A Guide to Financial Safety in the 21st Century

Technology has made it more convenient than ever to manage your finances. However, along with the benefits of technology come a few cautions. Technology savy thieves and scam artists have developed a handful of tricks designed to separate you from your money. The best defense against these scammers is to keep yourself educated and alert. This guide contains a number of helpful hints that will allow you to receive all of the benefits today's technology has to offer...without becoming one of a growing number of victims of the following scams:

Fraudulent Cashier's Checks

Fraudulent Scholarship Scams

Internet Phishing

Identity Theft

ATM Skimming

Criminals are using sophisticated techniques to counterfeit cashier's checks and money orders. Consumers trust these items because they look official. Furthermore, they assume that the money is theirs once the check is deposited. Not true. Just because the funds are available for withdrawal doesn't mean the check is good. Forgeries can take weeks to be discovered. Protect yourself by being aware of the warning signs.

Warning Signs of a Scam

A buyer sends a cashier's check for more than the purchase amount. "You Won. The Check is in the mail!" This is no lie. The check really is in the mail, but it's a scam. A check has misspelled words or is printed on flimsy paper. You are requested to "convert" a cashier's check into a personal check, money order, or even a wire. You are told that you can keep the "extra" amount for your efforts. Be suspicious of all contact that you do not initiate yourself. Remember, if an offer seems too good to be true, it probably is.

How do these scammers find their victims?

• Scammers call, send mailings, e-mails, or faxes to people randomly, knowing that someone will take the bait.
• Fake check scammers also scan newspaper and online advertisements for people listing items for sale, and check postings on online job sites from people seeking employment.
• Scammers place their own ads with phone numbers or e-mail addresses for people to contact them.

How can I protect myself from a fake check scam?

• If you receive a check and are concerned that it is not legitimate, ask your financial institution  to help you determine whether the check is authentic.
• The best defense against these crimes is to keep yourself educated and alert. Check out www.fraud.org or www.fraudaid.com for detailed information about all types of scams and learn how to report it if you have become a victim.

Every year several hundred thousand students and their parents get caught in a scholarship scam. Scam operations often imitate legitimate government agencies, grant-giving foundations, education lenders, and scholarship matching services, using official sounding names containing words like National, Federal, Foundation, or Administration. The Federal Trade Commission (FTC) lists six key signs that may serve as a clue that a scholarship service is a scam:

• The agency "guarantees" the scholarship or "your money back"
• The scholarship service will "do all the work"
• The scholarship service costs money
• The scholarship service advertises that "you can't get this information anywhere else"
• You receive information that "you are a finalist" in a competition that you never entered
• The scholarship service asks for your credit card or checking account number in advance
  

Internet Phishing

Internet "phishing" scams are one of the fastest growing frauds today. Phishing typically involves a bogus e-mail message that uses legitimate material, such as a credit union or other organization's Web site graphics and logos in an attempt to entice the e-mail recipient to provide personal financial details such as account information, credit card and social security numbers. To help you recognize abnormal information requests and protect your accounts, we would like to remind you of the following tips:

• Never use links within an e-mail to visit a Web site. Always open a new browser window and type the URL in the address bar.
• Resist the urge to immediately respond to a suspicious e-mail - and to provide the information requested despite the urgent or exaggerated claims.
• Be suspicious if someone claiming to be from your financial institution asks for confidential information. This information should already be on file.

Identity Theft

Every year thousands of people are victims of identity theft. Identity theft is the unauthorized collection and use of your personal information, usually for criminal purposes. Your name, date of birth, address, credit card, social security number, or other personal identification numbers can be used to open credit cards and bank accounts, redirect mail, establish cellular phone service, rent vehicles or equipment, make accommodations, or even secure employment.

How to Fight Identity Theft

• Don't give out personal information. Never reveal your account numbers or social security number over the telephone, via mail or over the internet, unless you initiated the contact or know who you are dealing with.
• Dispose of sensitive personal information safely. Carelessly discarded financial documents can be a treasure trove of information to a thief. Tear up or shred credit card and ATM receipts, account statements and unused credit card offers before throwing them away.
• Protect PIN numbers and other passwords. Keeping your passwords and PINs secure is essential to your financial security. Don't set up your passwords or PINs using information that can be easily obtained (such as your mother's maiden name, your birth date, or the last four digits of your social security number or phone number).
• Watch your account information and billing statements. Know your billing cycles and review your monthly account statements carefully. Make sure that all charges, drafts, or withdrawals were authorized.
• Prevent the theft of your mail. Don't allow incoming mail to accumulate in your mailbox. Retrieve it promptly. Deposit all of your outgoing mail at the post office collection boxes. Don't leave outgoing mail in your unsecured mailbox.
• Review copies of your credit report. Access your free credit report from each of the credit reporting agencies annually to ensure it's accurate and doesn't include debts or activities that you haven't authorized or are incorrect.

How To Receive Your FREE Annual Credit Report

Thanks to the Fair and Accurate Credit Transactions (FACT) Act, one free copy of your credit report is available annually from each of the three major credit bureaus. We strongly encourage you to take advantage of this opportunity to review your credit report each year. The federal government required the creation of a centralized location where consumers may reliably obtain their free credit reports. To receive your free annual credit report:

Online:	www.annualcreditreport.com
Telephone:	(877) 322-8228
Mail:	Annual Credit Report - Request Service PO Box 105281 Atlanta, GA 30348-5281

Allegany County Schools FCU
27 West Main Street
Fillmore , New York 14735
585.567.4103
Fax: 585.567.8993
tara@acsfcu.com