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Financial Tips for 2023 Grads

Financial Tips for 2023 Grads

It’s that exciting time of year! Cap and gowns are coming in and Pomp and Circumstance is running through your head as you prepare for the big event. If you’re a parent of a soon-to-be high school graduate, dollar signs may be running through your head as well, along with advice … and lots of it!

If you’re a grad, get ready to hear life experience stories from your graduation speaker and many others. The Federal Trade Commission (FTC) has some advice for you as well. Learn how to recognize financial scams. Younger people report losing money to fraud more often than older generations. According to Colleen Tressler, Consumer Education Specialist, FTC, 43% of those who reported fraud were in their 20s, while only 15% were in their 70s.

What can you do to help avoid financial fraud?

– Never give out money or any personal identifying information (PII) in response to an unexpected request. Be wary of texts, phone calls and emails. Scammers commonly pretend to be someone you trust.

– Do your research. Be smart with your online searches and use terms like “complaint,” “scam” or “alert” along with the company name when you search.

– Understand that there’s no such thing as truthful caller ID anymore.

– Don’t wire money. Government and legitimate companies will not require you to pay for products or services with a re-loadable gift card. Even using cards like iTunes and Google Play are risky.

– Recognize that robocalls are illegal and should be reported to the FTC. If you mistakenly answer one of these calls, hang up immediately.

Looking for a job after graduation can be quite stressful especially if you’re supporting yourself for the first time.

– Check out job placement firms closely. These companies should not be charging high fees in advance for any type of service without a guarantee of placement.

– Keep in mind that the promise of a job isn’t the same thing as job. If you have to pay for that promise, it’s likely a scam. Read More

– Realize that there are many fake jobs listed on social media. Google the company name and visit their website along with the search term “career.” If jobs are not listed on their website and nothing comes up on Google, those are red flags.

– Don’t give out any credit or bank account information over the phone to a company unless they have hired you and have agreed to pay you something.

– Get job details in writing and take time to go over the small print. A legitimate company won’t pressure you into making an on-the-spot decision regarding your career.

CNN recently reported some smart money moves for graduates, such as aiming to live within your means and knowing what your means actually are. Check out their tips HERE.

Congratulations and make sure you enjoy your special day. We wish you the best of luck in your future endeavors!

For more information, visit https://www.consumer.ftc.gov.

Photo courtesy Jonathon Daniels via unsplash.com.

Consumers Lost Nearly $8.8 Billion to Scams in 2022

The Federal Trade Commission (FTC) has recently released data showing that consumers lost over $8 billion to scams in 2022. This massive loss is an increase of more than 30% compared to 2021.

The majority of the crimes came from investment scams ($3.8 billion) and imposter scams ($2.6 billion). Online shopping scams were more commonly reported of the 2.4 million fraud reports from consumers. The FTC also noted that the highest reported losses came from social media, and then followed by phone calls with the highest per person median loss of $1,400. Learn more HERE.

Guard Well Identity Theft Solutions exists to protect you, your family, and your employees from the damages of identity theft. If you have any questions or concerns, please contact our Member Services team immediately. We are always available for you 24/7/365 at 888.966.4827.

 

The Top Scams of 2022

The Federal Trade Commission (FTC) is a United States federal agency that works to prevent deceptive, fraudulent and unfair business practices. Their first objective is to identify fraud that cause the greatest consumer injury. Their second objective is to stop the fraud, deception and unfair practices through law enforcement. Finally, their third objective is to prevent consumer injury from happening in the first place through education.

Every year the FTC reports the top scam highlights of the previous year. This is how 2022 stacked up:

– Investment scams had the largest losses at $3.8 billion. Investment scams promise that you will make a lot of money quickly, easily and with low risk. The FTC reported that these scams involve the investment in financial or real estate markets. Learn how to research investment opportunities HERE.

– Impersonator scams were, once again, the most reported scam. Losses from these scams total $2.6 billion for 2022. The FTC reported that the major difference in this type of scam from the previous year is that there were higher losses to business imposters to the tune of $660 million in comparison to last year’s $453 million. Scams in this category include social security, IRS, romance, caregiver, family emergency, tech support and grandchild scams. Learn how to identify a scam happening to you or a loved one by viewing the short videos HERE.

How were scams identified and processed? Some losses were through bank transfers. Others started on social media and phone calls. Young adults in their 20s reported losses more often than seniors in their 70s. Unfortunately, the seniors lost more money than any other age group.

The FTC has a PDF available for download with a visual snapshot of the top frauds of 2022. Click HERE to learn about the rest of 2022’s top scams and view the PDF.

Guard Well Identity Theft Solutions exists to protect you, your family and your employees from the damages of identity theft. If you have any questions or concerns, please contact our Member Services team immediately. We are always available for you 24/7/365 at 888.966.4827.