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Small business is important to Central Oregon, and to Mid Oregon. Find tips and resources for business, and information about Mid Oregon’s commercial services and business members.
What is Bot Fraud and Why Should You Care?
Bot fraud refers to fraudulent activities carried out or assisted by malicious bots. These bots are designed to imitate human behavior and perform automated tasks quickly and can lead to serious consequences, such as financial loss and identity theft.
Unfortunately, bot fraud is becoming more common, so staying informed and taking steps to protect yourself online is important.
Bot attacks on user accounts
One common type of bot fraud is attacks on user accounts, especially those linked to financial institutions. Malicious bots use techniques like credential stuffing and brute force attacks to gain unauthorized access to these accounts.
Credential stuffing involves using login credentials from data breaches on multiple websites to gain unauthorized access. In other words, if your username and password are leaked from one website, cybercriminals can use this information to try and access your accounts on other websites. This is why it’s crucial to use unique passwords for each account.
Brute-force attacks are carried out by repeatedly trying different combinations of usernames and passwords until the correct one is found.
Taking proactive measures on your financial accounts, such as creating complex passwords and unique usernames that are not used elsewhere, can significantly reduce the risk of falling victim to these attacks.
What makes a good password
Most of us know not to use the same passwords for different accounts, yet some still do. Below are a few tips in creating a strong and unique password:
1. Avoid using common phrases, names, or quickly guessable information like your birthday or street name. Hackers often use this kind of information to crack passwords.
2. Include a mix of characters, such as symbols, numbers, and upper- and lower-case letters. Don’t just add a symbol and a number at the end of your password—make sure it’s truly unique and complex. For example, a strong password could be ‘P@ssw0rd1234’ or ‘Tru3$ecur1ty! ‘. These are not easily guessable and provide a high level of security.
3. Your password should consist of at least eight characters, but 12 or more is even better. The longer and more complex your password, the harder it is for hackers to crack.
4. Use a trusted password manager. Because strong passwords are unique and lengthy, they can be challenging to remember, especially when each of your accounts has its own password. Using a trusted password manager can also generate random complex passwords for your accounts and securely store them, ensuring your sensitive information is not exposed.
What makes a good username
Many guidelines for creating a password can also be applied to usernames.
1. Consider including a combination of letters and numbers in a random pattern to prevent hackers from quickly guessing it. Avoid using personal identifiers or common phrases, as these can make your username more vulnerable to attacks.
2. Make your username memorable but rare. Using common names or personal information makes it easier for hackers to guess your username. Instead, consider using a word or phrase with personal significance, such as a childhood nickname, a favorite movie quote, or a memorable teacher’s name.
3. Avoid using your email address as your username unless required by the account or business. Email addresses are frequently shared and can jeopardize security, especially in the context of 2-factor authentication.
4. Again, do not include personal information in your usernames. This includes avoiding using your name, phone number, address, social security number, or birthday.
Refrain from using the same credentials across multiple accounts
It’s important to avoid reusing credentials across multiple accounts, as this habit can make you more vulnerable to attacks. To enhance your account’s security, it’s always best to use a different username and password for each account. For example, sharing identical login credentials for your Netflix account and your financial institution can compromise the security of your sensitive information. Again, using a trusted password manager can help you keep track of your account credentials.
Understanding bot fraud and taking steps to create strong and unique account credentials are essential in protecting ourselves and significantly reducing the risk of falling victim to these attacks.
Mid Oregon is dedicated to safeguarding your financial well-being and is committed to providing you with valuable fraud prevention tips. Stay tuned for articles on our website, Digital Banking platform, and social media channels. Let’s work together to keep your finances secure!
Five Easy Ways to Save Money on a Tight Budget
Do you often find it challenging to stretch your paycheck to cover all your expenses? You’re definitely not alone. Many Americans are in the same boat, trying to make ends meet from one payday to the next. A recent Forbes report revealed that over a quarter of Americans have savings of less than $1,000. Other studies indicate that about half of U.S. households have saved up enough to cover three months’ worth of expenses, with less than 40 percent having enough for six months.
While it might seem challenging to save when there’s not much flexibility in your budget, there are practical ways to make it happen.
Identify where you are spending your money
Kickstart your journey into financial control by keeping tabs on all your spending for next 30 days and creating a budget. Every expense, no matter how small, should be recorded using any tracking method you prefer—a notebook, your smartphone, an online spreadsheet, or whatever suits you best. Sort your expenses into categories and prioritize the essential ones like mortage/rent, utilities, food, transportation, and healthcare. This simple act of tracking and budgeting is a significant step towards financial control and should be celebrated.
Once you have a clear picture of where your money is going, you’ll be able to identify areas where you can cut back. For example, finding ways to spend less on items like clothing, entertainment, or gym memberships can make a significant difference. By sticking to a budget, you’ll gain a better understanding of your spending habits and the confidence to find ways to save.
Entertainment—Look for low-cost or free ways to have fun
- Consider pausing your streaming service for a while and get cozy with your local library’s movie and video game collection.
- Dive into the world of podcasts and discover a treasure trove of free entertainment.
- Explore new hobbies or learn a new language without spending a dime!
- Check out our blog for even more wallet-friendly ideas to make the most of your summer.
Food—Try to spend no more than 11% of your take-home pay on food
- Try out generic store brands instead of name-brand items. Many generic versions can be up to 60% cheaper.
- Get savvy with coupons and download your grocery store’s app for extra deals. Who doesn’t love a good bargain, right?
- Buying fresh veggies and preparing them yourself—pre-cut veggies can be twice as expensive, so get your chopping skills ready!
- To reduce food waste, only buy what you know you can eat in a week or two. And if you need help planning your meals, there are some great free apps out there to give you a hand.
- Consider making meals at home instead of ordering from restaurants. Not only is it usually healthier, but it’s also lighter on your wallet.
Energy bills—Simple changes in your daily habits can result in substantial savings on energy bills
- Get creative with cooking: Try using an air fryer, slow cooker, or other small appliances instead of firing up the big oven every time.
- Max out that dishwasher: Wait until it’s full before running it with the heated dry setting turned off.
- Unplug and save: Don’t forget to unplug appliances and power strips when they’re not in use to steer clear of sneaky phantom loads.
- Light off, energy on: Remember to flick off the lights when you leave a room. It’s a quick and easy way to cut down on energy waste.
Credit Card Late Fees—Missing a payment due date comes with a heavy price
- Late fees on credit cards can really hit you hard, so make sure to set up automatic payments to at least cover the minimum amount due.
- Protect your credit score and peace of mind by using your card for emergencies only if you can’t pay off the full amount each month.
- If you have a high-interest credit card, consider switching to one with a lower rate. By the way, did you know that Mid Oregon offers zero balance transfer fee and low-rate credit cards? Worth checking out!
By making small changes and putting those savings to an emergency fund or dedicated savings account (Mid Oregon has a variety of options to choose from), you can reduce the stress of paying bills and even save up for fun things like vacations or special gifts.
Remember, a goal without a plan is just a wish. So, grab that pen and paper, give some money-saving tricks a shot, and hopefully, you’ll be high-fiving yourself by the end of the month. Whatever your needs, Mid Oregon’s experienced team is a great place to start discussing your money-saving opportunities.
Want to know more? Read additional Mid Oregon blog articles about goals, budgeting, and debt consolidation.
Beat the Heat, Not Your Budget—Tips to keep your summer spending in check
There’s nothing quite like the joys of summer! From sizzling barbeques to blissful camping trips, scenic road trips to those indulgent lazy days—it’s a season that brims with adventure and excitement.
But amidst the fun, the lure of spending a bit more while soaking up the summer fun can easily lead to overspending.
But worry not. We’ve got you covered with some smart tips to keep your summer spending in check.
Try a Staycation
This summer, trade in your costly vacation for an exciting adventure right in your own backyard. Unleash your inner tourist and rediscover the wonders of Central Oregon. Many of us haven’t fully explored this vibrant area where we work, live, and play.
Have you ever marveled at the wildlife and exhibits of the High Desert Museum or the geological wonders at the Lava Lands Visitor Center? How about a refreshing float on the Deschutes River or challenging yourself with a hike up the South Sisters? You could also enjoy a concert or two—many of which are free (check out our Calendar of Events). And let’s not forget our stunning parks, trail systems, and idyllic campgrounds? We’re fortunate to live in such a spectacular area—take advantage of what it has to offer.
Find inexpensive fun for the kids
Entertaining the kiddos during the summer break can be expensive. But fun activities that won’t break your budget do actually exist. If you’re looking to keep the kids occupied, head to the nearest discount store or garage sale and buy some low-cost toys and games. Check with the local recreation center and libraries, they can be a great resource for no-cost activities for kids of all ages. Or you could get together with other parents to plan special outings such as sports meetups or playdates at someone’s house. Kids can still have a great time socializing with their friends and learning new things without you breaking the bank to give them a fun summer.
Cool your air conditioning costs
Air conditioning is one of the biggest expenses over the summer months. Did you know you can save 10 percent a year on your cooling bills by setting your thermostat just seven to 10 degrees higher for eight hours a day? You can also save by doing simple things like closing the blinds, using a fan, getting a programmable thermostat or cleaning your air vents. You should also look around doors and windows for gaps or cracks you could caulk in order to avoid letting cold air out and warm air into your home.
Leave the car in the garage
Take advantage of those longer days and sunny rays and switch to walking or riding your bike (check out the links above for amazing trail options). Making this change will save at the gas pump, and free up money for other things you want to do this summer.
Cash in your credit card rewards
Thanks to reward points, using a credit card to pay for summer fun can definitely be a bonus. For example, with Mid Oregon Everyday Rewards VISA you receive a point for every $1 and double points for gas and groceries: $1,000 gas/groceries = 2,000 points; $500 miscellaneous purchases = 500 points. Total of 2,500 points = $25 in prepaid gift cards or cash! Cha-ching.
By following these simple tips, hopefully you can make sure you don’t overspend during this season while still enjoying all the fun that summer has to offer. Remember, summer is about quality time together with family and friends—not just the receipts and souvenirs you collect along the way.