t want to be busy paying bills when you’re sunning yourself on the beach or take a chance of getting hit with late fees. 4.) Set up an automatic email response Your boss might know that you’ll be away this week, but potential and existing clients will not. Set up an automatic response that lets people know you’re out of the office to avoid appearing unprofessional or negligent. 5.) Put your mail on hold An overflowing mailbox is an open invitation to thieves. If you’ll be gone for more than a few days, ask the USPS to put a hold on your mail. They’ll happily keep your mail at the post office until your return, at no cost to you. Alternatively, ask a neighbor to collect your mail and hold it until you return. 6.) Unplug your electronics Don’t pay vampire charges for electronics you’re not using while you’re away. Pull the plug on all small appliances and electronics before you leave. 7.) Clean your home Before your departure, give your house a thorough cleaning so you’ll be greeted by a spotless, clean-smelling house upon your return. Plus, you’ll avoid an invasion by ants and other critters. Here’s a quick list to get you started:
8.) Let your mobile service provider know about your travel plans If you’re travelling abroad, you’ll want to check with your cellphone company about possible overseas service plans that allow you to use your smartphone for calls, texts and internet access when on vacation. 9.) Shut off your main water supply Avoid coming home to a flood by turning off your water supply before leaving on your vacay. A small, unnoticed leak can easily turn into a huge problem when left unattended for days or weeks on end. 10.) Adjust your thermostats If you have the AC blasting throughout the summer, you’ll want to adjust your thermostat before leaving. Turning it off completely is not a good idea, because you’ll want some air to circulate for keeping the humidity under control and to avoid mold. Instead, turn it a few degrees higher than you usually keep it. You can also program your AC to go on and off while you’re away. Also, set your hot water heater to its vacation setting so it’s heating the same water less often. 11.) Invest in a timer Keep the prowlers out by setting your lights to go on and off in different rooms and at different times of the day throughout your vacation. It’s a small investment when weighed against the money and aggravation it can save you. 12.) Confirm your reservations It’s a good idea to confirm your flight, hotel room, car rental and attractions before setting out on your trip. You may have booked some of these reservations months ago, and you don’t want any unpleasant surprises ruining your vacation. A cybersecurity breach in Facebook’s WhatsApp app last month left users vulnerable to spyware attacks via voice calls. As a result, an undetermined number of the 1.5 billion users of the messaging app may have had malicious spyware installed on their devices.
Here’s what happened, and what you can do to protect yourself. What happened? A government-grade intelligence collection tool was employed to target WhatsApp users via voice calls. The spyware had the ability to seize control of affected smartphones and to access private information stored on the device. The spyware utilized in the attack was allegedly created by the NSO Group, an Israeli cyber surveillance company that developed this technology for the express purpose of allowing government agencies to infiltrate terrorist groups and fight crime. The WhatsApp breach was made possible because of a loophole in the app’s code that allowed hackers to transmit spyware onto smartphones by calling targets through the app. The malicious code could be injected into the device whether the user picked up the call or not. Who was affected? The security vulnerability affects both iPhone and Android devices, but not every version of WhatsApp. To check if the version you have on your phone was one of those impacted by the breach, check out Facebook’s official advisory confirming the vulnerability and outlining which versions were affected. What do I need to do now? Since the breach was discovered, WhatsApp engineers have been working hard to close the app’s security vulnerability. The company has started installing a fix to servers and to private customers. It has also created an updated, safer version of the app and has urged all users to deploy onto their devices as soon as possible. Here’s a quick guide for updating your WhatsApp. For iPhone users: Open the App Store, choose updates, select WhatsApp and then click Update. For Android users: Open the Play Store, click the three lines in the upper left-hand corner, choose My Apps & Games, select WhatsApp and then hit Update. If you haven’t yet updated your device, do it now. It only takes a few seconds to make sure your WhatsApp is operating at its safest level. Stay safe! Your Turn: How do you keep yourself safe from security breaches? Share your tips with us in the comments. It’s the season of gauzy canopies, lacy gowns and stiff penguin suits. That being the case, and with wedding invitations flooding your mailbox, you might already be booking your weekends with weddings through the end of August.
Celebrating a new marriage together with your friends is great fun, but all those wedding invites can put a real strain on your budget. Between wedding attire, travel costs and gifts, each wedding can add up to a pretty penny. In fact, according to the most recent research by Express Spending & Saving Tracker, the average wedding guest is out $673 for each wedding they attend. That’s enough to make you go broke by the time wedding season is through! If these numbers are scaring you, take a deep breath and relax. You don’t need to go into debt just to attend your friends’ weddings. Just follow these hacks for simple ways to celebrate in style--and within budget. 1.) Save on airfare Get the best deal on your flight with these hacks:
2.) Think outside the registry Jump off the registry bandwagon and get creative instead! You can gift the couple with a more personalized gift, like a themed breakfast basket for the morning after, tickets and reservations for a dream date night or a customized kitchen package complete with quirky mugs and whimsical gadgets. No one has to know how much (or how little) you spent. But, your gift is sure to be memorable and treasured by the couple. If you’re part of a bunch of friends who are attending the wedding together, you can also choose to purchase a group gift. Do some detective work to find out the couple’s secret luxury gift wish, like a top-of-the-line grill or a leather sectional sofa, and then let each friend contribute to a pot until you have the full amount. You’ll save on your gift costs and you’ll know you’ve given your friends a wedding present they’ll be thrilled to receive. 3.) Don’t buy a gown Don’t feel pressured to spend hundreds of dollars on the dress you’ll wear to your friends’ weddings. Chances are, you won’t want to wear the same gown twice in a season. Also, the dress that perfectly matches one wedding color can horribly clash with the décor at next weekend’s wedding. Instead of dropping a ton of money on a dress you might wear once, rent a gown for a fraction of the price from rental services like Rent the Runway. You can also borrow from a friend or purchase a gently used gown on sites like OnceWed.com or PreOwnedWeddingDresses.com. 4.) Invest in a good suit Tux rentals can run you up to $150, so if you’re looking at several weekends of weddings over the next few months, it might be worthwhile to invest in a staple suit or tux you can wear again and again. Make sure the suit is of decent quality and will make it through hours on the dance floor with its seams and buttons intact. Once you’ve got your suit in the closet, you can change up the outfit to match different wedding colors and themes by swapping the shirt and tie or the cummerbund and bowtie. 5.) Use AirBNB instead of booking a hotel You don’t have to spend hundreds of dollars on a hotel stay for every destination wedding you attend. Instead, check out AirBNB for affordable lodgings in the area. You can save even more by booking a full apartment or an entire house with a couple of friends and splitting the cost. Here’s to a season of affordable and joyous wedding celebrations from all of us here at IRFCU! Your Turn: How do you save money on wedding expenses? Share your best ideas with us! We all grow up hearing the same financial advice: Spend less, save more and invest early. While most of these words of wisdom ring true, there are lots of widespread money management tips that are actually false. Read on for 7 money myths that might be causing you more financial stress than benefit. Myth #1: Debit is always better than credit. Do you automatically reach for your debit card when making a purchase? While it’s true that paying for your expenses with money you already have in your account is often the best choice, there is a time and a place for credit cards as well. The real deal: Credit cards get a bad rap for the debt trap they represent, but they should be your payment method of choice on occasion. First, many credit cards offer rewards in the form of travel miles, cash-back systems and other bonuses. Second, building and maintaining a strong credit history is crucial for your financial wellness; the only way to achieve this is by using your credit cards and paying your bills on time. Lots of credit cards offer purchase protection, which makes them the smarter payment method for big-ticket items. Finally, credit cards can be a safer method of payment when shopping online. Myth #2: Buy a home at all costs. It’s part of the American Dream: Go to college, land the perfect job, get married and buy a house, complete with white picket fence and two cars in the driveway. Unfortunately, though, too many people are fixed on that dream without realizing that owning a home might not be in their best financial interests. The real deal: For many people, including those who are not yet ready to put down roots or who anticipate a career change that necessitates moving across state lines, renting a home or apartment might be the better choice. It can also be a financially expedient option if you live in a super-expensive area. Myth #3: Investing is only for rich people. Investing is for people who drive luxury vehicles and have homes in three different states. Or is it? The real deal: Anyone with a small pile of money squirreled away can get a foothold in the stock market. A smart investment strategy can be the best way to let your money grow and put you on the track to financial independence. If you’re a beginning investor, look into passively managed index funds for an easy way to start building your wealth. Myth #4: My partner manages our finances, so I don’t need to think about money at all. Are you living in blissful financial oblivion, confident that your partner is managing your money? The real deal: Every adult should have a handle on their family’s finances, regardless of their partner’s involvement. While it is fine for one partner to actively manage their money, it is crucial for both partners to be aware of the state of the family finances and to be capable of managing the household expenses and investments if something happens to their partner. Myth #5: Credit cards will get me through any financial crisis. Why would I need an emergency fund? I have credit cards! The real deal: Depending on credit cards to get you through a financial emergency is the perfect way to dig yourself into a deep pit of debt. Thanks to interest, you’ll be paying back a lot more than you spend. You’re also more likely to overspend when you pay with plastic. Credit cards should not be relied upon for a real financial emergency, such as a job loss, divorce or illness. It’s best to build an emergency fund consisting of three to six months’ worth of living expenses so you’re completely covered for the unexpected. Myth #6: I’m so young; I don’t need to think about retirement. Who can think about retirement when it’s so far down the road because they’re just starting a career? Besides, who can afford to save for retirement when they’re bogged down with more pressing expenses, like saving for a house and putting kids through college? The real deal: There’s no better time to start planning and saving for your retirement than right now. The younger you start building your retirement fund, the less you’ll have to put away each month, and the more you’ll save by the time you’re ready to retire. Gift yourself with a comfortable, stress-free retirement by maxing out your 401K contributions, and/or opening an IRA or another retirement fund. Start today and let compound interest work its magic! Myth #7: I have enough in my account to cover my expenses so I don’t need to budget. Budgeting is for people who are barely squeaking through the month. I have enough money; so why budget? The real deal: Budgeting is for everyone. Without a realistic budget in place, someone pulling in a salary in the high six digits can easily spend their way into debt. A budget will force you to make responsible money choices and to be fully aware of the state of your finances at all times. Your Turn: Which money myths have you bought into in the past? Tell us all about it in the comments. |
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