Be alert for online scam tactics

The ways in which scams are perpetrated continually shift due to the rising use of technologies (such as social media), consumer behavior patterns, world events, and other factors. According to a report by the Institute for Marketplace Trust, a division of the Better Business Bureau, online scams rose 87% between 2015 and 2022, while phone scams dropped 42%. In 2022, online scams are most prevalent overall (55%), with a higher percentage of people losing money when targeted this way (75%). Nearly 83% of those targeted online said they paid via credit card, online payment system, or bank account debit.

The top two areas that people are targeted while online are while using social media (25%) or doing online shopping (24%).

However, not all scams begin online. Scammers use other means to push people online, such as sending a link in a text, a phone call, or in the mail. Text messages are especially risky, with an $800 median dollar loss across all scam types as of October 2022. But scams perpetrated directly online that included a monetary loss were reported more than all other methods.

Eighty-two percent of online scammers used impersonation as a tactic, and half of those pretended to be a trustworthy business (Amazon, Walmart, Apple, Microsoft, etc.). People who lost money to an impersonation scam were almost twice as likely to lose money as those exposed to other types of tactics.

How can you protect yourself from online scams?

Tips from the Better Business Bureau

• If the deal looks too good to be true, it probably is. Price is often a strong motivator for people to buy—be cautious about a ‘great’ deal.
• Make sure the shipping company is legitimate. Go to their website and use the code you receive to make sure it’s the real deal, and search bbb.org on the company name.
• Avoid an impersonation scheme—be cautious about who contacts you. Ask for verification and do your research with a trusted source. Be skeptical about unsolicited offers, and don’t believe everything you see—scammers are great at mimicking logos, official seals, fonts, etc.
• When you’re visiting a website, check the URL to make sure it’s correct. Sometimes even one character can be off. Watch for bad grammar in the content, make sure the
• URL starts with ‘https’ and has a secure lock. You can also use an online domain age checker to be sure it’s not a brand new site. And check that they have their full name/address/contact info on their website, not just an online form.
• NEVER click on unsolicited text messages.
• Avoid making quick purchase decisions. And don’t base your decision solely on others’ reviews.
• Use secure and traceable transactions. Those who used a credit card or PayPal were most likely to recover their funds from a scam.

Friends tell friends about Member Benefits

As you continue into the school year, we would love it if you would refer us to your colleagues.

Our products and services are built by educators, for educators. Let them know about our retirement savings, financial planning, and personal insurance programs and services.

Refer a colleague or a family member!* Fill out the quick form on our referral page and they will receive an email from us.

Explore our products and services:

• 403(b)
• IRA
• Financial Planning
• Auto insurance
• Home insurance
• Condo insurance
• Renters insurance
• Umbrella insurance
• Long-term care insurance
• Life insurance

*Family members, including your spouse or domestic partner, children and their spouses, parents, and parents-in-law, may also be eligible to participate in many of our programs.  Restrictions may apply. Certain state residency required.

Inflation got you down? Don’t panic

The price of stuff is going up, which may be the case for some time. Do you also know about these other components of inflation?

Shrinkflation. Companies reduce the size or quantity of their products while charging the same price or even more. One example is paying the same for less sheets of toilet paper (and smaller sheets!). Companies have been doing this for years because people are more sensitive to changes in price than to changes in quantity.

Skimpflation. Instead of simply raising prices, companies skimp on the goods and services they provide. Shoddier service is the result of a labor shortage and rising business costs. For example, it’s now taking longer for packages to be delivered.

The key to coping with inflation is to plan for it.

• Follow a budget. It’s really important to understand where your money goes and to cut out unnecessary expenses.
• Cut back. Try alternate grocery stores, use coupons, eat out less. Look for free and cheap entertainment options.
• Continue to save and invest your money, especially for retirement. You don’t control economic conditions, but you do control your spending and saving habits.

Help secure your account

Two-factor authentication (2FA) is required to access your retirement account through yourMONEY. If you receive a phone call or text message providing a verification code and you aren’t currently attempting to log into your account, please notify us as soon as possible and change your account password.

We also encourage you to add a verbal password to your account as an extra layer of protection. You will need to know this password if you call us to discuss specifics about your account. Simply complete and send in the Telephone Access authorization form from our retirement forms and brochures page or call us to request one.

A Trusted Contact is someone you deem trustworthy who may be contacted by Member Benefits if we are not able to reach you or if we have reasonable belief that you or your account may have been exposed to financial exploitation. The Trusted Contact does not have rights to make changes to your accounts.

Setting up a Trusted Contact is optional. If you are interested, please contact a Member Service Representative at 1-800-279-4030.