Financial Education

One of our values at Kitsap Credit Union is Service. We are deeply dedicated to providing our diverse membership, community, and organization with the utmost in service. This is why we would like to share a few tips to help you keep safe while you shop online.

Helpful Tip:

Is A Free Offer Really Free? If an online company is providing you a "free" offer and requests your credit card number, you will want to question whether the offer is really free. Online companies asking for credit card information for free offers may have added stipulation, such as requiring you to cancel within a specific timeframe, or return the product to avoid a charge to your account.

The Devil Is In the Details. Make a habit of reading the fine print and terms and conditions before placing your online order. There could be additional requirements, charges, and fees that are not immediately apparent.

Can I Get My Money Back? Read the merchantís return policy before placing your order and especially before returning any products. Many online companies have restocking charges and/or require a Return Merchandise Authorization before you can return the product. Be prepared: you may not be able to receive reimbursement for shipping and handling. It is also wise to request a signature and delivery tracking when returning products.

Wait! Iíve Changed My Mind. Be sure to keep accurate records of the details if you wish to cancel a purchase or a recurring charge, such as with a subscription. Ask for a confirmation number and the name of the person to whom you spoke when you cancelled the transaction, if possible.

Who Are You? Research online merchants before making purchases. Call the phone number provided on their website; you should be able to talk with a live person to ask questions about the company and their policies. Inquire about the merchant using an online search tool or contact the Better Business Bureau and/or the Federal Trade Commission to be sure there are not negative reports about the merchant.

Happy, safe shopping.

By Colin Morrison, KCU Chief Information Officer

As we are in the middle of the holiday season, I thought I would provide some reminders on how to keep your financial identity safe and secure while enjoying the season. Many of us scramble to complete our shopping in town and we turn to the online world in order to save time. Here are a few tips to help keep your identity safe and secure.

Before you get online, make sure that you have the latest security software for your computer. This should also include an updated anti-virus software program. Many of these programs come with additional security applications such as anti-spyware and firewall applications. If you are using wireless network access in your home, make sure that you’re protecting your wireless access point. Many wireless routers allow anyone access to your wireless network.

I find it easier to track my online purchases through a low limit credit card rather than my debit card. This can help in two ways. If your debit card is compromised, the thief has access to the total amount in your checking account. The other nice thing is if you use a dedicated credit card for all of your online purchases it is easy to track. Worried about maxing out a low limit credit card? If you use online banking, you can transfer a payment to your credit card whenever you need. Let Visa protect your purchases.

Secure your paper documents. The most common source of information for identity theft still comes from paper.

• Don’t carry your social security card if you don’t need it.
• Limit the number of cards and identification in your wallet or purse.
• Consider electronic statements and electronic billing. A great deal of personal mail is still delivered in your mailbox.
• Invest in a shredder and keep it close to where you review your daily mail.

Review your statements. Keep track of your online purchases and verify them with your monthly statements. You might also consider regularly reviewing your credit report. I mark my calendar to obtain a credit report every four months. You are entitled to a free credit report annually. With three different credit reporting agencies, you can receive a credit report for free every four months and make sure that there are no issues. The quicker you can spot problems the less impact it will have on your time and resources.

If you are a victim of identity theft, contact the authorities as quickly as possible. Be prepared to do most of the leg work yourself and be diligent about your record keeping. Two identity theft information sources are the United States Postal Inspection Services and the Federal Trade Commission. You can find them on the web at https://postalinspectors.uspis.gov and http://www.ftc.gov.

Stay safe. As we are in the middle of the holiday season, I thought I would provide some reminders on how to keep your financial identity safe and secure while enjoying the season. Many of us scramble to complete our shopping in town and we turn to the online world in order to save time. Here are a few tips to help keep your identity safe and secure.

Before you get online, make sure that you have the latest security software for your computer. This should also include an updated anti-virus software program. Many of these programs come with additional security applications such as anti-spyware and firewall applications. If you are using wireless network access in your home, make sure that you’re protecting your wireless access point. Many wireless routers allow anyone access to your wireless network.

I find it easier to track my online purchases through a low limit credit card rather than my debit card. This can help in two ways. If your debit card is compromised, the thief has access to the total amount in your checking account. The other nice thing is if you use a dedicated credit card for all of your online purchases it is easy to track. Worried about maxing out a low limit credit card? If you use online banking, you can transfer a payment to your credit card whenever you need. Let Visa protect your purchases. Secure your paper documents. The most common source of information for identity theft still comes from paper.

Your personal financial dreams are possible even in a topsy-turvy economy. And, we’re here to lend a hand - because you matter.

We are member owned, so people are our priority. We consider it a privilege to advocate for your financial goals, whether they include reducing debt or building wealth. We desire to help you achieve a fi nancially healthy tomorrow.

Come visit us and let’s talk about how to put the wheels of financial stability in motion for you and your family.

If you have or will be changing jobs and have left behind a 40l(k) or other qualified retirement plan, you could be neglecting one of your most important assets.

With a qualified retirement plan rollover to an IRA account your retirement money continues to receive tax-deferral and you do not have a tax liability.

Our LPL Financial representatives can help you with an IRA rollover, making it easier to manage and monitor your investments, consolidating paperwork, and helping to align your retirement savings with your overall financial goals.

Schedule a no-cost, no-obligation consultation with our LPL Financial representatives today.

Vern “Ed” E. Barg
LPL Financial Advisor Representative (360) 662-2194

Jon Schultz, CFP®
LPL Registered Principal (360) 662-2189

Cathy J. Virnoche
LPL Registered Representative (360) 662-2202

Located at Kitsap Credit Union • Securities & Insurance products offered through LPL Financial & its affiliates. Member FINRA/SIPC. LPL Financial is not affiliated with Kitsap Credit Union.

Not NCUA Insured • No Credit Union • Guarantee May Lose Value

LPL Financial is not affiliated with Kitsap Credit Union.

Usually we think of a mobile phone as a tool that offers convenience and personal safety. But it also can be a weapon used against us to steal personal information.

Experts say that the same types of attacks that have plagued the online world are migrating to mobile. The National Credit Union Administration reports that members of credit unions across the country have been targets of cell phone scams, mostly phishing.

These phishing scams have been in the form of vishing or smishing attacks. Both aim to trick people into revealing sensitive private information, such as Social Security numbers, credit union account numbers, personal identification numbers (PINs), and passwords.

In vishing, the fraudster calls someone to try to extract personal information. For example, the recording informs you that your credit card has been used illegally and asks you to call a fake 800 number, where you’ll be asked to confirm account details. Or you may receive an e-mail asking you to call a toll-free number. Your answers are recorded, or saved, and later used to commit identity theft.

The term “smishing” comes from SMS plus phishing (SMS stands for “short message service,” used for mobile text messaging). In smishing, criminals are after the same sort of information as in vishing, but they send a text message on a mobile phone instead of calling.

A common smishing ploy goes like this: You receive a text message, seemingly from your credit union, stating that your account has been closed. To reactivate it, you’re told to call a toll-free number. When you do, you’re asked to enter your account number and PIN.

The best protection against either vishing or smishing comes down to a simple strategy: Don’t respond.

If it’s a vishing scam, refuse to answer questions and hang up. If it’s a smishing attack, don’t do what the text message instructs you to do. Then report the incident to us immediately.

And remember, Kitsap Credit Union would never call you for personal information over the phone or by e-mail. We already have this information on hand.

Copyright 2008 Credit Union National Association Inc. Information subject to change without notice. For use with members of a single credit union. All other rights reserved.

Many Americans are concerned about someone stealing their credit card, check, or debit card numbers, but they may be ignoring one easy way thieves can access financial accounts: receipts.

Disregarding receipts that have valuable information greatly increases the risk of credit and debit card fraud. Thieves easily can find receipts with valid account numbers in trash cans. Some steps you can take to prevent thieves from stealing your financial information:

• Shred all preapproved credit offers, credit and debit card receipts, insurance forms, financial statements, and other paperwork containing personal and fi nancial information;
• Check credit union statements and other fi nancial statements monthly for discrepancies and order a credit report once a year to make sure no one else is using your personal information to obtain credit cards or services;
• Don’t print your Social Security number on your checks and don’t carry your Social Security card in your wallet; and
• Be hesitant about giving personal or fi nancial information over the telephone--make sure you know the caller and know how the information will be used.

Copyright 2008 Credit Union National Association Inc. Information subject to change without notice. For use with members of a single credit union. All other rights reserved.

You can’t beat automated teller machines (ATMs) for convenience and ready access to funds. Using some common-sense habits will keep you and your money safe:

• Check out the environment as you approach the ATM, and be prepared to conduct transactions as soon as you get to the machine. If bystanders are loitering rather than conducting business, go to another machine or return later. If someone takes interest in you or your transaction, leave the area and report suspicious behavior to the police.
• Feel along the edge of the insertion slot to make sure it hasn’t been tampered with before inserting your card.
• Keep all doors locked and other windows up when using a drive-through ATM.
• Shield the screen and keypad with your body to prevent others from seeing and copying your personal identifi cation number (called “shoulder surfi ng”).
• Secure cash before leaving the ATM, and pay attention to activity around the machine.

If you have questions about ATM safety or fraud prevention, feel free to ask a KCU Financial Services Representative at any of our convenient branch locations.

Copyright 2006 Credit Union National Association Inc. Information subject to change without notice. For use with members of a single credit union. All other rights reserved.

Reduce your chances of being a victim of mail fraud by receiving your Kitsap Credit Union statement electronically. There is no risk of postal mail theft, delays or diversions and the service is available free of charge.

We notify you via e-mail when your e-statement is ready. You then log in to your account via our secure CU@Home online transaction service to access your statement. You can view and/or print your statement from your computer.

Your e-statement looks like and contains the same information as a paper statement and is available several days before mailed statements would be received.

You will also be able to electronically access up to 12 months of past statements to reference your account activity.

Receive your statement electronically and enjoy safety, timeliness, and convenience.

For more information about e-statements call us at (360) 662-2000 or (800) 422-5852, or view our online statements page.

Helpful Link:
Security Privacy

Question: Recently, when I’ve made purchases over the phone, merchants have asked for the three-digit security code on the back of my credit card. Why is this?

Answer: This is to verify that the card definitely is in your possession. It generally follows the 16-digit card number on the back of the card. It’s information that wouldn’t be available to someone who has intercepted your card number and expiration date.

That said, make sure you know to whom you’re giving this information over the phone or on Web sites.

Con artists often are able to obtain partial information about a potential victim’s account, and then contact the person masquerading as a company representative to “verify” the account by requesting additional details such as the three-digit security code. But they might just as well ask for other pertinent details--for example, they may provide the last four digits of your account number (which typically show up on sales receipts) and request the other 12 digits to “confirm” it. Or they already may be in possession of your full account number and request the expiration date of the card, or your billing address.

Any of these individual bits of information may be just what the scammer needs to “fill in the blanks” and gain full access to your account, so beware.

Keep in mind, though, that legitimate businesses or financial institutions may request your three-digit security number (known as “CVC2” by MasterCard and “CVV2” by Visa) to authenticate a transaction. Just be sure you know whom you’re talking to before giving it out.

They look like credit cards, but when members make purchases using KCU Visa Debit Cards, the dollar amounts are deducted from their Credit Union checking accounts.

Why are members reaching for their debit cards in increasing numbers?

• Convenience:
  It’s quicker to use a plastic card at a merchant than to write a check. It’s also easier to track spending with a debit card than with cash - and using plastic eliminates the need to even carry cash.


• Pay-as-you-go:
  With debit, you have the convenience of a card without carrying a loan balance or paying interest.


• Balance caps:
  Because debit cardholders can only spend the money they have in their checking accounts, debit cards help control spending.


• Security:
  Security features built into debit cards help merchants verify that the actual cardholder is the one using the card.


• Cash back:
  If you use your PIN (personal identification number) for a debit card transaction rather than signing a receipt, you can request cash back at many merchant locations. The merchant will add the cash amount to your transaction total.


• Wide acceptance:
  Debit cards are accepted at locations worldwide, while many merchants are reluctant to accept non-local checks.

Copyright 2008 Credit Union National Association Inc. Information subject to change without notice. For use with members of a single credit union. All other rights reserved.