National Consumer Protection Week helps
consumers avoid common financial pitfalls
According to some estimates, as many as 73 percent1 of people
use the same password for multiple sites. Odds are many of those
individuals are also saving their passwords in their favorite
internet browser to automatically enter secure sites each time they
visit. But that’s exactly what they shouldn’t do, says Tom
Scarborough, vice president and manager of threat intelligence and
strategy at Fifth Third Bank.
“Consumers should never save their username and password
combinations for any site. Doing so puts them at risk of identity
theft, especially on a public computer,” says Scarborough.
His warning is just one of several tips Fifth Third is offering
to bring awareness to National Consumer Protection Week, March 1-7,
2015. The coordinated effort, spearheaded by the Better Business
Bureau, Consumer Federation of America and several Federal
agencies, encourages consumers to make better-informed
decisions.
Consumer protection refers to much more than identity theft.
Finances, health and privacy are also important cornerstones of
National Consumer Protection Week.
“Bankers naturally want to help our customers grow and protect
their investments, protect themselves from identity theft, and
enjoy their right to privacy,” said Scarborough. “In honor of
National Consumer Protection Week, we tapped a few of the
thoughtful, curious minds at Fifth Third to compile a list of eight
simple ways consumers can protect themselves this week and all 52
weeks of the year.”
Fifth Third’s tips include ways for consumers to educate
themselves on topics ranging from identity theft to long-term
health insurance, home buying to credit scores.
National Consumer Protection Week
Tips
1. Forget “Remember Me.” Never use the “save ID and
password” option in your browser – especially on a public computer
– or on your mobile device.
2. Beware of Phishing, SMiShing and Vishing. Phishing –
when a fraudster impersonates a legitimate company online in an
attempt to steal confidential information – has gone offline to
text and voice messaging. SMiShing, or phishing via text message,
asks the potential victim to access a website or call a phone
number, neither of which is legitimate. Vishing refers to phishing
over the phone, whereby the potential victim is asked to respond by
phone to either an e-mail or telephone message. It is often
difficult to distinguish SMiShing and Vishing schemes from the
companies they impersonate; when in doubt, ask to call back to a
customer service number you know is valid.
3. Pass on PMI: Borrowers putting less than 20 percent
down on a new home purchase are required to buy private mortgage
insurance, or PMI. PMI insures a lender in case of loan default,
but does not protect the borrower themselves. PMI can cost up to an
additional $100 per month or more depending on the size and Loan to
Value of the loan; that’s $36,000 over the life of the loan. Ask
yourself, “Is putting down less than 20 percent worth the monthly
mortgage insurance?” If not, consider purchasing a home for which
the money you’ve saved is at least a 20 percent down payment.
4. Know Your Number. Borrowers with a credit score equal
to or greater than 740 will pay a full percentage less than those
with a credit score of 680. One percent doesn’t sound like much…
until you start thinking of hundreds of thousands of dollars. Keep
your credit score strong by avoiding late fees, staying current on
all bills and limiting your open lines of credit to only those you
need.
5. Everyone Can Afford a Financial Advisor. How much do
you need to save or invest to have access to a financial advisor?
For most banks or credit unions, the price of entry is simply being
a customer. Many banks have licensed bankers or investment
executives whose job it is to help consumers save more, spend less
and plan for their futures… they just aren’t being fully utilized!
Get the advice you’re looking for by simply calling your financial
institution and making an appointment to sit down and share.
6. Keep Independent Company. Independent insurance
brokers aren’t bound to one company like a captive agent is, so
they can look at different types of products with a critical,
unbiased eye. Insurance isn’t one-size-fits-all; there are many
factors that make up the “bigger picture.” Your financial advisor
can work with an insurance broker to identify a customized solution
that will meet your needs, at a price you can afford.
7. Invest in Long-Term Care Insurance. With 70 percent of
seniors needing some form of long-term care assistance before they
die,2 your chances of caring for an aging parent or spouse are
high. While health insurance and Medicare may cover some expenses,
neither are usually enough to cover the high cost of caring for
someone who needs constant attention. Long-term care insurance is a
smart investment in your long-term healthcare needs.
8. Don’t Spell “Write”. It takes an expert hacker three
minutes (or less!) to crack a password.3 One way to make your
password more effective? Use improper grammar. An algorithm
developed at Carnegie Mellon University unlocked 10 percent of long
passwords comprising grammatically correct phrases.4 Don’t use
personal information like a birthday or a pet's name, address,
names or parts of names, phone numbers, dates… but consider making
spelling errors that only you can remember!
Fifth Third Bancorp is a diversified financial services company
headquartered in Cincinnati, Ohio. As of December 31, 2014, the
Company had $139 billion in assets and operated 15 affiliates with
1,302 full-service Banking Centers, including 101 Bank Mart®
locations, most open seven days a week, inside select grocery
stores and 2,638 ATMs in Ohio, Kentucky, Indiana, Michigan,
Illinois, Florida, Tennessee, West Virginia, Pennsylvania,
Missouri, Georgia and North Carolina. Fifth Third operates four
main businesses: Commercial Banking, Branch Banking, Consumer
Lending, and Investment Advisors. Fifth Third also has a 22.8%
interest in Vantiv Holding, LLC. Fifth Third is among the largest
money managers in the Midwest and, as of December 31, 2014, had
$308 billion in assets under care, of which it managed $27 billion
for individuals, corporations and not-for-profit organizations.
Investor information and press releases can be viewed at
www.53.com. Fifth Third’s common stock is traded on the NASDAQ®
Global Select Market under the symbol “FITB.” Fifth Third Bank was
established in 1858.
Fifth Third does not provide tax advice; consult your tax
advisor. Fifth Third Bank. Member FDIC. Equal Housing Lender.
# # #
1 “Is Your Password Really Protecting You?” by Ashley Welter,
posted on July 24, 2013,
http://www.instantcheckmate.com/crimewire/is-your-password-really-protecting-you/
2 “What You Need to Know About Long-Term Care Insurance,” by
Kathy Kristof, posted June 18, 2014, CBS Interactive, Inc.,
http://www.cbsnews.com/news/who-needs-long-term-care-insurance/.
3 “Is Your Password Really Protecting You?” by Ashley Welter,
posted on July 24, 2013,
http://www.instantcheckmate.com/crimewire/is-your-password-really-protecting-you/
4 “Bad Grammar Make Good Passwords, Researchers Say,” by Hal
Hodson, posted January 17, 2013,
http://www.newscientist.com/blogs/onepercent/2013/01/bad-grammar-make-good-password.html
Fifth Third BankSean Parker, 513-534-6791
Fifth Third Bancorp (NASDAQ:FITB)
Historical Stock Chart
From Mar 2024 to Apr 2024
Fifth Third Bancorp (NASDAQ:FITB)
Historical Stock Chart
From Apr 2023 to Apr 2024