Security Archives - Kaiperm Credit Union

Stay Alert: How to Protect Yourself Against Phone Number Spoofing Scams!

admin — Mon, 16 Dec 2024 15:19:06 +0000

Phone number spoofing is a form of fraud whereby fraudsters impersonate a trusted institution or an individual you trust to gain your trust for fraudulent activities that involve the divulging of personal information. Even if a call displays a number you are familiar with, don't let your guard down, since fraudsters may use any means to manipulate technology to outsmart their victims.

Common phone scams to be aware of include:

The "Grandson" Scam: Posing as a relative in distress and asking for immediate cash.
Fake Bank Representative: Claiming suspicious account activity, needing “verification” of your account details.
Government Impersonation: Posing as Social Security, the IRS, or some other agency in order to demand money or personal information.

Red Flags to look out for:

Pressure and urgency to take action immediately.
Threats of severe consequences if one does not comply, such as legal problems.
Requests for money transfers, or other sensitive information like Social Security numbers, PINs, and credit card numbers.
Odd language, miscommunication, or discrepant information.

How to Protect Oneself:

Stop and Think: Never do anything because of pressure from a caller.
Verify the Caller: Hang up and then call the institution's official number or person to verify any call.
Take Counsel from Someone: Discuss this mysterious call with someone close, like family members, friends, or siblings that you can trust.
Protect Your Data: Never disclose personal information, passwords, or any form of authorization by telephone.
Be Tech-Savvy: Never install apps or software at someone's request; it may give them remote access to your device.
Transfers to Avoid: Never withdraw or transfer money at the urging of a caller.

Your Safety Matters to Us

If you think you may have been the victim of fraud, contact Kaiperm Credit Union immediately at (925) 939-5626. Let's stay vigilant and stop these scammers together!

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Watch Out for Fraud Schemes Affecting Kaiperm Members

admin — Tue, 19 Nov 2024 15:01:01 +0000

Fraud is getting more and more sophisticated nowadays; scam artists will use every avenue to masquerade as a financial institution to obtain personal information. Current scams are targeting members of Kaiperm Credit Union by text and through phone calls.

Here's what you need to know to stay safe:

Impersonation Scams

Fraudsters may call pretending to be from Kaiperm, attempting to verify transactions. They may request confidential information, especially your online banking login information. If any person contacts you requesting your Kaiperm login information, know that it is a scam. Kaiperm will not ask for any:

User ID
Password
Any of your login information

Phone and Text Scams

Scammers may also use Kaiperm's name to ask members for online security passcodes generated by Multi-Factor Authentication on our online and mobile banking systems. No legitimate Kaiperm representative will ever ask for your security passcodes. These passcodes protect you—keep them confidential.

Spoofed Caller ID

Fraudsters can spoof caller IDs, which would display a valid Kaiperm phone number, making it appear that the call originated from us. If you receive a call from what appears to be our official number and the caller requests any of your login information, hang up and call us directly at (925) 939-5626.

What to Watch Out For

Kaiperm will not ask you for:

Online/Mobile Banking login and/or Password
Full Social Security number
Your card PIN or CVV number
Security Questions and/or Answers
Multi-Factor Authentication Passcode and/or Security Codes

Any request for this information is a red flag.

What to Do If You're Targeted by a Scam

Report the Message: Forward the message to 7726 (SPAM)
File a Complaint: You can report the incident at ReportFraud.ftc.gov
Contact Kaiperm: If you suspect fraud of any kind, please call/text us immediately at (925) 939-5626 or email us at info@kaipermcu.org

Stay alert and safeguard your financial details; ensuring your security is our top focus.

The post Watch Out for Fraud Schemes Affecting Kaiperm Members appeared first on Kaiperm Credit Union.

Understanding and Preventing Elder Abuse

admin — Mon, 10 Jun 2024 19:41:11 +0000

June is a special month dedicated to raising awareness about a critical issue that affects millions of older adults every year—elder abuse. At Kaiperm, we believe in the importance of protecting and supporting our elder members. As part of Elder Abuse Awareness Month, we want to provide you with essential information to help recognize, prevent, and address elder abuse.

Understanding Elder Abuse

Elder abuse can take many forms, including physical, emotional, financial, and neglect. It is a pervasive issue, with startling statistics highlighting its prevalence:

1 in 10 older adults experience some form of elder abuse each year.
60% of elder abusers are family members.
90% of elder abuse occurs in the victim’s home.
Only 1 in 24 cases of elder abuse are reported to the authorities.

These statistics underscore the importance of vigilance and proactive measures to protect our elders.

How to Spot Elder Abuse

Recognizing the signs of elder abuse is the first step in combating it. Here are some indicators to watch for:

Wills or Power of Attorney: A sudden change in beneficiary, especially if it involves a caregiver, could be a sign of exploitation.
Withdrawals or Purchases: Large cash withdrawals from banking and investment accounts, as well as an increase in credit card usage, can indicate financial abuse.
Unpaid Bills or Lack of Food: If a person is not paying bills or isn’t buying food or other necessities, it’s time to investigate.
Missing Possessions: If belongings seem to be missing, ask where the items went.

What to Do If You Suspect Elder Abuse

If you suspect elder abuse, it’s crucial to take action promptly:

Report to Adult Protective Services: Contact Adult Protective Services at 1-800-677-1116.
Call 911: If the elder is in immediate danger, call 911 without hesitation.

The Importance of Respect and Vigilance

As Nelson Mandela once said, ‘Respect for our elders is fundamental and non-negotiable.’ We stand by this principle, and we encourage our members to remain vigilant and supportive, ensuring that our elder community members are treated with the dignity and respect they deserve.

Financial Exploitation: A Growing Concern

Financial exploitation is one of the most common forms of elder abuse. It involves the illegal or improper use of an elder’s funds, property, or assets. Signs of financial exploitation include:

Unexpected Changes in Financial Documents: Look for sudden changes in wills, trusts, titles, and deeds.
Unauthorized Transactions: Monitor bank accounts and credit card statements for unauthorized withdrawals or charges.
Unpaid Bills: Be wary if an elder is struggling to pay bills despite having sufficient funds.
New “Best Friends”: Be cautious if a new person in an elder’s life begins to control their financial decisions.

Preventative Measures

Preventing elder abuse requires community effort and awareness. Here are some steps you can take to protect the elders in your life:

Stay Connected: Regularly check in with older family members and friends. Isolation can increase the risk of abuse.
Educate and Empower: Educate elders about the different types of abuse and encourage them to speak up if they feel threatened or uncomfortable.
Secure Financial Information: Help elders manage their finances and ensure they understand how to protect their assets.
Legal Protections: Ensure that legal documents, such as powers of attorney and wills, are in place and reviewed regularly.

Resources and Support

Kaiperm Credit Union is committed to supporting our members in every way possible. If you have any concerns or need further information about elder abuse, please visit our branches or contact us directly. We also recommend the following resources for additional support and information:

National Center on Elder Abuse (NCEA): Provides resources and information to help prevent and address elder abuse.
Adult Protective Services (APS): Each state has an APS agency that investigates reports of elder abuse.
Local Law Enforcement: In cases of immediate danger, contacting local law enforcement is crucial.

Join Us in Raising Awareness

This June, join Kaiperm in raising awareness about elder abuse. Share this information with friends and family, and let’s work together to create a safer environment for our elders. By staying informed and proactive, we can help safeguard our elder members from abuse and ensure they live their lives with dignity and security.

Thank you for being a part of the Kaiperm Credit Union family. Let’s work together to raise awareness and protect our elders this June and beyond.

The post Understanding and Preventing Elder Abuse appeared first on Kaiperm Credit Union.

Should You Add an Authorized User to Your Credit Card?

admin — Sat, 19 Aug 2023 00:22:07 +0000

Whether you are considering joining someone else’s credit card account or you are the current account holder looking to add a person, entering into an authorized user relationship is a move to consider carefully.

Considerations
As the authorized user title suggests, anyone added onto an account under this designation is authorized to make charges. The authorized user even gets a credit card with his/her name on it. The charges made by an authorized user will show up on the primary account holder’s bill and the authorized user will not have legal responsibility to pay those charges. For these reasons, it is a good idea to weigh the potential positives and negatives for all parties.

Pros
The act of an individual contacting a creditor and adding an authorized user onto a credit card account not only allows the authorized user to have the use of the credit card to make charges, but it also generally allows the authorized user to have the primary account holder’s credit history show up on his credit report. This can be a tremendous benefit for anyone who is having trouble building a credit history on their own, since an authorized user does not need to go through a credit check to be added to the primary cardholder’s account.

However, because some creditors may not report information to credit bureaus on behalf of authorized users, it is important to ask the creditor involved if it reports this kind of information before going to the trouble of creating the authorized user relationship.

When that authorized user later wants to apply for individual credit, it will also be important to find a potential creditor that uses a credit scoring model that factors in authorized user information. Otherwise, the authorized user may not have a credit history on which a potential creditor can base a lending decision.

The FICO scored developed by Fair Isaac Corporation, the most popular credit score among major lenders, uses authorized user information in its credit scores as long as there is no evidence that the authorized user has been added to a stranger’s account for the purpose of capitalizing on the stranger’s good credit. However, Fair Isaac models starting with the FICO® 08 model forward substantially reduces the benefits to the credit history of authorized users.

For a person who wants to create access to funds for someone else – like a parent who wants a child to have some degree of financial independence – an authorized user relationship has the advantage of coming with a record of how the allocated funds are used in the form of a credit card statement.

This can often be preferable to using cash, since both parties can review the authorized user’s transactions together to strategize the best use of the funds that are provided. Adding a young person who is away from home – at college, for example – as an authorized user can also give the young person access to funds for emergency purposes or while travelling.

Cons
While there is nothing inherently negative about adding an authorized user to your account or being added as one, if the authorized user runs up large charges, this will result in a higher monthly bill for the primary account holder and create a difficult situation for everyone.

If the authorized user goes so far as to make charges large enough that funds are not available to make the monthly payment on the credit card, this could result in late payments and eventually show up on credit reports.

Furthermore, multiple back-to-back late payments could trigger collection actions or lawsuits against the primary cardholder. A large bill could also result in a lower credit score for both the primary account holder and the authorized user since simply using a higher percentage of the available limit on a credit card can have a negative effect.

It is important that anyone added as an authorized user is familiar with techniques for keeping credit card account information secure, including:
Only using the credit card at trusted locations or websites
Not giving out credit card information via email or text
Carrying the card only when it is needed
Shredding all credit card statements
Monitoring all swipes of the credit card to guard against concealed, fraudulent charges at stores or restaurants
Checking all credit card receipts for accuracy

Protecting yourself
It is vital for both parties to understand how an authorized user will make charges with the credit card. Put an agreement on paper and have everyone sign it. This should help to avoid any misunderstandings or disagreements about how the card is to be used.

Some credit cards allow for a credit limit to be set for an authorized user’s charges, so taking advantage of this feature could greatly reduce the chances of a charge being made that does not conform to the agreement between the involved parties.

Monitoring credit card transactions closely is another way to head off any problems before they become major headaches. It is a good idea for anyone with a credit card to check the account history online at least once a week for occurrences of identity theft or mistaken charges, but when there are multiple users for an account it is especially important to monitor the online statements because a lack of watchfulness and communication could mean accidentally making charges that put the account over its limit if the account holder has “opted-in” to be able to charge above the card’s limit.

If a late payment of 30 or more days is imminent on the credit card, the authorized user will want to be removed from the account, since the late payment will damage his credit. If an authorized user decides for this or any other reason to be removed from an account, the authorized user can simply call the creditor to request that this action be taken.

Alternatives
While adding someone as an authorized user can help that person’s credit score, it is usually used as a temporary measure designed to transition that person into taking on a greater credit responsibility. A secured credit card, for which a deposit is placed as security for repayment of the card, can be a good option for building or rebuilding credit. A secured credit card has the advantage of being entirely in the individual’s own name and not potentially putting another person’s credit at risk.

Student credit cards can be a solid choice for the college-bound. Because of the Credit CARD Act of 2009, a young person applying for a student credit card may need the signature of a parent, but the responsibility ultimately rests with the child to use the card responsibly. Student cards tend to come with lower credit limits to reduce the risk to the creditor. Parents and children should review together all the details of any card offer – fees, annual percentage rate (APR), grace period, etc.

A final option is to make someone a joint account holder instead of an authorized user. Adding someone to a credit card account as a joint user instead of an authorized user means that the information from the account is more likely to be factored into any future lending decisions for the person who is added. The advantage to the cardholder is shared legal responsibility for account payments. As with an authorized user, adding someone as a joint account holder is a decision to consider with caution.

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Life insurance: which type is right for you?

admin — Wed, 08 Jun 2022 07:01:38 +0000

Are you wondering if you should purchase life insurance?

If there is someone who is dependent on you for financial support, it is a beneficial thing to have. It can ensure that your loved ones are not struggling to pay the bills if you pass away. It can also help them replace the services that you provide. For example, if you are a stay-at-home parent, having life insurance can allow the other parent to pay for daycare.

There are many types of life insurance products available, so before you contact an insurance agent, make sure you have a basic knowledge of the options that are available.

Term Insurance

As the name implies, you buy term insurance for a specific period of time, usually between 1-30 years. If you die within that timeframe, your beneficiary will receive a preset amount of money – the death benefit. If you fail to pay your premiums, cancel the policy, or die after the term ends, neither you nor the beneficiary receive anything.

The major advantage of a term life insurance policy is that if you are young, you generally pay extremely low premiums for a substantial death benefit. However, as you get older, your premiums will increase when you renew or purchase a new policy.

Term insurance is usually the best option for someone who anticipates only needing insurance for a limited period of time (e.g., until the mortgage is paid off or the kids are grown). If you plan to have life insurance for the rest of your life, long term, cash-value insurance may provide a better deal.

If you have life insurance through your employer, it is probably a term policy. The death benefit for employer-provided life insurance policies is often equal to one year’s salary. Having insurance through work does not mean that it is not beneficial to purchase a policy on your own.

While a work policy may be enough to cover funeral costs, it is probably insufficient to cover outstanding debts or support dependent family members. Additionally, you may lose the policy when you leave your job.

Cash-Value Insurance

With a cash-value life insurance policy, part of your premium pays for the life insurance (which, like with term insurance, pays a death benefit if you die), and part of it goes into a savings plan. The insurance is permanent – you can keep it as long as you make the payments. If you decide to cancel the plan early, you get back what is in the savings plan.

The downside of cash-value insurance policies is that the premiums tend to be considerably more expensive than for term plans. Before you buy this type of insurance, think about if your situation justifies paying the extra cost.

There are three basic types of cash-value life insurance:

Whole Life Insurance

Whole life insurance is the standard cash-value policy. The premiums are fixed for the duration of the policy, and the life insurance company chooses where to invest the funds in your savings plan.
Universal Life Insurance

Universal life insurance offers payment flexibility. You choose what premium to pay and can increase or decrease your payments anytime. You can also change the death benefit amount. The payment is broken down into three components: the mortality charge for the death benefit, administrative costs, and the savings plan. If your payment is lower than the mortality charge and administrative costs, the shortage is subtracted from your savings plan. If there is not enough in the savings plan to cover it, your policy lapses.
Variable Life Insurance

The main feature of a variable policy is that you, not the insurance company, choose where to invest the funds in your savings plan. There are two basic forms of variable life insurance – one with fixed premiums, called straight variable life, and the other with flexible premiums, called variable universal life. In either form, this type of policy is risky. If your investments perform well, the cash value portion of your savings does well. If they fail, your savings suffer.

Life insurance protects loved ones who depend on you for financial security and is a sound part of many long-term financial plans. However, as with all purchases, you want to make an informed choice. Most insurance agents make their living through commissions, so look for and resist high-pressure sales techniques.

Before purchasing a policy, check out how the company is rated by a rating agency, such as A.M. Best, Moody’s Investors Service, and Standard & Poor’s, to make sure the life insurance company will be around when you need them to be.

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Multiple Ways ID Theft Targets Seniors

admin — Wed, 01 Jun 2022 18:37:00 +0000

Identity theft is something we all have to take precautions against. Approximately 1 in 15 Americans experience some type of identity theft each year.* The most vulnerable of us are the elderly who may not have the knowledge of how to protect against identity theft in an ever-increasing electronic world. More troubling is that most senior identity theft is perpetrated by close family or friends who have easy access to personal information. The federal government labels this type of identity theft as “familiar fraud.” Here are a few of identity theft schemes that target seniors:

Medical Identity Theft.

Medical identity theft occurs when a person steals someone’s social security number and uses it to bill Medicaid or an insurance company for services the victim did not receive. Medical identity theft is difficult to guard against because national insurance carriers often lack security and investigation teams to identity or rectify the thefts.

Estate Identity Theft.

Estate identity theft occurs when a criminal collects tax returns, Social Security checks, or military and other benefits using personal information of a recently deceased senior.

Tax Fraud.

Tax fraud occurs when a criminal files taxes using a stolen Social Security or Employee ID number to collect a victim’s tax return. While tax fraud is common across all demographics, seniors are generally slower to notice on-going tax fraud. In this case, this personal information is often obtained by rummaging through the victim’s purse, wallet or trash.

Wire Transfer Fraud.

Wire transfer fraud happens when a criminal uses a victim’s personal information, usually online banking information, to electronically transfer money from their financial accounts. Discovery of these transactions can take 6 months or more, unless a senior is regularly monitoring bank statements, or has alert settings configured to receive notice of unusual activity.

Seniors and their family members can help protect against senior fraud by making sure only certain individuals have access to the senior’s personal information. Online purchases and social media accounts should be carefully monitored to ensure nothing out of the ordinary takes place and personal information is not publicly available.

Paid professional services that monitor online and financial profiles for unusual activity are available. It’s also important to shred all documents that contain personal information before they are discarded. Finally, any fraudulent activity should be handled as soon as it is identified to limit the impact on the senior’s finances.

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SMS Bank Fraud

admin — Wed, 05 Jan 2022 21:51:20 +0000

SMS fraud, where fraudsters send unsolicited text messages to a victim for the purpose of obtaining the victim’s banking information, is on the rise.

HOW TO IDENTIFY A THREAT:

The victim receives a text message alerting them of a suspicious debit that was attempted on their account with instructions to reply via a link or phone number to validate the legitimacy of the transaction. With this spoofing technology it appears the texts and phone calls are coming directly from the victim’s bank. The goal is to get the victim to respond (or in some cases the fraudster initiates a follow-up phone call), where the impersonator then requests the victim to provide their account number or online banking credentials to validate their identity. With this information the fraudster can clear out the victim’s account.

HOW TO PROTECT AGAINST THIS THREAT:

Cyber security experts recommend that account holders who receive a text message from their bank or credit card company, or from anyone asking them to do
something, to call the company back via their public telephone number, not the number that was provided to them in the text.

Consumers should save their bank's phone number in their contacts so they can call them immediately if they ever get one of these texts or calls. They also should not use the same password for all their accounts or use passwords that can be easily guessed. Passwords should be frequently changed.

Consumer should always use multifactor authentication when its available and should know banks will
never ask their customers to transfer money to a new account.

ADDITIONAL RESOURCES:

Beware of SBI SMS scam! Bank warns users, shows how to stay safe from online fraud (hindustantimes.com)

SMS About Bank Fraud as a Pretext for Voice Phishing – Krebs on Security
Consumers who suspect they may have been a victim of SMS Fraud should contact their financial
institution immediately.

The post SMS Bank Fraud appeared first on Kaiperm Credit Union.

Protect Yourself and Your Finances

michal — Wed, 28 Jul 2021 06:09:43 +0000

Scammers and fraudsters are always looking for new ways to target innocent consumers and businesses, and in the last year, it has been no different. According to the Consumer Sentinel Network Data Book and the Federal Trade Commission, more than $3.3 million in fraud was reported, with a 34 percent financial loss. While younger people reported being defrauded more frequently, older people experienced larger losses. Scammers commonly use phone calls, text messages, and emails to defraud, as they can more easily conceal their identity and be misleading.

There are a number of popular scams that everyone should know about so they can keep protected and stay alert. Here are some of the most common and how they work:

Scams involving the IRS and Social Security. This scam is commonly used because it’s an easy way to scare people into thinking they are in trouble with the government, yielding high returns in terms of stolen funds. Scammers will call an individual, impersonating an IRS or SSA worker, requesting payment under threat of legal action. They may demand money for a number of reasons, or lead you to believe you are in criminal trouble by threatening to revoke your SSN or driver’s license.

Scams that target the elderly. Our elderly community is a vulnerable community, and thus a prime target for scammers. They may call someone, pretending to be a grandchild or other family member in financial dire straits, in an attempt to scam them out of precious money. Oftentimes, money will be requested via a wire transfer, such as Western Union.

Scams involving romance and long-distance relationships. With the ever-growing popularity of online dating, scammers have taken advantage of these social networks to take their grift to a new level. Scammers create fake dating profiles designed to draw in emotionally vulnerable single people, and then manipulate a victim’s personal feelings in order to get money; these profiles generally mimic Americans who have jobs that have them out of the country, and the scam is to find someone to “pay” for them to come back to the United States.

If you feel like you might fall victim an online scam, here are a few tips to keep in mind:

Always check the content of a text or email asking for money – if there are a number of spelling or grammatical errors, it’s likely not legitimate.
Don’t provide any third-party source your personal info if asked, and be cautious as to what personal info you share on social media.
Take caution when clicking links or attachments – make sure you know who sent it.
Understand that the IRS and Social Security Administration will not contact you by phone, text message, email, or social media.

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Microsoft End of Support for Internet Explorer 11

admin — Thu, 15 Jul 2021 22:23:55 +0000

Beginning August 17, 2021, Kaiperm Credit Union’s online banking platform will no longer be supported on Internet Explorer.

The reason for this change is because Internet Explorer has recently been replaced by Microsoft Edge as Microsoft’s primary internet browser, and therefore, it has not been receiving regular system updates. In other words, Internet Explorer is no longer undergoing regular maintenance or security upgrades, and your computer may be at risk for potential viruses and other security breaches that could expose your financial information to online scammers.

If you currently use Internet Explorer as your default browser, we encourage you to use a different one. Here are the browsers that will allow you to log into our online banking platform:

This change will not affect use of our mobile banking app.

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