News & Education

Every year scammers add new twists to well-known tax-related scams and 2020 is no exception.

Taxpayers should remember that the IRS generally first mails a bill to a taxpayer who owes taxes. There are special circumstances when the IRS will call or come to a home or business.

Click the links below to visit IRS.gov for more tips to help you spot email phishing scams and phone scams and avoid becoming a victim.

Now available when logged into your account online via a browser or the EFCU Mobile App. Click the banner in Online Banking or the Mobile App and agree to the terms to access this new and exciting feature.

It is important to understand the value of monitoring your credit information regularly as your credit score has a major impact on the Annual Percentage Rate you qualify for on auto loans, credit cards, mortgages and more. We've made this easier than ever by providing 24/7 access to your free, comprehensive credit report when logged into your account online via a browser or the app. Your free credit report makes checking and monitoring your credit both easy and efficient without affecting your score.

• Unlimited access to your credit score and key factors impacting your score. View your credit score as often as you like and identify how inquiries, payment history and other factors influence this number.
• Credit alerts. Receive email notifications of significant changes to your credit file (e.g., hard inquiries, new account openings, change of address) as well as any activities suspect to fraud or identity theft.
• Credit improving tips. Gain insight on actions that may be helping or harming your credit score.
• Money-saving opportunities with various EFCU products. Receive instant offers right on your dashboard and discover how refinancing with EFCU can save you money and/or reduce your payments.
• Credit score history. Observe how your credit score has changed over time.
• Average credit score within your ZIP code. View the average credit score in your area and see how you compare.
• Initiate credit disputes. Send a dispute at the click of a button if you notice any incorrect information.

• Know the interest rates you qualify for on loans. Your credit score determines your ability to qualify for loans and receive better interest rates when borrowing. Knowing your credit score can help you shop for the best APR before applying for the loan.
• Ensure your credit information is accurate. Your credit score is directly linked with the information in your credit report and can give you an indication as to whether your credit information is accurate. If your credit score is lower than you expect, it may point to some errors that need to be disputed with the credit bureaus.
• Deter fraud and identity theft early. With technology increasing rapidly and fraudsters and identity thieves becoming more creative, monitoring your credit report on a regular basis is more critical than ever. Your comprehensive credit report will alert you as soon as suspicious activity appears on your account so you will be able to stop fraud and identity theft in its tracks.
• Stay updated on ways to improve your score. Items such as short credit histories, high balances on credit cards, and late payments can all affect your score. Your comprehensive credit report will note which of these are impacting your credit score so you can develop a plan for strengthening it.
• Enjoy financial peace of mind. The convenience of your credit score, credit report and instant offers at EFCU right on your dashboard will help you take control of your credit and gain the upper hand on your finances.

If you have ever received your credit score from the three major credit bureaus, you may have noticed that these scores are not the same. Why do credit scores vary? Here is why.

Scoring Models
Differences in credit scores derive from the numerous credit scoring models that are used in the financial industry. Credit scoring models are used by credit bureaus to collect and analyze your statistical data to determine your credit eligibility. There are a range of credit scoring models that weigh in on varying factors which change the way scores are computed, however, EFCU uses the FICO 9 scoring model and the VantageScore model.

FICO Scoring Model
The FICO Scoring model has been around since 1989 and is the most widely used measure of creditworthiness primarily due to its longevity. FICO scores take payment history, credit utilization, credit history, types of credit, and new credit into account when determining its credit score, with much emphasis or "weight" placed on payment history and credit utilization. EFCU has upgraded to FICO 9 which is the score used for all EFCU loan decisions.

VantageScore Model
The VantageScore model was created by the three major credit bureaus (Experian, Equifax, and Transunion) in 2006. The VantageScore model takes payment history, age and type of credit, credit utilization, total balances, recent behavior, and available credit into account when determining its credit score, with much emphasis or "weight" placed on payment history, age and type of credit, and credit utilization. Your free credit score uses the VantageScore model.

If you have any further questions regarding your comprehensive credit report, contact us at 850.862.0111 x.1421.

Unauthorized access is a major problem in the high-tech world we operate in today. If you are a victim of these hacks, the consequences can include loss of money, bank account information, and identity theft. It is more important than ever to take necessary actions ensuring your username and password are secure. We have made the decision to require usernames rather than account numbers to enhance the safety of your account. We also require that you evaluate your password for complexity as an extra security measure.

You are the first line of defense in protecting your account access. Password complexity goes a long way to keep your financial information safe, but a unique username can provide additional security to protect your account just as much as a strong password. So what makes a strong username and password? Below are some guidelines you may consider when creating a secure username and password combination.

• Keep it unique: Create a username for access to your EFCU account online that is different from your email username or any other usernames for other online accounts.
• Keep it simple: Your username should be one that you can remember, so avoid using too many symbols or upper and lowercase letters.
• Stay anonymous: Do not use the same username and password combination or a username that gives clues to your password. Also refrain from using your name, birth year, social security number, and other identifying information as this becomes a huge indicator of who you are.

• Avoid using personal information: Your password should never include any part of your full name, username, email address, birth date, social security number, phone number, account number, etc.
• Refrain from using real words: Hackers use numerous online tools to guess your password. Some of these tools even allow their devices to run through every word in multiple dictionaries in a matter of minutes. If you really want to make it difficult for hackers, create your own words to secure your password and prevent their schemes from succeeding.
• Do not use repeated or adjacent keyboard combinations: Passwords that combine repeated or adjacent alphabetical or numerical sequences on the keyboard are easy for hackers to crack. Avoid using "aaaaaa", "111111", "qwerty", and "123456", etc.
• Use a mix of characters: Strong passwords have all four of the following types of characters: lowercase letters, uppercase letters, numbers, and special characters (!%#$&).

• Never disclose your username and password to anyone.
• Do not use passwords that you have used in the past.
• Never provide credentials requested via email.
• Do not save passwords or use the "remember me" resource on public computers.

According to the Federal Trade Commission (FTC), older adults are the hardest hit by such scams. The FTC's Consumer Sentinel Network received nearly 143,000 reports with a loss of $55 million on tech support scams in 2018. Consumers 60 and over filed more loss reports on tech-support scams from 2015 to 2018 than on any other type of fraud reported to the Consumer Sentinel Network. The median individual reported loss to tech-support scams was $400, however, people 60 and over reported a 25 percent higher median loss of $500.

Tech-scam frauds are done in several ways: the criminals make telephone calls and claim to be computer technicians associated with a well-known company or may use internet pop-up messages to warn about non-existent computer problems. They might claim they have detected viruses or other malware on a victim's computer. They then pretend to be "tech support" and ask the victim to allow remote access to his or her computer. Eventually, they diagnose a non-existent problem and ask for payment for unnecessary services.

Money isn't the only thing people can lose with tech-support scams. People hand over control when they give the scammers remote access to their computer. Scammers can then steal sensitive information or install spyware to gather information. Some have even been persuaded to log into their accounts whereby the scammer can then move funds remotely. The Federal Trade Commission (FTC) has developed a resource infographic for consumers that explain how to spot, avoid, report and recover from such scams. Review the infographic to learn more on how to spot a Tech Support scam and visit ftc.gov/TechSupportScams to learn more.

• Never give your Social Security number or other personal information over the phone
• Create a strong password that no one could guess
• Set up alerts to monitor account activity
• Don't save account numbers on mobile devices
• Avoid using public Wi-Fi
• Never open suspicious links in emails
• Keep your computer and mobile devices updated
• Turn off your computer when it is not in use
• Stay in the know about the latest scams
• Always logout and close your browser window
• Report any suspicious activity as soon as possible