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On Course | April 27, 2022 | Volume 22, #4
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Welcome. We at Compass Planning continue to appreciate your support. Thank you.
We are seeing an ever increasing trend of clever phishing, scamming, and fraud communications -- whether phone, email, text, or mail. Having dealt with many instances over the years, I now believe that the best way to protect against it is to stay current with technology. Those whose work or live in community settings are better able to do this through provided training and as well as IT support. Others have the greater challenge to find ways to stay up-to-date. This month, we’re discussing what could happen and how best to identify and prevent potential schemes.
If you missed our series on retirement, you can still access the issues. For Retirement, Part 1 - Retirement Savings, click here. For Retirement, Part 2 - Social Security, click here. For Retirement, Part 3 - The Retirement Paycheck, click here.
If you would like assistance with phishing, scams, or fraud, we are here to help you stay On Course!
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Your Personal Cyber Security
Always be alert to potential scams -- phone, email, texts, and mail. The scammers are clever and sophisticated. Knowing what to look for can help you avoid getting caught in a scheme that gives the wrong people access to your personal information.
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Key practices
- So much information is now online, e.g., Social Security payments, bank statements, investment statements and individual transactions. Probably your most important action is to stay current on how technology benefits your cyber security.
- Use two-factor authentication on all your accounts. It's the best way to keep your personal information secure. You can usually find the sign up under your profile or security.
- Learn to use your financial providers' apps as well as their websites.
- As much as possible pay bills online or with credit cards. Keep paper to a minimum. PayPal, Venmo, and Zelle are other options.
- Set up alerts on your bank, credit card, and investment accounts. The company will then send you notification for any transaction over that amount -- we suggest $500.
- Always verify separately whenever you aren't sure about the source. Call company directly. Do a search using the return email.
- Review your statements carefully. Credit card scammers often try small charges to see if the owner notices.
- Look for courses on current technology and scamming at your local community center, council on aging, or community college. Read articles to keep up-to-date on what's new.
- Buy a new laptop every few years to get the latest safety and cyber security functions. And also be sure whatever Wi-Fi you are using is secure.
Phone Calls
- First, DO NOT answer the phone. If it's important, the caller will leave a message.
- Scammers use fake IDs from known companies or local numbers. We have seen scamming calls from The Geek Squad, Apple, or email providers.
- Should you answer the phone and the caller wants personal information, say that you weren't expecting the call and need to call back. Ask for an case, ticket, or trouble number to use when you call back. That will quickly get rid of a fake caller.
Emails and Texts
- Take time when reading your emails and texts -- we get so many, we tend to skip through them as quickly as possible.
- Do not click on links or open attachments without verifying the authenticity of the email or text, including the "free" gift cards.
- Even when it closely resembles emails you get from people or organizations you know, do not automatically click. First, look at the return email address -- that often is the first clue that the email is not legitimate. Wording can also be a sign although not always.
- If you are at all suspicious, then call the company or person directly to double check.
- Once you confirm a bogus email, forward it to the real company (e.g., [email protected]). Mute and delete texts.
Mail
- Mail is more of an outbound issue. Thieves can steal the envelope, alter the check, and cash it.
- Use the US Post Office blue mail boxes or the slot inside the post office itself.
- If you have to mail a check, make sure you use a security envelope.
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Almost all brokerages now offer online statements and transaction confirmations, a much safer option than working with paper. That said, If you do receive paper investment statements, be sure to shred them because they contain lots of personal information -- such as your name, address, account number, and invested balances -- making it easier for identity thieves.
Get more tips in Jennifer's book
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Jennifer and Sarah were both named 2022 Boston Five Star Wealth Managers.
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Below are links to Jennifer's frequent contributions to financial planning articles.
- NEW Jennifer contributed to a WBUR Radio Boston segment, How to Look Before Your Leap into the "Great Resignation." Click here to listen.
- NBC10 consumer investigative reporter Leslie Gaydos interviewed Jennifer for savings tips. For a great video, How to Save $1,000 in 5 Months, click here. For the written article, click here.
- Jennifer contributed to a timely article, How to seek forbearance on your mortgage, for The Boston Globe. Read article.
- If you’re interested in dividend funds, Jennifer contributed to The New York Times article, Dividend Funds Can Add Income, and Risk, to Your Portfolio. Read article.
- Jennifer contributed to a BankRate article, Should I combine my mortgage and student loans? Read article.
- Need help with your 401(k) during the pandemic? Jennifer contributed to a Boston Globe article, Five tips for managing a 401(k) during the pandemic's turbulence. Read article.
- Jennifer contributed to the Bottom Line Inc article Prepare your Finances for a Possible Recession. Read article.
- Jennifer contributed to The Wall Street Journal article If Saving During a Pandemic Is Hard, Here's How to Stay Motivated. Read article.
- The New York Times featured Jennifer in an article titled, Balanced Funds Don't Inspire Fear or Greed. That's Why They Are So Useful. Read article.
- With a contrarian view, Jennifer contributed to an article, People are enraged by the idea that you should have twice your salary saved by the time you're 35! published recently by Business Insider. Read article.
- Moving in together? Check this article from Business Insider, Five questions you and your partner should answer before taking the biggest step in your relationship. Read article.
- Insider asked Jennifer to contribute to an article on old fashioned ways to manage your money, Six money-saving tips your grandma used that are way more effective than any budgeting app. Read article.
- Jennifer contributed to an article on Business Insider, This is the best way to do your taxes online - according to experts. Read article.
- CNN Money's Money Moves featured Jennifer in an article on how to strike the right balance between retiring early and saving enough. Read article.
- Jennifer contributed to a CNN Money article When is the Right Time to See a Financial Advisor? Read article.
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- Compass Planning is a sponsor of YW Boston's 2021 two-part Elevating Lives Series.
- Compass Planning continues to meet with clients as well as those interested in learning more about the firm via phone and web-based video conferencing. Email [email protected]om to learn more.
- Compass Planning has become a supporter of The Center for Financial Planning at the sustainer level. The CFP Board created the center to achieve a more diverse and sustainable financial planning profession so that every American has access to competent and ethical financial planning advice.
- AdvisoryHQ named Compass Planning as one of the ten best Boston financial advisors. (Disclosures)
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Compass Planning Associates helps families, individuals, and small-business clients achieve financial security, knowledge, and control over their money. Our fee-only, client-centered approach provides education and guidance for achieving financial goals and dreams.
This newsletter and any linked references are for informational purposes only and are not to be construed as tax, legal, or investment advice. Compass Planning has gathered the information from sources it believes are reliable, but your individual situation can vary, and you should consult with your investment, accounting, and/or tax professional before taking any action.
©2022
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