Cryptocurrency, or “crypto,” has surged in popularity, with digital currencies like Bitcoin gaining widespread use. However, this popularity has also made it a target for scammers, leading to consumers losing over $1 billion to crypto scams in the first half of 2022, as reported by the Federal Trade Commission (FTC).

The appeal of crypto for scammers lies in its decentralized nature, the irreversible nature of transactions and the general lack of understanding among most people about how crypto operates. The absence of a centralized authority to flag suspicious transactions makes it an attractive playground for fraudsters.

Scammers employ various methods to initiate contact with potential victims, such as email phishing, SMS text messages (smishing), phone calls, packages and social media. They often use personal information to target victims or even imitate someone known to the victim. One common tactic is to promise unrealistically high returns on crypto investments.

The process involves instructing victims to convert US dollars into Bitcoin and send it to a specific digital address, frequently using Bitcoin ATMs for the transaction. Once the funds are transferred, the irreversible nature of crypto transactions leaves victims with no recourse.

To avoid falling victim to crypto scams, consumers are advised to exercise caution when dealing with cryptocurrency transactions. Running transactions through professionals like banks, CPAs or tax professionals can help verify legitimacy. Additionally, individuals should not send money on behalf of others and extra scrutiny is needed for checks received via non-USPS mail services.

If a situation seems suspicious, consulting trusted advisors is crucial. Scammers often employ tactics like repeated contact, harassment and pressure to prevent victims from seeking advice or reporting the situation to authorities.

In case you have already fallen victim to a scam, steps can be taken to mitigate further harm. Victims should contact the FBI through ic3.gov to report identity theft, reach out to the bank’s fraud department, and remain vigilant against future scam attempts.

Overall, the rise in crypto popularity has brought about a parallel surge in scams, making it imperative for consumers to educate themselves, exercise caution and seek professional advice before engaging in cryptocurrency transactions.

For more detailed information please visit RCB Bank website at the RCB Bank Security Center.

Source:

Fletcher, E. (2022, August 11). Reports show scammers cashing in on crypto craze. Federal Trade Commission. https://www.ftc.gov/news-events/data-visualizations/data-spotlight/2022/06/reports-show-scammers-cashing-crypto-craze

As winter approaches and holiday travel plans take center stage, winter wanderers must be on high alert for potential scams lurking in various forms. From deceptive emails to cunning calls and enticing social media posts, scammers are ramping up their efforts to exploit the joyous spirit of the season. Here’s how to navigate the winter wonderland of travel without falling prey to fraud.

Social Media
Social media, a hub for festive cheer, is also a breeding ground for travel scams. Criminals imitate well-known hotels and resorts online, but their sites include misleading information, such as fake hyperlinks and phone numbers. Eager holiday-goers may find themselves making payments for dream getaways that exist only in the virtual realm leaving them empty-handed and out of pocket.

Robocalls
Robocalls, often associated with automated holiday greetings, can also mask sinister intentions. If your phone rings with an automated message, especially regarding travel, the safest bet is to hang up promptly. Legitimate travel agencies steer clear of robocalls, making them a clear red flag for potential scams.

Allow your winter travel experiences to be filled with pleasure and amazement, rather of the traps of frauds. Stay vigilant, stay informed, and ensure your winter holidays are as magical as they should be.

Booking Sites
Before booking winter travel offers, diligent research on the company is essential. While reviews and ratings provide insights, individual needs differ. Beware of seemingly irresistible deals, such as complimentary airline tickets, as scammers use these as bait to hook unsuspecting victims.

Cancellation Policies
Protect your winter escapades by always securing a receipt and understanding cancellation policies before confirming any reservations. Having these policies in writing serves as a crucial record should disputes arise later.

Wi-Fi Connections
As snow blankets landscapes, scammers attempt to cover their tracks with fraudulent schemes. Regularly monitor your financial accounts for any suspicious activity. Embrace the convenience of online banking but do your best to steer clear of public Wi-Fi networks that could compromise your security. Because they are vulnerable, public Wi-Fi networks present a serious threat. Visit RCB Bank Online Banking Tools here.

Planning a winter getaway? Alert your bank in advance. Provide details about your destinations and travel dates to ensure smooth financial transactions without unexpected disruptions.

Should the unfortunate happen and you find yourself entangled in a travel scam, swift action is imperative. Contact our RCB Bank support team at 1.855.226.5722 on weekdays between 8:00 a.m. and 6:00 p.m. CST. For weekend assistance, dial 1.877.361.0814 on Saturdays from 8:00 a.m. to 4:00 p.m. and Sundays from 8:00 a.m. to 12:00 p.m. (excluding Federal Holidays). Additionally, contribute to combating fraud by filing a complaint with the FBI at ic3.gov.

Opinions expressed above are the personal opinions of the author and meant for generic illustration purposes only. RCB Bank, Member FDIC.

Sources:

wDiller, N. (2023, May 30). Booking travel online? here’s how you can avoid scams. USA Today. https://www.usatoday.com/story/travel/2023/05/30/how-to-avoid-online-travel-booking-scams/70262016007/

Rayo, A. (2023, December 8). Stay scam free, no matter how Far away you roam. Consumer Advice. https://consumer.ftc.gov/consumer-alerts/2023/11/stay-scam-free-no-matter-how-far-away-you-roam

Aspiring homeowners are no strangers to the challenges of securing mortgage approval, and in this quest, one often-overlooked factor emerges as a crucial element —the elusive credit score.

In the world of real estate, where dreams of owning a home come with a price tag, understanding the connection between credit scores and mortgage approval rates can be a game-changer. Your credit score is not only a number representation; it has the ability to significantly impact your ability to get a mortgage and become a homeowner.

Your credit score is more than just a score—it’s a passport to your homeownership journey. There is a direct link between higher credit scores and the likelihood of having that mortgage application stamped with approval.

The industry has long acknowledged credit scores as an essential metric of financial trustworthiness. Yet, what many may not realize is the extent to which lenders rely on this three-digit number to gauge an individual’s financial habits and risk potential.

Digging into the intricacies, it becomes apparent that a higher credit score not only secures better interest rates but significantly boosts the odds of getting that coveted nod from lenders. In a landscape where competition for mortgage approvals is fierce, understanding the nuances of credit scores becomes a strategic advantage.

What does this mean for the average home seeker? It’s a call to action, urging individuals to be proactive in cultivating a credit profile that appeals to lenders. Timely bill payments, debt reduction, and vigilant credit report monitoring are highlighted as key steps in this journey towards creditworthiness.

Schedule an appointment with an RCB Bank Mortgage representative today for more information while you search for your dream home.

Opinions expressed above are the personal opinions of the author and meant for generic illustration purposes only. Offer available for most purchases and refinances. With approved credit on RCB Bank Mortgage secondary market loans locked between October 1, 2023 and December 31, 2023. Must meet minimum loan and program underwriting requirements. Lender credit must be used toward borrower closing costs. Not redeemable for cash or down payment funds. This offer is not valid with any other RCB Bank Mortgage incentives, promotions or discounts. OHFA Bond and 5/5 ARM products are not eligible for promotional credit. This offer is subject to change or terminate without notice. Other loan terms and restrictions apply. RCB Bank is an Equal Housing Lender. NMLS #798151 and Member FDIC

Sources: Brennan, C. (2020, April 20). How your credit score affects your mortgage rates. Forbes. https://www.forbes.com/advisor/mortgages/how-your-credit-score-affects-your-mortgage-rates/

Nerdwallet. (2020, September 15). How credit score affects your mortgage rate. NerdWallet. https://www.nerdwallet.com/article/mortgages/credit-score-affects-mortgage-rate

As the holiday season approaches, developing a realistic holiday budget, stress-free shopping, and a financially sound celebration are critical for everyone’s well-being. The hustle and bustle of the holiday season often gives way for individuals to overspend, resulting in financial stress that lingers long after the festivities end. With our step-by-step guide, we aim to empower individuals and families to take control of their holiday spending, allowing them to enjoy the season without the burden of excessive debt.

Assess Your Finances

Check your present financial status first. Document all of your financial transactions, including wages, savings, and obligations. When creating a practical budget, it is essential to know your current financial situation.

Set Clear Spending Limits

You should figure out how much money you can comfortably spend on holiday expenses. Allocate a portion of this sum for things like events, decorations, and gifts. With the goal of avoiding going overboard and stay on track with your budget, it is recommended to set specific spending limitations for each category.

Prioritize Your Expenses

Determine the expenses that are most important for you and your loved ones over the Christmas season. Spending should be prioritized according to what is most important to you, whether it be for thoughtful gifts, festive décor, or unforgettable activities that will be remembered.

Create a Detailed Gift List

List all the individuals you plan to buy gifts for, along with a budget for each person. Consider creative and cost-effective gift ideas to stay within your budget while still spreading holiday cheer. Make a tally of everyone on your gift-buying list and assign a certain amount to each person. To remain within your budget while still spreading holiday cheer, consider inventive and affordable gift ideas.

Shop Smart

Shop throughout the Christmas season to save money. For those last-minute holiday shopping, check around and see if you can save money by purchasing in bulk. Furthermore, look at do-it-yourself alternatives for an inexpensive, customized touch.

Plan for Events and Celebrations

Make a list in advance to save money on last-minute expenses at holiday parties, whether you’re hosting or just going. To prevent the celebration budget from getting out of hand, think about having a potluck style gathering or making some of the décor yourself.

Monitor and Adjust

Throughout the holiday season, check your expenses against your budget on a regular basis. Be sure you don’t go over your budget by making any required changes.

By following these simple steps, individuals and families can create a holiday budget that allows for meaningful celebrations without the stress of financial strain.

Opinions expressed above are the personal opinions of the author and meant for generic illustration purposes only. RCB Bank, Member FDIC.

Sources:  Barroso, A. (2022, December 19). How to build a holiday budget that works every year. NerdWallet. https://www.nerdwallet.com/article/finance/how-to-build-a-holiday-budget-that-works-every-year

Duro, P. (2023, June 29). Budgeting for Christmas: A guide to stress-free holiday spending. MoneyCoach. https://moneycoach.ai/blog/budgeting-for-christmas-a-guide-to-stress-free-holiday-spending

During the holiday season, online shopping has become an essential element of the holiday experience. Still, even though online markets are convenient, you should be careful when using them. Here are some helpful hints for having a pleasant online buying experience and avoiding scams:

Track Your Packages: Whenever you make a purchase online, make sure to get a tracking number. This not only confirms the shipping but also permits tracking throughout the whole delivery process, providing greater transparency.

Verify Buyers and Sellers: Make verifying the authenticity of the people you interact with online a top priority. Be sure to check the feedback ratings on any online marketplaces or auction platforms you use and stay away from sellers that have poor or no ratings at all.

Beware of Unusual Payment Requests: Be wary of sellers who require payment exclusively through gift cards or wire transfers. This is a red flag and you should steer clear of such dealers. Such requests can be red flags for potential scams, allowing criminals to swiftly access illicit funds.

Too Good to Be True Deals: When you come across deals that look too good to be true, you should proceed with extreme care. Con artists frequently use alluring deals to trick consumers into falling for their schemes by capitalizing on their desire for holiday discounts. Exercise caution when encountering deals that seem too good to be true.

Monitor Financial Statements: You should keep an eye on your bank and credit card statements on a regular basis, especially after making purchases online and in the weeks immediately following the holiday season. Utilize mobile apps for convenient and prompt account monitoring. Like RCB Bank’s convenient  BankAnywhere options!

Guard Personal Information: Under no circumstances should you reveal sensitive information such as your date of birth or your Social Security number to unknown parties. The protection of personal data is of the utmost importance in the fight against identity theft. Protecting personal data is paramount in preventing identity theft.

Steer Clear of Suspicious Emails and Links: Avoid downloading suspicious attachments from unwanted emails and refrain from clicking on links in those communications. There is a possibility that you are falling victim to a con that is intended to steal your identity. Always use caution and be sure the information or message you get is legitimate.

If, unfortunately, you fall prey to a holiday scam, take immediate action. Contact RCB Bank at 877.361.0814, inform local law enforcement, and file a complaint with the IC3 at ic3.gov. Vigilance and proactive measures are the keys to a secure online shopping experience this holiday season.

Terms, qualifications and fees may apply. Full details at rcbbank.bank/BankAnywhere. Opinions expressed above are the personal opinions of the author and meant for generic illustration purposes only. RCB Bank, Member FDIC.

Sources: DiNardi, G. (2023, November 7). How to avoid Black Friday & Cyber Monday Scams (2023). RSS. https://www.aura.com/learn/black-friday-cyber-monday-scams

 Leonhardt, M. (2020, November 23). 10 ways to protect yourself against scams during Black Friday and cyber-Monday. CNBC. https://www.cnbc.com/2019/11/24/ways-to-protect-against-black-friday-and-cyber-monday-scams

As the holiday season approaches, consumers gear up for the annual shopping frenzy known as Black Friday and Cyber Monday. In the midst of enticing discounts and limited time offers, it’s easy to get caught up in the excitement and overspend. To help shoppers make the most of these sales events without breaking the bank, here are some valuable tips for strategic holiday shopping.

Set a Budget and Stick to It

One of the most crucial steps in preparing for Black Friday and Cyber Monday is establishing a realistic budget. Shoppers should determine how much they can afford to spend on their holiday shopping and allocate specific amounts to different categories, such as gifts, decorations, and personal treats. By setting a budget, consumers can avoid impulse purchases and keep their spending in check.

Research Deals in Advance

To make the most of Black Friday and Cyber Monday, shoppers are encouraged to do their homework ahead of time. Researching deals and discounts in advance allows consumers to identify the best offers and prioritize their purchases. Many retailers release their sales flyers early, giving shoppers the opportunity to plan their shopping strategy and focus on the items that matter most to them.

Utilize Price Tracking Tools

In the age of technology, there are numerous online tools and apps designed to help shoppers track prices and find the best deals. Price tracking tools can notify consumers when the price drops on a specific item, ensuring they get the best possible deal. By leveraging these resources, shoppers can stay informed and make informed purchasing decisions.

Beware of Impulse Purchases

The allure of deep discounts and time-limited offers can sometimes lead to impulse purchases. Experts advise shoppers to stick to their pre-determined budget and resist the temptation to buy items on a whim. Taking a moment to consider whether a purchase is genuinely necessary can prevent regrettable spending and contribute to a more mindful shopping experience.

Consider Online Shopping Safety

As Cyber Monday is predominantly an online shopping event, it’s essential for consumers to prioritize online safety. Ensure that the websites you visit are secure, use reputable payment methods, and be cautious of phishing scams. Protecting personal and financial information is crucial when navigating the virtual realm of Cyber Monday deals. You can visit RCB Bank Security Center to stay up to date on the latest fraud/scam schemes.

Shop with a Plan

Whether venturing into crowded stores on Black Friday or browsing online deals on Cyber Monday, having a plan is key. Create a list of desired items, set priorities, and stick to the established budget. By shopping with a plan, consumers can maximize their savings and minimize stress. Black Friday and Cyber Monday present exciting opportunities to snag great deals on holiday gifts and essentials. By approaching these sales events with a strategic mindset, shoppers can navigate the hustle and bustle while avoiding the pitfalls of overspending.

Opinions expressed above are the personal opinions of the author and meant for generic illustration purposes only. RCB Bank, Member FDIC.

Sources:  Ramhold, J. (2023, September 13). How to prepare for Black Friday like a pro. dealnews. https://www.dealnews.com/features/black-friday/black-friday-strategies/

Lauren, L. (2020, October 26). How to set up your Black Friday budget and shopping plan. I Am That Lady. https://iamthatlady.com/black-friday-budget/

As the real estate market continues to evolve, prospective homebuyers are faced with various choices and decisions. One of the pivotal considerations in the homebuying process is understanding the distinction between Mortgage Pre-Approval and Pre-Qualification. To shed light on this often-confusing subject, experts weigh in to help homebuyers make informed decisions.

Mortgage pre-approval and pre-qualification are frequently used interchangeably, but they carry different implications and serve distinct purposes in the home financing journey. According to financial experts, the differences lie in how thoroughly each process is evaluated.

Mortgage Pre-Qualification

Mortgage pre-qualification is the preliminary step in the home loan process. It involves a basic assessment of an individual’s financial situation based on self-reported income, debts, and credit. Lenders use this data to provide a rough estimate of the loan amount a borrower might be eligible for. It’s a valuable starting point for those beginning their homebuying journey, offering a snapshot of their financial capacity.

Mortgage Pre-Approval

On the other hand, mortgage pre-approval is a more comprehensive and rigorous process. It requires potential homebuyers to submit detailed financial documentation, including income verification, credit history, and other relevant information. The lender then conducts a thorough analysis to determine the exact loan amount a buyer qualifies for. A pre-approval holds more weight in the eyes of sellers, as it signifies a buyer’s seriousness and financial capability. Experts emphasize the importance of obtaining a mortgage pre-approval before house hunting in today’s competitive real estate market. Pre-approval simplifies the homebuying process and gives buyers an edge in a seller’s market.

While both pre-qualification and pre-approval have their place in the home financing process, understanding the key differences empowers buyers to make informed decisions aligned with their unique circumstances. As the real estate landscape evolves, education remains a powerful tool for aspiring homeowners navigating the path to homeownership.

Schedule an appointment with an RCB Bank Mortgage representative today for more information while you search for your dream home.

Opinions expressed above are the personal opinions of the author and meant for generic illustration purposes only. Offer available for most purchases and refinances. With approved credit on RCB Bank Mortgage secondary market loans locked between October 1, 2023 and December 31, 2023. Must meet minimum loan and program underwriting requirements. Lender credit must be used toward borrower closing costs. Not redeemable for cash or down payment funds. This offer is not valid with any other RCB Bank Mortgage incentives, promotions or discounts. OHFA Bond and 5/5 ARM products are not eligible for promotional credit. This offer is subject to change or terminate without notice. Other loan terms and restrictions apply. RCB Bank is an Equal Housing Lender. NMLS #798151 and Member FDIC

Sources: Equifax. (n.d.). Difference between pre-qualified and pre-approved. https://www.equifax.com/personal/education/personal-finance/articles/-/learn/difference-between-pre-qualified-and-pre-approved/

As we conclude October’s Cybersecurity Month, it is essential to reinforce the importance of safeguarding both yourself and your financial institution, such as RCB Bank, against the ever-present threat of phone-based social engineering. This form of cybercrime preys on trust and human vulnerability, making it crucial for individuals and institutions to stay vigilant.

Here are some final tips to keep in mind:

Verify Identities: When receiving phone calls requesting sensitive information, always take the time to verify the caller’s identity. Do not be hasty in sharing personal or financial details. To ensure that you are speaking with a legitimate representative, consider calling back using official contact details that you obtained independently from trusted sources.

Educate Yourself and Others: Knowledge is a powerful weapon against social engineering. Stay informed about common tactics employed by cybercriminals who aim to deceive you over the phone. Share this knowledge with friends and family to create a network of individuals who are equally vigilant. Protecting your circle can go a long way in thwarting potential threats.

Enable Multi-Factor Authentication (MFA): One of the most effective ways to enhance the security of your personal accounts is by enabling Multi-Factor Authentication (MFA). MFA adds an extra layer of protection by requiring more than just a password for access. Whenever possible, activate MFA on your accounts to make it significantly harder for cybercriminals to breach them.

Exercise Caution Online: Be cautious about sharing personal information on social media or other online platforms. Cyber attackers often exploit the information they collect from platforms such as Facebook, Instagram, LinkedIn, and others to craft convincing schemes. Protect your personal data online to make it more challenging for malicious individuals to target you.

Report Suspicious Calls: If you ever receive a suspicious phone call related to your RCB Bank account(s), it is imperative to report it promptly to RCB Bank. You can reach us at 855.226.5722. Timely reporting of such incidents can help the bank take action to protect your accounts and investigate potential threats.

Phone-based social engineering is a persistent threat that preys on trust and human vulnerability. By understanding the tactics used by attackers and remaining vigilant, you can protect both yourself and your financial institutions. Remember that skepticism is a valuable defense, and it is essential to prioritize your security over convenience when dealing with phone calls from unknown or suspicious sources. Cybersecurity is a shared responsibility and staying informed and cautious is key to defending against these threats.

Cybersecurity is a shared responsibility. By staying informed, you can enhance your digital defenses and protect yourself from the evolving landscape of cyber threats. Remember, vigilance is your greatest asset in the battle for digital security.

If you feel or think you detect fraud or are a victim of fraud call us at 855.226.5722 or visit our website RCBBank.Bank and click on Security Center for a variety of methods to keep you and your money safe and to stay up to date.

Opinions expressed above are the personal opinions of the author and meant for generic illustration purposes only. RCB Bank, Member FDIC.

Sources: Risukhin, A. (2023, May 9). Social Engineering: What it is and how to protect yourself. ClearVPN. https://clearvpn.com/blog/what-is-social-engineering/

Our phones have evolved beyond mere communication devices, transforming into powerful tools for social engineering. Phone-based social engineering is a sophisticated threat that manipulates individuals into revealing confidential information or engaging in actions that compromise security. Recognizing the warning signs of these deceptive tactics is crucial to safeguard your personal and financial information.

Unsolicited Calls: One of the primary red flags is receiving unsolicited calls, especially from unknown numbers. These calls often involve requests for sensitive information or demands for immediate action. Scammers count on the element of surprise and pressure, making it essential to approach such calls with caution. Always verify the caller’s identity before sharing sensitive data or complying with their demands.

Urgency and Fear Tactics: Scammers are adept at creating a sense of urgency or fear, which puts their victims on the defensive. They aim to coerce individuals into making hasty decisions by inducing panic or stress. In these situations, taking a moment to pause and assess the call’s legitimacy is paramount. Legitimate organizations don’t resort to fear tactics to obtain your information.

Caller ID Spoofing: Another technique cybercriminals use is caller ID spoofing. Attackers can manipulate caller IDs to make it seem like they are calling from a trusted source, such as a bank or government agency. As such, never rely solely on caller ID information to determine the authenticity of a call. Always ask questions and verify the caller’s credentials independently.

Information Verification: Beware of callers who ask for personal or financial information over the phone, even if they claim to represent a legitimate organization. Legitimate institutions will typically offer alternative means of communication or verification. Only disclose your information over the phone if you know the caller’s identity.

Inconsistencies: Inconsistencies within the call, such as contradictory information or a caller who avoids answering direct questions, are often clear indicators of a scam. If something feels off during the conversation, trust your instincts. Cybercriminals rely on confusion and misdirection to achieve their goals.

Cybersecurity is a shared responsibility. By staying informed, you can enhance your digital defenses and protect yourself from the evolving landscape of cyber threats. Remember, vigilance is your greatest asset in the battle for digital security.

If you feel or think you detect fraud or are a victim of fraud call us at 877.361.0814 or visit our website RCBBank.Bank and click on Security Center for a variety of methods to keep you and your money safe and to stay up to date.

Opinions expressed above are the personal opinions of the author and meant for generic illustration purposes only. RCB Bank, Member FDIC.

Sources:

Delesline, N., & Carlton, G. (2022, June 2). What, exactly, is cybersecurity? and why does it matter? ZDNET. https://www.zdnet.com/education/computers-tech/what-is-cybersecurity-and-why-cybersecurity-matters/

LaPonsie, M. (2019, May 3). 10 most common phone scams to look out for – U.S. news. https://money.usnews.com/money/personal-finance/family-finance/articles/most-common-phone-scams

Slandau. (2022, March 28). 14 phishing Red Flags for 2022, CyberTalk.org phishing. CyberTalk. https://www.cybertalk.org/2022/02/28/14-phishing-red-flags-to-watch-for-in-2022/

In the digital age, deception has evolved into an artform, and phone-based social engineering has emerged as one of its most cunning creations. Deceptive tactics employed by these attackers often involve the impersonation of trusted entities or individuals to gain the trust of their unsuspecting victims. Let’s take a deeper dive into the intricate web of deception that these cybercriminals create.

Phishing Calls: Scammers are masters at deception who frequently disguise themselves as legitimate institutions such as banks or government agencies. Armed with a persuasive tone and a knack for manipulation, they call individuals with the intention of extracting sensitive information like Social Security numbers and credit card details. These calls, seemingly benign at first, can lead to disastrous consequences, with personal finances hanging in the balance. Phishing – What is it?

Vishing (Voice Phishing): Vishing is the darker, vocal sibling of phishing. Criminals employ a range of tactics in this malicious endeavor. They might deploy pre-recorded messages that demand immediate action or pose as authoritative figures like IT support or even law enforcement. The intention is to confuse individuals into revealing personal information or coercing them into transferring their hard-earned money into the pockets of these unscrupulous characters.

Pretexting: For attackers, crafting convincing backstories or pretexts is second nature. Impersonating a coworker in need of information for a supposed work-related task, these criminals exploit human empathy and trust. The victims, never suspecting the deceit, end up divulging sensitive data that can be exploited to the attacker’s advantage.

Impersonation: Some of these fraudsters take their deception to the next level, going to great lengths to mimic voices, mannerisms, and emotional tones. They may pose as a distressed family member or a colleague urgently seeking assistance. These emotionally charged calls prey on the victim’s sense of responsibility and sympathy, leading them down a treacherous path of deception.

Spear Phishing: In targeted attacks, these cybercriminals invest time in researching their victims. Armed with an extensive dossier, they craft highly personalized messages or calls. These communications reference specific events, acquaintances or people in the victim’s life, making them appear incredibly legitimate. This personalized touch elevates the deception to an entirely new level.

The world of phone-based social engineering is fraught with danger, where trust is leveraged as a weapon and deception reigns supreme. It’s imperative for individuals to remain cautious and verify the authenticity of callers before divulging any sensitive information, for the art of deception knows no bounds in the digital realm.  A Word of Caution About Fraud

Cybersecurity is a shared responsibility. By staying informed, you can enhance your digital defenses and protect yourself from the evolving landscape of cyber threats. Remember, vigilance is your greatest asset in the battle for digital security.

If you feel or think you detect fraud or are a victim of fraud call us at 877.361.0814 or visit our website RCBBank.Bank and click on Security Center for a variety of methods to keep you and your money safe and to stay up to date.

Opinions expressed above are the personal opinions of the author and meant for generic illustration purposes only. RCB Bank, Member FDIC.

Sources:

Cahill, E. (2023, July 13). Phishing, Smishing and vishing: What’s the difference? Experian. https://www.experian.com/blogs/ask-experian/phishing-smishing-vishing/

Delesline, N., & Carlton, G. (2022, June 2). What, exactly, is cybersecurity? and why does it matter? ZDNET. https://www.zdnet.com/education/computers-tech/what-is-cybersecurity-and-why-cybersecurity-matters/

Jones, C. (2022, September 22). Phishing, vishing, SMiShing, whaling and pharming: How to stop social engineering attacks. Expert Insights. https://expertinsights.com/insights/phishing-vishing-smishing-whaling-and-pharming-how-to-stop-social-engineering-attacks/

In today’s digital age, the term “cybersecurity” has become synonymous with safeguarding our digital lives. It’s the shield that guards our critical systems and sensitive information from the relentless onslaught of digital threats. Cybersecurity is the practice of protecting critical systems and sensitive information from digital attacks. These attacks can take many forms, ranging from identity theft to sophisticated scams. Understanding these threats is the first step in fortifying your digital fortress.

One of the most horrendous forms of cyberattacks is identity theft. This occurs when someone wrongfully obtains and uses your personal information, often for financial gain. Criminals may make unauthorized credit card transactions, apply for loans in your name and social security number or commit other fraudulent activities. To shield yourself from these threats, consider the following precautions:

• Be vigilant: Never share personal information with unknown callers, texters, or email Verify the legitimacy of any organization before disclosing sensitive data.
• Strong passwords: Avoid easily guessable passwords, such as family names or pet names. Opt for complex combinations of letters, numbers, and symbols. Refrain from writing down or storing passwords electronically, as lost devices could compromise your security.
• Social media caution: Beware of oversharing on social media, as personal information gleaned from your profiles can be used against you. Visit: Online Quizzes
• Regular credit checks: Obtain your free annual credit report to ensure its accuracy and detect any suspicious activities early.

Scams come in various disguises, from romance and gift card scams to fake home repair offers and even imposters posing as trusted institutions like your bank. Here’s how you can avoid falling prey to scams:

• Verify charitable events: When approached with requests for donations or assistance related to disasters, always seek more information and ensure the legitimacy of the cause.
• If it sounds too good to be true: Apply the age-old adage. If an offer seems suspiciously generous or unrealistic, it probably is.
• Beware of contingencies: Never accept funds or sweepstakes winnings that require you to send money back. Legitimate winnings and gifts do not come with such conditions.

Cybersecurity is a shared responsibility. By staying informed and following these guidelines, you can enhance your digital defenses and protect yourself from the evolving landscape of cyber threats. Remember, vigilance is your greatest asset in the battle for digital security.

Visit our Security Center for a variety of methods to keep you and your money safe and to stay up to date.

Opinions expressed above are the personal opinions of the author and meant for generic illustration purposes only. RCB Bank, Member FDIC.

Sources: Delesline, N., & Carlton, G. (2022, June 2). What, exactly, is cybersecurity? and why does it matter?. ZDNET. https://www.zdnet.com/education/computers-tech/what-is-cybersecurity-and-why-cybersecurity-matters/

In today’s consumer-driven society, it’s easy to fall into the trap of mindless spending. We often find ourselves tempted by the latest gadgets, trendy clothes and indulgent treats. It’s crucial to recognize the importance of financial fitness and the impact it can have on your budgets. One simple yet powerful technique to regain control of your finances is to incorporate a weekly “no-spend day” into your routine. Listed below are some benefits of this practice and creative ways to make the most of your no-spend days.

Concept

A no-spend day is exactly what it sounds like – a day where you avoid any unnecessary expenses. It’s an opportunity to hit the pause button on impulsive buying habits and reassess financial priorities. By setting aside one day each week for this purpose, we develop mindfulness around spending patterns and establish healthier financial habits.

Benefits

Saving Money: No-spend days provide a golden opportunity to save money. By eliminating even a day’s worth of expenses, you can significantly boost your savings over time. The money saved can be allocated towards emergency funds, paying off debts or pursuing long-term financial goals.

Developing Mindful Consumption: Engaging in no-spend days forces us to evaluate wants versus needs. By consciously choosing not to spend, we become more aware of our spending triggers and gain a clearer understanding of what truly matters. This newfound mindfulness carries over to regular spending habits, helping us make wiser financial decisions.

Cultivating Creativity: Instead of relying on money to entertain us, discover alternative ways to have fun and enjoy life. This might involve exploring nature, engaging in hobbies, organizing game nights with friends or having a cozy movie marathon at home. The possibilities are endless, limited only by our imagination.

Making the Most

Plan Ahead: To maximize the benefits of no-spend days, plan your activities in advance. Take a few moments at the start of each week to brainstorm free or low-cost options for entertainment, relaxation and personal development. By having a plan, you’ll be less likely to give in to impulsive spending temptations.

Embrace Frugal Cooking: No-spend days provide an excellent opportunity to experiment with frugal cooking. Take stock of the ingredients already in your pantry and challenge yourself to create delicious meals from scratch. Not only will this save you money, but it can also improve your culinary skills.

Engage in Self-Care:  Self-care doesn’t have to come with a hefty price tag. Use no-spend days to prioritize self-care activities that don’t require spending money. Whether it’s practicing meditation, taking a relaxing bath, reading a book or exploring a new hobby, dedicate time to yourself for personal well-being.

Connect with Others: No-spend days are an excellent opportunity to strengthen relationships without spending money. Plan a picnic in the park with friends, host a game night at home or organize a potluck dinner. Focus on shared experiences rather than material possessions, deepen your connections and create lasting memories.

Incorporating a no-spend day each week is a powerful tool to enhance your financial fitness. Embrace the challenge of finding joy and fulfillment without relying on material possessions. Financial freedom is not about depriving yourself but rather about aligning your spending with your values and long-term goals. Implement no-spend days and embark on a journey towards a healthier and more financially fit future.

Opinions expressed above are the personal opinions of the author and meant for generic illustration purposes only. RCB Bank, Member FDIC.

Sources: Dow, N. (2023, January 3). It’s time to cut yourself off: Here’s how to do a no-spend challenge. The Penny Hoarder. https://www.thepennyhoarder.com/save-money/no-spend-challenge/

Larsen, K. (2021, January 3). Tips for a no spend day or week or month. Believe In A Budget. https://believeinabudget.com/5-tips-for-a-no-spend-day-or-week-or-month/

Creating a strong password is crucial in today’s digital age to protect our personal and sensitive information. Hackers and cybercriminals are constantly evolving their techniques to crack passwords and gain unauthorized access to our accounts. A strong password acts as a barrier, making it significantly harder for them to succeed. It helps safeguard our online identities, financial data, and confidential information from being compromised. A strong password should be unique, complex, and difficult to guess. By investing time and effort into creating strong passwords, we can significantly reduce the risk of falling victim to identity theft, fraud, and other cybercrimes.

Creating a strong password is worth the effort

1. Use a combination of uppercase and lowercase letters: Start by choosing a password that includes a mix of uppercase and lowercase letters. This helps to increase the complexity of the password and makes it harder for hackers to guess.
2. Include numbers and special characters: To further strengthen your password, incorporate numbers and special characters such as: !, @, #, $, etc. This adds an extra layer of complexity and makes it more difficult for attackers to crack your password.
3. Avoid using common words or phrases: Avoid using common words or phrases that can be easily guessed. Hackers often use dictionary-based attacks to crack passwords, so it’s important to choose unique and uncommon combinations of words.
4. Make it long: The longer your password, the more secure it becomes. Aim for a minimum of 12 characters, but ideally, go for even longer passwords. Longer passwords are harder to crack, as they increase the number of possible combinations.
5. Use a password manager: Consider using a password manager to generate and store your passwords securely. Password managers can create strong, unique passwords for each of your accounts and store them in an encrypted vault. This way, you only need to remember one master password to access all your other passwords.

For more information on fraud and scams please visit our Security Center to stay up to date.

Opinions expressed above are the personal opinions of the author and meant for generic illustration purposes only. RCB Bank, Member FDIC.

Sources: GCF Global. (n.d.). Internet safety: Creating strong passwords. GCFGlobal.org. https://edu.gcfglobal.org/en/internetsafety/creating-strong-passwords/1/#

The phone has become more than just a communication tool; it has become a powerful instrument for social engineering. Social engineering via phone involves manipulating individuals into revealing confidential information or performing actions that compromise their security.

The Art of Deception

Phone-based social engineering relies heavily on deception. Attackers often impersonate trusted entities or individuals to gain their target’s trust. Here are some common tactics they employ:

Phishing Calls: Scammers often pose as legitimate organizations, such as banks or government agencies, and call individuals to extract sensitive information like Social Security numbers or credit card details.

Vishing (Voice Phishing): Vishing involves manipulating victims through voice calls. Criminals may use pre-recorded messages or impersonate authority figures, like IT support or law enforcement, to trick individuals into revealing personal information or transferring money.

Pretexting: Attackers create convincing backstories or pretexts to manipulate victims into disclosing information. For instance, they might pose as a coworker seeking information for a work-related task.

Impersonation: Some attackers go to great lengths to mimic the voices and mannerisms of others. They may impersonate a family member in distress or a colleague in urgent need of assistance.

Spear Phishing: In targeted attacks, criminals research their victims to craft personalized messages or calls. These calls may reference specific events or people in the victim’s life, making them appear more legitimate.

Recognizing the Red Flags

Protecting yourself from phone-based social engineering begins with recognizing the warning signs:

Unsolicited Calls: Be cautious of calls from unknown numbers, especially if they request sensitive information or demand immediate action.

Urgency and Fear Tactics: Scammers often create a sense of urgency or fear to pressure victims into complying. Always take a moment to verify the caller’s identity.

Caller ID Spoofing: Attackers can manipulate caller IDs to appear as if they are calling from a trusted source. Never rely solely on caller ID information.

Information Verification: Be wary of callers who ask for personal or financial information over the phone, even if they claim to represent a legitimate organization.

Inconsistencies: If something about the call feels off, such as inconsistent information or a caller who avoids answering questions directly, it may be a red flag.

Protecting Yourself and The Bank

To safeguard against phone-based social engineering:

Verify Identities: Always verify the caller’s identity before sharing sensitive information.  Call back using official contact details obtained independently to ensure you’re speaking with a legitimate person.

Educate Yourself: Stay informed about common social engineering tactics and be vigilant. Share this knowledge with friends and family to protect them as well.

Enable Multi-Factor Authentication (MFA): Whenever possible, enable MFA on your personal accounts to add an extra layer of security.

Use Caution Online: Be cautious about sharing personal information on social media or other online platforms, as attackers may use this information against you.  Be aware that attackers utilize information they gather from FaceBook, Instagram, LinkedIn, and other social media platforms.

Report Suspicious Calls: If you receive a suspicious call for your RCB Bank account(s), report it to RCB Bank’s Fraud Department immediately. (1)877.361.0814

Phone-based social engineering is a potent threat that preys on trust and human vulnerability.  By understanding the tactics used by attackers and remaining vigilant, you can protect yourself. Remember that skepticism is a valuable defense, and always prioritize your security over convenience when dealing with phone calls from unknown sources.

For more information on fraud and scams please visit our Security Center to stay up to date.

Opinions expressed above are the personal opinions of the author and meant for generic illustration purposes only. RCB Bank, Member FDIC.

Sources: Risukhin, A. (2023, May 9). Social Engineering: What it is and how to protect yourself. ClearVPN. https://clearvpn.com/blog/what-is-social-engineering/

Refinancing your mortgage can be a tempting option for homeowners looking to lower their monthly payments or take advantage of lower interest rates. However, like any financial decision, there are pros and cons to consider before making the leap.

One of the biggest advantages of refinancing your mortgage is the potential to save money. If you can secure a lower interest rate than what you currently have, you could significantly reduce your monthly mortgage payments. This can free up extra cash that can be used for other expenses or savings. Additionally, refinancing can also allow you to switch from an adjustable-rate mortgage to a fixed-rate mortgage, providing stability and predictability in your monthly payments.

Another benefit of refinancing is the opportunity to tap into your home’s equity. If you’ve built up equity over time, refinancing can allow you to access that money for home improvements, debt consolidation, or other financial needs. This can be especially useful if you have high-interest debt that you want to consolidate into a lower-interest mortgage.

On the flip side, there are also some drawbacks to consider when refinancing your mortgage. One of the main cons is the cost associated with refinancing. Closing costs, appraisal fees, and other expenses can add up, making refinancing a costly endeavor. It’s important to carefully calculate whether the potential savings outweigh the upfront costs.

Another potential downside is the extended loan term that often comes with refinancing. While this can lower your monthly payments, it also means that you’ll be paying off your mortgage for a longer period of time. This can result in paying more interest over the life of the loan, even if you secure a lower interest rate.

Lastly, refinancing may not be an option for everyone. Lenders typically require a certain credit score and income level to qualify for refinancing. If your financial situation has changed since you initially obtained your mortgage, you may not meet the necessary criteria to refinance.

To summarize, refinancing your mortgage can offer significant benefits such as lower monthly payments, access to home equity, and financial flexibility. However, it’s important to carefully weigh the potential savings against the upfront costs and extended loan terms. Additionally, not everyone may qualify for refinancing, so it’s crucial to assess your financial situation and consult with a mortgage professional before making a decision.

Sources:

Campisi, N. (2022, June 24). Should I refinance my mortgage?. Forbes. https://www.forbes.com/advisor/mortgages/refinance/when-should-you-refinance-a-home/

Brown, J. (2021, June 8). Scanning…… Fox Business. https://www.foxbusiness.com/money/why-refinance-your-mortgage-pros-and-cons

Opinions expressed above are the personal opinions of the author and meant for generic illustration purposes only. With approved credit. For specific questions regarding your personal lending needs, please call RCB Bank at 855-BANK-RCB. Some restrictions apply. RCB Bank is an Equal Housing Lender, NMLS #798151 and Member FDIC.

In today’s digital age, technology has become an integral part of our lives, revolutionizing the way we work, communicate and even manage our finances. From mobile banking apps to budgeting tools and investment platforms, technology offers a plethora of opportunities to enhance our financial well-being.

Embrace Mobile Banking

Gone are the days of standing in long queues at the bank. RCB Bank mobile banking has made it incredibly convenient to manage your finances on the go. With just a few taps on your smartphone, you can check your account balance, transfer funds (RCB Bank’s OneWayPay, Bank to Bank Transfers), pay bills and even deposit checks. It not only saves time but also allows you to keep a close eye on your transactions, ensuring better financial control and security.

Harness the Power of Budgeting Apps

Budgeting is a crucial aspect of financial fitness and technology has made it easier than ever. Along with RCB Bank’s myCardswap, and other numerous budgeting apps, such as Mint and YNAB (You Need a Budget), are available to help you track your expenses, set savings goals, and monitor your progress. These apps provide visual representations of your spending habits, offer personalized insights, and send alerts to help you stay within your budget. By using these tools, you can make smarter financial decisions and achieve your financial goals faster.

Automate Your Savings

Saving money consistently can be challenging, especially when it requires manual effort. However, technology has introduced automated savings tools that make the process effortless. Automatic transfers to savings with RCB Bank’s myClickSwitch as well as apps such as Mint and YNAB analyze your spending patterns. By leveraging this technology, you can effortlessly build an emergency fund, build investment and save for long-term goals without even realizing it.

Explore Investment Platforms

Investing was once considered a complex and intimidating task, but technology has democratized the investment landscape. Online investment platforms offer easy access to various investment options, including stocks, bonds, mutual funds, and exchange-traded funds (ETFs). With user-friendly interfaces, educational resources, and automated portfolio management, these platforms have made investing more accessible and transparent, empowering individuals to grow their wealth.

Leverage Online Marketplaces

If you have unused items lying around, technology has made it effortless to declutter and make some extra money. Online marketplaces such as eBay, Amazon, and Facebook Marketplace provide platforms for selling used goods. You can easily create listings, reach a wide audience, and receive payments securely. By selling items you no longer need, you not only declutter your living space but also generate additional income.

Utilize Comparison Websites

Whether you’re looking for insurance or credit cards technology has simplified the process of comparing various financial products and services.

In an era defined by technological advancements, it is crucial to embrace the tools and platforms available to enhance our financial fitness. By leveraging mobile banking, budgeting apps, automated savings tools, investment platforms, online marketplaces and comparison websites, we can optimize our financial management, save time, increase our savings and make smarter financial decisions. However, it’s important to remember that while technology can be a powerful ally in achieving financial fitness, it should be used responsibly. Stay vigilant about online security, keep your personal information secure, always research and verify the credibility of the apps and platforms you choose to use.

Dive in and harness the power of technology to gain better control over your finances. By doing so, you’ll be well on your way to achieving your financial goals and securing a brighter future.

Opinions expressed above are the personal opinions of the author and meant for generic illustration purposes only. RCB Bank, Member FDIC.

Sources:

FinanceBuzz. (2023, May 4). Best budgeting apps [2023]. FinanceBuzz. https://financebuzz.com/budgeting-apps

Sabatier, G. (2023, January 2). Ynab vs. Mint: Which budgeting app should you use?. Millennial Money. https://millennialmoney.com/ynab-vs-mint/

Scheithe, E. (2020, May 5). Online and mobile banking tips for Beginners. Consumer Financial Protection Bureau. https://www.consumerfinance.gov/about-us/blog/online-mobile-banking-tips-beginners/

Tepper, T. (2023, July 5). 5 best investment apps of July 2023. Forbes. https://www.forbes.com/advisor/investing/best-investment-apps/

In the journey toward financial fitness, it’s important to recognize that everyone makes mistakes. We’ve all had our share of financial ups and downs, and dwelling on past financial problems can hinder our progress. The key to achieving true financial well-being lies in embracing a ‘forgive and forget’ mindset. By learning from our past mistakes and letting go of any lingering guilt or regret, we open the door to a brighter future. In this article, we explore the transformative power of ‘forgive and forget’ when it comes to our personal finances.

Embrace Forgiveness

Forgiving yourself for past financial missteps is crucial for your mental and emotional well-being. Self-sabotaging thoughts about your financial past will prevent you from moving forward. Accept that mistakes happen and understand that they are opportunities for growth. Embrace the mindset that forgiveness is not about excusing your actions but about releasing yourself from the burdens of guilt and shame.

Remember that you are not alone in experiencing financial challenges. Many successful individuals have faced similar struggles and managed to bounce back. Oprah Winfrey, one of the world’s most influential women, encountered numerous financial setbacks in her early career but persevered and achieved remarkable success. Learn from these stories and realize that forgiveness paves the way for a fresh start.

Learn from Your Mistakes

While it’s important to forgive, learning from your past financial mistakes is equally crucial. Take the time to reflect on what went wrong and identify the factors that contributed to your financial difficulties. By understanding the root causes, you can develop strategies to avoid repeating those same mistakes in the future.

Consider seeking financial education and guidance to enhance your knowledge and skills. Learn about budgeting, investing and other essential financial concepts. The more you educate yourself, the better equipped you’ll be to make informed decisions and mitigate future financial risks.

Letting Go of Regret

Forgiving yourself also means letting go of regret. Regretting past financial decisions only consumes your energy and prevents you from moving forward. Instead, focus on the present moment and the steps you can take to improve your financial situation. Create a realistic plan to address your current financial goals and commit to it with determination and discipline.

Developing a positive mindset is essential in your financial journey. Surround yourself with supportive individuals who believe in your ability to achieve financial success. Engage in activities that bring you joy and reinforce your sense of self-worth. By cultivating a positive outlook, you’ll be better equipped to face future challenges and make sound financial choices.

Create a Fresh Financial Narrative

Forgiveness and forgetting your past financial problems allow you to create a fresh narrative for yourself. Rather than defining yourself by past mistakes, focus on the future and the potential for growth and success. Visualize your desired financial future, set clear goals and take actionable steps to achieve them.

Remember that building financial fitness takes time. Stay committed and celebrate each small victory along the way. By cultivating resilience and determination, you’ll be well on your way to financial well-being.

In the quest for financial fitness, forgiving yourself and forgetting your past financial problems are essential steps toward creating a brighter future. Embrace forgiveness, learn from your mistakes and let go of regret. By doing so, you will develop a positive mindset and create a new narrative that focuses on growth, resilience and success. Remember, your past does not define you. Your ability to forgive and move forward will shape your financial well-being and lead you toward a prosperous future.

Opinions expressed above are the personal opinions of the author and meant for generic illustration purposes only. RCB Bank, Member FDIC.

Sources:

Hanke, S. (2018, August 14). Council post: Three steps to overcoming resistance. Forbes. https://www.forbes.com/sites/forbescoachescouncil/2018/08/14/three-steps-to-overcoming-resistance/?sh=3b729b535eae

McIntosh, D. (2020, July 8). Oprah’s financial advice for building a fortune | moneywise. https://moneywise.com/managing-money/how-to-earn-money/what-oprah-can-teach-you-about-money

Marter, J. (2022, September 5). 5 strategies to overcome financial self-sabotage. Psychology Today. https://www.psychologytoday.com/us/blog/mental-wealth/202209/5-strategies-overcome-financial-self-sabotage

Osmond, S. (2017, October 26). The secret of the setback. LinkedIn. https://www.linkedin.com/pulse/secret-setback-sophia-osmond-1

Elder financial abuse is a growing concern that affects our society’s most vulnerable members. These crimes can devastate older adults’ financial well-being and emotional stability, leading to long-lasting consequences. While elder financial abuse is a year-round issue, recent data and trends indicate a concerning surge in incidents during the month of June.

Understanding Elder Financial Abuse

Elder financial abuse involves the unauthorized or illegal use of an elderly person’s funds, assets, or property. This form of abuse can take various forms, such as scams, identity theft, coercion or even misappropriation of funds by trusted individuals, including family members or caregivers. The toughest financial abuse happens within families and can be an alarming distressing situation. In such cases, family members, who are expected to provide care and support, instead exploit their position of trust to manipulate and control the elderly person’s finances for their own gain. It often goes unnoticed and unreported, as family members and the victim may feel ashamed, embarrassed or fearful of retaliation.

The Surge in June

While elder financial abuse occurs throughout the year, studies have revealed a notable increase in incidents during the month of June. Several factors contribute to this concerning trend:

1. Loneliness and Isolation: Many older adults experience increased feelings of loneliness during June, particularly if they have limited social connections or have lost loved ones. Scammers and abusers prey on these vulnerabilities, seeking to exploit the emotional state of isolated seniors.
2. Seasonal Scams: The arrival of summer, particularly the month of June, brings with it a surge in seasonal scams targeting seniors. These scams may involve fraudulent vacation offers, home improvement scams or even fraudulent charities soliciting donations.
3. Financial Events: June marks several significant financial events for older adults, such as the receipt of Social Security or pension payments, tax refunds or dividends from investments. These events provide opportunities for abusers to gain unauthorized access to funds or manipulate financial transactions.

Preventing and Combating June Elder Financial Abuse

Protecting our elders from financial exploitation requires a concerted effort from individuals, communities and authorities. Here are some crucial steps that can be taken to prevent and combat June elder financial abuse:

1. Education and Awareness: Raising awareness about the prevalence and tactics of elder financial abuse is essential. Elderly individuals and their families should be educated about common scams, warning signs and precautionary measures to ensure their financial well-being.
2. Communication and Support: Regular communication with older adults can help detect any signs of financial abuse. Family members, friends and neighbors should maintain open lines of communication and provide a support system to ensure the well-being of older adults.
3. Legal Protections: Governments and legislative bodies should enact and enforce robust legal protections for older adults, including stricter regulations for financial institutions and caregivers. Reporting mechanisms should be streamlined and accessible, making it easier for victims to report incidents of financial abuse.
4. Financial Literacy: Providing older adults with financial literacy programs can empower them to make informed decisions, recognize potential scams and manage their finances more effectively. Workshops, seminars and online resources should be made available to support their financial well-being.
5. Enhanced Security Measures: Financial institutions and service providers should implement enhanced security measures, such as multi-factor authentication and fraud alerts, to protect elderly customers from financial exploitation. Regular reviews of accounts and transactions can help identify suspicious activities promptly.

June elder financial abuse is a distressing phenomenon that demands our attention and action. As society ages, it is crucial that we take concrete steps to protect our elderly population from financial exploitation. By raising awareness, promoting education and implementing robust safeguards, we can create a safer environment for older adults, ensuring their financial security and preserving their dignity. Together, we can combat June elder financial abuse and safeguard the well-being of our cherished elders.

For more information on fraud and scams please visit our Security Center to stay up to date.

Sources:

CFPB. (n.d.). Reporting of suspected elder financial exploitation by financial institutions: An update to the 2016 advisory and recommendations. Consumer Financial Protection Bureau. https://www.consumerfinance.gov/data-research/research-reports/reporting-suspected-elder-financial-exploitation-financial-institutions-update-2016-advisory-and-recommendations/

Keene, V. (2023, March 6). Understanding and reporting elder fraud, abuse and financial scams. www.nolo.com. https://www.nolo.com/legal-encyclopedia/elder-abuse-financial-scams-against-29822.html

NCEA. (2023). World elder abuse awareness day. NCEA. https://ncea.acl.gov/WEAAD.aspx

NCO. (2021, February 23). The National Council on Aging. https://ncoa.org/article/get-the-facts-on-elder-abuse

Department of Housing and Urban Development (HUD) will be implementing a reduction in the Upfront and Annual Loan Guarantee Fees under the Section 184 Indian Home Loan Guarantee Program. Published in the Federal Register Notice (88 FR 28598) on May 4, 2023, effective on July 1, 2023.

Fee Reduction Details

The reduction in the Upfront Loan Guarantee Fee decreased from 1.50 to 1.00 percent, and the Annual Loan Guarantee Fee from 0.25 to 0.00 percent.

Guidelines for the fee reduction:

1. Loans without Firm Commitments as of July 1, 2023: Lenders must apply the reduced loan guarantee fees to all Firm Commitments issued on or after July 1, 2023.
2. Loans with existing Firm Commitments and a closing date scheduled for on or after July 1, 2023: If a Firm Commitment was issued before July 1, 2023, and the loan is scheduled to close on or after that date, lenders must request an updated Firm Commitment reflecting the reduced loan guarantee fees before the closing. Failure to do so will require lenders to refund the difference to the borrower.
   • Upfront Loan Guarantee Fees paid in cash at closing: Lenders must reimburse the difference between the 1.50% fee and the 1.00% fee through a cash reimbursement.
   • Upfront Loan Guarantee Fees financed at closing: Lenders must reimburse the difference between the borrow-financed charge at 1.50% and the revised rate of 1.00% by applying the refund to the outstanding principal balance. The new fee structure requires lenders to amend the Note and amortization schedule or reclose the transaction.
   • Annual Loan Guarantee Fees paid by the borrower: Lenders must refund any payments obtained from the borrower in cash and stop collecting them. Post-closing refund payments, whether cash or applied to the unpaid principal balance, must be made within 90 days. Lenders must record refunds in the borrowers’ loan files.
3. Loans closed prior to July 1, 2023: The fee reduction is not retroactive and will not apply to any loans closed before July 1, 2023.

Section 184 Indian Home Loan Guarantee Program, established under the Housing and Community Development Act of 1992, allows HUD to establish certain loan guarantee fees, and includes the Upfront Loan Guarantee Fee and an Annual Loan Guarantee Fee. The Upfront Loan Guarantee Fee is a percentage of the loan’s principal obligation, and the Annual Loan Guarantee Fee is a percentage of the remaining guaranteed balance.

Source: Section 184 Indian Home Loan Guarantee Program | HUD.gov / U.S. Department of Housing and Urban Development (HUD)

2023-09479.pdf (govinfo.gov)

Opinions expressed above are the personal opinions of the author and meant for generic illustration purposes only. With approved credit. For specific questions regarding your personal lending needs, please call RCB Bank at 855-BANK-RCB. Some restrictions apply. RCB Bank is an Equal Housing Lender and member FDIC. RCB Bank NMLS #798151.

Maintaining a balanced account is crucial for financial stability and peace of mind. For customers who utilize overdraft protection and primarily rely on debit card transactions, reconciling your account balance becomes even more essential. This article aims to guide you through the process of reconciling your account balance effectively, providing useful tips and insights along the way. Whether you use a checkbook or online banking, these strategies will help you regain control over your finances.

Understanding the Basics:

Account reconciliation involves comparing your records of financial transactions with the bank’s records to ensure they match. This process allows you to identify any discrepancies and take appropriate action. While traditional checkbooks are less common nowadays, the principles of reconciliation apply regardless of the transaction method.

Online Banking: Pending vs. Posted Transactions

In today’s digital era, online banking has become increasingly popular. When reconciling your account balance through online banking, it is essential to understand the distinction between pending and posted transactions.

Pending transactions:

These are transactions that have been authorized but have not yet been deducted from your account balance. They include recent purchases, transfers, or any other financial activity that is awaiting final processing by the merchant or financial institution. Pending transactions may take some time to be posted, and the amount may change or even be canceled before final processing.

Posted transactions:

These are transactions that have been completed and officially deducted from your account balance. Once a pending transaction is processed and finalized, it becomes posted. Reviewing pending and posted transactions during the reconciliation process is important to ensure accuracy.

Steps to Reconcile Your Account Balance:

1. Review your records: Gather all receipts, statements, and transaction records, whether physical or digital. This includes records of purchases, ATM withdrawals, online transfers, and any other financial activities.
2. Access your online banking: Login to your online banking platform to view your account details. Take note of the current balance, pending transactions, and posted transactions.
3. Compare transactions: Start comparing the transactions on your records with the transactions displayed in your online banking. Focus on posted transactions, as these have already affected your account balance.
4. Identify discrepancies: Look for any inconsistencies or discrepancies between your records and the bank’s records. Common discrepancies may include missing transactions, incorrect amounts, or duplicate entries. Be meticulous during this step, as even minor errors can lead to larger problems down the line.
5. Investigate pending transactions: Pay attention to any pending transactions and ensure they match your records. Be aware that the final amounts may differ from the pending amounts once they are posted. Contact your bank for clarification if you notice any discrepancies or unfamiliar transactions.
6. Update your records: Make the necessary adjustments to your records based on the information provided by your bank. If you find any errors, notify your bank immediately to rectify the situation promptly.
7. Establish a routine: Regularly reconcile your account to prevent any potential problems from escalating. Set aside a specific time each week or month to review your transactions and ensure they align with your records.

Reconciling your account balance is vital to maintaining financial stability, particularly for customers utilizing overdraft protection and primarily using debit cards. By following the steps outlined in this guide, you can take control of your finances and avoid unnecessary fees or complications. Whether you prefer using checkbooks or online banking, understanding the distinction between pending and posted transactions and reviewing your records diligently will help you maintain an accurate account balance. Stay vigilant and make account reconciliation a regular part of your financial routine for long-term financial well-being.

Opinions expressed above are the personal opinions of the author and meant for generic illustration purposes only. RCB Bank, Member FDIC.

Sources:

Bichachi, R. (2022, August 28). Bank reconciliations defined: A definitive guide. Oracle NetSuite. https://www.netsuite.com/portal/resource/articles/accounting/bank-reconciliation.shtml

Birken, E. G. (2022, August 18). How to balance a Checkbook. Forbes. https://www.forbes.com/advisor/banking/checking/how-to-balance-a-checkbook/

It’s easy to get caught up in day-to-day affairs and inadvertently let important dates creep up on you. One critical date to keep aware of is the annual tax filing deadline – which is different this year from the typical due date.

According to the Internal Revenue Service (IRS), the filing deadline to submit 2022 tax returns or an extension to file and pay tax owed is Tuesday, April 18, 2023, for most taxpayers. By law, holidays in Washington, D.C. impact tax deadlines for everyone in the same way as federal holidays. The due date is April 18, instead of April 15, because of the weekend and the District of Columbia’s Emancipation Day holiday, which falls on Monday, April 17.

Taxpayers requesting an extension will have until Monday, October 16, 2023, to file.

The IRS has recommendations to keep in mind during tax season at its website (IRS.gov), including tips on what information you should have ready before filing. The IRS says it anticipates most taxpayers will receive their refund within 21 days of when they file electronically if they choose direct deposit and there are no issues with their tax return.

Source:

https://www.irs.gov/newsroom/irs-sets-january-23-as-official-start-to-2023-tax-filing-season-more-help-available-for-taxpayers-this-year

By now, most people are aware of identity theft, and the importance of keeping your personal information away from those who intend to do harm with it. Many people might even know someone who has been the victim of identity theft, and the ordeal that came with it.

But what should you do if you discover your identity has been compromised? Or, what if you’re not sure, but think someone has gained access to your personal information? Acting quickly is key to avoiding damage to your credit status and avoiding your own personal nightmare.

Fortunately, there are options to help you in the event this happens. You can report identity (ID) theft to the Federal Trade Commission (FTC) online at IdentityTheft.gov or by phone at 1-877-438-4338.

The FTC says that if you report online, you will receive an ID theft report, which will help you prove to businesses that someone stole your identity. You will also get a recovery plan to assist you in fixing problems brought on by identity theft.

The Consumer Financial Protection Bureau (CFPB) says you can place a fraud alert or security freeze on your credit report by contacting the nationwide credit reporting companies: Equifax, Experian and TransUnion. The CFPB adds that when you place a fraud alert at one of those companies, it must notify the others.

Avoiding identity theft in the first place is obviously the goal, and something everyone needs to take seriously. However, if you do find yourself a victim, keep in mind that there are procedures in place to help you.

For more detailed information on how to report identity theft, visit the links below.

Opinions expressed above are the personal opinions of the author and meant for generic illustration purposes only. RCB Bank, Member FDIC.

Sources:

https://www.usa.gov/identity-theft

https://www.consumerfinance.gov/ask-cfpb/what-do-i-do-if-i-think-i-have-been-a-victim-of-identity-theft-en-31/

A lot goes into the decision to buy a house, and so does the decision to take out a mortgage to pay for that home. Having a good understanding of what all your mortgage entails will take some of the mystery out of the process.

There are various costs associated with a mortgage, including:

• Interest rate
• Points (Or discount points; With these you pay more upfront, but receive a lower interest rate and end up paying less over time)
• Fees
• Other charges

There is a cost you will pay each year to borrow the money for your home. According to the Consumer Financial Protection Bureau, that is the interest rate, which is expressed as a percentage. The interest rate only reflects the cost of borrowing the money for your home.

An annual percentage rate (APR) reflects your interest rate, but also includes any points, mortgage broker fees and other charges involved in the cost of the loan. Therefore, your APR is usually higher than your interest rate.

The CFPB advises caution when comparing loan options, and to be sure you understand differences between the terms being offered. As just one example, the APR of a closed-end loan includes fees, but the APR of a home equity line of credit does not.

Opinions expressed above are the personal opinions of the author and meant for generic illustration purposes only. With approved credit. For specific questions regarding your personal lending needs, please call RCB Bank at 855-BANK-RCB. Some restrictions apply. RCB Bank is an Equal Housing Lender and member FDIC. RCB Bank NMLS #798151.

Source:

https://www.consumerfinance.gov/ask-cfpb/what-is-the-difference-between-a-mortgage-interest-rate-and-an-apr-en-135/

Having an emergency savings fund is considered an essential part of your overall financial wellbeing. But what exactly constitutes an emergency, and when should you use it?

Emergency savings funds are designed to pay for unexpected expenses, or to cover the bills if you have a loss of income. While you can’t control when something unexpected happens, you can control being prepared for the unexpected.

The most common reasons to dip into your emergency savings funds are salary reduction (to help bridge the gap); medical bills; unexpected repairs, such as vehicle or air conditioning/heating units; or replacing appliances.

And because everyone’s definition of an emergency differs, it might be easier to say what you shouldn’t spend your emergency savings fund on. Remember, these funds are designed for emergencies, so dipping into it to help pay for nonessential items like a vacation or concert tickets or other entertainment expenses should not happen.

A good baseline is this: Do you need the item to survive? If you don’t, you definitely should shy away from using the emergency savings fund for the purchase.

Having a reserve fund for financial emergencies can help you avoid relying on other forms of credit or loans that can turn into debt, the Consumer Financial Protection Bureau states. If you use a credit card or take out a loan to pay for these expenses, your one-time emergency expense may grow significantly larger than your original bill because of interest and fees.

The CFPB also says don’t be afraid to use it if you need it, and if you spend down what’s in your emergency savings fund, just work to build it up again.

Practicing your savings skills over time will make this easier.

Opinions expressed above are the personal opinions of the author and meant for generic illustration purposes only. RCB Bank, Member FDIC.

Sources:

https://www.consumerfinance.gov/an-essential-guide-to-building-an-emergency-fund/

https://www.federalreserve.gov/publications/2022-economic-well-being-of-us-households-in-2021-executive-summary.htm

Online quizzes sure seem like innocent fun. But before you take that next personality test, quick survey or “find out what type of BLANK you are” quiz, ask yourself: Do I know who’s gathering this information about me – and what do they plan to do with it?

The more information you share on these quizzes, the more you risk that information being misused, the Federal Trade Commission stated earlier this month.

A lot of the times, these quizzes and/or surveys will ask questions similar to the questions that are asked on online account security. Scammers can post a seemingly innocent quiz, then use your quiz answers to try and reset your online accounts, letting them steal your bank and other account information, the FTC warns.

One major way to protect your personal information — in addition to maintaining strong passwords and using multi-factor authentication — is to steer clear of online quizzes … or just don’t answer them truthfully, the FTC advises.

Another type of online quiz to be on the lookout for are quizzes that offer prizes for completion.

These quizzes may look official, giving gift cards as prizes to some of your favorite online establishments. And once you finish the quiz, you’ll be sent to a page where you are to enter your personal information so that the scammers can send you or award you your prize.

Once they have your personal information, coupled with some of the answers that were provided on the quiz, scammers can wreak havoc before you even know what happened.

If you suspect that an online quiz is a phishing scam, tell a friend. Then, report it to the FTC at ReportFraud.ftc.gov.

Opinions expressed above are the personal opinions of the author and meant for generic illustration purposes only. RCB Bank, Member FDIC.

Source:

https://consumer.ftc.gov/consumer-alerts/2023/01/dont-answer-another-online-quiz-question-until-you-read