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ATM Fraud On The Rise: Staying Safe While Getting Cash
Scammers are everywhere in web-based commerce. You might think you're safe using cash, but scammers wait in one location you can't avoid: the ATM.
ATM fraud is an old concern, but technological advances mean consumers need to be even more aware. Be cautious of the following:
1.) ATMs in weird locations:
Use ATMs in secure locations, like financial institutions. They're safer and well-maintained. If you must, choose ATMs in highly-visible and public areas to minimize encountering a tampered machine.
2.) Recent work.
Two modifications are common in ATM scams. The first is a duplicate keypad on top of the existing one which relays PIN information to a third party, enabling fraud at a later time. The second is a phony card-reader which processes your card information and sends it elsewhere. These scams have become more common and harder to detect as 3D-printing technology has improved and become more accessible.
Several signs hint at a machine that has been tampered with. First, keypads get worn over time. If an old machine has new-looking keys, something may have been modified. Similarly, card-readers develop scuffs and scratches; new-looking card-readers are another red flag. Second, scammers install devices quickly, and may use quick-fixes like electrical tape which leave signs of modification.
3.) Nearby strangers.
To protect yourself, cover your hand when entering your PIN, stand close to the machine, and keep an eye out for anyone sitting near the machine on a laptop - they may be monitoring a camera designed to capture your PIN. Most importantly, stay focused. Ignore anyone who approaches you until you've finished your transaction and watch your belongings.
If you think you've been victimized by ATM fraud, report it immediately. Waiting to report the scam could mean you're responsible for all the bills the criminal racks up, but if you report it within two days, your liability is capped at $50.
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Book Review
You Only Live Once, But Debt Lives Forever
By Jason Vitug
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Ever since the Drake song "The Motto" hit the charts, young people have adopted the anthem YOLO - you only live once. It's a perfect anthem for a generation that values experiences over things and dreads, more than anything else, growing old with regret. It's also been a justification for young people to make some poor financial decisions.
Jason Vitug wants to return some balance to the phrase. His new book, You Only Live Once: The Roadmap to Financial Wellness and a Purposeful Life seeks to speak to young people living paycheck-to-paycheck while thinking what they need in life is a bigger paycheck. Vitug suggests a different solution: purposeful living.
Vitug blends his autobiography seamlessly with the advice in the book. He began his career as a server in a tiny restaurant and worked his way up to the boardrooms of Silicon Valley. His lifestyle changed, but his relationship to money didn't. At each stop, he thought it was the salary that would make him happy and provide financial security. When it didn't, he was forced to take a different perspective.
Instead of looking for more money, he started to evaluate if the money he was spending was bringing him closer to the life he wanted to live. When he saw it wasn't, he made the change to a financially secure life.
Financial security, in this book, looks about like it does everywhere else: no debt, minimal living expenses, a stable emergency fund and a lifestyle that fits your means. There's no silver bullet or magical solution to financial struggles in this book. Instead, it's the same advice people are getting from any financial guru.
That's the main criticism of the book: Most of the information and advice are fairly elementary. A significant portion of it is devoted to the inner workings of credit cards. While there are many people who don't understand the credit system, readers might question where any new information exists in this book. What can readers find in You Only Live Once that they couldn't get from any other financial literacy program?
You Only Live Once is unique in the way that timeless information is presented. Because Vitug has lived and worked at a variety of stations in life, it's much harder to dismiss his advice as condescending or out of touch. Rising young professionals and recent college grads who may be struggling to make ends meet can see themselves in Vitug's story, and that may make his advice more relatable. Others who could benefit from a refresher on the basics of financial literacy will appreciate the easy-to-read and relatable advice. While folks looking for advanced advice on personal finance will be disappointed, it might be worth a look anyway. Give it a try.
After all ...you only live once.
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I'm looking for a car, but I hate haggling over the price. What can I do to get the best deal?"
- Do your homework before you get to the lot. Narrow your choices so you only need to take a few test drives. Find out the typical price for comparable vehicles if you're buying used and look up rebates and incentives for new cars.
- Get financing before you go. The most effective "closers" at the dealership are usually in the finance office, where they'll try to get a good chunk of your money on a higher interest rate. We can help you with a loan before you look for a car.
- Don't forget your trade-in. Find out how much people are paying for vehicles that are comparable to yours so you know how much to expect. Plus, you can always sell your trade-in on your own if you find a good deal.
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Saving Bucks On Books: How To Beat Your Campus Bookstore
Everything about college is expensive. In the end, the sacrifices will be worth it, but that's no comfort to a poor college student staring at a few hundred dollars worth of textbooks every semester. On average, college students spend $1,200 a year on textbooks alone! Luckily, there are a few places you can go to save a few dollars.
1.) The first day of class
Many classes are taught from a single syllabus that governs multiple sections with many different professors. That means the book list may not be 100% accurate for the course you're in. Hold off on buying books until the first day of class and ask your professor candidly how much the text is necessary for the course. Most classes are taught by adjuncts and graduate students who share the pain of expensive, never-used textbooks. You'd be surprised how many of them are willing to provide tips on the relevance of older editions or suggestions for sharing textbooks.
The first day of class can be helpful for another reason - you might find a friend who's willing to share the textbook with you. This may not be an ideal solution, but splitting the cost of a new book in half can be tough to beat, even with rentals and online shopping.
2.) Campus (and local) libraries
Most libraries work on donations. In college towns, people move in and out frequently and want to leave textbooks behind. These two factors mean that a lot of libraries are going to get textbooks. Checking one out for the whole semester may not be feasible, but it might help to grab it for a few weeks to study, or to help make sharing with a friend a little easier.
3.) Comparison shop
Search engines have made it easier than ever to find the lowest price on everything, and textbooks are no exception. They do have one qualification, though: changing editions. Particularly for math and science courses, problem numbers and answers are frequently among the only changes made from year-to-year. The best way to counteract this is to shop by ISBN. You can find this number on the book above the barcode. This number is tied to the specific edition and title, so there's no chance of getting the wrong book by accident.
4.) Rent
A variety of online stores will offer rental textbooks. These work just like the textbooks in high school did. You pay a fee at the start of the semester, and the company ships you the book. You ship it back at the end of the semester. Some sites will rent for around 60% of the price of a new book.
5.) Get eBooks
In recent years, publishers have been increasingly moving toward ebook publication as a way to get their textbooks out. Printing and distribution costs are much lower, so the prices for the books themselves tend to be lower as well. As an added bonus, no one's thrown their back out from carrying an e-reader all over campus!
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