National Consumer Protection Week helps consumers avoid common financial pitfalls
CINCINNATI--(BUSINESS WIRE)--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 Bank
Sean Parker, 513-534-6791