Personal Financial Wellness: A Banking Opportunity And Imperative

Financial wellness at a personal level..Cognizant

Plenty of banks offer financial wellness tools. But by personalizing these offerings, they can support customers while also reinvigorating their brand, notes Andrew Warren, a leader in Cognizant’s UK & Ireland Banking and Financial Services practice.

With the explosion of digital banking during the pandemic, financial institutions (FIs) have their sights set high for growing revenues through digital channels. To do that, however, they’ll need to become more intertwined in and relevant to the daily lives of their customers.

One way to achieve this is by taking all the information they have about their customers and turning it into services that enhance customers’ financial wellness. Doing so would be especially welcome in the post-pandemic landscape and the financial uncertainty it has spurred.

To put it into perspective, more than 40% of UK adults are now considered “financially vulnerable,” and nearly 40% of UK adults have seen their financial circumstances deteriorate since February 2020.

Financial wellness at a personal level

While almost every bank now offers financial wellness tools of some sort, whether a budgeting app, a financial literacy course or education on financial planning, these services are generalized to all customers rather than addressing individuals’ personal financial wellness needs. Because financial situations vary greatly across individuals, the truly personalized element is vital.

For example, to help individuals build their savings, banks can use predictive AI technologies to understand customer transactions and cash flow patterns and automatically divert the right amount of extra funds to savings or investments. Royal Bank of Canada says it has helped clients save an average of $358 per month with this type of tool.

Further, by mining debit card data, banks can gain insights into spending habits that they can share with customers or incorporate into personalized offerings. Through AI-driven interventions, personalized “nudges” and micro-level targeting, banks can ensure customers take the steps needed to embrace their financial destiny.

Data and AI underpinnings

Achieving a new hyper-personalized banking future requires the right customer data and digitizing front-to-back-office operations. The financial services industry is arguably the most data-intensive sector in the global economy. Banks, in particular, have enormous amounts of customer data (e.g., deposits/withdrawals, POS purchases, online payments, KYC profiles). Historically, however, they haven’t been very good at utilizing these rich datasets.

By harnessing data responsibly — taking into consideration ethical and regulatory aspects, and striking the right balance between machine-driven and human-centric work — FIs can identify and serve new customer segments of one.

At HSBC, for example, customers can begin a conversation in the bank’s mobile app with an AI chatbot, answering simple questions immediately. Complex inquiries get passed to front-line colleagues. The AI system provides agents with details on the issue and guidance on how to resolve it.

We’ve been working with FIs to pull history and experience via AI into the conversation. We use emotion recognition tools (e.g., intelligent real-time language processing and sentiment analysis) to better understand the context of a customer’s inquiry and when a customer might be vulnerable, even if they’re not aware of it themselves.

This type of information can be harnessed to create personalized engagement plans that customize interactions. These tools can also enable banks to match agents’ personality and strengths with customers to help build deeper, more trusted customer relationships.

Time for a new approach

In addition to the customer benefits of personalization, banks can also realize cost savings and performance gains. According to Boston Consulting Group, hyper-personalization can lower rates of customer churn and boost sales, leading to annual revenue uplifts of 10%.

However, there’s plenty of work to do. Right now, only 45% of consumers are satisfied with the quality of personalized services they receive from their banks.

Here are three key ingredients for progressing toward personalized banking capabilities:

1. Technology

Banks need a mashup of data analytics, AI and automation to deliver personalization, intelligence and predictions at speed. This requires harnessing high-quality data to feed AI/ML algorithms so they can deliver experiences and services that anticipate customers’ needs, wants and desires, as well as combining automation with human supervision to build trust and empathy.

For example, we are working with FIs to link up data sources and introduce AI-powered algorithms that provide a dynamic view of a customer’s financial profile. This helps customers with their financial wellness plans and enables FIs to suggest products that enhance customers’ financial wellness.

2. Talent

Along with adroit technologists, banks need designers, anthropologists, ethnographers and others with social science pedigrees to apply human-centric design thinking to product and service development.

Social scientists are equipped to understand and apply the complexities of human behavior to help FIs predefine user personas and scenarios and use these to shape and personalize the experiences they provide.

In this spirit, we are helping a European state-owned organization to implement a user-centered digital product and service offering, including completely reengineering its mobile banking app. The existing app was plagued by a number of challenges, including a dated technology platform, poor user experience, low adoption and high cost-to-serve across non-digital channels.

We helped the organization define its go-to-market, mobile-first digital strategy, identifying key market-facing propositions based on user research as well as delivering these propositions at scale. Multiple subject matter experts were involved in the project from the outset to ensure a holistic approach, including program/project managers, scrum masters, data architects, human-centric design leads, UX and UI designers, researchers, developers, business analysts and process improvement specialists.

With this project, the bank aims to significantly increase its customer base over the next five years, by combining customer trust with a best-in-class user experience on its re-engineered mobile app, which puts it on par with challenger banks.

3. Culture

To drive change, customer well-being and digitization need to become part of the FI’s culture. This is more than merely embracing Lean methodologies and/or more flexible ways of working. Helping customers achieve financial wellness demands a fresh outlook that maximizes new, agile ways of working and data-driven approaches embedded enterprise-wide — from leadership down to every employee.

Turning the tables

For banks whose business models are based on profiting from customers’ lack of financial wellness (overdrafts, fees, charges, etc.), it can be challenging to adopt this approach. The majority of banks have a high cost-to-serve, with legacy infrastructures and high overhead.

In the face of tough competition from savvy fintechs and non-bank disruptors, however, it’s clear that incumbents urgently need to pivot their approach. FIs that incorporate personalized financial wellness into their business strategy have an outstanding opportunity to support their customers while also reinvigorating their brands — and realize growth and cost savings at the same time.

Andrew Warren

By:

Andrew Warren is Head of Banking & Financial Services and a member of the Executive team at Cognizant UK & Ireland. He leads a team responsible for driving results for Cognizant’s financial services clients……

Source: Personal Financial Wellness: A Banking Opportunity And Imperative

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How To Earn More Money From Your Savings Now That Banks are Raising Interest Rates

Your bank may have a higher-yielding savings account — but it won’t necessarily let you know.  The Federal Reserve has raised its key interest rate five times this year, most recently on Wednesday, as part of its ongoing effort to slow the pace of inflation.

The idea is that since the U.S. central bank is making it more expensive to borrow money, the demand for goods and services will drop, thereby causing prices to fall.  A side effect of those increased interest rates is that banks can increase the amount of money they pay to consumers who put some of their dollars in savings accounts. As banks earn more on the money they lend, those same institutions can offer higher returns to their customers.

Think of it as the virtuous cycle of the lending and saving relationship that banks have with their customers. But until recently, the interest earned on savings accounts hasn’t been all that impressive. “Every interest rate has fallen quite far from previous decades,” said Bankrate.com chief financial analyst Greg McBride in an email.

Up until this year, McBride said, interest rates had declined for the better part of 40 years — and so has the amount of money that banks pay into those accounts. “Looking back to the early 1980s, the Fed funds rate, Treasury yields, and mortgage rates were in the double digits,” he said. “In 1990, the Fed funds rate was over 8%, Treasury yields were 7% to 9%, mortgage rates were 10%.

“By 2020, the Fed funds rate was near zero, Treasury yields were under 2%, and mortgage rates were 2.5% to 3%.”Now that these rates are rising again, money costs more money. But that means there’s an opportunity to get higher returns on deposits. McBride advises customers to shop around to get the best return on their savings.

Not all banks have significantly increased their interest rates for savings accounts. According to the Federal Deposit Insurance Corp., the average national savings account interest rate is 0.17%. Those low interest rates on savings account deposits recently caught the attention of lawmakers on Capitol Hill, who pressed big bank CEOs last week on why rates weren’t higher.

“As rates continue to rise, we would expect to continue to raise the rates we pay to customers,” Wells Fargo CEO Charlie Scharf said in congressional testimony Thursday. Some financial institutions, especially those that are Internet-only with no brick-and-mortar locations, have traditionally advertised higher interest rates with their high-yield savings account products. Some of these banks offer more than 1% or 2% — and in some rare cases more than 3% on savings accounts, according to NerdWallet representative Chanelle Bessette.

Bessette said online banks have fewer overhead costs than brick-and-mortar branches, and also must do more to compete for deposits. Both Bankrate and NerdWallet offer lists of institutions currently offering the highest yields. Among them are Discover, Capital One, American Express Savings, and Marcus by Goldman Sachs. McBride, the chief financial analyst for Bankrate.com, said it is easy to enroll in one of those accounts, even if you do your primary banking elsewhere.

“You can open an online savings account with just a few minutes of your time, and link it to the checking account at your current financial institution in order to move money back and forth seamlessly,” he said. “If your bank has rolled out a new savings account with a higher yield than the one you’re currently in, just reach out and ask to transfer your money into the new, higher yielding account.”

In some cases, banks aren’t making it clear to existing customers that they can now obtain a greater savings-account yield, McBride said. “We are seeing some chicanery where banks roll out a new savings account that offers an attractive yield while the existing account holders remain in the original account with the original rate,” McBride said in an email.

“It is easy enough to switch to the new account, but you have to take the action to make that happen, the bank won’t come knocking on your door with that opportunity.”

Source: How to earn more money from your savings now that banks are raising interest rates

Critics by

Savings interest rates have slowly been going up in the last few months, and the Federal Reserve has continued to raise interest rates to address inflation. If you’re ready to take charge of your savings and find ways to earn more interest on your money, here are five options to explore.

1. Ask your bank for an increase in your savings rate

While savings interest rates have tentatively increased in the last few months across various financial institutions, this doesn’t necessarily mean your savings account will see a sudden bump in its rate.

If your bank hasn’t made an announcement yet, Maggie Gomez,  CFP® professional and owner of Money with Maggie, suggests asking your bank for an increase in the current rate you receive. 

Gomez explains some financial institutions won’t immediately deliver a higher rate unless consumers get proactive. “Later, to be more competitive, they’ll increase their rates more publicly, but I think it’ll be really slow,” Gomez adds.

2. Search online financial institutions for a high-yield savings account

According to the FDIC, the national average rate interest rate on savings accounts is 0.17% APY as of May 2022. However, several financial institutions pay much more than the national rate.

Jerel Butler, CFP® professional and founder of Millennial Financial Solutions, suggests looking at online financial institutions for competitive interest rates on savings accounts.

“It’s a little bit tricky with inflation going on,” Butler notes. “The best savings option for a typical savings account is an online savings account.”

Most banks earn compound interest daily. Meanwhile, credit unions usually earn compound interest monthly. If you’re not sure about your account’s compound frequency, contact your bank’s customer support.

3. Consider switching banks if the rate is worth it

Butler says you should also take the time to explore other financial institutions and compare different savings accounts. 

“This is a great chance to take advantage of the rising interest rate market, and you may be able to take advantage of a welcome bonus at another bank,” adds Butler. “A lot of banks — as a result of the higher interest rates — are running special promotions, too.”

If you find a specific account that provides more compelling offers than your current bank, you might consider switching institutions. 

4. Buy savings bonds

Savings bonds are federally issued debt securities. Lindsey Bell, chief markets and money strategist for Ally, says federally issued bonds are a safe investment option, although there are a couple of things to keep in mind. 

“There’s a limit on what you can invest in those. They are also probably a little more volatile than a CD or savings account, so you have to take that into account,” explains Bell. 

5. Build a CD ladder with short-term CDs if you find a competitive rate

Butler says building a CD ladder might be ideal if you find a competitive rate and are generally risk-averse. However, if you’re not risk-averse, Butler adds there are more options you should consider first.

CD ladders offer a way to take advantage of higher interest rates on CDs. Instead of depositing all your money into a single CD and locking your deposits for a set time, you’ll split your savings into a mix of term lengths.

Bell suggests sticking to CDs under one or two-year terms. If interest rates increase during the year, a CD ladder provides enough flexibility to buy a new CD once your short-term accounts mature. 

.

Related contents:

Shivalik Small Finance Bank revises FD, savings account interest rates The Economic Times

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An Economist Studied Popular Finance Tips Some Might Be Leading You Astray

Managing your money is obviously an important part of being a responsible adult. But how should you do that? It turns out that there’s a large gulf between the advice given by the authors of popular finance books and academic economists.

In a new study titled “Popular Personal Financial Advice versus the Professors,” the Yale financial economist James Choi rummages through 50 of the most popular books on personal finance to see how their tips square with traditional economic thinking. It’s like a cage match: Finance thinkfluencers vs economists dueling over what you should do with your money.

And, yes, Choi is an economist, but he may be a more impartial referee of this smackdown than you’d think. That’s because he’s a behavioral economist who doesn’t swallow the canon of old-school economics hook, line, and sinker. Traditional economic models portray humans as hyper-rational, disciplined creatures, who always make optimal financial choices for themselves. Behavioral economics, which has pretty much taken over the field, emphasizes that people are quirky, often irrational, and prone to errors.

In a way, Choi says, behavioral economists like him try to help people overcome their shortcomings and achieve their financial goals as if they were the savvy creatures of old-school theory. And so, he says, classic economic theory may still provide a good overall guide for how to maximize your financial well-being. But, Choi says, the advice of popular finance thinkfluencers, who tend to concentrate on helping us overcome our flaws and foibles, might actually be more effective in some cases.

So, who’s right in this financial royal rumble? The authors of self-help finance books or the stalwarts of traditional economic theory? While Choi doesn’t always provide definitive answers, this debate might spark some ideas on how you can more effectively handle your finances.

How Should You Save Money?

When it comes to saving money, many economists offer somewhat counterintuitive — and, dare I say, potentially irresponsible — advice: if you’re young and on a solid career track, you might consider spending more and saving less right now.

That’s because you’re likely going to earn a bigger paycheck when you’re older, and to really squeeze the enjoyment out of life, it might make sense to live a bit beyond your means at the moment and borrow from your future, richer self. Economists call this “consumption smoothing,” and it’s a feature of standard economic models of how rational people save and invest over their lifetime.

The idea, Choi says, is “you don’t want to be starving in one period and overindulged in the next. You want to smooth that over time.” The sort of ideal scenario: you start off adulthood saving little or nothing or even taking on debt, then you save a lot during your prime-age earning years, and then you spend those savings when you retire.

“I tell my MBA students, ‘You of all people should feel the least amount of guilt of having credit card debt, because your income is fairly low right now but it will be, predictably, fairly high in the very near future,'” Choi says. Once they start making money, he says, they should probably pay down that debt quickly since credit card companies charge high interest rates.

Reading through popular finance books, however, Choi finds that the vast majority of popular authors offer advice that contradicts this approach: throughout your life, the thinkfluencers say, your goal should be to live within your means and save a consistent percentage of your income. It doesn’t matter if you’re 20 or 30 or 50; they implore you to stash money away immediately and invest it for your future.

In arguing this, the thinkfluencers often cite the power of compound interest. The longer you save money, the more interest it accrues. As a result, wealth snowballs over time, so saving a large percentage earlier could make a lot of sense.

Of course, economists also recognize the power of compound interest. Where thinkfluencers and old-school economics really depart from each other, Choi says, is “the usefulness of establishing saving consistently as a discipline,” Choi says. This motivation, he says, “is almost always missing from economic models of optimal saving — [and is] a potentially important oversight.” In other words, some of us might need to adopt hard-and-fast saving rules at a young age to develop the discipline needed to lead more affluent lives, even if that’s less than optimal from a traditional economic perspective.

So who wins on this point? “I’m actually agnostic about it,” Choi says. “On the one hand, I do have a lot of sympathy for the view that you might be unnecessarily depriving yourself in your twenties and even thirties when, very predictably, your income will likely be much higher in later decades. That being said, I do think that there is something to this notion of being disciplined and learning to live within your means at a young age.”

How Should You Think About Your Budget?

In old-school economics, money is money. It’s fungible. There is no reason to put labels on it. Absent some financially advantageous reason to do so (like the ability to get subsidies or a lower tax rate), it doesn’t make sense to set aside savings for specific purposes, like a new car or a future vacation or a down payment on a house. A dollar is a dollar.

Of course, many people don’t think this way. They often do what behavioral economists call “mental accounting,” earmarking special money for this and that. “In more extreme versions of mental accounting, you cannot use the money that you’re saving for your Hawaii vacation for the down payment on your future house,” Choi says.

Choi finds that 17 of the 50 books he read through advocate for some sort of mental accounting exercise. And, he says, this advice might actually make sense. It makes financial calculations easier for people and may motivate them to accomplish their goals.

Should You Be “House Rich, Cash Poor”?

Many Americans live in enormous houses and are stretched thin paying for them. While their house is a valuable asset, and they’re technically pretty rich, they’re just squeaking by, living paycheck to paycheck. People generally refer to this as “house rich, cash poor.”

Choi says both popular financial advisers and most economists are pretty clear: don’t do this! Don’t buy a house you can’t really afford. That can be super stressful and potentially ruinous.

How Much Of Your Money Should Be In Stocks?

Choi says that popular advisors and economists also generally agree that when you’re young, you should invest most of your money in stocks and only a little bit in bonds. Moreover, Choi says, both camps agree that as you get older, you should get more conservative, rebalancing your portfolio away from stocks and more towards bonds because stocks are riskier than bonds. But, Choi says, while both of these groups advise people to do the same thing with their investments over time, their reasoning for doing so is very different.

Generally speaking, popular financial advisers say that, while stocks are risky in the short run, you should invest mostly in them when you’re young because they earn higher returns than bonds over the long run. “The popular belief is that the stock market is kind of guaranteed to go up if you just hold onto it for long enough,” Choi says. “Now, this is just not true. And you can see this in Italy and Japan. In Japan, the stock market still hasn’t recovered to the level it was back in 1989. So it’s not true that stocks will always win over the long run. Bad things can happen.”

But while popular authors may discount this risk over the long term, their advice recognizes that holding stocks is risky in the short term. That’s why they argue that, as you get closer to retirement, you should get out of stocks and go into bonds, which are generally less risky. A popular rule of thumb: 100 minus your age is the percentage of your portfolio that should be in stocks. The remainder should be in bonds. So if you’re 30, you should be 70 percent in stocks and 30 percent in bonds.

While economists agree that you should get more conservative over time with your financial portfolio, Choi says, their reasoning is more nuanced.

“For almost all working people, the major economic asset they have is their future wage income,” Choi says. In other words, think of your work skills (your “human capital”) as part of your financial portfolio. It’s like the biggest form of wealth you own, and it’s generally safer than stocks or even bonds. When you’re young, this safer form of wealth is a huge part of your portfolio, so you can balance it with risky stocks.

Sure the stock market might crash, but you still have the security of being able to earn money at your job for many more years. As you get closer to retirement, this safer asset, your labor, represents a much smaller part of your portfolio — and that makes it much more scary to be all-in on risky stocks. “That’s why you should become more conservative in your financial portfolio allocation over time,” Choi says.

Should You Care Whether Stocks Pay Dividends?

Choi says there are some popular financial books that advise people to buy stocks that pay dividends. For the uninitiated, dividends are checks that companies send to their shareholders typically every quarter. “There seems to be this fascination with generating ‘income’ from your investments,” Choi says.

Economists, generally speaking, think this is dumb. “If I need to spend some money from my wealth, I don’t need to wait for the company to send me a check,” Choi says. “I can just sell some shares and use the proceeds from that sale to finance my expenditure needs. And so there should be no reason why I prefer stocks that pay dividends versus stocks that don’t pay dividends. And in fact, dividends are tax-disadvantaged. So, a stock that pays dividends is going to put a bigger tax burden on you, all else equal, than a stock that doesn’t pay dividends.”

Choi is with Team Economist on this one.

Should You Invest In Foreign Stock Markets?

Economic theory stresses the importance of diversifying your investments. This, Choi says, is true of diversifying the countries you invest in, too. Theoretically, the more countries you invest in, the less risky your investment portfolio will be. Some countries will do well. Others will do poorly. “So economic theory would say you want a diversified portfolio that holds a bit of every country’s stock market in the world,” Choi says.

But people don’t do this. They exhibit what economists call “home bias.” The French are more likely to invest in French companies. The Japanese are more likely to invest in Japanese companies, and so on. This has long been a puzzle to economists. The answer may lie in the almost universal support for ‘investing at home’ among the thinkfluencers. “The striking thing about the popular authors is that they all recommend home-biased portfolios,” Choi says. Choi isn’t really sure whether this makes much sense. “It just seems to be a little bit of jingoism, where people just like the stocks that they are familiar with.”

Should You Invest In Actively Managed Funds or Passive Index Funds?

Actively managed funds are those where you pay an expert to pick and choose stocks for you. These fund managers charge big fees with the promise of higher returns. Index funds have nobody actively picking and choosing investments for you. These funds simply passively hold a small piece of each major company in the stock market, thereby earning the overall average market return.

Economists and thinkfluencers agree on this one, too. “Everybody basically says you should go with index funds,” Choi says. “The data are pretty compelling. On average, passive funds outperform actively managed funds.”

Choi’s Big Takeaway

So who wins? The thinkfluencers or the economists? Economists, Choi suggests, may know a lot about how people should act. But, as an empirically minded behavioral economist, Choi recognizes that people often don’t act this way. And that’s where he has a degree of sympathy for the popular authors. “Given that we have all these quirks and frailties, we might have to resort to strategies that are less than perfect.”

“I think of it in terms of diet,” Choi says. “The best diet is the one that you can stick to. Economic theory might be saying you need to be eating skinless chicken breasts and steamed vegetables for the rest of your life and nothing else. That’s going to be the best for your health. And, really, very few people will actually do that.” He certainly has that right.

By:

Source: An economist studied popular finance tips. Some might be leading you astray : Planet Money : NPR

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How To Make Your Child a Financial Whizz

Children need to start learning about money from a young age. Whether it’s the budgeting skills we need to cope with the cost-of-living crisis or the long-term planning that helps buy a house and save for retirement, the attitudes we pick up in childhood help shape the decisions we make for the rest of our lives.

Unfortunately, you can’t rely on schools to tell your child what they need to know. Personal finance lessons are not compulsory in primary schools and not all secondary schools teach crucial skills either. So, if you want them to grow up financially savvy, you’ll need to take matters into your own hands.

First, get started early. Children as young as seven can grasp the value of money, how to count it and what it means to earn money and exchange it for goods, says a study for the government’s MoneyHelper service (formerly the Money Advice Service). They can understand that you sometimes have to wait and save for things and that some choices are irreversible, say the authors, who are behaviour experts at the University of Cambridge. But they may need to be a little older before they appreciate the difference between luxuries and necessities.

The power of pocket money

The study found that allowing children to make age-appropriate decisions about their money can help them create positive habits. You can start with children as young as three or four, by giving them pocket money and letting them decide how they spend it.

“Once they are old enough not to put it in their mouth, then give them some money,” says Juliette Collier of the charity Campaign for Learning tells The Guardian. “If, for example, they end up wanting to spend that money on sweeties, then make it clear they can’t spend the money on something else. Let them make choices, and experience the consequences.” Introduce the idea of saving and show children that they may need to save their pocket money for a few weeks if they want to make a larger purchase. You could encourage them by offering to pay them a bonus if they save a certain amount.

An introduction to investing

As children get older, expand the topics. Teenagers can learn about investing through their Junior individual savings accounts (Jisas). If they have an investment Jisa, talk to them about what it is invested in and why. From the age of 16 they can make investment decisions about their account, but they can’t withdraw the money until they are 18. This could be a good opportunity to let them make some decisions about their investments. 

It’s important to show them all the different assets they can invest in, such as stocks and bonds, as well as ways to do so, such as funds, investment trusts and exchange traded funds (ETFs). Doing this will reduce the chance that their first experience is with cryptocurrencies or other high-risk markets.

Before your child lives away from home for the first time, they need to learn about budgeting. Help them make a list of all their regular incomings and outgoings, such as subscriptions. Show them how much they spend each month then look at how much they have coming in. This is also a good time to discuss saving regular amounts for emergencies. Don’t forget to explain how tax and pensions affect your income. Show them your payslip so they can see how much of a wage is deducted for national insurance, income tax, and pension payments.

Finally, teach your child about debt. Discuss debts you may have, such as credit cards or a mortgage. Show them how the interest rate on debt is much higher than on savings. Explain how not repaying debts on time can affect your credit rating and your ability to borrow in the future. These lessons will hopefully help them avoid problem debts in the future.

By: Ruth Jackson-Kirby

Source: How to make your child a financial whizz | MoneyWeek by

“Instilling great money management behaviour in your children does not have to be an arduous exercise. You can help them learn by implementing a few key changes in and around your home,” Steward says.

Teach them budgeting by example – Include your children in family budget discussions from an early age. In older generations, money was often a taboo topic and not considered suitable for polite conversation. Break the cycle by talking to your children about money choices. For example, you could discuss how much money you saved over the lockdown period by eating at home, rather than eating out. Or talk to them about the monthly electricity bill and the cost of using your tumble-dryer in winter months.

Pay them in cash – You may give your child an allowance or expect them to do chores in return for a small payment. Either way, pay them in cash and then help them allocate those funds towards different costs. This is a great time to teach them Elizabeth Warren’s 50/20/30 budget rule. You could charge your children a 10% tax so that they learn the pain of being taxed early on. Warren’s rule is to divide up your after-tax income and allocate it as follows: 50% on needs (what you have to spend money on, for example, make them buy their own airtime), 30% on wants (such as the latest Playstation game), and 20% to savings. This will also open up the discussion about learning to differentiate between needs and wants.

Play money games – Learning can be fun. Include money games in family time. Monopoly is a game of luck but players also learn valuable lessons about the balance between spending and saving. The Game of Life starts each player out with a sum of money and as you advance through the game, you quickly learn that the players who choose to study are likely to have higher paying jobs and finish life on a more secure financial footing.

Take your children grocery shopping – This is less about the treats they can sneak into the trolley and more about teaching them to compare prices and shop wisely. Sometimes buying two 500g packets of pasta can work out cheaper than buying a 1kg packet of pasta. The lower-priced items are usually placed on the lowest shelves while the higher-priced items are at eye-level. When you spot a “special” sign, find out what the special is – sometimes, it’s simply the regular price with a special sticker on it.

Teach them about opportunity costs. Children are typically wired for instant gratification. Opportunity cost is simply the consequence of your financial choice, but very few people, let alone children think this far ahead. Spell it out for them until they start thinking differently. For example, “if you spend your money on this video game, you won’t be able to afford the wireless keyboard you wanted to buy next month.”….

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Scammers Have a New Way to Phish for Bank Account Information, Banker Says

In the new scam, a thief will pretend to be using the same number as their victim's bank, in order to convince the victim they're a legitimate bank employee. Chainarong Prasertthai/Getty

A new phishing scam is hitting banking customers—and this time, the scammers make it seem like their messages are coming from the real customer service line or fraud prevention hotline.

The scam was revealed by wrestling announcer Lenny Leonard, who says that when he’s not calling body slams and sleeper holds, he’s a “mid-level executive with a very large financial institution.” In a Twitter thread, he details the new scam and how not to fall for it.

FRAUD SCAM ALERT: a thread

As some of you know my day job is as a mid-level executive with a very large financial institution

Wanted to send a heads up about a scam that we are not only seeing at my bank but was attempted on me as well with one of my accounts at another bank

— Lenny Leonard (@WWNLennyLeonard) April 21, 2022

Leonard warned on Thursday that he had been called by a scammer who had spoofed the legitimate phone number to his bank. The scammer then sent a fraud alert using this number, asking if he recognized a certain charge.

In Leonard’s case, he says that when he told the scammer that he’d have to call them back, the scammer told him to look at the back of his debit card to confirm that they were calling from the same number. After telling off the scammer, Leonard says he called his bank and, sure enough, no legitimate alert had been sent, nor had any unusual activity been seen on his account.

Leonard told his followers how to not fall for the scam.

“If you EVER have someone CALL YOU and say they are your bank, do NOT provide any information like that over the phone on an INBOUND CALL,” he wrote. “Tell them you need to call them back & make sure you are dialing the number on the back of your card NOT a # they give you”.

“I would just urge everyone to make sure they are sharing this with their less tech savvy friends and family because the text I got looked EXACTLY like a prior text I had gotten from the bank my account is with,” Leonard told Newsweek.A representative from Chase also confirmed that the company was familiar with the scam.

“Unfortunately, scammers target consumers from many banks. We urge all consumers to never share their banking passwords or send money to someone who tells them that doing so will prevent fraud on their account. Bank employees won’t call, text or email consumers asking for this information, but scammers will,” Amy Bonitatibus, Chase’s chief communications officer, told Newsweek.

While spoofing a phone number is common with scammers, often it’s a fake number as well, though Western Bank warns their customers that fake calls can come from a number they recognize.

The bank also lists a variation on the scam Leonard warns of. In the version Western Bank describes, a scammer spoofs the legitimate customer service number of the bank, like before. But this time, anticipating a response like Leonard’s, the scammer will ask the victim to call them back using the same number that’s on the back of the debit card—which is the same as the one they’re spoofing.

In this variation, though, they’ll leave the phone connection active, fooling the victim with a fake dial tone. Once the victim dials, the scammer “answers,” in hopes that the victim will be fooled into thinking the scammer is indeed a legitimate employee.

One way to thwart this is to remember that a real bank employee will already have your information. Never offer up important information like a bank account number. Instead, ask the bank employee if you can confirm their information by asking them to read off what they have.

In addition, banks will never ask for a PIN, a full Social Security number or a customer’s online banking username and password. Banks already have access to customers’ accounts, and when it comes to Social Security numbers, a legit bank employee will only ask for the last four digits to confirm.

By

Source: Scammers Have a New Way to Phish for Bank Account Information, Banker Says

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Phishing for phishing awareness”. Behaviour & Information Technology. 32 (6): 584–593. doi:10.1080/0144929X.2011.632650. ISSN 0144-929X. S2CID 5472217.Phishing attacks and countermeasures”. In Stamp, Mark; Stavroulakis, Peter (eds.). Handbook of Information and Communication Security. Springer. ISBN 978-3-642-04117-4.

Internet Crime Report 2020″ (PDF). FBI Internet Crime Complaint Centre. U.S. Federal Bureau of Investigation. Retrieved 21 March 2021.The Phishing Guide: Understanding and Preventing Phishing Attacks”. Technical Info. Archived from the original on 2011-01-31. Retrieved 2006-07-10.

The Big Phish: Cyberattacks Against U.S. Healthcare Systems”. Journal of General Internal Medicine. 31 (10): 1115–8. 2005). “A Leet Primer”. TechNewsWorld.Security Usability Principles for Vulnerability Analysis and Risk Assessment”. Proceedings of the Annual Computer Security Applications Conference 2007 (ACSAC’07). Archived from the original on 2021-03-21. Retrieved 2020-11-11.

Susceptibility to Spear-Phishing Emails: Effects of Internet User Demographics and Email Content”. ACM Transactions on Computer-Human Interaction. 26 (5): 32. Data Breach Investigations Report” (PDF). PhishingBox. Verizon Communications. Retrieved 21 March 2021.

Fifteen years of phishing: can technology save us?”. Computer Fraud & Security. 2019 (7): 11–16. doi:10.1016/S1361-3723(19)30074-0. S2CID 199578115. Retrieved 21 March 2021.The Black Market for Netflix Accounts”. The Atlantic. Retrieved 21 March 2021.

Spear Phishing: Who’s Getting Caught?”. Firmex. Archived from the original on 2014-08-11. Retrieved July 27, 2014.Hacking Gets Personal: Belgian Cryptographer Targeted”. Info Security magazine. 3 February 2018. Retrieved 10 September 2018.

RSA explains how attackers breached its systems”. The Register. Retrieved 10 September 2018.Epsilon breach used four-month-old attack”. itnews.com.au. Retrieved 10 September 2018.

What Phishing E-mails Reveal: An Exploratory Analysis of Phishing Attempts Using Text Analyzes”. SSRN Electronic Journal. doi:10.2139/ssrn.3427436. ISSN 1556-5068. S2CID 239250225. Archived from the original on 2021-03-21. Retrieved 2020-11-02.

Threat Group-4127 Targets Google Accounts”. secureworks.com. Archived from the original on 2019-08-11. Retrieved 2017-10-12.How the Russians hacked the DNC and passed its emails to WikiLeaks”

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Credit Repair   https://jvz8.com/c/202927/377815/
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CryptoUnderworld     https://jvz8.com/c/202927/374345/
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DesignaSuite      https://jvz2.com/c/202927/297271
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DevelopSelfEmpowerment     https://jvz6.com/c/202927/383094/
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Diabetes Guide    https://jvz2.com/c/202927/358870/
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DUX Forex Signals   https://jvz3.com/c/202927/128215/
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Facebook Cash Machine   https://jvz4.com/c/202927/382333/
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Hostley Domain Creator   https://jvz1.com/c/202927/379223/
Human Synthesys Studio  https://jvz8.com/c/202927/367353/
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LiteTrading   https://www.litefinance.com/?uid=929237543
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Video Campaignor      https://jvz4.com/c/202927/387058/
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