9 Tips for Safe Online Shopping

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Not surprisingly, online shopping has increased significantly over the past four months, with restaurants and retail stores being closed and even those that were open using curbside pickup or delivery.  That trend continues, and even when the pandemic subsides, almost half of consumers say they will continue to use online shopping for home delivery or curbside pickup.

Many have found that online shopping is simply a more convenient option.  In many cases, it offered an opportunity to get items that were otherwise unavailable because stores were closed or items were out of stock due to high demand.  That’s all true, as long as the items arrive as scheduled.

But, many people have also reported not receiving their purchases.  In fact, the FTC says it has received more reports of problems with online shopping, with more than half saying they never received their items.

In some cases, there have been delays, or items have simply gotten lost in transit.  Companies like Amazon typically do a good job letting customers know when their items are delayed.  In many cases, if the item is lost somewhere in transit, Amazon will offer customers the opportunity to request a refund, even though the item may eventually still arrive.  It’s good customer service.

Over the past several months, thousands of unverified, fraudulent sites have popped up claiming to have many high-demand products available.  Once they receive payment, they simply don’t ship the items and, when customers call to inquire, they claim delays due to the pandemic to avoid being detected as fake for as long as possible.  It was a concern even before the pandemic, which only created another opportunity for fake sites.  Some of these sites even mimic legitimate retailers, making it even harder to tell what’s real and what’s not.

The good news is there are ways to limit your exposure to these scams.  Here are a few tips for smart online shopping to help you steer clear of any issues and make sure you get the products you order.

  • Try recognized brands first. They may not always have what you’re looking for, but it’s a good place to start.
  • Be wary of sites selling products that are in short supply, or name brand products at much lower prices than you would normally pay.
  • Make sure the website is and HTTPS site (not just HTTP), indicating a higher level of security. This is important any time you make online purchases.  Also click on the padlock next to the web address, which will give you even more information about the site’s security.
  • Also check the URL itself. Some fake sites use addresses very similar to legitimate sites to fool people.  If you typed in the address manually, double check it to make sure you didn’t make a mistake.
  • Keep your browser updated. Most browsers will warn you if you’re about to go to an unsafe site.
  • Also keep you security software updated. This is another tool to help avoid malware from suspicious sites.
  • Examine the reviews. Many sites pay for fake 5-star reviews that all sound about the same.  Look for a variety or reviews and ratings.  You can also use sites like Fakespot, which analyzes and rates the validity of reviews on sites.
  • Other resources are available to help check website reputation, like URLVoid or Google Transparency Report. You can also check the Better Business Bureau for its ratings.
  • Pay with a credit card. This may be the best way to protect your money when buying online, regardless of the site.  If something happens and you don’t receive your purchases, or if they aren’t as advertised, you can contact your credit card issuer to dispute the charges if.

Online shopping is often very convenient, and it can be a way to get items that aren’t readily available locally.  But, there’s no question scam sites are a growing issue.  But, scammers are successful because they rely on unsuspecting victims.  Arming yourself with the information and tools to avoid scams or low-quality product knock-offs will help keep you from being disappointed or losing money.

Don’t Forget Bulk Pickup to Help Get Rid of Clutter around Your Home

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By Pam Reiss

Every year, we all collect all kinds of junk in our homes, including broken items, things we no longer need or use, older items that have been replaced, and more.  They are all taking up space, creating clutter, and keeping our homes from being as neat as we might like them to be.  You probably have things you have forgotten about and haven’t even seen in years.

Whether it’s your living space, basement, attic, garage, shed – or all of them – you’ll be surprised at how much space junk takes up.  This is a great time of year to work on getting rid of some of the clutter around your home to make it all more manageable.

That’s particularly true if your city does bulk waste pickup, as many do this time of year – Milford is starting its bulk pickup on June 1 (see start dates below).  It makes it much easier to get rid of some of your larger junk, instead of having to lug it to the dump or letting it continue to take up space around your home.

The first step is to create a plan.  Take a look at where you want to clean up and take inventory of any larger items you want to get rid of.  Once you remove larger things, you have a lot more space to work with as you clean.  Then, it’s a good idea to work on one space at a time, but if you’re up against a bulk pickup deadline, though, you may want to start by going through each space to take out those items and then go back for the smaller items and organization.

It’s a good idea to create four staging areas for the rest:

  • Garbage/recycling – Anything you are getting rid of goes in this pile. Keep a pile for bulk pickup, and put regular garbage directly into a large garbage bag.
  • Donate/sell – You may have clothes, books, toys, household items that you’ve outgrown or simply don’t use anymore. If they’re in good condition, consider donating them – there are plenty of people in need, and you may be able to take a tax deduction on your donations (consult your tax advisor for specifics).  You can also sell them online through local social media tag sale pages or, if you have a lot, and have the motivation, you can hold a yard sale.  Check with your neighbors to see if they want to have a combined sale.  You may be able to de-clutter your home and make a few dollars in the process to add to your emergency fund.
  • Keepers – Inevitably, you’re not going to want to get rid of everything you haven’t used in a while. There may be things with sentimental value, things you’re saving for your grandkids, and some items with specific uses that you want to keep.  Put those in s separate area and make a logical plan for storing them, including labeling storage bins and boxes to make them easy to find when you need them.
  • Out of place – One of the biggest signs of clutter is things being out of place. Sometimes, it’s out of pure laziness, but often, it’s because putting things back where they belong is difficult, because of the clutter.  Put these things into their own pile, so you can put them in their proper places – or even better, put them away immediately.  In the future, make a point of putting things back where they belong when you’re done using them.

You should check your local bulk waste guidelines for any additional requirements and prohibited items.  Things like old paint, propane tanks, grass clippings and many other items have other disposal specifications.  If you have larger items, you may need to cut them into smaller pieces, or take them to the dump yourself.

Milford’s bulk waste pickup start dates are based on your normal garbage pickup day:

  • Monday garbage – Bulk pickup starts on Monday, June 1
  • Tuesday garbage – Bulk pickup starts on Monday, June 8
  • Thursday garbage – Bulk pickup starts on Monday, June 15
  • Friday garbage – Bulk pickup starts on Monday, June 22

Once you’ve gotten rid of some of the clutter around your home, you’ll be in a better place to make use of the things you own.  It’s also very easy to re-clutter areas you have cleaned.  Keep in mind how much nicer things look when they aren’t cluttered – and how much effort it took to clean and re-organize.  Hopefully, that will help you keep things neater.   Keeping things tidy and in good order is also helpful for managing your budgets.  Now that you know what you have and where you’ve stored them, you will be less likely to buy duplicate items.

Staying Financially Healthy During the Coronavirus Pandemic

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By Pam Reiss

As the world continues to cope with the COVID-19 pandemic, life as we know it has come to a grinding halt. Millions of us are working from home, our children are getting their schooling through videoconferencing, and our normal social and sports activities are in limbo.

Unfortunately, the situation can create some uncertainty around how to manage financially. Whether you’re currently working or not, it’s very likely you’ve been thinking about how to manage your finances during this time. The good news is at least some typical spending has naturally been cut because we’re all staying at home. But, there are many ways you may be able to keep your financial situation as stable as possible and stretch your budgets a bit.

Takeout vs. cooking – Ordering takeout or delivery is a great way to support local businesses during the crisis, but if you need to cut your spending, since you’re at home anyway, try limiting how often you order out. Instead, enjoy more home-cooked meals. There are many resources online for inexpensive, healthy meals. You can plan your entire week’s meals, make a complete shopping list, and make just one trip to the grocery store. You can even have one night of the week reserved for leftovers. If you want to continue to support a few local restaurants, set aside one or two days of the week for that.

Buy what you need – We’re still able to go to the grocery store, despite having to follow public safety guidelines. If you initially stocked up on non-perishables or frozen items, start using those instead of constantly buying more. Also, when you’re at the grocery store, there are still many items on sale each week. You can check out your grocery store’s flyer online to see what’s on sale, and plan your meals for the week accordingly.

Other ways to save – Take a look at some of the other things you’re spending on each week and see where you can cut a little out of your budget. Things to look at include video services. If you’re a cable subscriber, you might think about switching to a lower service tier, at least temporarily, or if you have multiple streaming services, consider cutting one of more of them. The monthly savings can add up quickly, and you can certainly find other ways to entertain your family.

Low interest rates – With interest rates dropping, this may be a good time to look into refinancing your mortgage or student loan, or even consolidating multiple loans. While there will be paperwork involved, lower interest rates can provide significant savings each month.

Emergency fund – If you’ve been following good financial habits and have built up an emergency fund, don’t automatically fall back on it. First take a look at ways you can reasonably adjust your spending. Then, if you find you need to dip into it, you can hopefully use just a little of it. If you’re fortunate enough to be working, this is a good time to add to or start your emergency fund. Since at least some of your normal extracurricular spending has been put on hold, consider putting that toward your emergency fund. You never know when you’ll need it.

Investment funds – It can be difficult watching retirement accounts and other investments lose money with the current market instability. The good news is they have historically bounced back reasonably quickly. Before you move or sell your investments, talk to your financial advisor, who can give you advice on whether it’s a smart move or not. Making a rash decision could actually end up hurting your investment funds.

Protect your credit – If at all possible, continue to pay your bills on time. If you’ve been using your credit cards, at the very least, pay the minimum on those to avoid hurting your credit score. If you are in a situation where you can’t pay some of your bills, contact your lenders. some lenders are allowing extra flexibility with payment terms or interest rates to help during the pandemic. You should also check your credit reports regularly. Fraudulent activity often increases during crises, and consumers and businesses are under a constant barrage from cyber criminals. Be extra cautious with emails, websites, and phone calls. There are thousands of malicious COVID-19 websites out there, and many phishing emails and phone calls looking to exploit uncertainty and fear.

The good news is most of the financial resources you normally have at your disposal are still available, though not in an in-person capacity. But, you can still contact us if you need advice.  Even though we’re all dealing with this pandemic, you can do things to help keep your finances in order and limit any long-term impact.

What Does the New FICO Scoring System Mean?

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by Paul Mulligan, SVP, Retail Lending

When you apply for a loan, lenders have access to a variety of information they use to decide whether to give you a loan and at what terms.  The most popular of those resources is your FICO score, a three-digit rating based on information in your credit reports, which helps lenders decide how likely to repay a loan, how much you can borrow, the length of you loan repayment period, and your interest rate.

While FICO scores give lenders a quick and consistent way to determine borrower worthiness, they also make sure you, the borrower, get a fair credit assessment and access to the funds you need.  FICO has become the de facto industry standard for lenders.

This month, FICO has updated its scoring system for the first time since 2014, which could impact your scores.  The new scoring places more emphasis on trend data in your credit report, looking at your credit utilization and payments over the past two years, as opposed to only current balances.  For instance, new data might include whether you tend to pay off balances quickly, carry extended debt, or consolidate loans, as well as your credit management predictability.

The other major change reflects changes in credit reports.  Tax liens, insurance-paid medical collections, and judgments are no longer part of credit reports, and healthcare defaults won’t appear on credit reports for at least six months.

At the end of the day, though, the real question is, how will the new scoring impact you?

The new scores will be less forgiving of risky credit behavior.  That means, if you regularly run up your credit, don’t pay off balances consistently, carry too many credit cards, or consolidate debt into personal loans in order to free up your credit cards, you may see your score go down.

On the other hand, some spending habits that may have previously been viewed negatively may no longer hurt you.  For instance, if you run up seasonal balances – such as during the holidays or summer vacations – and then pay them off, your score may not be negatively impacted because those are predictable one-time spikes, not regular habits.

Ultimately, what you need to keep in mind is the basics of good credit haven’t changed.  Payment history (35%) and credit usage (30%) are still the two biggest components of your FICO score.  If you follow good credit practices – pay your bills on time, keep balances below your credit limits, and don’t apply for too many new lines of credit (or too often) – you should have nothing to worry about.  In fact, if you manage your credit well, the new scoring could actually improve your score.

If you’re concerned about your credit rating and want to work to improve your score, the sooner you start following good financial habits and budgeting, the faster you can see positive change.  Of course, it’s not always easy, so if you need help or want advice on how to become more responsible with your spending, talk to our specialists.  They can provide information on financial best practices, budgeting and saving tips, and improving your credit.  On the other hand, if you have managed your credit responsibly, you probably don’t have anything to worry about.  Just continue to follow smart banking habits.

Identity Theft vs. Identity Fraud: What You Need to Know

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By Tyler Haskell

Identity theft and identity fraud are becoming all too common today, with the economic impact to banks, businesses, and customers reaching well into the billions annually. In 2018, roughly 14.4 million American adults were victims of identity fraud, with losses totaling $14.7 billion. The two terms – identity theft and identity fraud – are closely related, but aren’t the same, despite often being used interchangeably.

Identity Theft
Identity theft takes place when criminals acquire personal data, which is then used for subsequent illegal activities, including identity fraud and the sale of information to others. This information can include any number of PII (Personally Identifiable Information) data, such as social security numbers, credit card numbers, bank accounts, driver’s license numbers, passwords, and more.

There are many ways criminals can steal personal data, from advanced hacking techniques to intricate scams to burglary and dumpster searches. Corporate hacking instances have increased over the past years, with many high-profile breaches being featured in mainstream news, from retail stores to healthcare organizations. The breaches have resulted in millions of customers’ data being stolen. Mobile devices are also a high-value target, simply because of the incredible amount of data stored on them.

Identity Fraud
Identity Fraud happens when criminals use stolen personal data for illegitimate transactions. These may include fraudulent purchases, opening new bank accounts or credit cards, initiating loans, and more.

Identity fraud impacts not only the victims of identity theft, but also the other organizations that become part of the fraudulent activity: merchants, banks, credit card companies, etc. The truth is, everyone is impacted in some way because businesses build the cost of fraud into their pricing structures to help cover their losses.

Protecting Yourself
Recovering from identity fraud is a daunting task that can take 200-300 hours of time and cost $1,000 or more. What’s more, these accounts can appear on credit reports for extended periods, making it difficult for victims to get legitimate credit.

First and foremost, protect your data. Don’t share passwords or account information. Don’t lend your credit cards or IDs to others. Make sure you have high levels of security on your mobile devices and use highly secure passwords on your online accounts – and don’t reuse passwords. Also use two-factor authentication whenever possible.

Be aware of the countless scams being conducted via phone and online. If you even remotely question a request for information or an offer, hang up and call the institution back yourself to verify the request. Legitimate organizations don’t usually ask for sensitive information without you having contacted them first.

Be sure to check your credit report regularly. We can assist our account holders with this by activating Credit Sense on your online and mobile banking app. Credit Sense is a tool that will help you improve your financial well-being. Credit Sense gives you up-to-date personal credit information including credit scores, credit usage, total balances, payment history, credit age and recent credit. You can refresh your credit score as often as you need and get tips on how to improve it. Credit Sense also offers credit monitoring, which gives you protection from fraud with alerts notifying you when something has changed in your credit profile.

While it’s hard to keep your data completely safe, following these simple precautions and staying alert can help you avoid the hassles and financial burden of identity theft and fraud. To help you with best practices for avoiding identity theft, contact us to learn how we are helping protect your identity and funds.

Safety Tips for Online Banking

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By Dave Wall

As with most services today, banking has moved into the digital world. Online banking provides an easy way to manage personal finances quickly and conveniently, without the need to worry about mailing checks to pay bills or going to the bank for simple transactions. But, the rise of digital commerce gave rise to a cyber underworld of hackers that requires caution and diligence with online activities, especially those that include financial transactions.  To keep you accounts and personal information safe, there are several best practices to follow when using online banking services.

Strong Passwords
Always make sure you use strong passwords that are not easily guessable. They should be long and include both upper- and lowercase letter, numbers, and other characters.  Using names, birthdates, and other easily guessable personal details is not recommended.  Even with the number of high-profile hacks featured by media outlets, some of the top passwords in use include “123456” and “password.”  Avoid using the same password for multiple accounts.  That way, even if one is compromised, your other accounts will be safe.  Change you passwords regularly.

Secure WiFi
Only use secure WiFi networks. Open, unsecure public WiFi networks are an easy target for hackers, who can intercept data transmitted between you and the bank.  The safest policy is to limit your banking activity to your secure home network, but if you need to make transactions while away from home, use secure networks, or even use your mobile device’s cellular connection instead of WiFi.

Secure Websites
Make sure any website you use for financial transactions is secure by checking the URL. If it begins with “https” the site is secured with an SSL certificate.  Chrome browsers are starting to identify non-secure sites with a “Not Secure” label starting this month to help identify them.

Mobile Devices
If you are using a mobile device for your financial transactions, using the bank’s official mobile app is a good option. It is often even more secure than websites and is much less susceptible to hacking.  Make sure you update the app when required, and while most users tend to avoid automatic app updates, setting your banking app to update automatically ensures you’ll be using the current version with the latest security measures.  Turn off your Bluetooth connection when using your mobile device.  Bluetooth signals can be hijacked, just like open WiFi, allowing hackers to intercept your data.  This is a good policy at all times when not using your Bluetooth capability for communication.

Account Security
Regardless of how you access your accounts, it’s advisable to request text or email alerts whenever transactions are made or if balances drop below a certain threshold. This immediately alerts you if any unauthorized transaction has taken place and allows you to react quickly.  If available, you should always enable two-factor authentication on your accounts.  That means you will have to use two means of authorizing yourself as the user, but it makes it much more difficult for hackers to gain access, even if they have gotten your password.  One example of two-factor authentication is entering a required passcode to be entered, which is sent to a specified mobile number when a login is attempted.  Similarly, disable any automatic logins on your devices.  While logging in each time takes additional time, the added security can make sure your accounts aren’t accessible to hackers gaining access to your device.

Separate PC for Banking
If you have access to a separate computer to use only for your banking activity, you can reduce risk of threats from gaming, web browsing, email, social media, and other activities. If you have an old laptop or PC that you’re not using anymore, consider cleaning it up, updating the operating system and browser, and using that as your dedicated banking device.  It may not be powerful enough for gaming, streaming videos, and other popular activities, but it can still be very useful for securing your online banking.  If you don’t have access to a separate computer, you can still use a dedicated browser – one you don’t use for any other online activities.  That will still reduce risk.  Regardless of the device, make sure you keep your antivirus, browser, and operating system up-to-date to ensure you have the latest security patches.

Be Aware of Scams
Every day, hackers and scammers send countless fake offers in an effort gain access to devices and personal information. If the offer sounds too good to be true, it probably is.  Delete suspicious emails and texts immediately, and never share account information online.  Similarly, we won’t ask you for account details or other personal information over the phone unless you have initiated the call.  If you aren’t sure if a call is legitimate, hang up and call back.

Check you Accounts Regularly
Even the most diligent customers can have their account information or identities stolen from other sources. It’s a good policy to monitor your accounts and credit report regularly to check for any unauthorized accounts or transactions.  The Fair Credit Reporting Act requires each of the three national credit agencies to provide a free copy of your credit report once every 12 months.  That will allow you to check your credit report every four months at no cost.

Regardless of what transactions you’re making online, following these guidelines will help protect your assets and credit standing.

Five Financial Challenges to Test Your Saving Skills

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By Tina Mason

One of the best ways to invigorate your saving strategy is by issuing yourself a challenge. Not only does the competition make it a little more fun, but you’ll also learn valuable lessons about the long-term benefits of discipline, the way your daily spending habits impact your quality of life, and just how much you can accomplish when you set your mind to it.

If you’re looking to make improvements to your financial planning and add a little extra padding to your savings account, here are five financial challenges you can try.

Take a new look at a favorite vice: There’s nothing wrong with splurging every now and then. But if you’re spending $5.00 on a cup of coffee every day, you may want to take a fresh look at how you get your morning pick-me-up. Could you live with making coffee at home and saving yourself over $1,000 a year?

Dive into the gig economy: If you find yourself with lots of free time and aren’t sure what to do with it, challenge yourself to finding a part-time gig. If you love nothing more than driving around town listening to music, maybe Uber would be a good fit. Fancy yourself a writer? Try to get published as a freelancer. There are tons of opportunities that will fit where, and how, you need them to.

Live like you’re single: Remember when you were young and single? You could somehow survive in an apartment the size of your living room. You ate Ramen noodles for breakfast. And even if you had less money saved up, you may have felt more financially free. Granted, your spouse may not appreciate Ramen the way your 20-year old self did. However, we all behave differently when we engage with others. By focusing solely on your own finances for a brief stint, you may be able to indicate where you’re letting money fall through the cracks.

A dollar a day: This one’s simple. Get a jar, and add a dollar to it every day. If you’ve got something you’re saving for, simply wait until you’ve gotten there. If not, consider it a rainy day fund for an emergency. You’d be surprised how easy it is to forget about a dollar every day.

Pile up your perks: Perks are everywhere these days. Debit and credit cards will often offer discounts, deals or cashback. Some people go coupon crazy at the grocery store. In this challenge, you are tasked with taking cash equal in value to the perks you’ve accumulated and putting it into a new savings account. It is a way of making your savings seem tangible, and will always help to remind you  to look for savings in your day to day life.

At The Milford Bank, we’re always looking for great ways to help you grow your wealth, protect your family and live your best life. To learn more ways to save, stop by any office location in Milford or Stratford or check out our Online Learning Center here.