How to Protect Yourself from Financial Fraud
In 2023, Americans reported they were the victims of more nearly $10 billion in financial fraud1. With fraud increasing in frequency and intricacy, investors must stay vigilant about protecting their financial security. Here are six steps you can take to help protect yourself:
1. Actively avoid scams. The best advice for bypassing fraud involves a series of don’ts. Don’t pick up calls or respond to texts from numbers you don’t recognize. If your bank leaves a message, return the call only after double-checking you have the correct number for your financial institution. Don’t click on links or download documents unless you are certain of the source. Don’t provide account information over the phone, email or social media.
2. Look for red flags. Typos, grammatical errors and unusual return email addresses are giveaways of phishing emails. Scammers often use a fake address that mimics the address of a trusted source. To “unmask” the sender, hover over the visible address to reveal the real source. Additionally, be wary of investment scams that promise skyhigh returns. If your gut is telling you it’s too good to be true – it probably is.
3. Monitor your accounts. Check account transactions and balances frequently to keep an eye out for suspicious or unauthorized charges. If you do not recognize an expenditure or suspect fraud, contact your financial institution immediately. If available, activate alerts to receive immediate notification of suspicious activity on all bank accounts and credit cards. As an added precaution, request a free credit report annually from the three major credit bureaus. Review your report to spot any changes in your credit rating or unauthorized applications for credit.
4. Manage your passwords. The security of your accounts is only as good as the privacy of your passwords. Security experts recommend updating important passwords regularly (every three to six months) or sooner, in case of a data leak. A strong password
is long, randomized and unique. Consider using a password manager, which securely stores and completes login fields.
5. Take advantage of two-step verification. With two-factor authentication (2FA) activated, your user ID and password will prompt a request for your phone number or email. You’ll receive a unique passcode to complete the login process. This extra layer of security makes it much more challenging for bad actors to hack into your secure accounts. If your password is compromised, 2FA creates one more barrier to entry.
6. Avoid public Wi-Fi. Most public Wi-Fi sources are insufficiently secure. As a result, cyber criminals often hack into public Wi-Fi in search of financial information to exploit, such as passwords, account numbers or personal data. If you must rely on public Wi-Fi, use a virtual public network (VPN) to protect your connection. If you don’t have access to a VPN through an employer, download and subscribe to a reputable network so you can safely access Wi-Fi when away from home.
It is important to remain vigilant. Pay attention to reports of fraud in the news and take note of new ploys to avoid becoming a victim. Know that there are many resources available to
accounts and security. A financial advisor can help you understand the best measures to put in place to protect your financial information.
1 Federal Trade Commission- Consumer Sentinel Network Data Book Duane J Lusson, CFP, ChFC, CLU, MSFS, is a Private Wealth Advisor with Ameriprise Financial Services, Inc. in Ottumwa, Iowa. He specializes in fee-based financial planning and asset management strategies and has been in practice for 30 years. To contact him, call 641-684-4200 or stop by
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Stranger in the Night
In the spring, as soon as we see the first oriel, we put grape jelly in a dish on a nearby tree so we can attract and keep them in the area. We enjoy watching the colorful little birds as they feed and build their unique socklike nests. The problem I have found in feeding grape jelly to the birds is that everything in the world seems to enjoy it also. One year, we put a plastic dish of grape jelly on a fence post bordering the horse pasture. It did not take long for a horse to stop by, eat the jelly, and chew up the dish. If it is close enough to the ground, the dogs will eat the jelly. Raccoons, opossums, flying squirrels and many other types of bird also enjoy a bit of grape jelly. Though our feeder is dog and horse-proof now, it is difficult to keep the other critters away.
We were not having a problem with jelly thieves this year until about a week ago. Sure, we had a robin or flicker stop by for a mouthful occasionally, but we can live with that. One morning I went out to the porch to have my usual morning coffee and noticed the jelly dish was on the ground and empty. Our most common thieves are raccoons, so I assumed that was the culprit. I got the live trap out and baited it with grape jelly and marshmallows. Raccoons enjoy a nice marshmallow as much as grape jelly. The next morning, before I let the dogs out, I checked the trap. I have learned, it is difficult to carry an angry raccoon in a live trap with two dogs trying to kill it. I was surprised to find nothing in the trap. More surprising was that the marshmallow and jelly were gone. To me, this seemed impossible. The trap has a hair trigger and anything large enough to eat the bait would easily trip the door to the trap. The jelly was also gone from the oriole feeder.
The next night, I baited the trap with a couple of marshmallows. In the morning, the trap was not sprung but the marsh-
mallows were gone.
The jelly dish was on top of the feeder but only part of the jelly was eaten. This was becoming a real mystery. A raccoon could not get into the trap, steal the marshmallows and get out without springing the trap. He would also eat all the jelly rather than just some of it.
The next morning, the first thing I noticed was the door on the trap was shut. I had finally caught my thief, or so I thought. When I got to the trap, I discovered I had caught a baby rabbit. I don’t think he was my marshmallow bandit and I know he was not climbing trees to get the jelly. I think he must have been hopping by and dummied into the trap.
Thinking something must have been reaching through the side of the trap to get the marshmallows, that evening I pushed a long nail through a couple of them and poked the nail into the ground through the bottom of the trap. Whatever was getting the marshmallows would have to be inside the trap and work at stealing them. The next morning, there was nothing in the trap and the marsh
mallows were gone.
Last night, thinking I needed to solve the mystery so I would have a conclusion in today’s column, I brought the jelly inside for the evening. I then took scissors and cut two marshmallows into several pieces. With these I made a trail leading to the door of the trap. I placed a couple more marsh-
mallows inside and waited for the mystery to be solved.
This morning, with great anticipation, I went down to the trap. Not one of the marshmallows had been touched. I decided there is some strange creature of the night trying to drive me crazy.
Our daughter’s wedding was this last weekend. I would get ahead of the game and break my usual habit of being late and behind schedule.
Well before the wedding, Melissa ordered a new navy blue necktie to match her dress. Encouraged by my wife, I took my suit from the closet five weeks before the wedding and tried it on to make sure it fit well and did not need to be altered.
The suit fit fine, which was good. However, it also meant I didn’t lose the fifteen pounds I wanted to before Annie’s big day. Two weeks before the wedding, I took my suit to the dry cleaner in Duluth. Before driving to Duluth, I loaded my Stihl chain saw into the van.
I have two chain saws, which are Stihl brand. Both have served me well. My “little” chainsaw is about twenty years old and has been a real workhorse. However, it needs a new clutch. The big saw is in perfect working order, needing nothing. With my suit hanging and the chainsaw on the back floor, I called my dog. “Nova, do you want to go with me?” She’s always up for a car ride. We hopped in the van and drove to Duluth.
I first dropped the chain saw off at the repair shop, then ran several errands in Duluth and Superior. Finally, I took my suit to the cleaners.
I arrived just a few minutes before closing, and the clerk was happy to accept my suit. “A three-piece suit will be $24 to clean. What day do you need to pick it up,” she asked.
“I’m working out of town for the weekend and won’t be back until Tuesday,” I said.
“No problem,” the clerk said. “We’ll have it ready for you to pick up next Tuesday.”
I explained, “I’m going to be really busy when I get home; then, with Memorial Day weekend, I may not be able to pick it up until a week from Tuesday. Is that okay?”
“We’ll have it ready this Tuesday,” she said. “And you can come get it any
time after that.”
I walked back to my van with pride in my step. I took my long “to-do list” from my pocket and drew a line through ‘suit to cleaners.’
“How about that, Nova Mae? Fifteen errands on the list, and they’re all done.” It was a fun ride home, knowing I was totally on schedule for once in my life.
The following week was busy, getting ready for the wedding. Nova Mae and our cat Edgar Allan would be traveling with us, so we planned to take the Scamp to the wedding and camp rather than staying in the motel - it’s just easier with pets. I made sure the Scamp was ready to travel.
The freshwater tank was filled, the LP gas tanks were full, the battery was fully charged, the refrigerator was on and cold, all the bedding was washed, and the bed was made. I needed to replace a tail light cover, which I had on hand. (A new lens from Bullyan RV was one of my 15 errands in Duluth.) Finally, I inspected the tires and checked the air pressure. The Scamp was ready road-trip worthy. All we had to do was throw in the groceries and our bags. With the Scamp ready, I could relax and enjoy the weekend with my wife.
On Memorial Day, I planted two Autumn Blaze Maple Trees in the yard. The gnats were horrid! Melissa brought me my safari hat with mosquito netting attached. I’ve never used it before, and boy, was I impressed.
Gnats swarmed my head and face while I worked, often landing on the netting. I laughed in their little gnat faces as I sang, “I hear you knocking, but you cannot come in, da, dah, da dah…. Although the gnats couldn’t get to my face, I had my sleeves rolled up to work, and they chewed up my forearms pretty well!
Once the trees were planted and staked, my thoughts turned to other steaks, and I fired up the Weber grill. Despite my itchy arms, Memorial Day was great, but the days following would be busy getting everything else packed to go to Sioux City, Iowa, for the wedding.
Tuesday morning, Nova Mae and I returned to Duluth with a fresh “to-do” list; first, we picked up the chainsaw.
“Your chain saw is pretty old,” the clerk told me. “It will cost way more to repair than it’s worth.” I was sad to hear this, but the saw served me well. I planned to use the saw until she died. “It’s $25 for the diagnosis,” the clerk said. Fair
enough. I paid the man and waited. “Did you need anything else, sir?”
“I need my chainsaw,” I answered. The man went to the backroom and returned with a box. I was stunned, to say the least, looking at a box with my disassembled, trusty chainsaw. “You didn’t put it back together?” The man said it wasn’t worth fixing and that reassembling it would cost another $100. “I brought you a running chain saw, and you hand me a box of pieces and parts? That’s pretty crappy!” I took my box with the dissected, trusty chain saw to the van. I was not happy, but I had a lot to do today. I moved on to item two: picking up my suit from the cleaners.
The clerk asked my name and went to the backroom to get my suit. She returned, asking, “Do you have the claim ticket?” I never keep those claim tags, but this time, I knew it was in the cup holder in my van. I retrieved the ticket, and she disappeared into the back room, returning to the counter without a garment. “I can’t seem to find it,” she said. “What color was the suit?” I told her it was a gray, threepiece suit. She went to look again, coming back to the counter empty-handed. “I’m sorry, sir, I can’t find your suit.”
“YOU LOST MY SUIT?”
I was quite alarmed. “My daughter is getting married on Saturday, and I need my suit!”
“We didn’t lose it, sir. It’s here somewhere; I just can’t find it,” the clerk said. I’ll call the owner; she can find anything.” I waited while she made the call. The owner said she would come in and find it tomorrow.
“It’s a hundred-forty miles round trip drive from my house,” I said. “Can she come in and find it today?”
The clerk made another call and said, “She said she won’t be here until tomorrow. She comes in at 7:30 a.m.” I had a lot of things I wanted to say, but there was no sense in shooting the messenger. “Can I keep the claim tag?” the clerk asked.
“No, I’ll be taking the claim tag with me,” I answered, but I let her take a copy before leaving.
“Where’s your suit,” Nova asked when I returned to the van.
“They lost my dang suit,” I told Nova. “I should be grateful for getting my chain saw back in a box of parts! At least they could find it! I hope this isn’t a sign of how our next ten stops will go!”
I arrived at the drycleaners Wednesday morning at 8:00, giving her time to find my suit. “I’m very sorry, I haven’t been able to locate your suit yet,” the owner said. “I’m calling in another worker to help look.
We will find your suit.”
“And if you don’t,” I asked. “Then what?”
“It has to be here someplace,” she said. We will find your suit.” Not feeling very confident, I left to run other errands, returning to the drycleaners three hours
later.
“We still haven’t found it,” the owner said. “But we figured out whose garments were on the rack beside your suit. We’re hoping your suit was accidentally given to him when he picked up his suit. I have a call into him, but he’s at work until 5.”
“And what if he doesn’t have my suit. Then What?”
“If you have to buy another suit, I will pay for it,” the owner said.
“My wife and I are leaving at 10:00 tomorrow morning,” I explained. “How do you suppose I am going to find another suit that happens to be just the right shade of gray and have it altered before the end of the day?”
She repeated, “We WILL find your suit!” Her words were not very reassuring; I felt sick as I drove away.
…something is going to go wrong…a bad blowout... mosquito swarms…
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