Tag Archives: Financial Education

Stay Safe During Cybersecurity Awareness Month: 7 Tips for Online and In-Person Security

October is Cybersecurity Awareness Month, a time dedicated to raising awareness about the importance of staying safe in our increasingly digital world. With cyber threats evolving rapidly, it’s crucial to stay informed and take proactive steps to protect yourself both online and in-person. Here are the latest tips and best practices to help you stay secure.

1. Recognize and Report Phishing Attempts

Phishing scams are one of the most common cyber threats. These scams often come in the form of unsolicited emails or messages that appear to be from legitimate sources, asking for personal information.

  • Be cautious of unsolicited messages: If you receive an unexpected email or message asking for personal information, do not click on any links or provide any details.
  • Verify the source: Contact the organization directly using a known and trusted method to verify the request.
  • Report phishing attempts: Most email providers have options to report phishing. Use these tools to help protect others.

TIP: These emails often have a suspicious sender address, spoofed web links, suspicious attachments, and often use incorrect spelling, grammar, and layout. Often, there is a general salutation and threats or false sense of urgency.

2. Use Strong Passwords and a Password Manager

Strong passwords are your first line of defense against cyber-attacks.

  • Create strong passwords: Use a combination of uppercase and lowercase letters, numbers, and symbols. Avoid using easily guessable information like birthdays or common words.
  • Use a password manager: Password managers can generate and store complex passwords for you, making it easier to use unique passwords for each of your accounts.

TIP: Some fun ways to remember your password easily but keep it unique is by using a lyric from a song or poem, meaningful quote, address to someplace familiar, or a series of words that mean something to you.

3. Enable Multi-Factor Authentication (MFA)

Multi-Factor Authentication adds an extra layer of security by requiring more than just a password to access your accounts.

  • Enable MFA on all accounts: Especially for email, social media, and financial accounts. This significantly reduces the risk of unauthorized access.
  • Use authentication apps: Apps like Google Authenticator or Authy provide a secure way to manage MFA codes.

TIP: Be on the lookout for random verification codes you receive via text message or phone call, as this is often a scam to get you to click on a link or to reply and provide more information. If you did NOT request a verification code, do not interact with the text message or do hang up the phone call.

4. Keep Your Software Updated

Software updates often include security patches that protect against known vulnerabilities.

  • Enable automatic updates: This ensures you always have the latest security patches.
  • Regularly check for updates: If automatic updates are not available, make it a habit to check for updates regularly.

TIP: To avoid fake update scams, make sure you never download or install software updates from unknown or suspicious sources. Operating systems like Windows and Apple OS usually update automatically, but you can access the manual updates via the computer settings. Browsers typically update on their own. Keep an eye out for random pop ups that look fake or try to direct you to a malicious file or link.

5. Secure Your Devices

Physical security is just as important as digital security.

  • Use strong passwords or biometric locks: Ensure your devices are protected with strong passwords or biometric locks like fingerprints or facial recognition.
  • Be cautious in public places: Avoid using public Wi-Fi for sensitive transactions. If necessary, use a VPN to encrypt your connection.

TIP: Make sure to always lock your phone, tablet or computer before walking away from it—some devices are set to lock only after a certain period of time has passed.

6. Shop Safely Online

Online shopping is convenient but can be risky if you’re not careful.

  • Shop on secure websites: Look for “https://” in the URL and a padlock icon in the address bar.
  • Use credit cards or secure payment methods: Credit cards often offer better fraud protection than debit cards.
    • Apply for a [BANK] VISA Platinum Credit Card today! With chip card security, fraud monitoring and zero fraud liability—this card lets you earn rewards while staying safe in person and online.
  • Monitor your accounts: Regularly check your bank and credit card statements for any unauthorized transactions.

TIP: Beware amazing deals! Sometimes it is too good to be true. If you spot an ad on popular social media platforms like Facebook and Instagram that offers super low prices or offers of free stuff—be cautious, as reports of lost money from social media scams have tripled in the past year!

7. Educate Yourself and Others

Staying informed about the latest cybersecurity threats and best practices is crucial.

  • Participate in Cybersecurity Awareness Month activities: Many organizations offer free resources and events to help you learn more about staying safe online.
  • Share information: Educate your family, friends, and colleagues about the importance of cybersecurity and how they can protect themselves.

TIP: Understanding cyber threats isn’t just for the IT crowd—employees should be well-trained in cybersecurity best practices. For businesses, making cybersecurity education an annual requirement or part of the onboarding process for new employees is a good start.

By following these tips, you can help protect yourself and your loved ones from cyber threats. Remember, cybersecurity is a shared responsibility, and staying informed is the first step towards a safer digital world.

For more information and resources, visit the Cybersecurity and Infrastructure Security Agency (CISA) and the National Cybersecurity Alliance.

Stay safe and secure this Cybersecurity Awareness Month!

Person holding tablet displaying a credit score of 810 on the screen

Understanding Credit Scores: How to Improve and Maintain Yours

A good credit score is essential for securing loans, getting favorable interest rates, and even renting an apartment. Understanding how credit scores work and how to improve and maintain them can significantly impact your financial health. Here’s a comprehensive guide to help you navigate the world of credit scores.

What is a Credit Score?

A credit score is a numerical representation of your creditworthiness, based on your credit history. Lenders use this score to assess the risk of lending you money. Scores typically range from 300 to 850, with higher scores indicating better creditworthiness.

Factors That Affect Your Credit Score

Several factors contribute to your credit score:

  • Payment History: Your track record of paying bills on time.
  • Credit Utilization: The amount of credit you’re using compared to your credit limit.
  • Length of Credit History: How long you’ve had credit accounts.
  • New Credit: Recent applications for new credit.
  • Credit Mix: The variety of credit accounts you have, such as credit cards, mortgages, and loans.

Checking Your Credit Report

Regularly checking your credit report is crucial for maintaining a good credit score. You can obtain a free copy of your credit report from each of the three major credit bureaus (Equifax, Experian, and TransUnion) once a year. Review your reports for any errors or discrepancies and report them immediately.

Improving Your Score

Improving your credit score takes time and effort, but it’s achievable with these steps:

  • Pay Bills on Time: Consistently paying your bills on time is one of the most significant factors in improving your score.
  • Reduce Debt: Aim to pay down existing debt, especially high-interest credit card balances.
  • Avoid New Credit Inquiries: Limit the number of new credit applications, as each inquiry can temporarily lower your score.
  • Increase Credit Limits: If possible, request a credit limit increase to improve your credit utilization ratio.

Maintaining a Good Score

Once you’ve improved your credit score, it’s essential to maintain it:

  • Monitor Your Credit: Keep an eye on your credit reports and scores regularly.
  • Use Credit Responsibly: Continue to pay bills on time and keep credit card balances low.
  • Stay Informed: Educate yourself about credit and financial management to make informed decisions.

Common Credit Myths

There are many misconceptions about credit scores. For example, closing old accounts can hurt your score, and checking your own credit report does not affect your score. Understanding these myths can help you make better financial decisions.

  1. Myth: Checking your own credit report will lower your score.
    1. Fact: Checking your own credit report is considered a “soft inquiry” and does not affect your credit score. It’s a good practice to review your credit report regularly to ensure accuracy.
  2. Myth: Closing old credit accounts will improve your credit score.
    1. Fact: Closing old accounts can actually hurt your credit score because it reduces your overall available credit and can shorten your credit history, both of which are factors in your credit score.
  3. Myth: You only have one credit score.
    1. Fact: You have multiple credit scores, as different credit bureaus (Experian, Equifax, and TransUnion) and scoring models (FICO, VantageScore) may calculate your score differently based on the information they have.
  4. Myth: Carrying a balance on your credit card improves your credit score.
    1. Fact: Carrying a balance and paying interest does not improve your credit score. It’s better to pay off your balance in full each month to avoid interest charges and maintain a good credit score.
  5. Myth: Your income affects your credit score.
    1. Fact: Your income is not a factor in your credit score. Credit scores are based on your credit history, including payment history, amounts owed, length of credit history, new credit, and types of credit used.
  6. Myth: Paying off a debt will remove it from your credit report.
    1. Fact: Paying off a debt does not remove it from your credit report. The account will be marked as paid, but it will remain on your report for up to seven years from the date of last activity.
  7. Myth: Using a debit card will help build your credit score.
    1. Fact: Debit card usage does not impact your credit score because it is not reported to credit bureaus. Only credit accounts, such as credit cards and loans, are reported and affect your credit score.

Resources and Tools

Take advantage of tools and resources available to help manage and improve your credit scores. Many banks offer credit monitoring services and financial education resources to support your credit health.

By understanding and managing your credit score, you can unlock better financial opportunities and achieve your financial goals. Stay proactive and informed to maintain a healthy credit profile. Visit Peoples Bank & Trust today to learn more about how we can assist you in achieving your financial goals and securing a brighter financial future.

How Reading Can Improve Your Financial Well Being

Does being a reader make you more of a leader? Well that might be the case in life and the financial world.  When infamous Warren Buffett was asked about his success he pointed to a stack of books and said, “Read 500 pages like this every day. That’s how knowledge works. It builds up, like compound interest. All of you can do it, but I guarantee not many of you will do it.” Most likely if you’re reading this article, you already see some value in the declaration and are here for affirmation. However, for those of you who still aren’t convinced and maybe even guffawed at the notion of fitting in that much reading into an already hectic schedule, let Peoples Bank & Trust give you some insight to consider.

It’s a Low-Cost Investment

Instead of taking an expensive flight to a costly conference, you might consider swinging by your nearest bookstore. Because there is no limit to where knowledge can take you, investing in books is a low investment, with an infinite ROI. You can learn from the best in your business field, or pick up a novel.  The jury is still out on whether memory or comprehension is better with print vs. digital, so get what works best for your lifestyle. Owning the book is preferred if you want to become more engaged by writing in the margins, but stopping at your local library is another great option!

Makes You More Employable

You can make a great difference in your success by expanding your education. Generally, knowledge cannot be lost. What you learn from reading a few books will set you apart, in that you already know something that has taken others years to learn from experience. Unfortunately, only 42% of adults will read a book after they graduate from college-just think about how much of an advantage that can give you! You will be a great resource for your team and have greater ability to think on your feet because of the reading “vitamins” you consume. This makes you desirable to potential employers and encourages a higher salary because of the value you bring to the workplace.

Boosts Brain Power

You’ve heard it said, knowledge is power. Are you unhappy about your financial situation? Pick up the Wall Street Journal or the financial matters section in newspapers. You are sure to gain a wealth of information to help you out of your current situation. Some studies show reading will help strengthen your analytical skills, increase your vocabulary and help you to prioritize goals. Your knowledge of the world will be stronger, and you may just notice your financial skills sharpening as your mind is being refined. This is especially true when you read chapter books, as it encourages deep reading and assessment.

The majority of what you read will not only make you a more rounded individual, it will help you to make more sound, financial decisions. You will be a greater financial asset to your company, and yourself. So grab a book, a hot cup of coffee and settle into your next lesson!

Peoples Bank & Trust Co.

Member FDIC

Equal Housing Lender

Why Your Child’s Allowance Should be Tied to Their Chores

Financial Education

There are literally thousands of how-to’s and self-help books for parents, but truly the only real way to learn how to raise a child is to do it! Luckily our growing team of parents at Peoples Bank & Trust have some true hands-on experience when it comes to upbringing and explaining money management to little ones.

One of the most common fiscal questions parents have concerning their child’s financial education is, “How do I teach them about money using an allowance.” The simple answer is, however you want. There are a number of ways you can utilize a recurring allowance to help your children understand both the importance of good money management and a sound work ethic. Below are two of our favorite strategies:

Example #1: Earn Your Extras

In this scenario, allowances are guaranteed to an extent. Every two weeks give your child a pre-determined amount of cash, say $5.00. That money then has to be split evenly between their educational savings and their retirement savings (yes – retirement savings!) While this money is technically theirs for future use, they have no tangible money to immediately spend. Where the fun part comes in, is the commission. Assign a small dollar value to various tasks around the house. Ensure things like making their bed, or doing their homework are givens, and they are required to do them no matter what. However, extra work such as mowing the lawn, cleaning the bathroom, or cooking dinner, earn a predetermined amount of commission. Paid every two weeks, this commission is then theirs to split between three areas: save, spend, and donate, but they MUST allocate at least $0.50 in each area. This lesson teaches three primary lessons: the first is housework is a part of everyday life and it doesn’t come with a paycheck. The second lesson is that working hard pays off, and the third is that creating a plan or budget for your money allows you to use it as a tool instead of using debt as a burden.

Example #2: Ambition Is Important

There is a viral story trending about a young boy whose allowance was determined by how many self-help books he read and wrote a report on. This simple lesson offers many variations and proves an important point on the dedication to values at a young age. For this example, there is no guaranteed allowance on a weekly or monthly basis. In this scenario, all funds are accumulated via commission. How that commission is earned is determined by you. This can be the number of extra assignments completed or the amount of successfully replicated YouTube tutorials. It could even be the quantity of miles your child is dedicated to running each week. Through this valuable learning experience, you can showcase to them that a solid work ethic is pinnacle to success, and can at times even out earn an education.

However you decide to help your children understand the complexities of personal finance, Peoples Bank & Trust is here to support you. Stop in today, and ask about our designated children’s savings accounts. We’d love to help your family get started on their journey to financial success.

Peoples Bank & Trust Co.

Member FDIC

Equal Housing Lender

Red Flags to Look for on Your Credit Score

Everyone and their brother seems to be sharing the importance of checking your credit score, but once you have the information, how do you actually know what it means? At Peoples Bank & Trust, we want you to not only have the information about your personal finances but be able to understand and act upon it as well. If you see any of the following red flags while viewing your report, you may want to look into the appropriate remedies as quickly as possible.

 

Missed or Late Payments

Your credit report should accurately showcase your current repayment history, which accounts for approximately 35 percent of your credit score. This area of the report should indicate if any payments have been missed and have been reported to the bureau as late. If you see a payment that you were unaware of, be sure to reach out to the company listed and contact them to pay off the bill in question.

 

Fraudulent Activity

It is possible to view your credit report and find bills or inquiries that you did not initiate. In this instance, it is important to take the appropriate steps to report identity theft and begin recovering your financial reputation. The sooner you alert the authorities and lending organizations to this unfortunate dilemma, the less likely you are to suffer any long-term side effects.

 

Excessive New Accounts

While having more than one account open can positively affect your credit score, attempting to open too many in a short time period can cause a negative reaction. If you see more than two accounts opened in the last three months, you may want to wait before attempting to apply for a credit card or other lending option.

 

Active Collections Accounts

If you haven’t checked your credit score in a few years, any potential missed or late payments may now have spiraled into active collection attempts. In this instance, the best practice is to contact the companies listed and discuss repayment options. Many times if you are actively working to pay down an account receivable, the company will work with you to structure monthly installments that fit within your personal budget.

 

At Peoples Bank & Trust, we recommend checking your credit score each month. If you’d like more information on how to increase your credit score, stop in today. One of our trusted personal bankers would be happy to answer any questions or curiosities that you have.

 

Peoples Bank & Trust Co.

Member FDIC

Equal Housing Lender

10 Steps to Keep Your Identity Secure

Cyber Security

It may seem like protecting your personal information is just one more thing to add to the to-do list, but being proactive now could save you a mountain of work later. At Peoples Bank & Trust, we believe your identity is the most precious thing you have. To help you keep it safe we offer the following steps to help you keep it as secure as possible.

 

  1. Check your credit score. By looking at your personal credit report each and every month, you can catch any potential errors as soon as they occur instead of months or years later.
  2. Never give out personal details. Phishing scams can come by phone or by email. Always be sure to use your designated contact at a company and never give out information to someone you don’t know.
  3. Use software like Lifelock for extra support. Lifelock and other similar companies offer a valuable safety net when it comes to your individual identity. Their services can help to supplement the efforts you complete on a monthly or annual basis.
  4. Keep all sensitive or personal information secure in a safety deposit box. Items such as birth certificates, social security cards, and other valuable documentation can be secured in one of our insured safety deposit boxes. At an affordable annual rate, you can be sure all of your documents are always locked and stored away.
  5. If you’re unsure about a phone call, always check its source. If you receive a call and are unsure of the intentions of the caller, we suggest checking the source of the call through White Page’s reverse number
  6. Be on the lookout for tempting clickbait. As you browse across the internet be wary of clickable links that share controversial titles on the side or bottom of the page. These can lead to spam sites which could harm your computer and/or your personal information.
  7. Remember not to click on attachments from senders you don’t know. When you’re viewing your email, be wary of senders you don’t recognize. If the sender doesn’t appear to be a person or brand you know, avoid clicking on any attached links as they may attempt to hack or spam your device.
  8. Use different passwords for different accounts. There are numerous great services like Last Pass which can help you maintain different passwords and usernames for each of your various accounts. This ensures that should one become compromised, hackers are unable to access any other information through like logins.
  9. Always use upper and lowercase letters, symbols, and numbers when creating passwords. As you’re creating new passwords and accounts, remember to make your logins as secure as possible to avoid becoming an easy target for potential hackers.
  10. Steer clear of public wifi. While public wifi can sometimes be a blessing for the traveling business person, it can also pose a dangerous opportunity for nearby cyber criminals. Unless you gain the wifi password from an employee of the business, never assume signage or non-password protected portals are safe connections.

 

At Peoples Bank & Trust we hope you and your information stay safe. If you ever want to enhance your cyber security or identity theft protection, stop in and speak to one of our personal bankers. We offer services such as safety deposit boxes to help keep your important documents secure, and our team is always available to help if you find yourself facing fraudulent activity online.

How to Tell if a Call is a Scam

Cyber Security

Often times, phishing calls can come off as friendly or even helpful, however, in many instances the caller is malicious and intends to compromise your personal information. Peoples Bank & Trust wants to help you avoid situations like these, and offers the following key prompts to help you identify a fraudulent caller. Keep these five points at the top of your mind the next time you’re wary of an unknown caller:

The matter is deemed extremely urgent by the caller. The biggest and clearest red flag is when the individual calling claims that you HAVE to update or adjust something ASAP. The caller will then indicate that they are from an institution you may know, and they need to know your personal information ASAP. DO NOT give out this information. If you think a company you work with may truly need to update an account, call them at the number you have listed and inquire about the presentation the prior caller shared. Nine times out of ten the company will not be aware of any need to update the information and will take note of the fraudulent call being conducted to its customers.

The offer or promotion seems too good to be true. When someone calls claiming that you have won a foreign lottery, been chosen for an all-inclusive cruise, or received some other once-in-a-lifetime opportunity, chances are it’s a scam. On numerous occasions, fraudsters have used this ruse to illicit payment or personal information to “process your winnings.”  Unless you specifically remember entering into a sweepstakes for the prize you are being called about, this call is a scam.

The person calling is asking for personal information.  Not every time will the caller claim you have won a prize. Sometimes it may be as simple as a person posing as a business contact you work with, asking to verify some information. Whether it’s an insurance company, financial institution, or other entity, always ask if you can call the person back, and call them at the number you have in your records. If this number is different from the one which just called, you may have just avoided a scam.

Reverse lookup the phone number. Sometimes there is just something about a call that gives you a gut feeling that it’s not right. In cases like these, we recommend looking up the number on whitepages.com with their reverse lookup feature. This will not only tell you where the call is coming from, but can also alert you if the number has been flagged as a scam.

With these four tactics, Peoples Bank & Trust hopes you and your personal information can stay safe and secure. If you’re looking for more cyber security tips and tricks, be sure to check our blog. We share a new identity theft related topic each and every month.

Peoples Bank & Trust Co.

Member FDIC

Equal Housing Lender

The Most Common Money Problems Americans Face

Savings Tips

For most Americans, the development of personal money management is a lifetime learning process. Faced with firsthand lessons and ongoing expenses, it can be difficult to master the appropriate practices for many common financial obstacles. At Peoples Bank & Trust we want to help you obtain the best financial education possible, and offer these time-tested solutions to get you started.

 

  1. Creating a Budget

There are countless varieties of budgets, with different structures for all types of lifestyles. The real obstacle is finding the option that works best for you, and sticking to it! Nearly any budget format you choose can help you allocate and manage your money, however, it only works when it is consistent. Be sure that you check your balances at least twice a week to be safe. This will guarantee that you adhere to the amounts specified, keeping your expenses in line with what you’ve planned.

 

  1. Managing a Credit Score

The largest aspect of successfully managing your credit score is grasping the reins on where your number currently is. Sites such as annualcreditreport.com offer a federally authorized FREE report once per year from each of the three reporting bureaus. This gives you an all-encompassing view of your current credit standing, showcasing some key places for improvement. Many credit card companies now offer additional credit monitoring tools to help you keep an eye on your score month-to-month. We recommend checking it at least once every three months, to be sure you catch any errors or inquiries that may occur.

 

  1. Saving for Retirement

Due to the longevity of this venture, many people postpone the start of this savings process. However, in this situation, time is of the essence! An extra decade of saving could effectively double your money if you have an appropriate compounding interest rate.  We recommend starting your savings as early as possible, through either a company 401(k) or an independent IRA. The sooner you start, the longer you have for your funds to grow while you continue contributing to their ongoing prosperity.

 

  1. Paying off Student Loans

Debt is never something we want to hold onto. However, with over 44 million Americans borrowing funds to cover their continued education, the issue of student debt has become increasingly relevant. While we do suggest paying your loans off as quickly as possible, it is also important to ensure you take advantage of your time when starting to save for retirement. Every situation varies, and there is no blanket statement for every scenario. However, as a general rule of thumb, we recommend approaching your student loans with the snowball method, paying them off in order of least amount owed to greatest, while making the minimum contributions to your retirement savings.

 

Whether you’re ready to set-up a new savings account or create a new budget to better manage your debt, our team of professionals is here to help! Stop by your nearest branch, and speak with a qualified personal banker today.

 

Peoples Bank & Trust Co.

Member FDIC

Equal Housing Lender