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You’ve just discovered fraud. Now what?
As hard as we try to keep ourselves safe, identity fraud is likely to happen to most of us sooner or later. Don’t panic. Here are some steps to take, and some resources that can help.
You open your credit card statement, and you see a charge you didn’t make. You apply for a loan, and you notice an account you didn’t open. Oh, no!
For most consumers, this is one of their worst nightmares come true. But just as with disaster or fire preparedness, knowing what to do when we’re a victim of identity fraud is something that we all need to know.
And just as with a natural disaster or a house fire, the first thing we need to remember is: Don’t panic. Take a deep breath and remember your plan. Wait, do you have a plan?
You’re not on your own
Years ago, consumers were largely on their own when they discovered fraud on their accounts. Recovery was painful and laborious, and it was easy to forget crucial steps. Today, although identity theft is still an unexpected pain none of us wants to experience, we have more tools and resources we can use to make recovery go faster.
Identitytheft.gov—learn the steps, create a plan
One of the best links you can keep handy is identitytheft.gov. This site was created by the federal government to help consumers just like you when the worst happens. Go straight to the home page and get started when you suspect some fraud has occurred on your accounts. The site will help you develop a plan and give you simple, basic steps you can put into action immediately, in the order of importance, so you don’t get flustered and thrown off-track.
Or, if you want to review them now, just click browse recovery steps to review what you should do if this ever happens to you. You can even print the handy checklists so you can keep them handy at home or at your office. You can even pull up steps to take for special forms of identity theft, such as tax identity theft or identity theft for minors or medical accounts.
Use our tools—CardNav and Verified by VISA
Don’t forget that there are also steps you can take to help you reduce the possibility and severity of any fraud that might occur on your account. CardNav is an easy app you can install on your iOS or Anroid mobile device to turn your debit cards on or off if they’re ever lost or stolen. You can also limit locations where the card may be used, set thresholds for transaction amounts, and specify the types of transactions permitted. With Verified by VISA, you can register a password on your VISA card to ensure that you’re the only one using it for online purchases. It’s free and easy to set up!
No one wants to be a victim of identity theft. But if you do, don’t be caught unprepared. Review the steps and get your plan in place now! And if you ever experience fraud on any of your Mid Oregon accounts, contact us right away so we can help. too.
Related articles
Do you want to learn more about keeping your accounts safer from identity fraud? Check out these related resources and articles for more tips and suggestions:
- Stickley On Security (on the Mid Oregon site)
- 10 places NOT to use your debit card (from CreditCards.com)
- Credit card vs. debit card: Which is safer online? (from Nerdwallet)
What Does “Local” Really Mean?
What Does “Local” Really Mean?
You’ve heard the message a lot in the media lately: Financial institutions in our area claiming to be “local.” Sure, for many consumers who are new to Central Oregon from another region or state, a financial institution that’s headquartered in Portland or Billings might feel local. But what does local really mean to you?
We have seen a lot of change–and a little bit of confusion–occurring in our local financial landscape over the past year or so. Some institutions have merged with larger, regional institutions; some have been caught doing things that aren’t exactly in their customers’ best interests; and quite a few have implemented changes that could be costing you more money to manage your financial lives—such as eliminating free checking.
Central Oregon Financial Choices
The good news is that consumers in Central Oregon have a lot of choices, thanks in part to the credit union movement. For decades, we’ve worked to protect your right to choose your financial institution. As a result, we find that communities with a credit union presence pay lower interest rates on loans, and pay fewer fees, than communities whose consumers lack those options. Even if they’re not credit union members!
And if they don’t have one that’s serving their needs, they have the right to start their own. That’s how our cooperative was founded back in 1957, when eight Prineville educators pooled their savings to give each other loans in times of need.
Local: Headquartered In and Serving Central Oregon
So, if you’re choosing a financial institution that’s headquartered, founded, and exclusively serving the folks of Central Oregon, there’s only one—Mid Oregon Credit Union. We were founded here, we’re staying here, and we have only one purpose—to meet your financial needs and help you achieve your dreams. To us, being local means we make sure that you get the financial services you need more conveniently and affordably, and we do our part to support the community that we all call home.
Thanks for your membership. We look forward to seeing you soon.
To Pay Down Debt, First Save
When you want to pay off debt fast, that impulse often means depleting your savings. So how do you pay off debt AND save money?
Paying Debt vs. Increasing Savings
Mathematically, based on the interest rates of your loans versus your savings account (or other savings products), your debt is likely costing you more money every month than your savings is earning you. Thus, looking simply at the highest net impact of your dollar, it would make sense to use extra income to pay off debt rather than save the money.
But this strategy usually results in more debt. Crazy, right? But think about it. If you’re taking all your spare dollars and diverting them to your credit card or other loans, completely neglecting your savings account, what will you do when an emergency comes along, things like car repairs, vet bills, etc.?
No Savings Can Equal More Debt
Life happens, and since you don’t have a savings account, you’ll probably have to slap these expenses onto your credit card. You know, the one you’ve been working so hard to pay off?
Here’s how to get out of this cycle:
1. Put away the credit cards and stop adding to your debt. Remove the temptation.
2. Set a goal for your savings account that you’re comfortable would cover most emergencies, for instance, $500. Depending on your situation, it might makes sense to have a goal of $1,000. It’s up to you.
3 .Pay at least the minimum payments on your loans while you build your savings account until you reach $500.
4. Then dedicate more money to paying down debt. Winter is around the corner, so why not consider the “Debt Snowball” method?
Debt Snowball
But how do you pay down your debt? There is a proven method called the “Debt Snowball”. Having a process can help you keep on track and stay motivated. You could pay off the debt with the highest interest rate first, but that may not be best for you. Read “How to Get Out of Debt With the Debt Snowball Plan” from Dave Ramsey to learn a different way which may make better sense. On to step 5…
5. If an emergency comes along that takes your savings below $500 (or $1,000), switch back to paying the minimum on debt and put extra money into savings to build that back up.
6. Once savings is steady at $500 ($1,000) and you feel you’ve gotten your debt under control (or paid off), start increasing your savings. Most personal finance experts say your emergency savings should be able to cover three to six months of living expenses.
And don’t stop contributing to your retirement savings or dip into your retirement savings unless it’s truly an emergency—your future self will thank you.
With patience and some baby steps, you’ll soon have your finances under control and find yourself resting on a comfortable nest egg.
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