Category Archives: Preventing Identity Theft

Beware of ATM Skimming and Shimming

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Recent incidents of sophisticated financial fraud include the uptick in unauthorized capture of consumer card and PIN information through skimming and newer shimming devices, placed inside ATMs or payment terminals. Keep reading to learn how to protect your finances from these fraudulent devices and signs to look out for when using an ATM or other payment terminal.

What are Skimming and Shimming?

Skimming occurs when illegal card readers are attached to payment terminals including at the store, on gas pumps, vending machines, parking meters or on ATMs. These card readers grab data off a credit or debit card’s magnetic stripe without your knowledge. Criminals can then sell the stolen data or use it to buy items online. You can learn more about skimming devices and what to look out for by watching our YouTube video.

Shimming has evolved more recently, as card microchips (EMV chips) started being used on newer cards to curb skimming efforts. Shimmers are thin pieces of metal inserted into an ATM or a machine at a point of payment, used to capture information in the microchip. They are small and almost impossible to detect when looking at a machine from the outside. Shimming devices allow fraudsters to steal data from your EMV chip cards in the same way that skimmers capture the data from a magnetic strip.

How Does Shimming Work?

When a shimming device is installed on an ATM or point-of-sale terminal, a crook can steal the data contained on your card’s chip. They can then use the data to create a fake card and make fraudulent purchases. You most likely won’t be aware that a shimming device is inside an ATM or payment terminal. The device is typically positioned inside the machine’s card reader slot, and is designed to be undetectable. Once the device has shimmed data from unsuspecting cardholders, the crook will pull the device out of the machine to retrieve the stolen data.

Protect Yourself

There are several ways you can protect yourself from shimming, including:

  • Use contactless payment methods such as Apple Pay, Google Pay and Samsung Pay, like we have available here for our First Financial members.
  • Use a financial institution owned ATM. ATMs owned by a bank or credit union are more secure than one you might find at a convenience store.
  • Choose a safe ATM. Skimming and shimming devices are more likely to be installed in poorly lit areas and in less public places, where even if there are cameras – they most likely won’t be able to pick anything up. Read more about ATM safety in our previous blog post.
  • Always check the card slot. Be aware of how easily your card fits into a card reader slot. If it’s difficult to slide your card in, be suspicious. This might mean there’s a shimming device inside the card reader.

What Should You Do if You’re a Skimming or Shimming Fraud Victim?

  • Contact your financial institution or card issuer. Once you know your card has been compromised, reach out to your card issuer to lock the card and issue you a new one right away.
  • Setup account & fraud alerts and monitor your account. You can request that the credit bureaus place an alert on your credit profile, which will ask any creditors to verify your identity before issuing any new credit in your name. You’ll also want to carefully review your bank and credit card statements and online account for any unusual activity.
  • File a report with the FTC. You can visit the FTC’s website to submit a report about suspected shimming.

At First Financial, your financial well-being is our top priority. Our tools and resources such as our Fraud & ID Theft Protection Guides can equip you with the knowledge necessary to protect yourself from scams. By staying informed and vigilant, you can safeguard your finances and enjoy peace of mind in an ever-evolving digital world.

For more personalized financial assistance with your First Financial accounts, call us at 732.312.1500 or visit a branch today.

Protect Your Identity (and Money) this Holiday Season

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The holiday season is a delightful time of cheer, but it also brings an increased risk of identity theft and financial scams. Findings from Norton show that 34% of adults report taking larger risks in regard to online transactions during the holiday season. At First Financial, we’re dedicated to helping you navigate this bustling period safely. Here are some essential strategies to protect your finances and personal information while you enjoy the season’s festivities.

Embracing Safe Online Shopping Practices

As you embark on your holiday shopping, especially online – remember the importance of secure transactions. Prioritize shopping on trustworthy websites, signified by ‘https’ in their URL and a padlock icon. These symbols indicate a higher level of security, crucial for protecting your sensitive data. Additionally, avoid the pitfalls of public Wi-Fi when shopping; these networks can be hotspots for data theft. It’s also wise to stay alert to the risks of unsolicited emails and social media links. Instead of clicking on these, it’s safer to directly type the retailer’s address into your browser.

Monitoring Accounts and Understanding Financing

Keeping a close eye on your bank and credit card statements is essential this time of year. Regular monitoring helps you spot and report any unauthorized transactions quickly. Also, take the time to understand the terms of any financing or subscription services you sign up for. Being aware of the details can help you avoid unexpected charges and ensure that your holiday spending remains within budget.

In Store Shopping: A Blend of Caution and Awareness

When shopping in physical stores, your wallet and personal information need safeguarding. Keep your wallet and ID in secure, hard-to-reach spots to deter theft. Pay attention to the ATMs and payment terminals you use; look out for any signs of tampering – like skimming devices, which are a red flag. Additionally, ensure all your personal devices are secured with strong passwords and touch ID features, adding an extra layer of protection in case they are lost or stolen.

Gift Card Purchases: Vigilance is Key

Gift cards are popular during the holidays, but they require careful consideration. Before buying, inspect each card for signs of tampering and always keep the receipt. Be wary of online offers for free or discounted gift cards, as these can often be scams. When purchasing virtual gift cards, ensure the website and company are legitimate to avoid falling prey to fraud.

Being Informed: The First Step to Security

Doing your homework before diving into holiday shopping pays off. Researching products, comparing prices, and being aware of sales can save you not just money, but also protect you from scams. Be cautious about sharing personal information for coupons or discounts; such tactics are often used by scammers to gather data.

This holiday season, let’s embrace the joy and spirit of giving, armed with the knowledge and tools to protect our identity and finances. By staying informed and cautious, you can enjoy the season without the worry of falling victim to scams.

First Financial is here to support you in your financial journey, during the holidays and beyond. Subscribe to our blog, get in touch, or stop into any branch to learn more about safeguarding your finances. Let’s make this a joyful and secure holiday season!

Signs You’ve Been a Victim of Identity Theft

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In today’s digital world, where personal information is frequently shared online, the threat of identity theft looms large. First Financial is committed to helping you recognize the warning signs of identity theft and take appropriate action. Understanding these signs is crucial for protecting your financial well-being and ensuring peace of mind.

Spotting the Warning Signs

Recognizing identity theft requires vigilance and an understanding of several key indicators. Unrecognized transactions on your bank or credit card statements are often the first hint of identity theft. These transactions might be small at first, but they can quickly escalate. Equally important is keeping an eye on your credit report for any inquiries that you don’t recall initiating. This could indicate someone attempting to open accounts in your name. You can check your credit report for free once a year at annualcreditreport.com.

Another sign to be wary of is receiving unfamiliar bills or statements, or conversely – not receiving the bills or statements you are expecting. This can suggest that someone has gained access to your account information and is redirecting your mail. A sudden, unexplained drop in your credit score is another red flag. It can indicate that fraudulent activities are negatively impacting your credit history.

Unexpected denials of credit or loan applications can also signal identity theft. If your applications are being denied and you don’t know why it could be due to a compromised credit history. Additionally, receiving calls from debt collectors about debt that you don’t recognize is a classic symptom of identity theft. Lastly, unusual activity on your Social Security account – such as unfamiliar earnings reports, should also raise concern.

Confirming and Responding to Identity Theft

If you suspect you’ve been a victim of identity theft, there are several steps you should take to confirm and address the issue. Begin by thoroughly reviewing all of your financial statements and accounts for any unauthorized transactions. This includes checking your credit report from the major bureaus for any unfamiliar activities or discrepancies.

If you find evidence of identity theft, it’s important to report it immediately. Contact your financial institution, credit card companies, and the credit bureaus to inform them of the suspected theft. You should also file a report with the Federal Trade Commission (FTC), which will provide you with a recovery plan.

Taking preventative measures like placing a fraud alert or a credit freeze on your accounts can help prevent further damage. This restricts access to your credit report, making it more difficult for identity thieves to open new accounts in your name. Finally, updating the security of your accounts – such as changing passwords and PINs, is crucial in safeguarding your financial information.

At First Financial, we understand the importance of protecting your personal and financial information. Being aware of the signs of identity theft and knowing how to effectively respond is essential in safeguarding yourself against these risks. By recognizing the signs early and taking prompt action, you can significantly mitigate the effects of identity theft. Stay informed and protected, talk to a representative at 732.312.1500 or visit any of our branches today.

Online Safety: Tips for Managing Passwords

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As your trusted financial institution, safeguarding our members’ sensitive information is at the core of our mission. Ensuring the safety of your online accounts starts with strong and unique passwords. By educating our members about the significance of strong and unique passwords, we aim to fortify their defense against potential breaches of their personal information. Let’s explore the best practices for online passwords and how to protect yourself from cyber threats.

The Importance of Strong and Unique Passwords:

The first line of defense against cybercriminals is a robust password. Using the same password for multiple accounts increases the risk of compromise if that password is breached. Cybercriminals often use automated tools to use breached passwords on various accounts, a tactic known as “credential stuffing.” If you’re not following best practices, especially if you’re reusing your passwords for financial accounts – you’re putting yourself in harm’s way. To prevent this, always create strong and unique passwords for each online account.

Tips for Creating Strong Passwords:

  1. Length and Complexity: Aim for passwords with at least 12-16 characters, combining uppercase letters, lowercase letters, numbers, and symbols. Longer passwords are more secure and harder to crack.
  2. Phrases and Random Word Combinations: Consider using a memorable phrase or a combination of unrelated words to increase password strength. Avoid using common phrases or easily guessable information.
  3. Avoid Personal Details: Stay away from using names, birthdays, or other easily obtainable personal information in your passwords. Hackers can easily guess such details from your online presence.
  4. Regular Password Changes: Change your critical passwords, especially for financial and important accounts – regularly. This practice ensures that even if a breach occurs, the compromised password will become outdated.

The Role of Password Managers:

Remembering numerous complex passwords can be challenging. That’s where password managers come to the rescue. A password manager is an online tool that generates and stores strong passwords securely for each of your accounts. By using a password manager, you can focus on creating long and unique passwords without the need to memorize them all.

Embracing Multifactor Authentication:

Multifactor Authentication (MFA), or two-factor authentication, is a game-changer in enhancing account security. MFA adds an extra layer of protection by requiring a secondary form of verification, such as a one-time code sent to your phone, in addition to your password. Even if someone manages to obtain your password, they would still need the second factor to access your account.

Social Media and Your Information:

While social media platforms are an integral part of our lives, sharing too much personal information can be risky. Cybercriminals can gather information from your posts to craft targeted attacks. Limit the information shared with strangers, adjust privacy settings, and avoid oversharing to maintain your privacy and security.

Protecting your online accounts begins with responsible password practices. By following these guidelines, you can significantly reduce the risk of falling victim to cyber threats and ensure the safety of your online presence. Stay vigilant and keep your passwords strong and secure! For more safety and finance tips, subscribe to our blog.

Identity Theft Awareness Week: What to Do If Your Identity is Stolen

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This week is Identity Theft Awareness Week, the perfect time to refresh your knowledge of what to do if your identity is stolen – since fraudsters are getting so creative these days. While it may seem like time to panic, there are plenty of stops in place to not only report the theft – but also return anything that’s been stolen. Here’s a step-by-step guide to help you act quickly, should you ever need to.

Know the scope

Not every security breach classifies as identity theft. Identity theft is specifically when someone uses your personal information to file a tax return, open a bank account, or make fabricated medical claims.

There is no one correct way to verify if you’ve been a victim of identity theft. There are both paid and free credit monitoring programs that can scan your history and alert you to any signs of theft. These sites monitor the dark web and credit reports to look for suspicious activity involving your personal information.

Notify agencies

Once you’ve confirmed your identity has in fact been stolen, you should report it to the Federal Trade Commission (FTC). You can report over the phone at 1-877-438-4338, or online through IdentityTheft.gov. However, you should know that in the case that you need to go to the police for stolen property or report charges to your credit card, they may request an official report. You will only receive an ID Theft Report if you file your case online, not by phone.

Ensure that you also notify any additional agencies such as Medicare’s fraud office if they are your provider and medical fraud has occurred, the IRS if a false tax return has been filed under your identity, or your state’s labor department if your information was used to file a fake unemployment claim.

Alert other relevant companies or agencies

Outside of government entities, you’ll want to alert any relevant companies that could be affected by this event. Notify your health insurance provider if your identity was used for a false medical claim. Contact the fraud department at companies where the thief tried to open an account or apply for a job. In the event that you know the person behind the crime, your name was used in a police interaction, or another company such as a credit agency requires it – file a report through your local police.

It’s also a good idea to notify your credit card company to shut down affected accounts and freeze your credit report too. This means that anyone attempting to access your credit report will be blocked, and credit bureaus won’t share it with anyone who requests it. Additionally, you’ll want to put a fraud alert on your credit reports with the main three credit reporting agencies: Experian, Equifax, and TransUnion.

Take steps to prevent future theft

Now that you know your information is accessible, you’ll want to take extra precautions to prevent repeated ID theft.

Sign up for your free annual free credit report and if you are a First Financial member, you can also register your debit and credit cards within our mobile app to receive purchase alerts for all transactions or easily turn off one of you cards in an instant if you need to. You may be offered a free account with a credit monitoring service when you report a stolen identity, which you should definitely utilize. If that’s not the case, both free and paid accounts are available through various companies like Credit Karma or CreditWise.

You’ll also want to keep a tighter lock on any accounts with personal information stored. Start using a password manager to ensure your passwords are difficult to crack and enable two-factor authorization whenever it’s offered. Additionally, begin monitoring your identity more closely by making a habit of reviewing your credit report and bank statements.

Identity theft is not a joke! Stolen information gives criminals the ability to strap you with long-term damage, if not taken care of quickly. This Identity Theft  Awareness Week and every week, stay on top of your security, be alert for phishing scams, shred documents with sensitive information, and be smart about where you share your personal details. For more information on what to look out for or if you suspect your identity has been stolen, contact Member Services at 732-312-1500 or visit one of our branches.

Take further identity theft precautions and stay in the know about ID theft scams by subscribing to First Financial’s monthly newsletter.

How to Avoid Banking Scams and Stay Safe Online

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Banking scams are more common than you think, especially lately. In 2020, the Federal Trade Commission received more than 2.1 million fraud reports. Criminals use these types of scams to trick people into giving up their bank account information.

Don’t panic just yet. There are many ways to protect yourself against banking scams and online fraud, and we’re here to help.

What are banking scams?

Banking scams are when fraudsters attempt to access your bank account to take your money or private information. The most common banking scams include:

  • Overpayment scams: When someone sends you a check, asks you to deposit it into your account, and wire part of the money back to them. The check is likely fake, so you’ll end up having to pay your bank the amount of the check, plus what you wired.
  • Unsolicited check fraud: When a scammer sends you an unexpected check, you cash it, and then you’re suddenly authorized for purchases or a loan you didn’t ask for.
  • Automatic withdrawals: When a fraudulent company sets up automatic withdrawals from your account to qualify for a free trial or prize.
  • Phishing: When you receive an email or text asking you to verify your bank account or card number.

How to protect yourself from banking scams

Now that we know what kinds of banking scams are out there, let’s talk about how to prevent them from happening to you. Here are our top tips to follow:

  • Be careful who you cash checks for. Never write a check for someone in exchange for cash, unless you know the person well.
  • Trust your instincts. If something feels off or is too good to be true, it likely is. Always read the fine print with any email or text you receive.
  • Don’t share your personal information. Scammers can easily hack into your account with the right information. Therefore, it’s important to avoid sharing account, Social Security, and credit card information with anyone – unless you know for certain it’s a legitimate request that you initiated with your financial institution.
  • Question unnecessary fees. If you’re sent a prize or job offer that requires an upfront fee, it’s a scam. The same goes for offers from unverified sources that require bank account information to redeem or claim them.
  • Be careful where you send money. This may seem obvious, but do not wire or send money to people or companies you don’t know.

What to do if you’re a victim of a bank scam

If you believe you’re a victim of a scam, contact your bank immediately to stop any unauthorized purchases or withdrawals from your account. You’ll need to report the scam to the proper authorities as well. Your financial institution should most likely offer a way you can file a complaint directly, or be able to provide you with the necessary steps to take. If you received any phishing emails, forward them to the Federal Trade Commission at spam@uce.gov.

At First Financial, we are here to help protect our members from scams and identity theft. If you have any concerns or questions about any of your First Financial accounts, please call member services at 732.312.1500 or visit one of our branches.