PORTLAND, Ore. (KTVZ) – As the country reopens one county at a time, individuals and businesses continue to face complex financial challenges, many for the first time. OnPoint Community Credit Union works to ensure the communities it serves in Oregon and Southwest Washington have the latest information to navigate the financial path ahead.
“The COVID-19 pandemic has forced our communities to quickly overcome financial setbacks while fending off a surge in fraud,” said Rob Stuart, President and CEO, OnPoint Community Credit Union. “OnPoint is closely monitoring various trends and precautions, and works to ensure everyone in Oregon and Southwest Washington has the information they need to face these evolving challenges. . ”
Below are three OnPoint personal finance tips based on the latest developments and frequently asked questions to members:
Scammers use social engineering to gain access to consumers’ Venmo and Zelle accounts
OnPoint, along with financial institutions across the country, has reported three to four times more fraud complaints than the average since the start of the COVID-19 pandemic in February. The Cyber Division of the Federal Bureau of Investigation recently reported 3,000 to 4,000 cybersecurity complaints each day, a significant jump from the 1,000 complaints per day before COVID-19.
The latest scam targets users of popular peer-to-peer money transfer services like Venmo, Paypal, and Zelle. He is a scammer posing as a financial institution, texting individuals with a warning about suspicious debit card activity. They will then request digital banking credentials and, if successful, immediately log into digital bank accounts and transfer money elsewhere using peer-to-peer money transfer services.
How can consumers protect themselves? OnPoint is warning you that you should never share your online credentials, PINs, Social Security numbers, or any other personal information by text or phone with anyone, even if they claim to be from your financial institution. Employees of credit unions and banks will never ask for identifying information or personal information in this way. If you believe you have been the victim of this scam or any other fraudulent activity, contact your financial institution immediately.
Click here to learn more about fraud protection.
A warning against large cash withdrawals
The financial services industry has seen an increase in the number of people withdrawing large sums of money, sometimes over $ 150,000 at a time, to store them in their homes and keep them safe.
While the home may seem like the safest place in a crisis, many are unaware that homeowners’ insurance policies rarely cover cash. This means that if your house burns down or is broken into, you risk losing everything.
Money is most secure when it is stored in a credit union or bank that is federally insured by the National Credit Union Administration (NCUA) or the Federal Deposit Insurance Corporation (FDIC). OnPoint encourages those who are considering withdrawing a large sum of money to check with their home or tenant insurance provider to see what type of protection, if any, they are offering for large sums of money.
Contactless payments reduce transmission and fraud of COVID-19
With health experts advising us to touch as little as possible, financial institutions and merchants are increasing the number of contactless payment offers. In addition to slowing the spread of COVID-19, the use of contactless payment options also reduces fraud.
The traditional method of swiping a debit or credit card transmits the cardholder’s name, three-digit security code, and zip code. In contrast, contactless technology generates a one-time code to identify the transaction. Mobile wallets such as Apple Pay, Android Pay, or Samsung Pay require a fingerprint, facial ID, or passcode to unlock contactless payment capability.
All OnPoint debit and credit cards offer contactless payments with Apple Pay, Google Pay or Samsung Pay. OnPoint encourages consumers to explore the contactless options offered by their financial institution and to use technology where possible to protect your family’s finances and health.
How OnPoint can help you
OnPoint works with its members on an individual basis to meet their specific needs. Special offers currently include:
- No minimum payment due until June for most OnPoint credit cards.
- Pass payment to allow qualified members to skip their June Auto, Personal, Home Equity (HELOC) and Small Business Loan payments at no charge.
- SBA Paycheck Protection Program Loans. OnPoint is currently accepting new completed applications for the Small Business Administration (SBA) Paycheck Protection Program loan from new and existing Business Members.
- Member assistance loan 2020 at 0% interest to help eligible members alleviate some of the financial burdens of the COVID-19 pandemic.
- Mortgage forbearance allows members to defer mortgage payments for up to 120 days. Members should note that they will be required to discount the loan, commit to a repayment plan, or qualify for a loan modification at the end of the forbearance agreement.
- Waiver of the early withdrawal penalty from the CD until June 30.
To learn more about how OnPoint is supporting members, employees and the community throughout the COVID-19 crisis, please visit onpointcu.com/covid-19.
ABOUT THE ONPOINT COMMUNITY CREDIT FUND
OnPoint Community Credit Union is Oregon’s largest credit union, serving more than 400,000 members and with assets of $ 6.5 billion. Founded in 1932, OnPoint Community Credit Union membership is available to anyone living or working in any of Oregon’s 28 counties (Benton, Clackamas, Clatsop, Columbia, Coos, Crook, Curry, Deschutes, Douglas, Gilliam, Hood River, Jackson, Jefferson, Josephine, Klamath, Lane, Lincoln, Linn, Marion, Morrow, Multnomah, Polk, Sherman, Tillamook, Wasco, Washington, Wheeler and Yamhill) and two Washington counties (Skamania and Clark) and members of their immediate family. More information is available at www.onpointcu.com or 503-228-7077 or 800-527-3932.