‘Tis the Season for Holiday Scams
November 16, 2023
Winter holidays are just around the corner. The festivities! The food! The fun! The fraud? Unfortunately, yes. The holidays don’t just herald a season of goodwill to all. They also usher in a seasonal increase in financial scams. Now’s a good time to revisit these tips for protecting your financial well-being—for yourself and your loved ones.
The holidays provide more opportunities for deception because people are extra busy, distracted, and feeling particularly generous. Scammers exploit open hearts and open wallets by creating fake websites that look just like the real thing as well as Go-Fund-Me campaigns for illegitimate causes. They impersonate people and nonprofits you trust, luring you with emails, calls, texts, and social media ads to divulge your personal information, click on links that download malware, and give them money.
As you choose which charity will make the most meaningful impact for you and your community, here are some tips for recognizing and protecting yourself from potential scams.
- Do your homework to verify a charity is legitimate (see Give.org or Charity Navigator) and not associated with terms like “scam” or “fraud.”
- Donate directly to a charity’s website instead of clicking on links in an email or text.
- Don’t give in to false urgency to “act now” or pay with cash, gift cards, or wire transfers, which can’t be reversed and are difficult for authorities to trace. No legitimate charity will ask you for these forms of payment.
- If you pay with a credit card, check your account regularly to ensure you were charged the correct amount and didn’t unwittingly sign up for a recurring donation.
We hope these tips will help you stay on your [mistle]toes this holiday season, but if you are the victim of fraud, please know you’re not alone—it can happen to anyone. Report the scam as soon as you can by contacting Redwood Credit Union online or calling RCU’s Member Service Center at 1 (800) 479-7928. RCU can help you minimize damage, try to recover losses, and work with law enforcement.
And if you’re comfortable doing so, please share your story with friends and family to help them protect themselves. We all need to work together to shine a light on fraudulent activity.
Learn more at RCU’s Fraud and Security Center.
PPP Forgiveness Application Deadline
Congress passed The Economic Aid Act which changed the deferment period from 6 months post covered period to 10 months post covered period. For example, if your covered period ended June 30, 2021, under the new guidelines the earliest your first loan payment wouldn’t be due until April 2022, and you have until then to request forgiveness. Please use the following calculation to help you identify when your forgiveness will be due:
- PPP borrowers may select a covered period anywhere from 8 weeks to 24 weeks.
- RCU is automatically calculating your loan due date based on a 24-week covered period, if you intend on using a shorter covered period please inform us immediately as this will impact your due date.
- Your correct deadline will be reflected in your online banking account.
If all or part of your PPP loan is not forgiven, your first loan payment will be due the first of the following month after a decision is made by the SBA.
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