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March 13, 2023 • By Kevin Alvarez

Glue and Tap Scam: What You Can Do To Protect Your Finances

Your debit card plays an important role with making secured transactions at not just retail locations but online and even with ATM's.

Technology is rapidly changing. We've seen its advancement accelerated from the onset of the pandemic in an effort to ease our day-to-day lives. This new-found ease of access has also, unfortunately, opened a door for criminals to take advantage of unsuspecting victims. The latest scam affecting the Bay Area is the "tap and glue" scam. Let's take a look.

What Happened?

  • Someone (the victim) goes to make a cash withdrawal from an ATM.
  • They are unable to insert their card into the card slot reader due to the reader being filled with glue.
  • The ever-so-convenient and knowledgeable bystander (criminal) standing behind the victim see's the victim struggling to insert their card.
  • The bystander offers the unsolicited suggestion of using their card’s Tap feature as an alternative method of access for their bank account.
  • The unsuspecting victim takes the suggestion and continues on with their day.
  • Upon review of their financial statements, the victim notices cash withdrawals they did not make.

ATM Glue and Tap Scam - Card

What Really Happened?

  • Typically, when an ATM transaction is completed, the user’s card is released from the card slot reader. Should the user decide to re-enter their account, they must reinsert their debit card and retype their pin number.
  • The Tap feature bypasses the need for a card to be inserted and the need for a pin number to be entered.
  • Cardholders are unaware of the fact they must physically select the finished option from the on-screen prompt to close out access to their account.
  • Criminals are taking advantage of cardholder’s lack of awareness of properly ending their Tap transaction.

What You Can Do.

Just as you would wait for your debit card to be released from the card slot reader, simply wait until the ATM displays the menu prompt asking if you are finished with your transaction. You then select you are and confirm on the following screen that your account is no longer accessible.

With the hustle and bustle of our daily lives we can all agree that patience along with confirmation serves us all right. Next time you are in a public access ATM, CONFIRM with the machine you are completely done with your transaction. The last thing anyone wants to see if their hard-earned money withdrawn without their proper authorization.

November 16, 2022 • By Kevin Alvarez

Managing Debt as Interest Rates Rise

Debt can be a challenge to manage, even in the best of times. Now, with the economy in the news nearly every day, how do you effectively manage your debt as the cost of borrowing for things like homes, cars,
and credit cards rises? People are successful when they set a realistic budget for spending. Focusing on non-traditional gifts, the joy of experiences and the resulting memories, can be just as rewarding without damaging your finances, especially as prices on essentials are rising.

Here are five general questions to ask in order to minimize the hit to your wallet in the face of rising interest rates.

What's Your Current Credit Score And History?

Knowing this information helps you understand how rising interest rates will apply to you. Some research shows that only 33 percent of Americans checked their credit score in the past year. Regularly monitoring your credit can alert you to errors, protect you from fraud, and provide you valuable information to strengthen your credit score–which can potentially minimize the rising cost of borrowing.

What Is Your Debt Portfolio?

Another helpful course of action is to make a list of your current debt such as credit cards, car loans, student loans and other debt. Although it’s a simple step, this can make a big difference in visualizing the big picture of your financial situation. Part of seeing the impact of rising interest rates is understanding exactly where you stand.

What Are Your Current Interest Rates?

An effective next step is to regularly review your balances, terms, and interest rates on a monthly basis. By staying on top of this vital information, you can make adjustments and informed decisions about reducing any existing balances more aggressively. As a debt paydown strategy, it often makes sense to start with the highest interest credit cards or loans.

What Is A Realistic Payment Plan?

As you are able, consider paying credit card balances in full by the due date each month. You can avoid interest charges on what you purchase, which means rising interest rates may not have much of an effect on your household finances.

What Is Your Overall Financial Plan?

To stay financially healthy and minimize the impact of rising interest rates, it is key to earn more than you spend, so that you have enough money to build savings for the future. Keeping an eye on your spending is an important step in the effort to create a budget without the cost of high-interest debt. Once you develop a household budget and track income and spending, it becomes clear where the money is going and where you need to adjust your spending to achieve your financial goals. By setting financial goals, preparing a financial plan, sticking to a budget, and setting up an emergency fund for the unexpected, you ensure that your financial well-being does not suffer as interest rates rise.

This information brought to you by GreenPath Financial Wellness.

GreenPath Financial Wellness

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