by yncuniversity | Dec 9, 2023 | Fraud Prevention
Are you under A.T.T.A.C.K?
Social manipulation, in the context of fraud, is the art of manipulating end users into providing personal or confidential information. Personal cyber-attacks come in many forms. Here are a few tips that can help you to spot them.
A – An Email
Phishing emails may look legitimate, but you should always question links, attachments, threads, or emails from someone unexpected.
T – Trick Websites
These are made to look like trusted websites but often have spelling or grammar errors or a slightly different URL. Farming the data from these trick websites allows criminals to gather personal details and record your keystrokes.
T -Text Messages
Social engineers will send you a text message about an urgent bill payment or some type of attractive offer. Also, beware of fake messages that appear to be from the government asking you to click a link to receive your rebate, return or payment. If you click these links on a mobile device message it could put your mobile phone at risk.
A – A Telephone Call
Fraudsters may call and say they are from Canada Revenue Agency, Canada Post or Microsoft, or maybe even your financial institution, and proceed to ask you to disclose personal information. Before going ahead with this, you need to ask yourself what valid reason would there be for you receiving the call and why would you provide those details if you didn’t initiate the call? If you still cannot determine the legitimacy of the caller, ask them to proceed via email because you cannot speak in depth at the moment.
C – Contest Winner
“Congratulations! You’ve won a big contest!” This message can come to you via email, text or phone. But did you even enter a contest? If not, it is more than likely an attempt by a fraudster to gather personal information from you. Do not fall for it!
K – Key Loggers
You’re browsing a familiar website and receive a pop-up of an offer that looks too good to be true! If you click the pop-up that social engineer may be trying to capture sensitive information.
When in doubt……..Hang up! Delete! Exit!
Social Engineering is on the rise. Watch for these signs of an attack and take these steps to protect yourself. Ask questions. Do not feel pressured into providing any information you may not be comfortable providing. Never share your ID, passwords, or any answers to your security questions. Use caution when entering sensitive information with websites that don’t begin with HTTPS or when something arrives that you were not expecting. Always remember to report anything suspicious.
YNCU members, if you know, or think you have been ATTACKED please contact our Service Excellence Centre at 1-800-413-YNCU (9628).
You can also contact the Canadian Anti-Fraud Call Center at 1-888-495-8501. Check out this video for more information on protecting yourself against a cyber-attack.
by yncuniversity | Dec 6, 2023 | Saving
SAVING SMART FOR ALL STAGES OF LIFE
Wednesday, December 6, 2023
There are plenty of major milestones in life that we can look forward to. Whether it’s graduating from post-secondary education, buying a house, getting married or retiring after years of a fulfilling career, we all need to plan accordingly. All of these major steps in life often require some financial planning to ensure you can effectively fund your dreams and maintain your financial health.
If you’re ever wondering when or how you should start saving, YNCU is here to lend a helping hand and give you a tailored strategy to achieve your goals.
We sat down with YNCU’s Sherri Atkinson — a Member Service Representative at the Trunk Road, Sault Ste. Marie branch, to learn how we can master saving smart for all stages of life.
1. Saving for post-secondary education
Going to post-secondary school, whether it’s a 6-month or 6-year program, can be a significant financial commitment. If you’re saving for yourself to go to school, some savings programs are smarter than others and can help take some of the burden off your shoulders when it comes time to pay your tuition or buy books.
Saving over a longer period of time is always beneficial and Sherri recommends setting up an automatic transfer into a savings account as soon as possible. You can set transfers to take place weekly, bi-weekly, monthly or quarterly — whatever fits your budget and lifestyle. Automatic transfers also take the brainpower out of saving and ensure you never forget to set some money aside.
Working with our advisors, we can take the pressure off of students when it comes to paying for school, leaving you time and energy to focus on your studies instead.
2. Saving after graduation
Once you’ve graduated and landed your first job, the newfound freedom and income can feel a little overwhelming. You likely have some student debt, but are looking to the future and are ready to start saving again. So, where do you start?
Sherri recommends you start to pay your loans down as soon as possible and set up a realistic payback plan that fits within your budget.
If you have extra money to set aside once each bill and loan payment has been made, then it’s time to focus on jump starting your emergency savings. By opening up a Tax Free Savings Account (TFSA), you can set money aside and earn interest tax free.
Finally, if you feel you have additional funds to set aside for future savings, it’s never too early to set up a Registered Retirement Savings Plan (RRSP) — a tax sheltered savings account specifically for retirement. It can feel overwhelming to save for so many things right out of school, so only begin to contribute to savings if you have the means and room in your budget to do so.
For additional support or information, you can always reach out to your YNCU advisor to see if you’re ready to jumpstart your savings as a new grad.
3. Saving up before you have kids
Having children is not only a massive time commitment (think 18 years … and then some!) but it is also a significant financial commitment.
When it’s time to bring a new member of the family into the world, Sherri suggests you start saving up for a few different expenses:
- Daycare
- Day-to-day supplies
- Clothing and toys
- Post-secondary education
Even before your baby is born, you can apply to open a Registered Education Savings Plan (RESP) — a tax sheltered savings account specifically for the expenses associated with post-secondary education. Setting up small contributions to start can make a world of a difference. By the time your child is ready to go to school, their RESP can help partially or fully cover their major expenses.
Finally, if you qualify for the monthly Ontario Child Benefit and have room in your budget, you can use this money to invest or save for your child’s future, meaning you are taking less money out of your income to save each month.
4. Saving for retirement
The first step to saving effectively for retirement is knowing how much money you will need to save by the time you plan to retire. Using YNCU’s Retirement Planner calculator, you can start to add your retirement savings into your monthly budget, which will set you up for success years down the line.
The earlier you start and the more you can save each year, the better. However, every little bit counts and will make a big difference in your retirement plan in the future.
Sherri recommends setting up automatic transfers into an RRSP and/or TFSA, so you won’t even notice the money has left your chequing account. Being mindful of your spending and cutting down on extravagant purchases can also make a difference in the future. For example, frequently purchasing a new vehicle, gambling your money or giving money away too often to charities, families, or friends are all major reasons why individuals report they are unable to save for retirement.
Saving smart doesn’t have to be complicated and at YNCU, our goal is to make it as simple and straightforward as possible. To get a head start on your retirement savings, reach out to a YNCU advisor to build a comprehensive financial plan and prepare yourself for retirement as soon as you can.
To get help on saving smart — no matter what stage of life you are in or are planning ahead for — find your local YNCU branch and reach out to an advisor to take control of your financial future, today.
by yncuniversity | Nov 9, 2023 | Fraud Prevention
Ransomware: You’ve been hacked!!
What is Ransomware?
Ransomware is software designed to deny or restrict access to your device or files until you pay. The general rule is don’t pay the ransom! There is no guarantee you will get access back, and paying increases the likelihood that you will be targeted again.
This tactic has been around for years and is on the rise. Often Ransomware targets places where the most sensitive data is stored – computer, network files, cloud or other storage locations etc
So what does it look like and how do you know you’ve been hacked??
There are two basic types of Ransomware:
Locker ransomware – completely locks out the device. The victim will receive a pop up indicating that they were caught doing something illegal and you have to pay a fine to regain access.
Crypto ransomware – encrypts files to restrict access. These encryptions are almost impossible to break.
If you have been hacked, what do you do?
Shut down your computer, disconnect any external media (phones, tablets, external hard drives) and bring it in to an authorized support center.
You can restore your files – as long as you’ve taken the correct steps to prepare ahead of time!
P – perform regular updates – you can set up auto updates to run in the evenings/during the day when you aren’t using your device.
R – require virus scan of external devices before using them
E – execute software only if its reputable
V – verify all emails/ texts etc before clicking links
E – external storage to back up!
N – never be without malware protection software & keep it up to date
T – trust your instincts and do a little online research if something feels off – often other victims may provide useful info online
Some interesting statistics:
On average, only about 65% stolen data is returned after the ransom is paid.
Nearly 30% of targets had less than HALF of their data returned.
Less than 10% of victims get all of the files returned.
Approximately 80% of Ransomware targets that paid the ransom were targeted a second time!
In 68% of cases that paid, that second hit occurred within the first month after paying, for a higher ransom.
North America saw an increase in ransomware attacks of 180% in 2021.
If you have been targeted by Ransomware Please reach out out to your YNCU branch team so we can help to protect you.
We will always be here to assist you! 1-800-413-YNCU (9628)
by yncuniversity | Oct 27, 2023 | Borrowing
How To Improve Your Credit Score
Friday, October 27, 2023
Are you an adult living in Canada who wants to improve your credit score? You’re not alone! A good credit score is essential for financial stability and can open doors to opportunities like getting approved for loans or securing housing. Improving your credit score is a gradual process that requires consistency and responsible credit management. While quick fixes may not be possible, diligent efforts over time will yield positive results. In this blog post, we’ll provide you with valuable tips and insights on how to improve your credit in Canada. So, let’s dive in!
1. Understand Your Current Credit Situation
The first step towards improving your credit score is understanding where you stand. Obtain a copy of your credit report from one of the two major credit bureaus in Canada – Equifax or TransUnion. Review the report thoroughly to identify any errors or discrepancies. If you spot any mistakes, contact the bureau to have them rectified. Knowing your current credit situation will help you create a roadmap for improvement. Hiring a credit repair company is not necessary to improve your credit score. You can take charge of the process yourself by following the steps mentioned in this blog post. However, if you’re overwhelmed or need expert guidance, consulting a reputable credit counselor may be beneficial.
2. Pay Your Bills on Time
One of the most critical factors that affect your credit score is your payment history. Late payments can have a significant negative impact on your creditworthiness. Set up reminders or automatic payments to ensure you never miss a due date. Paying your bills on time establishes a positive payment history and demonstrates your ability to manage credit responsibly.
3. Reduce Your Debt
Another key aspect of improving your credit score is reducing your overall debt. Start by paying off high-interest debt, such as credit card balances, as quickly as possible. Make a budget, cut unnecessary expenses, and allocate more funds towards reducing your debt. By lowering your debt-to-income ratio, you can positively impact your credit score and demonstrate financial responsibility.
4. Avoid Opening Multiple Credit Accounts
While it may be tempting to open multiple credit accounts, doing so can harm your credit score. Each time you apply for new credit, it creates a hard inquiry (when a lender or company requests to review your credit report as part of the loan application process) that stays on your credit report for up to two years. Multiple hard inquiries within a short period can raise red flags to lenders. Instead, focus on managing your existing credit accounts wisely and avoid unnecessary new applications.
5. Keep Your Credit Card Balances Low
Different types of debts are weighted differently when calculating your credit score. High-interest debts, such as credit card balances, generally have a more significant impact on your creditworthiness. Maintaining low credit card balances is crucial for improving your credit score. Aim to keep your credit utilization ratio below 30%. For example, if your total credit limit is $10,000, try to consistently use less than $3,000. Paying off your balances in full each month shows responsible credit management and can help boost your creditworthiness. If you use a lot of your available credit, lenders see you as a greater risk. This is true even if you pay your balance in full by the due date.
6. Diversifying your credit
Your score may be lower if you only have one type of credit product, such as a credit card. It’s better to have a mix of different types of credit, such as:
- a credit card
- a car loan
- a line of credit
A mix of credit products may improve your credit score. Make sure you’re able to pay back any money you borrow. Otherwise, you might end up hurting your score by taking on too much debt.
Improving your credit score in Canada may take time and effort, but it’s well worth it. By following these tips, you can take control of your financial future and set yourself up for success. Remember to stay consistent with your efforts, make timely payments, reduce your debt, and manage your credit wisely. With patience and dedication, you can achieve your goal of an improved credit score.
by yncuniversity | Oct 9, 2023 | Fraud Prevention
CRIME AND ABUSE AGAINST SENIORS
August 1, 2023
Seniors are one of the most commonly targeted demographics by fraudsters – we’re even seeing this play out in our own branches!
SOME IMPORTANT STATISTICS TO KNOW:
- About 10% of seniors are victims of crime per year.
- 4-5% of seniors report some form of abuse from ages 65 up.
- Financial abuse/exploitation and emotional abuse are the most prevalent.
- Overall rates of elder abuse are similar in Canada, Australia, US and UK
- Seniors are less likely to report abuse, and when they do, it’s often to health professionals, community groups, or their Financial Institution, not police.
When it comes to financial crimes, seniors are targeted in almost every way, including aggressive telemarketing, fraudulent home repairs, health or investment schemes, technology schemes, romance or urgent family schemes, just to name a few.
FACTORS THAT MAKE SENIORS AN APPEALING TARGET INCLUDE:
- Home ownership.
- A tendency not to seek advice before making a purchase.
- Financial risk-taking behaviours.
- Lack of knowledge of consumer rights.
- Lack of awareness of fraudulent schemes.
- Openness to marketing appeals.
- Reluctance to hang up the phone on telemarketers.
Perpetrators use a variety of tactics that may hit on many of these risk factors to gain compliance. They will often try to isolate the victim, pressure them to act quickly, use fear tactics, and discourage the victim from seeking outside advice.
STEPS YOU CAN TAKE TO PROTECT YOURSELF:
- BE SUSPICIOUS – Particularly of anything that shows up unexpectedly, including regular mail, emails, and messages through social media or text. Check email addresses and phone numbers, avoid clicking on pop ups or links in emails, and navigate to trusted sites by typing in the address rather than using a search.
- SLOW DOWN THE PROCESS – almost nothing will need an immediate response. You are allowed to take a step back and think about it, even for a few minutes, to ensure you’re not reacting out of fear or pressure. If you’re unsure, run it by a trusted loved one or your Financial Institution.
- PLAN AHEAD – ensure you have people you can trust set up to assist you when the time comes, making sure your wishes are clearly stated. Consider an advanced directive or Power of Attorney that can follow through on your instructions.
- ASK QUESTIONS – Does the scenario make sense? Are you familiar enough with the person/investment/scenario to make an educated decision? If you aren’t, run the situation by someone else before acting on it. It could be your advisor from YNCU or a trusted friend or family member, but a second opinion never hurts. If you’re being discouraged from seeking another opinion, this should be a red flag.
- KEEP UP TO DATE on active scams by reviewing the list of ongoing fraud tactics provided by The Canada Anti-Fraud Centre. They are explained in easy-to-understand terms and can give you a great idea of what to be on the lookout for.
If you would like to review the Crime and Abuse Against Seniors report from the government, click here or visit justice.gc.ca.
