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Online shopping is more prevalent than ever. At SRP Federal Credit Union, we understand that it can be difficult to discern whether or not certain websites are safe. Make sure to do everything you can to avoid becoming a victim of cybercrime:

1. Secure mobile devices and computers. Keep the operating system and application software updated/patched on all of your computers and mobile devices. Also be sure to check that any antivirus/antispyware software installed is running and receiving automatic updates.
2. Limit your online shopping to merchants you know and trust. If you know the store, shopping their online store is very safe. If you have issues, you can always visit the brick-and-mortar store. But, if you don’t know the store, be weary. Especially ads for stores that pop up on social media sites. It may be legit but take precautions. Conduct your own background check by checking with the Better Business Bureauor the Federal Trade Commission, or at online sites that review e-stores. If the store isn’t reviewed or doesn’t have good reviews, don’t order from their website.
3. Look for "https" when making an online purchase.The "s" in "https" stands for "secure" and indicates that communication with the webpage is encrypted. If you submit your credit card information through a website, make sure the site is secure. Look for a padlock or key icon in the browser's status bar and "https" appears in the website's address bar before making an online purchase. Also keep your browser software up to date.
4. Password protect your mobile device and computer. It's one of the most important steps to secure your mobile device and computer. When you create an account with the merchant, be sure to use a strong password. Use at least eight characters, with numbers, special characters, and upper and lowercase letters.    
5. Do not respond to offers that seem too good to be true.An online store whose prices seem too good to be true, or that promises too much at too low a price is suspicious. The online store may not have come by these items legally, or you may never receive them, or you may get a bait and switch and end up with something you didn’t order.
6. Avoid scams and fraud.Don't ever give your financial information or personal information over email or text. If you receive an email asking for donations, contact the organization directly to verify the request.

If a website you are trying to shop on claims to have an issue with your card and portrays itself to be a contact with SRP asking for your personal information to verify a purchase, don’t fall for it. SRP Federal Credit Union will NEVER solicit you for personal information via email, text, or telephone. If you require assistance, please send a secure message by using the Message Center in SRP Online or SRP Mobile.

7. Do not use public computers or public wireless for your online shopping. Public computers may contain malicious software that steals your credit card information when you shop online. Criminals can also intercept traffic on public wireless networks to steal credit card numbers and other confidential information.
8. Pay by credit card, not debit card.  It's safer to shop on the internet with a credit card rather than debit card. Credit cards are protected by the Fair Credit Billing Act and may reduce your liability if your information was used improperly.

At SRP in Augusta, no matter the card you choose, you will enjoy amazing benefits such as no annual fees, no balance transfer fees, and EMV micro-chips for security among other benefits.

9. Print your online transactions. Print or save records of your online transactions, including the product description and price, the online receipt, and the emails you send and receive from the seller. Carefully review your credit card statements as soon as you receive them to confirm that all charges are legitimate. Contact your credit card company immediately if you have unauthorized charges on your account.
10. Review privacy policies.Review the privacy policy for the website/merchant you are visiting. Know what information the merchant is collecting about you, how it will be stored, how it will be used, and if it will be shared with others.

With online shopping not going away anytime soon, educating yourself on online shopping safety is paramount to your financial health. If you would like the discuss the subject further, visit one of SRP’s many locations throughout the Augusta area.

This article is for informational purposes only. Membership required. SRP is federally insured by NCUA.

Article Credit: CUNA

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There are certain times in life when particular money management areas need special
focus. The list below may remind you of areas of your finances that need special
attention now or in the near future. Bear in mind that our stages are generalizations:
some people are married with children in their twenties while others do not have
dependents until their 50s, if ever. Whatever your situation, it’s important to plan ahead
to accommodate the coming changes in your financial situation.

20s
This is a time when you probably finish your formal education and begin your first “real”
job. Now is the time to start developing sound financial habits for a lifetime.

• Establish credit and maintain a good payment record. Do not charge more than you can pay off in 3 months (or better yet, within the month).

• Set up an emergency savings fund, typically 3-to-6 months’ living expenses. Keep this money as liquid (accessible with few, if any, penalties) as possible.

• Start learning about investing and establish an automatic savings program to reach your financial goals.

• If you can, buy a home, or start saving for the down payment.

• Make sure you are taking full advantage of the savings benefits available to you through your employer: 401(k) or 403(b), et cetera.

• Make sure you have adequate insurance coverage (life, home, auto, health, disability, liability).

30s

If you have children, begin investing for their education.

Continue to keep credit under control and avoid paying finance charges and annual
fees.

Write a will or review the one you have.

Review your insurance coverage in light of changes in your family situation,
increasing assets, or professional activities.

40s

As your income grows, look for investments and savings plans that shelter some of it
from taxes.

Use a retirement planning software program or see a financial planner to figure out
exactly how much you’ll need to have saved to maintain your lifestyle in retirement.

Step up personal and employer-sponsored retirement savings accordingly.

Review your investment allocation and make sure you are still well diversified

50s

Review your will and estate plan.

Pay off your debts. Depending on the going rates for different types of investments,
it may or may not be wise to pay off your mortgage now.

Maximize your savings for retirement.

Make sure your growing assets are protected by liability insurance.

60s

As you near retirement, switch a portion of your investments to low-risk types to
produce income rather than higher-risk growth.

With life expectancy increasing, make sure a portion of your retirement nest egg is
invested so that it continues to outpace inflation.

Maintain your health and long-term-care insurance.

Remain wary of scams aimed at seniors.

Research reverse mortgages if you are a homeowner. You may need to tap the equity
in your property to supplement your retirement income.

It’s good  to remember that no matter what life stage you are in, SRP Federal Credit Union can help. With twenty branches in our ten-county service area that includes Augusta, Ga., and Aiken, SC, there’s sure to be one near you. With the services you want, like convenient online availability, to services you may desire, like one-on-one financial counseling, SRP is here for you. We look forward to assisting you soon.

This article is for informational purposes only.  Membership Required.  SRP is federally insured by NCUA.

Article Credits: Balance

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Many of us living in the CSRA are still experiencing the aftermath of Hurricane Helene. It was a devastating storm that has changed the landscape of our community. A few weeks have passed, and some are still without power and or internet. Trees and branches have been pushed to roadsides where possible, but there’s some cables and wires still lay in roadways. Some businesses have opened while some have not. Thankfully, volunteers and workers from other states have come to Georgia and South Carolina to bring supplies and lend a hand. Communities have come together through the turmoil.

However, as unfortunate as it is, there are always those who try to take advantage of individuals who are in crisis situations. At SRP, we know you have had enough to deal with over the last several weeks to have to worry about fraud and scammers too. Below is information to help protect yourself through what may have already been a trying time. We’re here to help.

Tips on how to safeguard against fraud and scams post-natural disasters:

• Scammers will go door-to-door targeting people affected by storms. They also text, call, or try to reach you any way possible to promise you aid quickly. Never give out your personal information without confirming the legitimacy of the person who is contacting you. If possible, work with local businesses. Check their references – it may even be someone you know.
• Government workers are required to carry official identification and produce it when someone asks to see it. The worker will never charge you to fill in government forms, and if you are unsure the identification is real, just get their agency’s phone number. You can always call directly to see if this person works there.
• FEMA Disaster Survivor Assistance (DSA) crews, housing inspectors and other officials will work in areas affected by storms. If an inspector comes to your home, and you didn’t apply, your information may have been used without your knowledge. Do not give FEMA representatives your personal financial information. (Report scams immediately to 866-720-5721).
• You will get many requests for donations after disasters. Do your research. There are charity reviews online, charity reports, ratings with the Better Business Bureau and state regulators for charities.
• Scammers spoof organization’s phone numbers, so don’t always believe your caller ID. If you wish to donate to a charity, you should verify the phone number yourself and call them directly. If someone calls you and starts pressuring you to donate, it could also be a scam. Once again, contact the charity directly to donate.
• Never click on links from sources you are not familiar with. This could be an attempt to download malware onto your device.
• Remember, SRP or any financial institution, will never call and ask for your passwords or financial information.

Hopefully, you find these tips to be helpful as you navigate your way through the aftermath of the storm. We hope you and your families are safe and well.

This article is for informational purposes only. SRP is federally insured by NCUA.

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Avoiding Identity Theft: Secure Your Belongings in Public

In the past, people were concerned about protecting cash and jewelry from theft.
Nowadays, with fewer people carrying around large wads of cash, the concern is more
about theft of information. Identity theft affects close to 24 million people in the United
States every year and authorities have said that currently it is “the fastest growing
crime across the country.” A thief who acquires your Social Security or account
numbers can cause a lot more harm than one who just steals a few dollars from your
wallet. On the positive side, there are several steps you can take to keep your private
information secure.

Don’t leave belongings unattended

One of the most important steps in preventing identity theft is perhaps also the
simplest: don’t leave belongings containing sensitive information, such as a laptop, a
wallet, or a smartphone, unattended. Few would leave these items alone in a crowded
public area, but many do so in familiar places they feel are safe, such as work.
However, places that seem safe often are not. Even if your co-workers are trustworthy,
most businesses have plenty of people coming in and out, like clients, delivery people,
friends of employees, cleaning people, etc. A visitor could swipe your laptop and never
be seen again.

While keeping important belongings with you at all times is best, you may not want to
lug everything around every time you go get a cup of coffee or stop by a co-worker’s
office. If you’re leaving items unattended, try keeping them out of plain sight. True,
someone could open your drawer and take your wallet, but that is less likely to occur
than if you just leave it on your desk. If you can lock your office door or utilize secured

storage – like a lockable filing cabinet – take advantage of it.

Lock your laptop

Due to its size and cost, you may not be able or want to simply leave your laptop in a
drawer every time you step away from it. Using a laptop lock, which ties your laptop to
a stationary item, like a desk, can be a good way to secure your computer. These
devices are fairly cheap, usually costing less than $50. You may even want to use a
lock at home. Of course, you’re probably not concerned about a family member
stealing your laptop, but if your home is burglarized, it can discourage thieves from
trying to grab it.

Use password protection

Typing in a password when you turn on your computer is not new – you’ve probably
done it hundreds of times. However, you may be able to get more out of password
protection than you are now. Have you password-protected everything you can? Many
people forget to password-protect their smartphones and tablets, even though the
option is usually available. Make sure your passwords are not easy to guess, and
change them periodically. At work, consider logging out or locking your computer when
you step away from your desk or adjusting your settings so that you must re-enter
your password if your computer is idle for a specified period of time. You may be able
to do the same thing with your smartphone and tablet too. Two-factor and biometric
authentication – like a facial or thumbprint scan – are also highly recommended.

Encrypt your data
Encryption programs translate regular text or photos into code. A file can be un-
encrypted by entering a password, which a thief who steals your laptop or smartphone
presumably won’t have. Encrypting all your data may not be necessary, but it makes
sense for the files containing sensitive information. While encryption programs can
sometimes be bypassed by “tech-savvy” thieves, many do not have the knowledge or
desire to do so.

Delete your hard drive

What happens if a thief is able to grab your laptop and get past your password? Is your
information compromised? Not necessarily. With remote access software, you can

usually delete your hard drive as soon as the thief accesses the internet with your
computer. The software is also often able to trace your laptop’s location. Of course, you
must install it before your computer goes missing.

The theft of your computer is not the only situation that might necessitate erasing a
hard drive. If you’re disposing of or selling an old computer and it still has personal
information on in it, you’re potentially putting yourself in a vulnerable position. Simply
pressing the delete button is usually not enough to remove files. To completely erase
data from your computer, you should use a wiping or erasing utility program, which
overwrites the entire hard drive.

Leave unnecessary items out of your wallet
Today, thieves who steal wallets often don’t find much cash in them. However, they can
still find some items of value, like credit, debit, ATM, and Social Security cards. You can
thwart identity theft by only putting in your wallet the cards you truly need. For
example, you probably don’t need to carry more than one credit card. Leave the other
ones in a safe place at home. Unless you’re applying for a passport or something
similarly stringent, your Social Security card doesn’t need to be in your wallet. Check
your wallet for anything else that may have your Social Security number on it and
leave it out if you can.

Keep a list

Despite your best efforts, there is no guarantee your belongings will never be lost or
stolen. Keeping a list of your credit card, checking, and savings account numbers,
along with the phone numbers of your financial institutions, will allow you to contact
them quickly if something happens. Remember to keep the list in a safe place to
prevent it from being stolen.

We often don’t think about theft until after we’re the victims of it. However, by then,
the damage has been done. Taking the time to protect your belongings before anything
happens is well worth the effort.

This article is for informational purposes only. Membership required. SRP is federally insured by NCUA.

Article Credits: Balance

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When it comes to the security of your financial transactions, most of the focus these days is on online scams and theft—and rightly so. But it’s important not to let down your
guard at a physical location where your money or information could be vulnerable: ATMs.

The good news is that there are techniques you can utilize to help make ATM use safe
and problem-free. You can think of them collectively as The Five-S Plan:

Secure your information

It may seem more convenient to leave your ATM card on your desk at work or in the
glove box of your car, but anytime it’s not with you, it’s that much more susceptible
to falling into the wrong hands.

Security experts recommend never writing down your ATM PIN. Instead, if you’re
having problems remembering your current number, think of one you won’t forget
(like a particular date in your life) and contact your financial institution to make the
change.

It’s easy to panic when you lose your ATM card. But try to remember this calming
fact: your financial institution doesn’t want you to lose money either. So, whenever
you can’t find your card, reach out to them as soon as possible so they can help you
secure any accounts that may have been compromised.

When it comes to keeping your details safe, an excellent question to ask yourself is,
Does this person REALLY need that information? For example, Does this person on
the phone REALLY need my ATM card details? In general, it’s also a good practice to
avoid ever giving out your ATM or credit card information over the phone unless
you’re sure you’re speaking directly to your financial institution.

Remember, at SRP’s many ITM’s (Interactive Teller Machines) in Augusta, Ga., North Augusta and Aiken, SC you have the option to speak with one of SRP’s local tellers at the machine. Rather than choosing the ATM option, you choose the speak to a teller option. They can get other information from you if you have forgotten your PIN and still be able to perform your transaction using the teller. Learn more at www.srpfcu.org.

Select the right ATM

Your best bet is to use an ATM operated by your financial institution at a location
familiar to you. If this isn’t an option, try to choose a machine in a well-lit area not
obscured by trees, bushes, or other objects that could be used by a thief to hide
behind.

Speaking of well-lit areas, nighttime might not be the right time for your ATM
transaction. If possible, try to wait until the sun is up.

It’s wise to scan the area around the ATM when you arrive. If someone lurking nearby
doesn’t seem to have a particular purpose for being there, it might be in your best
interest to find a different ATM.

Safeguard yourself at the machine

Try to make ATM transactions with a family member or friend when possible.
Criminals are less likely to target someone who’s got a partner looking out for them.

If you’re using a drive-up ATM, keep your doors locked, windows rolled up, and the
engine running.

If someone is standing closer than you’d like while you use the ATM, cancel your
transaction, and find another machine to use. They might be trying to spy on your
PIN.

It’s natural to want to count your money after making a withdrawal, but doing so can give a crook an idea of how much money you took out wile providing them extra time to approach you with ill intent.

Take your receipt with you. While that little piece of paper doesn’t have all your
personal information, it does contain bits of data fraudsters can use to steal you identity.

Stay vigilant

After you’ve withdrawn money, survey the area around you again. If someone is
following you, head to the nearest place with people in or around it. As soon as
you’re close to other people, take out your phone and call the police.

It’s a good idea to monitor your online or paper statements for fraudulent
transactions regularly. Contact your financial institution if something doesn’t look
right.

Spot skimming scams

Skimmers are devices criminals attach to ATMs and other card-reading terminals to
harvest sensitive information and fraudulently access accounts. In 2021 alone, there were over 5,500 known instances of skimmers attached to ATMs in the United States. Your best method for fighting this sinister tactic is to stay on the lookout for these crude
electronic overlays. If you see an ATM that matches these descriptions, report it to the
machine’s owner and find another ATM to use.

• Loose plastic casing
• Misaligned pieces
• Sticky residue or tape
• Stiff buttons
• Wobbly keypad
• Cracked or damaged housing
• Oversized card slot
• Oddly colored plastic around the card slot
• Unusual on-screen instructions

While the above tips may make the threat of ATM crime seem scary, none of the
information is meant to alarm you. Ideally, it will help you feel less worried knowing
you’ve taken the necessary precautions to secure yourself and your information.

If you are a member at SRP Federal Credit Union you will find over fifty ATMs or ITMs at your disposal throughout the CSRA for your banking convenience.

This article is for informational purposes only. Membership required. SRP is federally insured by NCUA.

Article Credit: Balance

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July 15, 2024

If you’re struggling to pay off multiple debts every month, you may have considered a debt consolidation loan. But how do you know if a consolidation loan would be helpful for your situation?

What is debt consolidation?

Debt consolidation is a form of debt refinancing that allows you to combine multiple debts into one single loan, with one single monthly payment. You can use a debt consolidation loan to pay off unsecured debts such as credit cards, medical expenses, back taxes, legal and gambling debts, and even secured loans such as vehicle loans. While this may sound like a perfect solution to your financial situation, there are a few things to consider before going down the debt consolidation route. The results of a debt consolidation loan should be to decrease your total monthly payments, lower your interest rate, and/or reduce total time to pay off your debts.

Will your total monthly payment decrease?

One way to determine if debt consolidation will be helpful for you is to determine if the total monthly payment will increase or decrease. To do this, add up all the monthly payments you make to your credit cards and other debts you’d like to consolidate. Then use an online debt consolidation calculator to help you determine how much your consolidation loan payment would be. Compare the two payment amounts and see if the consolidation loan payment is less. Make sure the reduced payment amount is now affordable for you. If it’s not, talk to your credit union about other possible solutions.

Will your interest rate decrease?

Pay very close attention to the interest rate you are offered on your debt consolidation loan. It should never be higher than the average interest rate you’re currently paying on your outstanding debts. If you’re offered a higher interest rate on a debt consolidation loan, then you will end up paying more money over the course of the loan than if you had just continued paying down your debts individually. There are companies that will charge up to 35%, but you can easily find a lower interest rate at a credit union.  

Will your time to pay off your debts decrease?

Compare the length of time it would take to pay off your debt consolidation loan to the time it would take you to pay off your debts individually. The length of your loan can affect your monthly payment and interest rate, so it’s important to pay attention to this. Typically, a short-term loan will have a lower interest rate but could have a higher monthly payment due to the short time frame. A longer-term loan may come with a higher interest rate but can often result in a lower monthly payment due to the extended time you have to pay it down. However, if you are struggling to pay down revolving debts like credit card balances, a longer, fixed term may be exactly what you need to finally pay off your debt.

Are you still uncertain what is best for you?

SRP Federal Credit Union offers our member-owners financial counseling from certified financial counselors. Call or you can meet in person and discuss your best options. Click here to learn more and schedule an appointment.

SRP also offers free financial guidance and services online through BALANCE. The site offers webinars, articles, and you can speak to a certified financial counselor on the phone. Learn more at srpfcu.org/balance.

This article is for informational purposes only. All loans subject to approval and rate may vary depending on individual's credit history and other factors. Refinancing restrictions apply. All Credit Union loan programs, rates, terms, and conditions are subject to change at any time without notice. Membership required. SRP is federally insured by NCUA.

Article Credits: CUNA