Empeople Credit Union’s Post

I have seen quite a number of people who, for example, lost their job and started to panic in looking for the next one. They often chance upon adverts that promise things like passive income, be your own boss, rare opportunities to be first of the few in raking in income within a short span of time. More often than not, they ended up losing more than they hoped to make in earnings. Here are some reasons why people in such situations might fall for opportunities that promise quick, easy, and substantial income: 1. **Desperation and Fear:**   Losing a job or facing financial difficulties can create a sense of desperation and fear. Individuals may be more susceptible to schemes that promise immediate financial relief or a quick solution to their problems. 2. **Lack of Information:**   Many fraudulent schemes thrive on the lack of information or understanding about the specific industry or investment. Individuals who are not well-informed about the business they are getting into may be more easily deceived. 3. **Emotional Appeal:**   Advertisements promising "be your own boss" or "passive income" often tap into emotional desires for financial independence and success. These emotional appeals can cloud judgment and make it difficult for individuals to critically evaluate the legitimacy of the opportunity. 4. **Limited Financial Literacy:**   Some individuals may have limited financial literacy or understanding of investment risks. This lack of knowledge makes it easier for them to be lured by promises of quick and high returns without fully comprehending the associated risks. 5. **Social Proof and FOMO (Fear of Missing Out):**   Scammers often use tactics such as testimonials, success stories, or creating a sense of urgency to exploit the fear of missing out. People may be more likely to invest hastily if they believe they're getting in on a limited-time opportunity. 6. **Isolation and Lack of Support:**   Individuals who have recently lost their job or are facing financial challenges may feel isolated or lack a support system. In such cases, they may be more susceptible to scams as they may not have others to consult or share their concerns with. 7. **Overlooking Red Flags:**   In their eagerness to find a solution, individuals may overlook warning signs or red flags associated with fraudulent schemes. These could include vague business models, pressure to invest quickly, or a lack of transparency. To avoid falling into such scams, remember a general rule of thumb. #NoOneWillShareTheirMoneyMakingSecret #AllLegitBusinessesTakeYearsToBuildAndGrow. #LBFAlumni #SkyHighTower CHECK OUT MY SUPER POWER: https://lnkd.in/gaVKdDx

**Don't Let Financial Predators Hold You Back!** *Protecting Yourself and Your Loved Ones from Fraudulent Schemes* 🔒 **Summary:** Have you ever fallen victim to a financial predator? Don't be too hard on yourself – it happens to the best of us. Scammers don't discriminate; they target individuals regardless of their vulnerability or intelligence. These deceitful individuals are masters in their craft, fully aware of how to manipulate and exploit unsuspecting victims. However, you have the power to take control of your financial future and protect your hard-earned money. 💪 **Empowering Yourself:** Discover the strategies and tools necessary to safeguard your finances against scams. Educating yourself about the common tactics used by fraudsters will help you stay one step ahead and avoid falling into their traps. By understanding their tricks, you can make informed decisions and protect yourself and your loved ones from potential financial ruin. 🚨 **Act Now to Prevent FOMO!** Don't let fear of missing out on investment opportunities push you into the hands of a predator. Take action to secure your financial wellbeing. We'll guide you through the complexities of investing within Health Savings Accounts (HSAs) and show you how to maximize your healthcare savings while growing your wealth. Investing wisely in your health and future is not only smart but essential for your overall wellbeing. #hsa #investing #healthcare #health #family #wellness 💰💡

Headlines from our Bippit® Breakdown of the week's financial news, penned by one of our expert financial coaches and sent every week to employees across the UK: 📃 New research suggests if you have a Will, you're in the minority. But if you die without one, your estate may not be treated as you'd like, which can cause stress to loved ones at an already-emotional time. 💷 Do you have money in a 'lost' pension pot? There are 1.6m, containing over £26bn. It's your responsibility to track them down - start with writing to old employers. 🏧 Are you 'scam smart?' Scammers get more clever over time, so it's important you keep up to date with tactics. There's been a rise in identity theft recently, so double down on securing your online accounts. Want more details? Check the carousel below. Or get in touch to find out how we analyse the personal finance headlines so your employees don't have to. #FinancialWellbeing #PersonalFinance #EmployeeBenefits

As 💚 #MentalHealthAwarenessMonth draws to a close, Consumer Attorneys PLC would like to emphasize a few things we have learned when financial stress and mental health challenges converge: 1. Ask for support. 👨👩👦 👨👨👦 👩👩👦 Lean on family and friends. Seek professional advice. 2. Debt collectors, identity thieves, and cybercriminals 🚓 can be very good at what they do. Having your identity stolen or being hounded by debt collectors will make you feel vulnerable, diminish your self-esteem 🗣, create sleep 🛏 issues, cause relationship problems, encourage substance misuse, and foster suicidal thoughts. See No. 1 above. Contact Consumer Attorneys PLC for help with this. 3. Work, 👨🏭👨⚕️👩💼 👷♀️ not getting work, or being let go from work can be financially and emotionally debilitating. If you were let go from or are being mistreated at a job for a discriminatory reason or were not hired because of a background check error, see No. 1 above and contact Consumer Attorneys PLC. Lawyers can't fix everything. ⚖ But with our decades of experience helping people who are struggling in so many ways, the attorneys at Consumer Attorneys PLC are very good at fixing what we can. https://lnkd.in/ePKFSWDB

While scams have become more common and sophisticated, there are steps you can take to protect yourself from falling prey to a fraudster. 1. Don’t be rushed or pushed into making a decision 2. Research any new opportunities thoroughly 3. Review the source of the information 4. Seek financial advice before making a commitment For more information about protecting yourself, and about the two main types of scams, read our latest blog, linked below.

#ICYMI: June 15 was #ElderAbuseAwarenessDay. Financial abuse of elders is a major problem, often (and surprisingly) perpetrated by caregivers, family and other trusted individuals. What can you, as a caregiver of your parents or other senior loved ones, to protect them from #checkfraud, a growing form of elder financial abuse? Read the last blog in my three-part series, "What every parent (and parent caregiver) must know about check fraud."

No one should pretend to be you to gain access to your accounts! Do you bank online? Do you invest the same way? What happens to those accounts, if something happens to you? As you complete your estate plan, please make sure to list all of the entities with which you do business, and provide that list only to your chosen successor trustee or executor. Maybe those online institutions have a way to select someone as your “backup”, or there is a form to fill out, identifying your successor in interest. This selection should tie to your plan. Years ago, I could forward the snail mail of my clients to my office and feel reasonably sure I could capture all of their assets over time. Now, there may be no way to know, since most statements are delivered by email, which I cannot forward for you. Please don’t send me your passwords, and don’t give your passwords to anyone else. Your estate plan grants authority to specific persons to handle your affairs when you become incapacitated, you resign as your own trustee, or you die. Maneuvering around this careful system, “for convenience”, leaves you open to fraud, most often committed by family (ask any elder abuse professional). In order to access your accounts with your password, they are fraudulently pretending to be you. You may give them permission with you sitting by their side today, but now the door is left wide open. One day, each of us may become vulnerable and miss the details - this is a phase of life we can all plan for. Please get your “life plan” done, and include ALL of your assets in your discussion with your attorney. #estateplanning #livingwell #trustsandestates #proaging #wealthmanagement #success

We have often heard, "Prevention is the best cure." The same also applies to when it comes to safeguarding ourselves from financial frauds. In our efforts to educate our clients, family, friends, and community at large, we at Bright Wealth Ideas have penned down a few pointers on how these frauds are happening and what one should do to safeguard oneself from such acts. #financialfrauds #fraudawareness #mutualfundsahihai #brightwealthideas #wealthpreservation #retirerich #retirementplanning

The psychological aspects of unemployment fraud are not that much different from other types of fraud though. Just as in any economic crises, COVID-19 caused financial strain created a dire situation for many individuals, compelling them to seek alternative means of financial stability. Unemployment benefits, intended as a lifeline for those genuinely in need, became an alluring option for those facing severe hardships, and the pressure to provide for oneself and support their families drives some individuals to resort to fraudulent activities. The prospect of immediate financial relief, coupled with the belief that they are merely accessing what they are owed due to the crisis, may rationalize their actions. #Financialcrime, #Psychology #covid19 #cyberpsychology #forensiccyberpsychology #fraud #unemploymentfraud

*The second scam we have identified* Scam #2: "Get a Job." This scam is designed to keep us trapped in a cycle of dependency and limited financial growth. From a young age, we're told that getting a job is the ultimate goal for financial security. Well, guess what? That’s a giant lie! It’s a scam that benefits corporations and the wealthy elite while ensuring that you remain a cog in the machine. Making sure they have people to do their work. The notion that a steady paycheck will secure your future is fundamentally flawed. Think about it: no matter how good your job is, you’re still trading your time for money. There are only so many hours in a day, which means your earning potential is inherently limited. The wealthy understand that true financial freedom comes from owning assets and creating systems that work for them. They invest in real estate, stocks, businesses, and other opportunities that generate income without requiring constant effort. They know that simply having a job won’t build wealth. This scam also conditions us to accept the status quo and settle for a life of mediocrity. It robs us of ambition and keeps us stuck in a mindset of scarcity, where we’re always working for someone else’s dream rather than our own. This is a deliberate attempt to keep us financially subdued. Getting a job won’t make us rich; creating value, investing wisely, and building assets will. Time to stop settling for less and start aiming for more. *From Burn the Fear Community*00