Dear Friends and Neighbors,

In today’s world, we live our lives online and that includes managing our finances. In the best of times, protecting online transactions from hackers and scammers is a challenge, but the ongoing pandemic has presented an additional opportunity for unscrupulous activity.

As of September 2021, the Federal Trade Commission had logged nearly 594,000 consumer complaints related to COVID-19 and stimulus payments, 73 percent of them involving fraud or identity theft. These scams have cost consumers $552.1 million, with a median loss of $382.

Criminals are maliciously adapting their messages and tactics as new medical and economic issues arise. They are using a full suite of scam tools — phishing emails and texts, bogus social media posts, robocalls, impostor schemes, and more in the hope of getting you to compromise your sensitive data.

We’ve put together some tips to help you protect your banking information and credit score as you navigate this new normal brought on by the pandemic.

  1. Get a free copy of your credit report to protect your credit history from mistakes, errors, or signs of identity theft. Watch this video from the Federal Trade Commission to learn more and then order your free credit report from AnnualCreditReport.com.
  2. View this tutorial from Microsoft to learn how not to be victimized by phishing emails that attempt to steal your money or your identity, by getting you to reveal personal information — such as credit card numbers, bank information, or passwords.
  3. Follow these additional tips to protect your credit and keep you from being a target of identity theft.
    1. Install the updates on your electronic devices to prevent hackers from using any outdated software to get access to your secure information.
    2. Avoid using a debit card when online shopping to protect your bank account.
    3. Avoid unsecured public Wi-Fi networks for financial transactions.

If you want expert advice on how to improve your credit profile, please reach out. And of course, if you or someone you know need to be pre-approved to buy a home or would like to take advantage of today’s low interest rates and refinance, please give us a call. As always, your referrals are greatly appreciated.

Sincerely,
Ken Webster

P.S. We hope you are following Two Roads Lending on Facebook and Instagram to keep up with expert advice, market updates, and home tips.