4 SIMPLE STEPS TO STOP A CYBER THIEF

National Data Privacy Day was January 28.  In recognition of this day, Stock Yards Bank and Trust is urging consumers to take an active role in protecting their data.

To help ensure the safety of personal information, Stock Yards Banks and Trust suggests following these four tips:

1.Create complex passwords. Avoid birthdays, pet names and simple passwords like 12345. Because friendly theft – theft by someone the victim knows – is the most common type of identity theft or fraud, don’t share your passwords with family members and be mindful of who has access to your personal information.

2. Keep tabs on your accounts. Check account activity and online statements often, instead of waiting for the monthly statement. You are the first line of defense because you know right away if a transaction is fraudulent. Sign up for text or email alerts to be notified of transactions over a certain dollar amount or online transactions. If you notice unusual or unauthorized activity, notify your bank right away. When a customer reports an unauthorized transaction in a timely manner, the bank will cover the loss and take measures to protect the account.

3. Stay alert online. Be sure computers and mobile devices are equipped with up-to-date anti-virus and malware protection. Never give out your personal financial information in response to an unsolicited email, no matter how official it may seem. Your bank will never contact you by email asking for your password, PIN, or account information. Only open links and attachments from trusted sources. When submitting financial information on a website, look for the padlock or key icon at the top or bottom of your browser, and make sure the Internet address begins with “https.” This signals that your information is secure during transmission.

4. Protect your mobile device. Use the passcode lock on your smartphone and other devices. This will make it more difficult for thieves to access your information if your device is lost or stolen. Before you donate, sell or trade your mobile device, be sure to wipe it using specialized software or using the manufacturer’s recommended technique. Some software allows you to wipe your device remotely if it is lost or stolen. Use caution when downloading apps, as they may contain malware and avoid opening links and attachments – especially from senders you don’t know.

Resource information provided by the American Bankers Association

 

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How to Protect Your Loved One from Financial Abuse

Financial exploitation is one of the most common forms of abuse committed against older Americans. According to a Metlife study, an estimated $2.9 billion is lost annually to scams explicitly targeting seniors.  The American Bankers Association Foundation is urging older Americans and their caregivers to join the fight against financial abuse and take active steps to protect their finances from fraud.

“Older Americans currently hold more than two-thirds of all U.S. deposits, making them highly susceptible to scams, exploitation and abuse,” said Corey Carlisle, ABA Foundation executive director. “It’s critical that seniors and their loved ones recognize the signs of financial abuse before it’s too late and get help immediately if they think they’ve been victimized.”

To help older Americans and their caregivers protect themselves or their loved ones from financial abuse, the ABA Foundation is offering the following tips:

• Plan ahead to protect your assets and to ensure your wishes are followed. Talk to someone at your financial institution, an attorney, or financial advisor about the best options for you.
• Carefully choose a trustworthy person to act as your agent in all estate-planning matters. Select someone who has your best interest at heart.
• Never give personal information, including your Social Security, account number or other financial information to anyone over the phone unless you initiated the call and the other party is trusted.
• Stay alert to common fraud schemes. Never pay a fee or taxes to collect sweepstakes or lottery “winnings.”
• Never rush into a financial decision.  Ask for details in writing and consult with a financial advisor or attorney before signing any document you don’t understand.
• Check references and credentials before hiring anyone. Don’t allow workers to have access to information about your finances and make sure to lock up your checkbook, account statements and other sensitive information when others will be in your home.
• Pay with checks and credit cards instead of cash to keep a paper trail.
• You have the right not to be threatened or intimidated. If you believe you are a victim of elder financial abuse, contact your local Adult Protective Services, tell someone at your bank or call your local police for help.

Resource information provided by the American Banker’s Association 

Avoiding Overdraft Fees

Spending more money than you have in your checking account can result in overdraft charges and damage your account. Overdrafts have been in the news a lot recently.  It’s important for customers to know there are numerous ways to avoid paying overdraft fees. Stock Yards Bank offers the following account management tips to consumers:

1. Use direct deposit for your paycheck.  You will have access to your paycheck immediately.

2. Keep track of your balance and transactions and don’t forget about automatic payments.  Today, it is easier than ever to check balances and transactions online, by phone, or at the ATM, 24 hours a day.

3. Keep a “pad” or cushion of money in your checking account – just to be safe.

4. Link your checking account to an overdraft line of credit, savings account, or credit card.  These are usually less expensive alternatives, but remember that for overdraft lines of credit and credit cards, you have to pay it back. The amounts are usually not automatically repaid from new deposits into your checking account.

5. See if you qualify for a small line of credit that will cover you if you overdraw your account.  Just be sure to pay it back as soon as you get the bill.

6. Sign up for automatic notification when your balance drops below a certain level.  You may be able to get notified by text message or email.

Resource Information: American Banker’s Association