The Federal Trade Commission (FTC) has reported that fraud-related losses have increased by over 70% between 2020 and 2021, with 1.4 million identity theft reports. Identity theft not only incurs high expenses but also causes significant inconvenience as you try to undo the damage caused by the thieves. To prevent becoming a victim, here is what you should know.Tips for preventing identity fraudProtecting your personal information is crucial as it can be exploited by criminals to carry out various fraudulent activities like opening a bank or credit card account, applying for a loan, filing taxes, or setting up a utility...
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MEMBER ADVISORY: Beware of illegitimate emails from Microsoft
An ongoing scam has been identified, wherein an error message claiming to be from Microsoft pops up on a computer, informing the user that their device has been infected or hacked. The unsuspecting user is then instructed to call a phone number in the pop-up. If the number is called, the person at the other end of the line instructs the user to purchase gift cards or bitcoin, process a wire transfer, and relay the information to them. Sometimes, these individuals have controlled the user’s computer and accessed their personal and banking information. In other cases, people have been told...
Learn how to Ladder CDs!
Are you interested in a savings vehicle that offers a higher annual percentage yield (APY) than a typical savings account? A share certificate may be perfect for you! It locks up your deposit for a set period of time and pays a fixed percentage yield upon completion of the certificate’s term. Credit unions offer share certificates, which pay dividends and typically have better rates than banks due to being member-owned financial institutions. However, during the term, you cannot touch your money without paying a penalty. If you want to take advantage of higher rates on longer-term certificates while still keeping...
Make sure to stay safe while using the internet.
Your personal information is essential; we want to help you keep it safe. Scammers are always looking for ways to obtain your personal information, so it’s important to be vigilant. Be cautious if you receive unsolicited calls, emails, text messages, or letters. Even if it appears from a legitimate source, never provide your personal information if you are contacted directly. It’s important to remember that NY TEAM will never contact you directly to request any personal information, including your Social Security Number, credit or debit card numbers, PIN, CVV, address, date of birth, online banking login information, passwords,...
Ensuring the protection of your finances in the case of a car accident is of utmost importance.
Protecting your finances is essential, especially when it comes to your vehicle. If the value of your car is less than the amount of your car loan, Guaranteed Asset Protection (GAP) can help bridge that gap. On average, a new vehicle will depreciate more than 20% after the first year of ownership, with half happening the moment you drive it off the lot. This can leave you with a significant financial gap if your vehicle is stolen or considered a total loss due to an accident. Our GAP program can help reduce or even eliminate that gap between what your...