Ocean Financial Federal Credit Union

The Grandparent Scam Sadly, scammers will exploit a grandparent’s love, concern and vulnerability for their grandchildren, using imposter fraud to target the older generation. ? In this scenario, the victim of the scam receives a frantic phone call, text or email from someone posing as their grandchild. They will lie about an accident, arrest or robbery, any crises that requires urgent action. The imposter may use information taken from the victim’s social media presence, for more specific, convincing details to seem plausible.? ? What to Look For ??If the person claiming to be a grandchild asks for money to be sent immediately via gift card, prepaid card or money wire.? ? ??If the call comes late at night when a victim is more susceptible to fear based decision making. ? How to Protect Yourself ??Never let worry override caution. Hang up immediately and call the grandchild/ family member directly on a known number to validate the story. Scammers will most likely plead with you to keep the crises secret, contact other family members if the grandchild cannot be reached. ? ??Make sure your privacy settings on your social media accounts only allow people you know access to your posts and photos. Scammers search Facebook, Instagram and other platforms to target your social networks and familial information. ? ??Do not volunteer information, scammers will fish for details they do not have, like names, places, etc., that will make the scenario more believable. Rely on the the person reaching out to you to provide specific details. ? ??If you speak to someone claiming to be a law enforcement agent, call the law enforcement agency to verify the person’s identity and any information they may give you. ? ??Do not be fooled by the number on the caller ID, scammers use technology to make the number appear familiar or legitimate. Hang up and call the number you know to be associated with the family member in question. ? ??Do not send cash, wire money or cash-reload cards or wire money to any person claiming to be your grandchild. These methods of payment are difficult to trace. ? Trust your instincts, if something doesn’t feel right, question it. ? MORE RESOURCES You can report any fraud targeting older people to the FTC?online (https://lnkd.in/dMiV83F)?or at 877-382-4357. You might also want to notify your state's?attorney general (https://lnkd.in/gngiMcVw)?and?consumer protection office (https://lnkd.in/efN7SyE5). If you sent money to a suspected scammer via Western Union, call the company’s fraud hotline (800-448-1492) as soon as possible. Ditto if you used MoneyGram (800-926-9400). If the transfer has not yet been paid, Western Union or MoneyGram may be able to stop the transaction and refund your money. Visit our?Fraud and Security?webpage to learn more about scams and how to protect yourself – because an educated member is an empowered member. https://lnkd.in/eb-SYJkP

The Pay Yourself Scam November 17-23 is International Fraud Awareness Week. Heading up to that week, Ocean Financial will be sharing information about various scams and what to be aware of to help prevent possible fraud. Scammers are always creating new ways to steal your money. One of the recent scams utilizing peer-to-peer payment services is what's known as the "Pay Yourself Scam." There are a few different ways scammers try to coop your Zelle? account and ? Someone pretending to be a representative from Ocean Financial, or any financial institution, informs you of a fraudulent transaction on your account via text. If you respond to the text message, you’ll receive a call from a number that appears to be from Ocean Financial. The scammer will direct you to prevent the alleged fraud by sending yourself money, or to a legitimate?looking email address they provide, with Zelle?.?In reality, the scammer is actually tricking you into sending money to their own bank account. ? Don't be fooled. For more information on how you can protect yourself,?visit our website. https://lnkd.in/eHvDF4eH ? Watch the video below for the best ways to avoid this scam!

November 17-23 is International Fraud Awareness Week. Heading up to that week, Ocean Financial will be sharing information about various scams and what to be aware of to help prevent possible fraud. The Online Shopping Scam is where a scammer pretends to be a legitimate online seller, either setting up a fake online store/website or a fake ad on a genuine retail site. ? How this Scam Works Most online sellers are legitimate; however, scammers use the latest technology to create websites that look realistic, using stolen logos, ".com" domain names and offer popular brands of clothing, jewelry and electronics at enticingly low prices. Many times the items received will be counterfeit or items purchased will not be received at all.? ? What to Look For If the prices are unrealistically low for common goods or the products offer benefits that seem too good to be true, they usually are. ? If the store asks you to pay in ways other than a credit or debit card, such as electronic funds transfer, that will leave you without any protection or recourse when the purchased items do not arrive or are counterfeit. ? If the site is from social media and is selling name brands at extremely low prices, but also has limited information about delivery, store policies, privacy, terms & conditions, dispute resolution or contact details.. ? How to Protect Yourself 1. Vet the website – look for refund and returns polices, look for reviews of the website from other consumers.? 2. Avoid making any online payment that is not using a secure payment service. 3. Make sure the website starts with "https" and a closed padlock symbol. Never give credit card or online account details to websites you do not feel are legitimate. 4. Do not pay for goods with any up-front method such as money order, electronic currency or pre-loaded cards. Ocean Financial will never contact you, either by phone, text or email to request personal information from you, such as account numbers, passwords, debit/credit card numbers, expiration dates or for your personal identification number (PIN). ? Visit our Fraud and Security webpage to learn more about scams and how to protect yourself – because an educated member is an empowered member. https://lnkd.in/eb-SYJkP

Healthy Financial Habits If you ever feel overwhelmed by your financial situation, you’re not alone. In fact, nearly half of all Americans live paycheck to paycheck — struggling to pay their bills to save for the future. But by adopting some important financial habits, you can feel more confident about your financial well-being. ? Take this quiz to see if you’re financially fit!?https://lnkd.in/ehCuFeYd ? Have you ever heard the expression “try to live within your means?" It’s the most important financial habit! If you “live within your means,” your monthly expenses should not be more than your net monthly income, which is the amount you earn each month after taxes. Living within your means can help keep you out of debt and allow you to save for the future. ? Are you living within your means? To answer this question, you’ll need to track your spending: Record everything you spend your income on over the course of a month. Add up all of your expenses and subtract this from your monthly net income. If you aren’t living within your means, examine your expenses more closely and try to figure out why. ? Try this calculator to see if you’re following the 50-30-20 rule (spending 50% on needs, 30% on wants, 20% on savings or debt)! https://lnkd.in/ezhqYwgN

Why should you have a financial emergency plan? Emergencies happen. While we have no control over natural events, we can build a financial emergency plan to stay safe and resilient. ? When times are good, having a financial emergency plan may feel unimportant or trivial. But remember, it will always feel like that until it doesn’t. Take a look at three reasons why you should have a financial emergency plan: ? More disasters. The number of weather-related disasters has increased by ten times over the past 50 years. ? Intensified financial impacts The financial impacts of disasters have intensified—from $50 billion per year in the 1980s to $200 billion per year in the last decade on a global scale. ? ? Impact on people These natural catastrophes have a significant impact on the finances of individuals and families: debt rises, credit score drops, and purchasing power dwindles, to name a few. ? To start putting a financial emergency plan in place, speak with a Certified Financial Counselor. Make an appointment today at [email protected]. To learn more about building a financial emergency plan and discover how to stay financially resilient in times of disaster, visit our Financial Literacy Center, Money$en$e101 and feel confident about your financial future! https://lnkd.in/dtD7F_rU

If you are having difficulty keeping up with your monthly loan payments, you are not alone. Millions of Americans just like you are struggling to make ends meet. ? It is important to always make your loan payment to prevent delinquency. Missing payments due to hardship will negatively affect your credit. There are relief options that can help you get back on track. ? Loan Deferment With a loan deferment agreement, your lender may allow you to temporarily stop making payments on your loan. You can request a loan deferment – and lenders can offer one – as a way to place your loan in a workout plan while you face events that are causing a financial strain on your ability to repay. ? Loan Forbearance A loan forbearance adjustment lowers the payment amount.? ? To speak with a Loan Officer about financial hardships hindering payments to your Ocean Financial loans, please call toll-free at 833-642-1645 today. To learn more about your options to help you manage your loans during difficult times, visit our Financial Literacy Center, Money$en$e101 and feel confident about your financial future! https://lnkd.in/eHVWmbVx

Be prepared so things like natural disasters, financial set backs and medical emergencies don't take a toll on your budget. ? Developing and sticking to a budget is the best way to cope with financial changes. A budget helps give you steps to lower your expenses and prioritize your spending.? ? Assess your income: The first step to budgeting during a crises is to determine how much money is coming in each month. Review your pay stubs and bank statements. If your pay is not consistent, average what you made over a few months. ? Assess your expenses: Examining your spending habits is a critical step in gaining control over your finances. From here you can make informed decisions to optimize your budget and pinpoint areas you can reduce spending to save money. Online apps exist to help you categorize and track spending for your convenience.? ? Adjust your spending: Add all your expenses together and compare them to your income. Typically during a crises, you may have more expenses than income. It's important to prioritize essential expenses and cut any spending that is not necessary to live. ? Increase your income: If possible, look for ways to increase your incoming money. Anything from garage sales, selling on marketplace apps, taking shifts as a drive share, online delivery service, or online tutoring. Every little bit of extra income can help. ? Ask for help: You may have a shortfall after having done everything within your power to cut expenses and increase income. Don't be afraid to ask for help. Learn more about budgeting during a crises by visiting our Financial Literacy Center,?Money$en$e101?and feel confident about your financial future! https://lnkd.in/eK_mgvDJ

Happy National Financial Planning Month! At Ocean Financial, we believe that every financial journey deserves resilience. As we celebrate this month dedicated to empowering your financial future, we will share modules each week to help you feel well prepared for anything! ?This week we are focusing on "Debt Management." Approximately 80% of Americans are currently in debt. Understanding how debt works, strategies for paying it off, and knowing where and when to find help are the keys to help you better manage it. ? Having some debt is not necessarily bad. Certain types of loans may actually help to bolster your credit and act as an investment opportunity. Educational or real estate loans are considered “good debt” because they have the potential to increase your net worth or to appreciate – they will rise in price or value over a period of time. Conversely, “bad debt” are investments that will depreciate in price and value over time. Specifically, loans with high interest rates that will not be paid quickly are problematic. Both good debt and bad debt need to be equally managed responsibly. ? Financial Institutions determine your?debt-to-income (DTI)?ratio to assess whether you have too much debt.?Click here?for a calculator to see what range your DTI ratio falls into and how it would be considered in relation to your credit: https://lnkd.in/dQsRq-Zw ? Two common strategies for paying off debt quickly are the?Avalanche Method?and the?Snowball Method.The Avalanche Method focuses on making higher payments on the debt with the highest interest rate first and paying the minimum on the rest of your bills. The Snowball Method pays off the debts with the lowest balance first while paying the minimums on the rest of your debts.?Watch a video here to learn more about these strategies: https://lnkd.in/dcw8rxy9 ? A common method used to budget how much debt you should and could pay back each month is the?50-30-20 Rule. You spend 50% of your income on needs, 30% on wants and 20% on savings or debts.?Click here for the 50-30-20 calculator: https://lnkd.in/d39A5Uee ? To learn more about Debt Management, and if you would benefit from credit counseling, visit our MoneySense101, Ocean Financial’s Financial Education Center: https://lnkd.in/dCk6zw-A

Employment Scams! About 14 million people are duped by employment scams every year, according to the Better Business Bureau. Even the most savvy job seeker might find it difficult to identify a scam versus a genuine offer.? ? Identify the Red Flags It's Too Good to Be True The first major flag is if they contacted you. 80% of victims reported that the scammer initiated the conversation via a job board or social media. The alleged “employer” will offer a job immediately. ?Unfortunately, when the pay is higher than industry standard it is probably not the real deal. Also, if the job sounds too good to be true – flexible, work from home job with extraordinary per hour wages – it probably is. ? Vague Job Requirements & Job Descriptions If the requirements for a job listing are oversimplified – “you must be 18, a US citizen and have internet access” – and they do not include job experience or education, the job likely does not exist. ? You're Asked to Provide Confidential Information A huge red flag is if you are asked for your bank account information to set up direct deposit or transfer money to your account. Other scammers will ask you to go to a website to fill out a credit report form or provide more confidential information, like your SSN, birth date, etc., for “insurance” purposes. ? Always check to make sure the website provided is secure by looking at the web address - secure websites have URLs begin with “HTTPS://“ not “HTTP://“. ? You Are Asked to Pay for Something Legitimate companies do not ask you for money. If you’re told you are required to purchase software or pay for services or to pay for your own credit report, be wary. ? Unprofessional Emails Watch out for errors in spelling, grammar and punctuation. Reputable companies will have ensured quality and professionalism. Another clear indicator is the lack of company information or questionable email addresses for known companies. ? If you have any doubts, google the email addresses along with the word “scam” to determine their validity or if others have reported the company as fake. ? How to protect yourself from Employment Scams Scammers will troll job boards looking for victims. The following are simple steps you can use to avoid being duped by an employment scam: 1. Use job sites that have privacy policies and only allow verified employers to view the listings. 2. Research any company and job offer you feel is too good to be true. 3. Ask questions and pay close attention to the answers. 4. Slow down the process and avoid being pressured into making a commitment. Visit our?Fraud and Security?webpage (https://lnkd.in/eb-SYJkP) to learn more about scams and how to protect yourself – because an educated member is an empowered member.

Happy National College Savings Month! Embark on a journey of hope and financial empowerment this College Savings Month! At Ocean Financial, we understand the dreams you have for your loved ones. That's why we're thrilled to introduce a self-paced learning module designed to navigate the financial landscape of higher education.? ? Paying for College:?College costs are rising, but with strategic planning and saving, paying for education can be within your reach. Regardless of your financial situation, there are smart ways to plan and pay for college.? ? In this module you will learn the different types of funding for college, the overall costs you should be considering and if financial aid is an option for your family. ? Click here to learn more! https://lnkd.in/dE2_UZU7 Celebrate this College Savings Month not just with dreams but with a tangible financial plan. Get started today at?MoneySense101, Ocean Financial’s Financial Education Center. https://lnkd.in/en2Sj5uF