Making Money Personal

Should You Avoid Buy Now, Pay Later? - Money Tip Tuesday

Is the convenience of buy now pay later checkout options all that it’s cracked up to be? Keep listening to learn the pros and cons of buying now and paying later. 
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Transcript: 
Welcome to Money Tip Tuesday from the Making Money Personal podcast.  
When online shopping, you might have noticed an option to check out with Afterpay, Klarna, or Affirm. These are the most well-known Buy Now, Pay Later providers.  
Buy Now, Pay Later (BNPL) is a way to finance purchases so that you can pay for them in weekly, bi-weekly, or monthly installments rather than paying in total at the time of purchase.  
This system is similar to layaway where purchase payments are split up into more manageable amounts; however, unlike layaway, with BNPL, you get your products upfront and make the payments after.  
Every Buy Now, Pay Later servicer operates a little differently. Some will require 25% of the cost upfront with the remaining 75% split between 3 payments over the following 3 weeks, while others allow for zero-down payments.  
If you’re considering Buy Now, Pay Later, weigh out the pros and cons first to see if you should avoid it or not. 
Pros of BNPL:
0% Interest Rate: Many BNPL providers offer a 0% interest rate which allows you to pay the total balance without accruing any extra interest.  
Easier Approval: Typically, BNPL doesn’t require a hard credit check so compared to credit cards, getting approved for a Buy Now, Pay Later program is much easier and doesn’t affect your credit score. 
Cons of BNPL:
Multiple BNPL Agreements: Every time you use Buy Now, Pay Later (even if you use the same provider with multiple purchases) you will need to set up new agreements with their own terms and payment due dates which can make it difficult to keep track of all your purchases.  
Making Purchases You Can’t Afford: By splitting a purchase up into smaller amounts, you may get the impression that the total cost is not as much as it actually is. Although the individual payments are affordable, the problem arises when you finance multiple purchases at the same time. If you're not careful, these payments can add up to more than you’re expecting.  
Potential to overdraft: Having frequent automatic payments scheduled to come out of your checking account has the potential to lead to overdrafts.  
Continued Payments Even with Returns: If you choose to return an item that you bought via Buy Now, Pay Later, you may still have to make payments for a bit. While you should eventually get your money back, it may take time for the merchant to let the lender know you returned the item. If the lender hasn’t been informed by the time your next payment is due, you will need to make the payment to avoid the lender marking it as a missed payment.  
Whether you should avoid Buy Now, Pay Later is dependent on your financial situation and financial discipline.  
BNPL is a great option as a one-time solution to finance a big purchase such as a piece of furniture that costs a couple hundred dollars. You’ll be able to easily keep track of the term and bi-weekly/monthly due dates since it is only one item.  
However, BNPL could be detrimental to your finances if you get into the habit of financing all your purchases.  
Overall, it’s important to make sure you’re aware of the pros and cons, understand how BNPL works, and make the decision that is right for you. 
If there are any other tips or topics, you’d like us to cover, let us know at tcupodcast@trianglecu.org.  Like and follow our Making Money Personal FB and IG page and look for our sponsor, Triangle Credit Union on social media to share your thoughts.  
Thanks for listening to today’s Money Tip Tuesday and be sure to check out our other tips and episodes on the Making Money Personal podcast.  
Have a great day! 

How to Keep Your Financial Stress Low as Prices Rise - Money Tip Tuesday

Have you recently been discouraged about the amount of money you seem to be spending; you’ve asked yourself a few times now, “where is it all going?” 
The fact of the matter is that you’re probably like many others asking these questions and trying to find an answer. 
Links: 
Watch our Budgeting webinar for tips on starting a budget
Watch our Financial Freedom webinar to learn how to tackle pesky debt
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Learn more about Triangle Credit Union
Transcript: 
Welcome to Money Tip Tuesday from the Making Money Personal podcast.  
Have you been looking over your accounts and wondering why it feels like you’re still struggling for cash? You’re not bad with your money, but it just feels like even in spite of your efforts, you just don’t have enough left.  
The truth is, we’ve all been hit with rising prices. From food to rising taxes, utilities, and just overall expenses. 
If you’re growing concerned about how your money is being spent, then you’re not alone.  
Gallop.com reports that a recent survey showed 61% of Americans are saying that price increases are causing financial hardship.  
If you’re paying attention to your expenses, you’re probably noticing that your dollar doesn’t seem to stretch as far as it used to.  
Costs for everyday items, particularly food, are rising. Over the last year, groceries have gone up 7.1%, full-service restaurant costs have gone up 7.2% and takeout meals rose around 8.2% according to a CPI report from the Bureau of Labor Statistics. 
Some other things may have also increased like property taxes, utilities, gas and other expenses related to your lifestyle including vacation and travel costs. 
If you feel like your finances are spinning out of control, you can take steps to minimize the effects of rising prices in your financial life.  
You need to be in control, not controlled. If you’re ready to get back into good financial shape, here are some things you can do to get there.  
The first is you need to take a deep breath, sit down and determine where your money has been going.  
This means that you’ll need to review ALL your expenses. If it helps to go through all your receipts and statements, then do that. Breaking down your credit card statements and receipts can help you visualize how much of your money is going where.  
Ask yourself specific questions like, where have you spent the most in the last month? What about the last few months? Are you dining out more? Spending more on apparel or home good items? Is it going to bill payments? Did you recently have an emergency or need to spend more on car repairs? 
If you’re overspending in certain areas, it should be obvious here and you should be able to make an effort to dial back on your spending in that category. If it’s not so obvious, then you’ll need to reevaluate your budget. 
The first and most important step to creating a proper budget is to evaluate your needs and your wants.  
This might sound obvious, but you need to prioritize your needs to be sure you’re covering all your necessities before you start spending money on things you don’t need. 
If you’re not sure what those are, the top necessities go in this order: Food, shelter, utilities and transportation.  
Break everything else down after that. Make sure you’re making payments on any debts you have, saving money in an emergency fund or retirement account, and go down the list.  
Be really honest with yourself about this. We all tend to want a lot of things but there are times in life when we need to make an honest decision to hold off on some of the things we want.  
It doesn’t mean you’ll never get them. It may just mean you’ll need to have some patience and wait a little longer. 
Changing times and adjustments in life will affect our money habits and our budget. It’s important that as things change you keep your budget updated as well. If you stay on top of those changes you’ll be better able to pivot and keep financial stress at a minimum. 
Luckily, whether you’re new to organizing your finances, or just in need a simple refresh, there are many resources available you can use to get back into shape and keep your financial stress low.  
If you’d like tips on how to organize a budget, watch our Budgeting webinar to learn how to easily put one together. 
If after doing your budget you realize you need more money, start drawing up a plan to work overtime, find a second job, or start a side gig. 
If you determine that you want to work towards paying off your debt, watch our Debt free living webinar for a few options on debt reduction strategies that work for any size debt. 
And finally, follow institutions and professionals you trust and shows like this to learn financial strategies, tips, news and more. 
If there are any other tips or topics, you’d like us to cover, let us know at tcupodcast@trianglecu.org.  Like and follow our Making Money Personal FB and IG page and look for our sponsor, Triangle Credit Union on social media to share your thoughts.  
Thanks for listening to today’s Money Tip Tuesday and be sure to check out our other tips and episodes on the Making Money Personal podcast.  
Have a great day! 
 

What is Title Insurance and Do You Need It? - Money Tip Tuesday

If you’re shopping for a house, you’ve probably heard the term title insurance thrown around. But what exactly is title insurance? Do you need it? Get ready to have all of your title insurance questions answered. 
Links: 
Speak with a Triangle Mortgage Originator or learn more about our mortgage programs
Follow our Facebook, Instagram and Twitter pages!
Learn more about Triangle Credit Union
Transcript: 
Welcome to Money Tip Tuesday from the Making Money Personal podcast. 
To start off, title insurance protects you as the owner of the property against any previous liens, judgments, tax issues, or ownership questions that may arise after the deed is transferred to you.  Whether you purchase a home with cash or through a lender, you as the owner have the option to purchase title insurance.   
There are two types of title insurance – owner's title insurance and lender’s title insurance. The first type of title insurance, owner’s title insurance, is a type of insurance protects the owner in the event that there are defects in a title on the property.  If the previous owner stopped paying for a service before selling the house to you, the service provider put a lien against your property which was not resolved prior to the title transfer. A lien is a legal right to a person’s property until the debt is paid and the lien is released.  In other words, if you don’t have title insurance, the previous owner’s debts are now your problem. While not mandatory, owner’s title insurance is a good idea to cover yourself and your property.  
Owners’ title insurance is important thing to have, but how much is it? The price of title insurance varies depending on where you live and how much you paid for your new property. It can range from anywhere between $500 to $3,500. The other benefit of it is that it isn’t a recurring fee, so once you buy it, you’re all set for as long as you own the property. 
The second type of title insurance is lender’s title insurance, which is mandatory. If you go through a lender or mortgage company, they will require you to get lender’s title insurance, so it protects them if the previous owner has any outstanding liens, judgements or past due taxes.   
If you have any questions about title insurance or even buying a home in general, Triangle Credit Union has a team of mortgage originators ready to meet with you to answer any questions you have, and they’ll help you find the right mortgage for your situation. 
If there are any other tips or topics you’d like us to cover, let us know at tcupodcast@trianglecu.org and don't forget to like and follow our Making Money Personal Facebook, Instagram, and Twitter pages and look for our sponsor, Triangle Credit Union on Instagram and LinkedIn to share your thoughts.  
Thanks for listening to today’s Money Tip Tuesday and check out our other tips and episodes on the Making Money Personal podcast.  
Have a great day! 

Episode 57: Understanding Today’s Real Estate Market | Mariana Silva

Searching for a home can be an exciting and stressful activity at the same time, especially with so many ups and downs in the market.
In this episode we're chatting with Marianna Silva, Real Estate Professional and Owner of Invest Realty Group to discuss the current trends with the housing market and how today's buyers can make the most of it. 
Links: 
Visit Invest Realty Group's website
Follow Invest Realty Group's Facebook, Instagram, Twitter and YouTube Pages
Contact Mariana Silva 
Learn more about Triangle mortgages
Follow Making Money Personal on Facebook, Instagram and Twitter pages!
Learn more about Triangle Credit Union
View episode transcript.
 

Using MFA to Safeguard Your Online Accounts - Money Tip Tuesday

When it comes to staying safe on the internet, you can never be too careful. Taking extra precautions to safeguard your accounts could be the most important action you can take in today’s digital world. Fortunately, there’s a highly effective solution that’s easy to implement for added layers of security.  
Links: 
Learn more about KnowBe4 security
For MFA resources check out Google Authenticator and Authy.
Learn how to protect your identity with Better Checking
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Learn more about Triangle Credit Union
Transcript: 
Welcome to Money Tip Tuesday from the Making Money Personal podcast.  
If you’re concerned about the identity threats that lurk across the internet, you should take the necessary steps to keep your accounts as secure as possible. One of the more effective ways of keeping the bad guys from accessing your digital accounts is to set up multi-factor authentication.   
This tip comes from an article provided by KnowBe4 security Awareness and Training Solutions.  
Multi-factor Authentication (MFA) is the process of verifying that you are who you claim to be when logging in to a device or an account. If you're listening to this from a work computer, you probably logged in to your computer - that's single-factor authentication. But single-factor authentication is no longer enough to keep your accounts secure.  
If you want to increase protection of your accounts, you’ll need to digitally authenticate your identity.  
You can do that a few different ways with these Identity Claim Factors: 
Something you own. This is using a mobile phone or device that you have in your possession to prove your identity. Typically, the device provides a code via an application, text message, email, or voice call. You then enter this code, and for successful authentication, your code must match what is expected by the service you’re attempting to log in to.
Something you know. This is something you’ve memorized or stored somewhere, such as a PIN. You must supply the correct PIN to log in to your device or service.
Something you are. This factor is something about your physical body that cannot be altered, such as your fingerprint or retina. Biometric scanners or readers are used to confirm you’re physically the person that you’re claiming to be.  
Why do I need it?  In our digitally-driven world, passwords are no longer enough to keep your information safe. These days, it takes minimal effort for hackers to break into, or social engineer their way into, accounts that are only protected by passwords. Adding an extra step to access your accounts, such as entering an authentication code, means that hackers would also need to have your phone to break in.  Create an additional layer of security and make it harder for criminals to access your data by using two-factor or multi-factor authentication.  
If you have any other tips or topics you’d like us to cover, let us know at tcupodcast@trianglecu.org and don't forget to like and follow our Making Money Personal Facebook, Instagram, and Twitter pages and look for our sponsor, Triangle Credit Union on Instagram and LinkedIn to share your thoughts. 
Thanks for listening to today’s Money Tip Tuesday and be sure to check out our other tips and episodes on the Making Money Personal podcast.  
Have a great day! 

7 Questions to Ask a New Financial Advisor - Money Tip Tuesday

When you’ve finally made the decision to sit down with a financial advisor, the next challenge you’ll have is to find one you trust.
There are some questions you can make sure to ask a new financial advisor to feel confident you’ll be happy with their service. 
Links: 
Check advisor qualifications for free with the Form ADV or state regulator website
Learn more about Triangle's wealth management services
Follow our Facebook, Instagram and Twitter pages!
Learn more about Triangle Credit Union
Transcript:
Welcome to Money Tip Tuesday from the Making Money Personal podcast.  
When it comes to organizing your finances, you may have come to the decision to hire a financial advisor.  
Financial Advisors, help you with higher level financial planning like investing for retirement or for income, helping you select an insurance plan custom tailored to your needs, helping you with long term savings plans like college planning for kids, and even helping you get ready for social security or Medicare.  
A financial advisor is one of your champions and strategists to help you plan the future you want to live. 
But you need to know you can trust them and you need to know what to expect over the course of your relationship. Different financial advisors work for different companies and their roles and expertise may vary according to how or where they work.  
If you’re seeking a financial advisor for the first time, you can ask them any or all of these 7 questions to get a better idea of how they will work with you and help you strategize.  
Ask if they are a fiduciary – If they are it means they are working in your best interest, not just to sell you products and services. As a fiduciary, they are legally obligated to act in the best interest of their clients.  
 Ask how they get paid. Some advisors get paid through fees, others, commissions. If you ask, you’ll know off the bat what to expect and the right advisor will be honest and transparent. 
Ask them about their qualifications and other professional experience. What kinds of initials do they have after their job title and what do those mean? Check their professional designations to vet them and make sure they have the knowledge and skills to help you achieve what you want. They may also have professional experience like experience running a business or managing a company that can be helpful if you’re looking for some advice. If you want to research possible advisors, you can check their qualifications through a resource called Form ADV or you can check state regulator websites.  
Ask them about their investment philosophy. This will give you an idea of how they will prefer to manage your investments. After taking time to get to know you and learn more about what matters to you, they’ll start recommending products or strategies. Find out if they favor one style of investing over another and determine if that style aligns with your own investing philosophy. You want to make sure you’re both on the same page, especially when the market takes that occasional downturn.  When you’re working with an advisor you trust, you can be confident that they’re working with your money the way you want them to.  
Ask what your all-in costs will be. Financial services will cost you. You’ll want to have a clear idea of what fees and costs will be associated with your accounts. You’ll be paying for the advisor’s service but ask them about any other fees you should expect to pay so you can make sure you don’t lose more money in fees than you gain through their service.  
Ask them what other services and resources they provide. Some advisors work independently, others work with an organization. This can play a role in what kinds of resources are available to you as a client. Do they offer online tools you can use to monitor your portfolio? What kinds of educational resources do they provide? Additional resources can help you feel confident and satisfied as your financial situation grows more complex over time.  
Ask what you can expect from the relationship. This mainly means how they’ll expect to communicate and what level of involvement they’ll have. Square away with them what their accessibility and contact methods will be. Do they do phone calls, video calls, prefer only to meet in-person? Will they be available after hours in case your schedule is too tight to meet during the work day? Knowing these things ahead of time will give you a clear expectation on how and when to contact your advisor.  
Starting a relationship with a financial advisor is a big step. You want to make sure you’re getting into business with someone who you can trust and will have the right tools and expertise to set you up with a strategy to reach your financial goals.  
If you’re a Triangle member you should check out our wealth management services at trianglecu.org to learn more about the different products and financial advising services available to you.  
If there are any other tips or topics, you’d like us to cover, let us know at tcupodcast@trianglecu.org.  Like and follow our Making Money Personal FB and IG page and look for our sponsor, Triangle Credit Union on social media to share your thoughts.  
Thanks for listening to today’s Money Tip Tuesday and be sure to check out our other tips and episodes on the Making Money Personal podcast.  
Have a great day! 

Three Credit Union Benefits for Teens - Money Tip Tuesday

Establishing healthy financial habits begins at a young age. If you’re a teenager or have one at home you should be happy to know that credit unions provide excellent resources and tools to provide the best start for building a healthy financial future.  
Links: 
Learn more about our Teen Club benefits
Read our blog: Building Credit as a Teen
Learn more about our Shared Branching benefit.
Learn more about our TruStage benefit
Follow our Facebook, Instagram and Twitter pages!
Learn more about Triangle Credit Union
Transcript:
Welcome to Money Tip Tuesday from the Making Money Personal podcast. 
Although many believe they are the same, credit unions and banks have different qualities and benefits. 
Credit Unions are special because they are owned by their members. As a member, you own a share of the institution and have access to all the financial tools and resources to make your financial journey a success.  
Whether you’re a Teen Club member who has graduated from our Kids Club, or just opened a new account, credit unions are a great choice for those who want a financial institution that grows with you. 
Credit Unions have a lot to offer their members but there are 3 specifically that are most beneficial to teenagers.  
1. Credit Builder Loan 
With traditional loans, the borrower receives the money first and then pays it back monthly.  
With a credit builder loan, the borrower does not receive the money immediately. Instead, the lender holds onto the total loan amount while the borrower makes monthly payments towards it. Once all the payments are made, the borrower receives the full amount.  
With your Triangle Credit Union Teen Club Checking and Savings Accounts, you can be eligible to apply for a low fixed-rate 24-month personal loan up to $400 with a co-signer.  
This personal loan is the perfect way to begin building credit as a teenager while also creating good financial habits and showing credit bureaus you can make payments on time.  
2. Co-Op Shared Branching 
Triangle Credit Union is part of a network of institutions allowing members the opportunity to conduct their banking transactions with Co-Op Shared Branches at over 5,000 locations across all 50 states, Puerto Rico and Guam. 
At a Co-Op Shared Branch, members can deposit cash or checks, make loan payments, transfer between accounts, and access notary services to name a few.  
This is beneficial to you as a member because it allows you to travel, or even move, across the country without the hassle and worry of encountering fees should you need to visit a branch.  
If you choose to attend college, Co-Op shared branching gives you the freedom to attend college out of state while still being a member of Triangle Credit Union.  
3. Discounts with TruStage 
As a member of Triangle Credit Union, you can get special discounts on auto insurance through the TruStage Auto Insurance Program.  
Getting your license is an exciting time in your life and saving up to buy a new car is rewarding.  
Protect your investment with auto insurance customized to fit your needs.  
In addition to competitive rates, TruStage offers our members:  
Claims-Free Discount—If you are claim free for 5 years, you can earn an additional discount on auto insurance. 
Violation-Free Discount—Save more on your auto insurance when you’ve gone 3 years without a ticket. 
Online Purchase Discount—Save up to 12% on a customized car insurance quote when you sign up online.  
New Car Replacement—If your car is totaled within the first year, you’ll get enough to buy a new car (without worrying about depreciation) 
Accident Forgiveness—Your rates won’t go up due to your first accident 
 
These are just a few of the many services available to you as a Triangle Credit Union Teen Club member—and with a full array of financial tools and resources, we’re excited to be part of your financial journey. 
If there are any other tips or topics, you’d like us to cover, let us know at tcupodcast@trianglecu.org.  Like and follow our Making Money Personal FB and IG page and look for our sponsor, Triangle Credit Union on social media to share your thoughts.  
Thanks for listening to today’s Money Tip Tuesday and be sure to check out our other tips and episodes on the Making Money Personal podcast.  
Have a great day! 

What is PMI And When Do You Need It? - Money Tip Tuesday

Buying a home is a huge step in your life. If you’re new to the homebuying process, you’re probably learning a bunch of new terms and information. One of those terms you’re going to hear is PMI and if you’re curious about what it is and how it works, keep listening. 
Links: 
NerdWallet PMI Calculator
Triangle's Mortgage Calculator
Contact a Mortgage Originator 
Follow our Facebook, Instagram and Twitter pages!
Learn more about Triangle Credit Union
Transcript:
Welcome to Money Tip Tuesday from the Making Money Personal podcast. 
When you’re looking into the costs of buying a home, you’re likely familiar with the interest rate, downpayment and even closing costs. But how familiar are you with the PMI that might be included in your monthly payment?  
If you’re curious about what PMI is and whether or not you’ll have to pay it, here’s a little explanation.  
PMI stands for private mortgage insurance that protects the mortgage lender if you stop making payments on the loan. If you have less than 20% of your own money into the transaction, then the Credit Union or lender will get PMI on the loan. If you’re able to put 20% or more down then you won’t have to pay PMI at all.  
PMI is most often factored right into your mortgage payments which means you don’t have to make it a separate payment each month on top of your mortgage. In some cases, certain lenders might provide you a different option when it comes to paying PMI but most lenders require it to be wrapped into the mortgage payment. 
As a homebuyer, you may not be thrilled to have to pay PMI with your mortgage. Who wants to pay a higher monthly payment? But believe it or not, there are actually reasons for PMI that benefit you as a buyer. Plain and simple, PMI makes it easier for you to buy the home. If lenders didn’t require PMI then they would require a much higher downpayment which would make it harder for first time homebuyers to qualify for the loan. PMI is not something to be afraid of because it allows you to put less money down when you finance.  
Now, you might be wondering, if I buy a home with less than 20% down and have to pay PMI, will I be paying it for the entire duration of my loan? If I have a 30 year mortgage, will I be paying it every month for the next 30 years?  
The good news is that you won’t have to. The PMI payment exists as long as you don't have 20% equity in the property. Once you have more than 20% equity in the property the PMI will automatically disappear.  
So, if you’re looking to buy a home, but you don’t have the 20% downpayment, how much should you expect to pay in PMI? 
The amount you’ll pay is based on many factors and is not a set number for everyone. If you’re trying to determine how much you’ll be able to afford, you can look into it beforehand to get an idea of what to expect to pay.  
The amount depends on size of loan, your debt-to-income ratio, your credit score and the downpayment amount. Fortunately, there are PMI calculators out there you can use to get an estimate. There’s a useful one at NerdWallet.com and if you’re interested, check out the link in the show notes.  
If you’re concerned about PMI or anything else related to financing your home, Triangle has a great team of Mortgage Originators available to meet with you and answer any questions you have.  
You can visit one of our branches or set up a time to meet or email right from the mortgage portal on our website, trianglecu.org.  
They’ll help you look through the different options available to you and find the one that will work best for your situation.  
If there are any other tips or topics, you’d like us to cover, let us know at tcupodcast@trianglecu.org.  Like and follow our Making Money Personal FB and IG page and look for our sponsor, Triangle Credit Union on social media to share your thoughts.  
Thanks for listening to today’s Money Tip Tuesday and be sure to check out our other tips and episodes on the Making Money Personal podcast.  
Have a great day! 
 

Episode 56: How Rising Inflation Affects Your Money | Scott MacKnight, CEO

Inflation is a popular word these days, leaving many of us feeling confused or concerned about the future of our money.
In this episode, we're chatting with Triangle Credit Union CEO Scott MacKnight about what inflation is, and how we can make appropriate financial decisions to counteract its effects. 
Links: 
Get up to date finance and inflation information at Bloomberg
Try Triangle's Money Management tool within online banking
Follow our Facebook, Instagram and Twitter pages!
Learn more about Triangle Credit Union
View episode transcript.
 

How To Spot A Fake Shopping Site - Money Tip Tuesday

As you browse a popular social media site or search the internet, you’re likely to come across a tempting ad selling something at an incredible price. You get excited and click the link because you don’t want to miss out on this rare opportunity.  
Before you do anything, stop and investigate a bit more because you might be falling for a shopping scam. 
Links: 
Learn more tips on how to spot fake shopping sites
Report a suspicious site with the Federal Trade Commission (FTC)
Report a suspicious site with the Better Business Bureau (BBB)
Learn more about Triangle Better Checking with identity protection
Follow our Facebook, Instagram and Twitter pages!
Learn more about Triangle Credit Union
Transcript: 
Welcome to Money Tip Tuesday from the Making Money Personal podcast. 
80% of Americans shop online. That comes to a count of over 263 million people.  
Online shopping is fun and convenient, plus you can find almost anything you want. Unfortunately, like other things associated with technology and the Internet, online shopping can also be a way for fraudsters and thieves to steal your personal information and money.  
If you’re an avid online shopper, it’s important that you stay informed of these shopping scams, so you don’t fall for these fake stores trying to rob you.  
A recent report from Experian has stated that online shopping fraud is rising. This is partly due to the growing volume of internet users and online shopping platforms we are accustomed to browsing on a daily basis.  
Online shopping scams tend to be more common around busy online shopping days like Prime Day and Black Friday but are still very real threats that can pop up any time of year.  
Scammers set up websites to deceive you into purchasing something from them. You may end up getting a shoddy product or you may not get anything at all.    
How do these scams work?  
They set up a storefront or website that looks very convincing and offers products that you might recognize from other sites or brands. They’re even known to copy professional photos and graphics to try to make the website appear as legitimate as possible.  
These scammers then post an ad with a very appealing offer to direct you to the website. For example, it’s not uncommon for a scam to offer a luxury item at a ridiculously low price.  
You may have come across some of these ads on social media or in browsers. They’re designed to get you to act quickly and purchase the item before you even realize the ad led to a dishonest site.  
Luckily, if you’re aware of the ways to recognize these scams, you can easily keep yourself from falling for them. Here are a few tips on spotting a fake shopping site. 
If you see a bad or mismatched domain name. If the domain is slightly different, it should be suspicious. Check the URL for added words or misspelled names. If the name should be Namebrand.com but instead reads like NamesBrand.com or NameBrandOnline.com then it’s most likely a lookalike site trying to trick you.  
If there’s no S in HTTPs in the URL address string. Look at the web address in the top of your browser for the letters HTTPS. The S stands for secure and it means the site is encrypted. You should also see the little padlock icon at the front of the URL. If you don’t see an S then the site isn’t encrypted, and you shouldn’t give them any of your information. 
If there’s no return policy. Look around the product information or description for the company’s return policy. If there isn’t one at all, on a site that looks like it should have one, that’s a big red flag. 
If you get pushy popups asking for your financial information. Some sites set up annoying pop ups that ask you for your payment information while you browse. This is a serious red flag. Don’t give them your information and leave the site right away.  
If you see luxury items for unbelievably low prices. If it looks too good to be true, it probably is.  
No credit card payment option. If the site requests immediate payment, wire transfers or other forms of payment without accepting credit cards then it’s probably not legitimate. 
Even with all the awareness and precautions we can take, sometimes scammers are so convincing we fall for them anyway. If you think you fell for a scam you can report the malicious site with the Federal Trade Commission. If you unfortunately used a credit or debit card on the scam site, contact your financial institution immediately. And finally, contact the BBB to report the fake business and help protect others from falling for the same trick.  
One last note, make sure you have identity theft protection. If you have a Triangle Better Checking account, you have identity theft protection and you have access to other tools that can help protect your identity from the many ways thieves try to get a hold of it. Learn more at trianglecu.org or check the link in the show notes.  
If there are any other tips or topics, you’d like us to cover, let us know at tcupodcast@trianglecu.org.  Like and follow our Making Money Personal FB and IG page and look for our sponsor, Triangle Credit Union on social media to share your thoughts.  
Thanks for listening to today’s Money Tip Tuesday and be sure to check out our other tips and episodes on the Making Money Personal podcast.  
Have a great day!