Mutual One Bank Content

Source: Federal Trade Commission: Consumer Information
Play video games, or have kids who do? For most of us, that’s a yes, according to a recent industry survey.

It also means you might have heard of loot boxes. Loot boxes are the containers you come across in many games filled with a random mix of virtual items players might want: maybe clothes or gear to customize your avatar, or weapons or skills that could give you an advantage over other players in the game. Some of the items are valuable in the game, but many are not. And you won’t know what you’re getting until you open it.

But an important point about loot boxes is that players often have to pay real money to open them. At a recent FTC workshop, companies, trade associations, academics, and consumer advocates came together to talk about loot boxes and other in-game purchases. The goal was to learn more about how these purchases are marketed, and the potential impact on kids, teens, and adult gamers.

You can check out videos of the workshop sessions on our event page. Here are a few of the things we heard:

• Some panelists said that loot boxes and in-game purchases can enhance gameplay, that they’ve both kept video game prices from going up and made more free-to-play games possible.

• But we also heard concerns about excessive loot box spending by problematic gamblers and teens, and that there’s ongoing research to learn more. We also heard that for kids, it can be tough to keep track of how much money they’ve spent when real-world money is converted into in-game currency, like gems or coins. Kids also might not understand their chances of getting the things they really want.

• But panelists also pointed out that parents do have some options. In some games or devices, they can control in-game spending by turning it off, requiring a password for purchases, or setting a dollar limit.

You can find out more about parental control options currently available for different game systems at the website for the Entertainment Software Rating Board (ESRB), or by checking with the game system’s manufacturer or the game’s publisher. If the game is an app, you can check to see what settings your phone’s operating system offers — like the ability to require a password for in-app purchases — and read the game’s ratings and reviews at the app store.

Source: Federal Trade Commission: Consumer Information

Just last week, the FTC and others reached a settlement with Equifax about its September 2017 data breach that exposed personal information of 147 million people. We’ve told you to go to ftc.gov/Equifax, where you can find out if your information was exposed and learn how to file a claim with the company in charge of the claims process.

The public response to the settlement has been overwhelming, and we’re delighted that millions of people have visited ftc.gov/Equifax and gone on to the settlement website’s claims form.

But there’s a downside to this unexpected number of claims. First, though, the good: all 147 million people can ask for and get free credit monitoring. There’s also the option for people who certify that they already have credit monitoring to claim up to $125 instead. But the pot of money that pays for that part of the settlement is $31 million. A large number of claims for cash instead of credit monitoring means only one thing: each person who takes the money option will wind up only getting a small amount of money. Nowhere near the $125 they could have gotten if there hadn’t been such an enormous number of claims filed.

So, if you haven’t submitted your claim yet, think about opting for the free credit monitoring instead. Frankly, the free credit monitoring is worth a lot more – the market value would be hundreds of dollars a year. And this monitoring service is probably stronger and more helpful than any you may have already, because it monitors your credit report at all three nationwide credit reporting agencies, and it comes with up to $1 million in identity theft insurance and individualized identity restoration services.

For those who have already submitted claims for this cash payment, look for an email from the settlement administrator. They’ll be asking you for the name of the credit monitoring service you already have. Or, if you want to change your mind, you’ll have a chance to switch to the free credit monitoring. You can also email the settlement administrator, JND, at info@EquifaxBreachSettlement.

Please also note that there is still money available under the settlement to reimburse people for what they paid out of their pocket to recover from the breach. Say you had to pay for your own credit freezes after the breach, or you hired someone to help you deal with identity theft. The settlement has a larger pool of money for just those people. If you’re one of them, use your documents to submit your claim.

Source: Federal Trade Commission: Consumer Information

If you’re trying to clean up your credit, you’ll come across plenty of companies offering an easy fix. But any company promising instant results for a price is likely a scam. The FTC says Grand Teton is one of those companies. In its lawsuit, the FTC says Grand Teton tricked people into paying hundreds – even thousands – of dollars for so-called credit repair services.

Through websites, sales calls, convincing emails, and text messages, the company allegedly promised to boost credit scores by removing all negative items, among other things, from customers’ credit reports – and also boost scores by adding the customer as an authorized user on other people’s credit cards. But people who signed up with Grand Teton didn’t see a significant change in their credit scores, despite paying hefty (and illegal) up-front fees. And, if consumers complained or tried to get their money back from their bank, Grand Teton allegedly threatened to slap them with lawsuits.

Here’s the thing about credit repair: there’s rarely an instant fix. To clean up your credit and protect yourself from credit scams:

• Get a free copy of your credit report. Review it carefully. Do you recognize all the accounts listed?
• If you find mistakes, contact the credit bureau and the business that reported the information. They must delete inaccurate or incomplete information. You don’t have to pay anyone to do this for you – you can dispute inaccurate items on your credit report yourself, for free. There’s nothing a company could do for you that you couldn’t do yourself.
• Only time can correct negative, accurate information on your credit report. You can rebuild your credit by paying your bills on time, paying off debt and not creating new debt.

If you need help cleaning up your credit:

• Contact a legitimate credit counseling organization. Good credit counselors review your whole financial situation before they make a plan. They won’t promise to fix all your problems or ask you to pay in advance.
• Learn how to spot a credit repair scam. Does the company ask for money up front? Did they say not to contact the credit bureaus yourself? Or tell you to dispute accurate information on your credit report? If you said “yes” to any of those, stop right there. You’re probably dealing with a scam.

Learn more about cleaning up your credit history. And, if you know about a credit repair scam, report it to the FTC.

Source: Federal Trade Commission: Consumer Information

It’s almost summer! Right now, you probably have beaches on the brain or you’re thinking about that long-planned trip abroad. Before you head out, take steps to help keep your dream vacation from becoming a nightmare:

Do some research — and then carefully read the details on travel offers.

• First, get recommendations from family and friends on good travel agencies, vacation rentals, hotels and travel packages — before responding to offers.
• Look up travel companies, hotels, rentals and agents with the words “scam,” “review,” or “complaint.”
• Look for extra costs. Resort fees (also known as destination, facility and amenity fees) can add $50 or more to your nightly cost.
• Ask about taxes, which may be significant in many locations.
• Get a copy of the cancellation and refund policies before you pay.
• If you’re buying travel insurance, be sure the agency is licensed.
• Bring copies of any confirmation details that show the rate and amenities you were promised. This also helps if the hotel or host says your reservation is “lost.”

Don’t pay for “prize” vacations. No legitimate company will ask you to pay for a prize. Also, look for catches to resort or timeshare offers. They may come with taxes and fees to pay, timeshare presentations to attend, and high-pressure sales pitches to endure.

Don’t sign anything until you know the terms of the deal. Say “no thanks” to anyone who tries to rush you, without giving you time to consider the offer.

Use a credit card, if possible, for your travel spending. This gives you more protection than paying by cash or debit card — and it may be easier to dispute unauthorized charges.

Protect your identity and account information while you’re traveling.

• Take only the IDs, credit cards and debit cards you need. Make copies so, if someone steals your bag, you’ll know exactly what was lost.
• Make a copy of your insurance card to take with you.
• Leave all other important documents safe at home.
• Learn how to protect your mobile devices and personal information from hackers and malware.

And while we hope it doesn’t happen to you, report identity theft and any other fraud you experience.

Source: Federal Trade Commission: Consumer Information

If you get a call that looks like it’s from the Social Security Administration (SSA), think twice. Scammers are spoofing SSA’s 1-800 customer service number to try to get your personal information. Spoofing means that scammers can call from anywhere, but they make your caller ID show a different number – often one that looks legit. Here are few things you should know about these so-called SSA calls.

These scam calls are happening across the nation, according to SSA: Your phone rings. Your caller ID shows that it’s the SSA calling from 1-800-772-1213. The caller says he works for the Social Security Administration and needs your personal information – like your Social Security number – to increase your benefits payments. (Or he threatens to cut off your benefits if you don’t give the information.) But it’s not really the Social Security Administration calling. Yes, it is the SSA’s real phone number, but the scammers on the phone are spoofing the number to make the call look real. 

What can you do if you get one of these calls? Hang up. Remember:

• SSA will not threaten you. Real SSA employees will never threaten you to get personal information. They also won’t promise to increase your benefits in exchange for information. If they do, it’s a scam.

• If you have any doubt, hang up and call SSA directly. Call 1-800-772-1213 – that really is the phone number for the Social Security Administration. If you dial that number, you know who you’re getting. But remember that you can’t trust caller ID. If a call comes in from that number, you can’t be sure it’s really SSA calling.

• If you get a spoofed call, report it. If someone calls, claiming to be from SSA and asking for information like your Social Security number, report it to SSA’s Office of Inspector General at 1-800-269-0271 or https://oig.ssa.gov/report. You can also report these calls to the FTC at ftc.gov/complaint.

For more tips, check out the FTC’s How to Stop Unwanted Calls and Government Imposter Scams. If you think someone has misused your personal information, go to IdentityTheft.gov to report identity theft and find out what steps to take.