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Why Credit Freeze Still Not Enough?

6/4/2019

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Q. I have frozen my credit reports to prevent identity theft, am I completely safe now?

A.
Unfortunately the answer is no, because a freeze only prevents new creditors from accessing your credit reports, making it difficult for ID thieves to take out new credit in your name, however, a freeze doesn't prevent someone from using your existing accounts to make fraudulent charges, this is far more common.

So it's still a good idea to check your free copy of your reports from each of the three credit bureaus every 12 months at www.annualcreditreport.com, look for variation in your name spelling, social security number or other identifications.

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5 Common Scams and How to Deal With Them

3/15/2019

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1. Tax refund fraud
A criminal, having illegally obtained your Social Security number, files a fraudulent tax return in your name and collects a refund. When you submit your legitimate tax return, it is rejected because the IRS has already processed a return with your Social Security number. In some cases, you may receive a notice prior to filing your return that the IRS has received a suspicious return using your identity.

What to do:
  • File your return early, reducing the likelihood that a criminal would have previously filed a fraudulent return.
  • If your return is rejected because of a duplicate filing under your Social Security number, submit Form 14039, Identity Theft AffidavitOpens in a new window, to the IRS.
  • Remember, the IRS will contact you through the US Postal Service, not a phone call. If you receive a letter from the IRS that it has received a suspicious return using your identity, contact the IRS. Visit IRS.govOpens in a new window for contact information.
  • Do not return a call from someone claiming to be with the IRS.

Continue to pay your taxes and file your legitimate tax return, although you may have to submit a paper return rather than an electronic one. Attach Form 14039, Identity Theft Affidavit, when filing your return.

2. Employment or health care fraud
A person uses your identity to obtain a job or receive health care services. You may become aware of the scheme after you file your tax return, and are notified by the IRS that you appear to have underreported your income and owe additional tax. Or, in the health care version of the scheme, you receive notification that you are required to pay for medical exams, procedures, and prescription drugs that you never received.

What to do:
  • If you suspect you are a victim of taxpayer identity theft, immediately contact the IRS and file Form 14039, Identity Theft AffidavitOpens in a new window.
  • Never surrender Social Security, Medicare or health insurance numbers to anyone you don't know and trust.
  • If you believe someone has signed up for health insurance in your name, call the Health Insurance Marketplace call center at 800-318-2596, and explain the situation.

3. Tech support scam
You receive a phone call from someone claiming to be a technical support person, informing you that there is something wrong with your computer and the caller can help you fix the problem. Alternately, a message appears on your computer screen informing you that your computer is infected with viruses, or that you are locked out of your computer and your files have been encrypted, denying you access. If you follow the instructions of the caller or the screen message, your computer may be taken hostage and your personal information stolen. You are then asked to pay a fee to restore access to your computer or data.

What to do:
  • Prevention is the best medicine. Don't click pop-up ads or attachments from unknown senders. Avoid clicking links in emails. Visit known websites by manually typing the URLs in a browser.
  • Do not allow anyone to control your computer remotely and don’t give passwords and security codes to anyone on the phone.
  • Hang up if you receive tech support call, and don't respond to scare messages about your computer being infected. If you need help with your computer, go to your local computer or electronics store.
  • Back up your data regularly. That way, you can reboot and regain control of your computer by cleaning your hard drive and reinstalling your operating system.
 
4. Credit card fraud
Someone using your identity signs up for a credit card and racks up large charges. A crook who obtains a new card could use it extensively before being discovered. Sometimes, a stolen identity is used to obtain personal loans or open unauthorized financial accounts. You will likely learn about this when bills are not paid and collection agencies start calling for payments.

You may notice either you are not getting any postal mail or you start receiving confirmation or decline letters for credit cards or loans that you did not initiate.

What to do:
  • Report the crime and start a recovery plan on IdentityTheft.govOpens in a new window.
  • Notify law enforcement officials.
  • Consider freezing your credit files if you do not have any plans to take new credit cards or loans. Beginning September 21, 2018, you can freeze and unfreeze your credit file for free. Read more about it on the Federal Trade Commission websiteOpens in a new window.
  • Put a fraud alertOpens in a new window on your credit reports, which notifies lenders and creditors that they should take extra steps to verify your identity before extending credit. Contact one of the 3 credit bureaus to report the crime (Equifax at 800-525-6285, Experian at 888-397-3742 or TransUnion at 800-680-7289). For a fee, these credit bureaus can also help with freezing your credit files, to prevent unauthorized activity.
 
5. Fake charities
You are solicited by email, phone, or in person to contribute to an organization that sounds like a good cause but is actually a scam. Such schemes may be general in nature, often using a name very similar to a well-known charity, or they may be more targeted, attempting to prey on people who are victims of a natural disaster or known to have a personal interest in a particular disease or social cause. These days, charity scams are also being circulated through social media posts such as Facebook, Twitter, WhatsApp and LinkedIn.

What to do:
  • Before contributing, research the charity through the Better Business Bureau's (BBB) Wise Giving AllianceOpens in a new window, Charity NavigatorOpens in a new window, Charity WatchOpens in a new window, or GuideStarOpens in a new window.
  • If you suspect you have been a victim of charity fraud, file a complaint on IdentityTheft.govOpens in a new window.
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Freebies to Fight Fraud - Part II

12/12/2018

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To continue freebies to fight fraud from last time -

Password Managers
  • A password manager stores all your hard-to-remember codes in one place, simplifying your life.
  • Freebies include LastPass, Dashlane, KeePass, and RoboForm.  They will generate and remember, in an encrypted vault, all your complex and site-specific passwords.
  • All you need is one master password to log in to the manager, and it fills your log-in credentials at each website with less-hankable passwords.

Call Blocking Apps
  • There are apps that will identify and block calls from robocallers, telemarketers, and suspected scammers.
  • Freebies include Truecaller, Hiya, and Call Control.
  • AT&T and T-mobile customers can get free "basic" protection.

Tax Transcripts
  • To prevent possible tax-refund fraud, you can request IRS transcripts each year after you getting a refund or the IRS cashes your check for underpaid taxes.
  • To view and print your transcripts online, go to IRS.gov and use the Get Transcript tool. 
  • You can get past 3 returns.  Or ask for them by calling 800-908-9946.
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Freebies to Fight Fraud - Part I

12/11/2018

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Credit and Identity Monitoring
  • Use AnnualCreditReport.com to review your Equifax, Experian, and TransUnion files each year free.  Best to check a different credit bureau every 4 months.
  • Use CreditSesame.com and CreditKarma.com to track credit bureau data.
  • Use a bank or credit card provider's free alert of suspicious activity.

Credit Freezes
  • A credit freeze restricts access to your credit report unless you expressly allow it to be shared.  Without it, identify thieves can't open new accounts in your name.
  • Contact each of the 3 major credit bureaus (Equifax 800-349-9960, Experian 888-397-3742, and TransUnion 888-909-8872) to enact, lift or temporarily "thaw" freezes when applying for credit, seeking a new job, or switching utility providers.

More freebies to fight fraud here.
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Should I Freeze My Credits?

10/12/2018

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Q. Should I freeze my credits since it's free now?

A.
A new law now requires all three major credit bureaus to offer credit freeze free, the new law requires that a thaw must also be free.

If you are still looking for reasons why you should freeze your credits, check out this NY Times article.


In the meantime, consumers should also look to freeze their file at the National Consumer Telecom and Utilities Exchange as well, as identity thieves can sometimes still open fake cellular accounts even if the other bureaus are frozen). 

Read our past blogpost about how to freeze credits at 4 credit bureaus.


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10 Common Sense Smart Money Actions or Inactions

7/30/2018

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  1. Do not forget that skillful salespeople can manipulate your emotions
  2. Do not buy an investment before completely understanding it
  3. Do not forget that there is no free lunch in this world
  4. Do not believe you are too smart to fall for bad investments
  5. Do not accept stated word and always get it in writing
  6. Do not buy anything that is too good to be true
  7. Do not depend up a regulator for protection
  8. Do not forget that there are people out there wish to separate you from your money
  9. Put yourself in the seller's shoes before buying
  10. Avoid limited time offers like the plague
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5 Steps to Freeze Your Credit Data on All 3 Credit Bureaus

6/21/2018

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It's pretty easy to protect your credit information, just follow the 5 steps below to freeze your credit data -

Step 1. Gather key information
This includes past addresses, recent borrowings, etc. as you may be asked about them to verify your identity.

Step 2. Create a file folder
Create a file folder to store information you generated in this credit freeze process as you will need it in case you want to unfreeze your credit.

Step 3. Visit all 3 credit bureaus' websites
  • Equifax www.freeze.equifax.com  800-685-1111
  • Experian www.experian.com/freeze/center.html  888-397-3742
  • TransUnion www.transunion.com/securityfreeze  888-909-8872

Step 4. Keep all user information
You will receive or create a personal ID, add it to your folder, along with the account holder's name, username, password.  you will need all this to unfreeze your account. 

​It's done!
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4 Steps to Prevent Identity Theft on Your Own

5/20/2018

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Q. The identity theft protection plans on the market are very expensive, is there an way I can do it myself in a low cost way?

A.
Yes, you can piece together the features of the fee-charging ID Theft Protection program by yourself, free or with low cost -

Step 1. Freeze or Lock Credit Report
This prevents new lenders from viewing your reports, and it should block thieves from opening new credit accounts in your name.  All the three major credit reporting agencies should allow you ot place or lift a freeze or lock free.  Freeze has stronger legal protection.

Step 2. Monitor Your Report
Sign up Credit Karma which will show you your Equifax and TransUnion reports on a weekly basis and alert you to changes in those reports.  If you are a Discover or Mastercard holders, you can sign up for free monitoring through them.

Step 3. Set Up Alerts
A credit freeze or lock won't stop a crook from fiddling with your existing credit card or financial accounts.  So it is important to set up alerts to spot unusual activity in those accounts.

Step 4. Get Free Help
If you become a victim of ID fraud, you can browse recovery steps at the FTC's IdentityTheft.gov site and generate a tailored remediation plan and print sample dispute letters.  Another resource is the Identity Theft Resource Center which posts guides to recovering from ID theft (including fixing problems that result from lost wallet and correcting misinformation on medical records), as well as links to state resources.  Don't forget to ask your credit card issuers for help too.
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The Number 1 Fraud In 2017

4/5/2018

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Based on the latest FTC report, Impostor Scams were the number 1 fraud in 2017.

Some 348,000 people reported about impostors, with 19 percent saying they suffered a financial loss, with total reported loss $905 million, an increase of $63 million from 2016.

Who are the most likely targets?
Among those ages 20 to 29, 40 percent reported losing money to fraud; the rate for those 70 and above was 18 percent. But when the thieves were successful, the typical amount of loss depended greatly on one’s age. The older you were, the more you lost.

How much you might be scammed?
For those 20-29, the median loss was $400. The comparable figures were $621 for those 70 to 79 and $1,092 for those 80 and above.

What are the most likely impostor scams?
After impostors, the top categories in order of number of reports were:
  1. hone and mobile services (150,000);
  2. prizes, sweepstakes and lotteries (143,000);
  3. shop-at-home and catalog sales (126,000);
  4. internet services (45,000);
  5. foreign money offers and counterfeit checks (32,000);
  6. travel, vacation and time-shares (22,000);
  7. business and job opportunities (19,000);
  8. advance payments for credit (18,000);
  9. and health care (10,000).

Which states are the most likely targets?
The top states per capita for fraud reports were Florida, Georgia and Nevada.
​

You can find out the FTC’s fraud report in detail at its website.
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Can I Trust Pitches to Invest in Goal and Silver?

4/4/2018

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Q. Can I trust the ratio and TV commercials that entice people to invest in gold and silver?

A. The reason those companies or individuals could promote gold and silver instead of real estate, insurance or securities is that they can do so without any licenses.  The First Amendment lets them say whatever they want, outside the jurisdiction of SEC, FINRA, and state securities and insurance regulators.


Common sense should be enough to enable you to steer away from those pitches.
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Can I Trust the Debt-Settlement Firms' Claims?

1/25/2018

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Q. Can I trust the debt-settlement firms who claim can fix my credit reports?

A.
 The truth is that no person or company can remove accurate entries from your credit report.

The Fair Credit Reporting Act says that information about a delinquent account (late payments, nonpayments) can remain on your file with the credit reporting agencies for seven years, starting 180 days after the account becomes delinquent.


Many so-called debt-settlement firms leave consumers worse off than when they came to the firms for help.  According to the Department of Justice, only one person in 10 who goes to such companies emerges debt-free.  The rest wind up deeper in debt and with worse credit scores than they had, because the companies charge them high fees to set up an account, then monthly fees, and sometimes the companies take some of the money that was supposed to be used to repay the debt.

Some of these outfits tell you to stop paying your bills, claiming that companies won’t negotiate with you while you’re still making payments.  Don’t believe those statements. Not making payments will only cause you to incur more fees, higher interest rates — and lawsuits.

To find a list of legitimate, government-approved credit counseling organizations, visit usdoj.gov/ust.
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3 Methods to Crack Down Robocalls

1/22/2018

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Q. How can I crack down robocalls?

A. 
Robocalls have been illegal since 2009 (unless the telemarketer has your prior consent).  In mid-2017, federal agencies announced they are ramping up enforcement by fining violators and encouraging blocking technologies.  What should you do if you want to help put an end to this nuisance?

  1. Don’t answer calls when you don’t recognize the phone number. If you pick up an unwanted robocall, just hang up. Don’t answer “yes” or “no” questions, provide personal information, or press a number to “opt out.” Responding to the call in any way verifies that it has reached a real number and could prompt additional calls.
  2. Look into robocall blocking solutions that may be offered by your phone service provider. If they’re available, you may need to follow specific instructions to “opt in.” Otherwise, consider a mobile app or cloud-based service designed to block robocalls; some of them are free or cost just a few dollars.
  3. Consider registering your phone number on the National Do Not Call Registry. While taking this step can help mitigate the amount of robocalls you receive, it’s only a partial solution to the problem.  The Federal Trade Commission advises consumers whose numbers are on the registry but still receive unwanted calls to report robocall violations at complaints.donotcall.gov. The phone numbers provided by consumers will be released each day to companies that are working on call-blocking technologies, which largely depend on “blacklists” with numbers associated with multiple complaints.
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How Not To Become A Financial Scam's Victim?

1/14/2018

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Q. How to invest safely and not to become a victim of financial scams?

A.
Below are 4 things every investor should do in order not to fall victim of financial scams -

1. Recognize the art of scam
Even you are financially sophisticated, you could still fall victim of financial scams, because investment fraud is a crime of persuasion.  Be wary of high-yield and low-risk offers, as well as anything with a guarantee, question anyone who claims to have a special connection, experience, or affiliation to gain credibility.

2. Resist pressure
Do not be swayed by the claims that some celebrities or your friends are already on board, or take the small favors such as a free meal, lower commission, and walk away when hear the product has limited support or an imminent deadline, as con artists create such a false sense of urgency.

3. Do a background check
You can find registered securities firms and brokers, employment history, licensing status, criminal events, investor complaints, and pending investigations at https://brokercheck.finra.org

You can check an adviser at https://adviserinfo.sec.gov and https://www.nasaa.org, check out commodities, futures, and foreign exchange dealers at http://www.nfa.futures.org/basicnet

4. Research the pitch
You can use SEC's Edgar database to research securities https://www.sec.gov/edgar.shtml 

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How to Freeze Credit at 4 Credit Bureaus?

10/23/2017

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Q. I found I was impacted by the Equifax data breach, what should I do?

A.
First, anyone could check out at the Equifax site to see if impacted by the Equifax data breach or not.

If unfortunately you are impacted, the best action is to freeze your credit at all of the 4 credit bureaus (4 large ones, 1 small one) -
  • Equifax credit freeze
  • Experian credit freeze
  • TransUnion credit freeze
  • Innovis credit freeze

You might also consider putting a freeze on at the consumer agency ChexSystems - this is the bureau that financial institutions use to verify that you have a good history of managing bank or credit-union accounts.  

Why credit freeze?
  It's regulated at the state level, while credit lock is enforced by each credit bureau only.

Why not signing up for TrustID?  It's a credit monitoring service, which means it only notifies you after something bad already happened.

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How to Check a Financial Advisor's Background?

9/5/2017

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Q. How can I check a financial advisor or a broker's background and disciplinary records?

A.
You can check a financial advisor or investment advisor's disciplinary record at www.adviserinfo.sec.gov.

You can check a broker's background at the regulatory agency's website - http://brokercheck.finra.org.

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Pay the Ransomware or Not?  Part B

5/25/2017

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In our last blog post, we discussed 4 options you face when impacted by a ransomware.  Now we will discuss 3 preventive measures you could take to prevent future ransom ware attacks.

Option 1. Back up your data regularly.
 
Let's say that you back up your files every Sunday night. If you receive a ransomware threat on—worst-case scenario—a Sunday afternoon, you'll lose only a week's worth of data. If you would like to start backing up your files, you'll have to take the time to devise your own schedule and method. When establishing a backup plan, remember to keep these two things in mind: 
  • Regularly test your backups. You'd be surprised how many people wait until an attack or hard drive failure before they restore a backup for the first time, only to find that it doesn't work!
  • Store your backups separately from your computer. If backup media is connected to your system during an attack, your backup data could be targeted as well.

Option 2. Be wary of phishing. Approximately 91 percent of cyber attacks start as phishing scams, according to Wired. When checking e-mail, remember to: 
  • Hover over all links to verify that they're safe
  • Avoid clicking links whenever possible by typing URLs directly into your browser
  • Delete any suspicious e-mails

Option 3. Update your systems ASAP. 
Attackers know the vulnerabilities of yesterday's technology. The longer you avoid regular updates, the more time attackers have to exploit those vulnerabilities.
  Most of us haven't experienced ransomware, but as the number of attacks increases, so does the probability of becoming a victim. If the day comes when it does happen to you, will you have a plan for handling the situation?


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Pay the Ransomware or Not? - Part A

5/24/2017

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Q. Does it make sense to pay the ransomware fee or not?

A. Your computer was infected and you lost access to all your files unless you pay a ransom, should you pay or not?  It's important to lay out all of the options you could pursue and the risks and benefits.

Option 1. Search Online For A Solution

You can searching online for a free tool that can decrypt your files.  But the chances of success are extremely slim.  Even if a solution to a previous type of ransomware is available, attackers learn from their mistakes and have likely used a more advanced form of the scheme on you.


Option 2.Calling Law Enforcement Officers
Unfortunately, there's very little that the FBI, for example, can do to resolve an individual ransomware incident. But reporting the crime can help put it on the authorities' radar, so they can work on a solution for future cases.

Option 3. Pay the Ransom
Depending on what those files contain, paying the ransom may be worth it to you.  However, you need to be ready for one of the following two options"
  • Outcome 1: You get your files back. Time to celebrate? Not so fast. From the cyber criminal's perspective, he or she just found a paying customer. Now you're a prime target for another ransomware attack.
  • Outcome 2: You don't get your files back. Remember: you have no leverage. No one is forcing the criminals to hold up their end of the deal. Even if the attackers are "honorable," you can never be sure that the ransomware will keep your files intact.

Option 4. You Don't Pay
Maybe you think the attacker is bluffing, but If you can't access your files, the attacker isn't bluffing.  Or maybe you've decided that the price tag for your data is too high.
  • Outcome 1: You're granted a time extension . . . and a price change. Some attackers penalize you for waiting up to their deadline and then not paying. They give you a second chance but increase the ransom. Others realize that you won't take the bait, so they cut you a deal in an attempt to take what they can get. If so, you'll be back to deciding between paying and not paying.
  • Outcome 2: You don't get your files back. On the bright side, you didn't contribute to one of the worst cyber threats we're facing today. Plus, those attackers won't see you as a receptive victim and may leave you alone in the future.

In our next blog post, we will discuss three relatively simple precautions you can take to prevent such a costly scenario in the future.
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Want to Game the Credit Card System?

9/30/2016

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Q. How to play the credit card points game the smart way?

A.
You might have heard friend who traveled the globe with no cost, and people who make $500,000 a year by gaming the credit card system, just as this article at Racked.com illustrates.

But the caveat?  When you clink any of the links mentioned in that article, be careful not to be gamed by the system itself!



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Top 10 Financial Scams Targeting Seniors

7/18/2016

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Q. What are the most popular scams targeting seniors?

A.
Based on National Council on Aging, here is a list of top 10 financial scams targeting seniors:
  1. Medicare/health insurance
  2. Counterfeit prescription drugs
  3. Funeral and cemetery
  4. Fraudulent anti-aging products
  5. Telemarketing/phone
  6. Internet fraud
  7. Investment schemes
  8. Homeowner/reverse mortgage
  9. Sweepstakes and lottery
  10. The grandparent scam
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What's the Safest Place to Park Money - Part IV. Credit Angencies

11/30/2015

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In our previous blog posts, we discussed the safety of money at three major categories of financial service companies - banks, brokerage houses, and insurance companies.  

How do you evaluate the different financial services' credit worthiness?  You can use third party credit agencies to do it -

Evaluate Banks
Moody's is the most prominent bank evaluation agency. 

Evaluate Brokers
Barron's publishes an annual review of brokers.

Evaluate Insurers
AM Best's insurance company credit evaluation rating is widely used in this area.
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What's the Safest Place to Park Money - Part III. Insurance Companies

11/29/2015

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In our last blog post, we showed that your money at a broker is protected by SIPC for up to $500,000.  How about your money at an insurance company - is it safe?

The insurance business is regulated at the state level.  For each insurance company, in order to operate in your state, it has to contribute fund to a State Guarantee Fund which has similar mission like FDIC - if the insurance goes bankrupt, it will step in to cover your loss.  Unfortunately, like FDIC or SIPC, there is a limit on such coverage and it varies by state.  You can Google your state's limit by yourself.

In real life, if an insurer is bankrupt, the state agency would help it find a buyer first.  If not successful, the insurer's assets will be liquidated to pay off any debt, its customers' policies will be transferred to other stable insurers.

In our next blog post, we will discuss how to utilize third party credit agencies' services to evaluate the different financial service companies' safeties.   


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What's the Safest Place to Park Money - Part II. Brokers

11/28/2015

 
In our last blog post, we showed that your money at a bank is protected by FDIC at up to $250,000.  Now we will take a look at your money at the brokers, is it safe there?

For brokerage houses, there is an institution that is similar to FDIC - Securities Investor Protection Corporation (SIPC).  SIPC protects an investor's assets in a broker at up to $500,000 (including up to $100,000 cash).  

​If your investment account has more than $500,000 a asset, it's best to spread that money at several different brokers.  If your broker goes bankrupt and you have more than $500,000 with the broker, the SIPC would first cover your loss, then you will participate the liquidation of the broker's assets.

If you are making investments through an advisor, make sure your advisor only channel your money to a broker that participates the SIPC program.  You can find if a broker is a SIPC member or not at SIPC.org.

Next, we will discuss if your money at the insurance company is safe or not.


What's the Safest Place to Park Money - Part I. Banks

11/27/2015

 
Q. What's the safest place to park my money?

A.
We will look at 3 popular places people could park their money and evaluate their safety levels.  

Let's start with the banks and credit unions.

Your money in the banks and credit unions are protected by the Federal Deposit Insurance Corporation (FDIC), up to $250,000.  Note that this limit is based on per person, not per account.  For example, if you have two separate accounts at the same bank, you are only protected at the $250,000 level.

When you go to a bank or a credit union's branch to make a deposit, make sure check the FDIC sign at the counter.  If you have more than $250,000, it's best to put no more than $250,000 at the same bank.

Next, we will discuss how safe for your money at a Brokerage House.

There is NO Free Lunch!

11/4/2015

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Is there free lunch in the investment world?  Here are some hard truths -
  • No, you are not going to win the lottery
  • No, the hot stock tip you received is worthless
  • No, you are not going to buy an iPad from one of those deal sites for $3
  • No, you are not likely to buy in early to the next Apple, and if you do, you are unlikely to hold it long enough
  • No, you are not going to make $10,000 gambling at fantasy sports
  • No, you or your kid are not going to be the next Michael Jordan or Adele
  • No, the odds are against you finding the mutual fund manager or stock broker who is going to make you rich
  • No, the odds are against you stock picking, market timing, or investing that over the long term, is going to outperform a simple index fund

The conclusion?

The sooner you start picking up the tab for your own lunch, the better off you will be!
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Resources for Fighting Senior Financial Abuses

10/9/2015

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Here is an incomplete list of resources to fight elder financial abuses:
  • The Consumer Financial Protection Bureau's Office of Financial Protection for Older American
  • The National Adult Protective Services Association
  • The National Center on Elder Abuse
  • The National Academy of Elder Law Attorneys
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