Personal Finances

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What is Financial Abuse?

Key Aspects of Financial Abuse Financial abuse is a hidden but devastating form of control that often leaves victims economically trapped and vulnerable. It can happen in any type of relationship, whether it’s between partners, family members, or caregivers and their dependents. By understanding the tactics used by abusers and the steps to regain financial independence, victims and their supporters can take meaningful action to break free and rebuild their lives. Control and Restriction One of the primary tactics of financial abuse is restricting the victim’s access to financial resources. The abuser may withhold money or enforce a strict allowance, limiting the victim’s ability to spend freely. They might restrict access to bank accounts, credit cards, or cash, ensuring complete financial dependency. In many cases, victims are required to justify every expense, creating a climate of fear and uncertainty around financial decisions. Additionally, abusers may steal or control their victim’s identification documents like their driver’s license and social security card as well as important papers like marriage and divorce documents, birth certificates, and mortgage or property documents—with the goal of opening accounts in the victims name without their knowledge. By controlling their victim’s financial access and identification, the abuser reinforces their dominance, making it increasingly difficult for the victim to assert independence. This lack of financial freedom can leave victims feeling trapped, with few options to break free from the abuse. Exploitation of Resources Financial abuse often involves the direct exploitation of their victim’s financial resources for the abuser’s personal gain. This can include unauthorized use of the victim’s credit cards or assets, leading to mounting debt in their name. Some abusers force their partners to cover all household expenses while contributing little or nothing themselves. In more severe cases, victims may be coerced into accumulating debt under their own name, leaving them financially burdened long after the relationship ends. These tactics create significant financial hardship, making it even more difficult for victims to escape the abusive situation. Sabotage of Economic Independence Many abusers deliberately work to prevent their victims from achieving financial independence. They may prohibit them from working or pursuing educational opportunities, limiting career advancement and personal growth. Even when victims manage to secure employment, abusers often sabotage their job performance by causing disruptions, harassing them at work, or withholding essential resources such as transportation or childcare. In some cases, abusers also hide or misrepresent joint assets, ensuring that their victims remain unaware of their true financial standing. By keeping their victim economically dependent, the abuser strengthens their control, reducing the victim’s ability to leave the relationship and start anew. Financial Secrecy and Isolation Secrecy and economic isolation are also common tactics in financial abuse. Abusers may conceal important financial information, such as income, debts, or household expenses, leaving the victim completely in the dark about their financial situation. In addition to withholding financial knowledge, abusers often restrict interactions with family and friends who could provide financial assistance or guidance. This isolation ensures that the victim has no financial safety net, making it even harder to seek help or escape the abusive situation. Post-Separation Abuse In relationships, financial abuse does not always end when the relationship does. Many abusers continue using financial tactics to exert control over their victims even after separation. They may prolong divorce proceedings to increase legal costs and drain the victim’s resources. Refusing to pay child support or alimony is another way abusers cause financial distress, making it difficult for survivors to maintain stability. Some even manipulate shared assets or debts to create ongoing financial hardship. These post-separation struggles can make it incredibly challenging for survivors to rebuild their lives. Recognizing and Addressing Financial Abuse Financial abuse is often an invisible form of control that can have long-term effects on a victim’s financial stability and emotional well-being. Recognizing the signs and taking action is essential. Here are some steps that can help: Educate yourself and others: Awareness is the first step toward addressing financial abuse. Learning about its signs can help victims recognize when they are being manipulated. Reach out for support: Support networks, including friends, family, and domestic violence organizations, can offer critical assistance in navigating financial abuse. The National Domestic Violence Hotline is a free, confidential and 24/7 resource that offers tools and support to help survivors of domestic violence. Seek professional advice: Financial counselors, domestic violence advocates, and legal professionals can provide guidance on regaining financial control. Open a separate bank account: If possible, setting up an independent bank account can help create a financial escape plan. Document financial abuse: Keeping records of financial transactions, unauthorized debts, and hidden assets can be valuable in legal proceedings. Breaking the Cycle of Financial Abuse By understanding its various forms, recognizing its signs, and taking proactive steps, survivors of financial abuse can regain financial independence and break free from abusive relationships. It is essential to continue raising awareness and advocating for stronger protections against financial abuse to support those affected and prevent further harm.

5 min read

What is Phone Spoofing? False Caller ID Information

What is Phone Spoofing? Phone spoofing is when scammers manipulate caller ID to make it appear as though they are calling from a local number, a trusted business, or even a government agency. This deception is used to trick you into answering the call and engaging with them, often leading to financial fraud or identity theft. How to Spot a Spoofing Scam Scammers use various techniques to gain your trust or create panic. Here are some red flags to watch out for: Unexpected calls or texts from familiar-looking numbers – Just because a number appears local doesn’t mean it is. Requests for personal or financial information – No legitimate organization will call or text and ask for your Social Security number, account details, or passwords. Pressure to make immediate payments – Scammers often try to create urgency, threatening legal action or service disconnection if you don’t pay immediately. Automated messages asking you to press a button – This is often a tactic to confirm your number is active, leading to more scam calls. How to Protect Yourself The good news is there are steps you can take to avoid becoming a victim of spoofing scams: Don’t answer calls or texts from unknown numbers – If the call is important, the caller will leave a message. Hang up immediately – If you answer and realize it’s a scam, don’t engage. Just hang up. Verify the caller’s identity – If a caller claims to be from a trusted organization, hang up and call the company directly using a verified number from their official website or a recent bill. Make sure you manually enter the correct phone number, don’t trust your caller ID incase the number was spoofed. Be skeptical of unexpected requests – Whether it’s an offer that sounds too good to be true or a demand for urgent payment, always be cautious. Avoid sharing personal information – Never provide sensitive details over the phone unless you are 100% sure of the caller’s legitimacy. Use call-blocking tools – Many phone carriers offer services to help block suspected spam and scam calls. Report suspicious calls – You can report spoofing scams to law enforcement, the Federal Communications Commission (FCC) at fcc.gov/spoofing, or the Federal Trade Commission (FTC) at reportfraud.ftc.gov. Report suspicious texts – You can report spam text messages to your wireless provider by forwarding it to 7726 (SPAM). This helps your wireless provider spot and block similar messages in the future. Use these links for instructions on how to forward a text message: iPhone instructions or Android instructions Stay Aware, Stay Safe At First Bank, we prioritize your security and want to help you stay informed about potential scams. By staying aware and taking preventive measures, you can protect yourself from fraudsters and keep your personal information secure.

3 min read

How to Spot Fraud: Four Signs That it’s a Scam

1. Scammers Pretend to Be From an Organization You Know One of the most common tactics scammers use is posing as a trusted organization, such as a government agency, utility provider, or even your bank. They might claim to be from the IRS, Social Security Administration, or a local business you’re familiar with. Using technology to spoof phone numbers, they can make it look like the call is coming from a legitimate source. What You Can Do: Always verify the source independently. Look up the organization’s official contact number and call them directly. Be wary of unsolicited communications, especially if they request sensitive information. Don’t trust caller ID alone; it can be easily manipulated. First Bank Customers: NEVER share your secure access codes. If you receive a suspicious call, email, or text from someone claiming to be a First Bank representative asking for a code that was sent to your phone or email, STOP all communication. First Bank will NEVER ask for that information. Please STOP all communication with that person and call First Bank customer support at 1-866-792-4357. 2. Scammers Say There’s a Problem or a Prize Scammers often appeal to fear or excitement. They might claim you owe money to the government, that there’s an issue with one of your accounts, or that you’ve won a prize. The catch? You’ll need to provide personal information or pay a fee to resolve the issue or claim your reward. What You Can Do: Pause and think. Legitimate organizations don’t ask for immediate payments or sensitive information over the phone or via email. Be cautious of high-pressure tactics; they’re designed to make you act without thinking. If it seems too good to be true, it probably is. 3. Scammers Pressure You to Act Immediately A sense of urgency is a hallmark of scam attempts. Fraudsters don’t want to give you time to think, verify their claims, or consult someone else. They might threaten legal action, suspension of accounts, or worse to coerce you into acting quickly. What You Can Do: Take your time. Legitimate organizations will not rush you or threaten you into making hasty decisions. Hang up if a caller refuses to let you disconnect or tries to intimidate you. Reach out to a trusted advisor or your bank for guidance if you’re unsure. 4. Scammers Tell You to Pay in a Specific Way Another red flag is when scammers demand payment via unconventional methods like cryptocurrency, payment apps, wire transfers, or gift cards. They might also send a fake check and ask you to deposit it before transferring money back to them. What You Can Do: Be suspicious of requests for payment via gift cards or cryptocurrency; these methods are often untraceable. Never send money or provide financial information based on a request from an unsolicited call, email, or message. If you receive a check, wait for your bank to verify its authenticity before using the funds. Final Tips for Staying Safe Educate Yourself and Others: Share these tips with family and friends to help them avoid scams. Trust Your Instincts: If something feels off, it probably is. Always err on the side of caution. Report Suspicious Activity: If you suspect fraud, contact your bank immediately and report the incident to local authorities or organizations like the FTC. By staying vigilant and informed, you can protect yourself from scammers and safeguard your financial well-being. Remember: Your bank is here to help. If you ever have questions or concerns, don’t hesitate to reach out. First Bank is Here to Help If you feel that you have fallen victim to a scam, what should you do next? At First Bank, we recommend calling us immediately. You may reach us at 1‑866‑792‑4357 between the hours of 7:00 a.m. to 8:00 p.m. Monday through Friday or 9:00 a.m. to 4:00 p.m. on Saturday. Or you may submit an e‑mail message to fraud@localfirstbank.com. Our associates are trained in fraud response and will advise you on your next steps. Stop by your nearest First Bank branch to talk through any questions or concerns you might have about your account security or how our different banking policies work to keep you safe. If you can’t make it to one of our branches, call our customer support center at 1-866-792-4357.

4 min read

How to Avoid a Scam: 5 Essential Steps to Protect Yourself

1. Block Unwanted Calls and Text Messages One of the most common tactics scammers use is impersonation. They may claim to represent government agencies like the IRS, Social Security Administration, or Medicare, or pose as trusted businesses, charities, or utilities. These fraudsters often manipulate caller ID to display fake names and numbers, making it seem legitimate. To minimize risk: Use tools provided by your phone carrier or third-party apps to block unwanted calls and messages. Be cautious of unsolicited communication, even if it seems familiar. 2. Protect Personal and Financial Information Scammers thrive on obtaining sensitive information through deception. Whether they claim you owe money, have won a prize, or face an urgent issue, their goal is the same: to access your details. Here’s how to avoid their traps: Never share personal or financial information in response to an unexpected request. Verify the legitimacy of any claims by contacting the organization directly using official channels. 3. Resist the Pressure to Act Immediately Scammers rely on urgency to cloud your judgment. They might demand immediate action, threaten legal consequences, or warn of impending disaster. This pressure is designed to prevent you from thinking critically. Stay safe by: Taking a moment to breathe and assess the situation. Refusing to make hasty decisions, no matter how alarming their claims may seem. 4. Recognize Suspicious Payment Requests Fraudsters often demand payment through unconventional and hard-to-trace methods like cryptocurrency, gift cards, or wire transfers. These requests are major red flags. Protect yourself by: Questioning any payment request that feels unusual or overly complicated. Refusing to share gift card numbers or send money through untraceable means. 5. Talk to Someone You Trust Scammers count on their victims feeling isolated and uncertain. Breaking their spell is often as simple as confiding in someone you trust. Here’s why it helps: Explaining the situation out loud can help you see inconsistencies in their story. Friends, family, or neighbors can provide valuable advice or reassurance. Empower Yourself Against Scams Scammers prey on fear and confusion, but with the right knowledge and habits, you can protect yourself and your finances. By blocking unwanted calls, safeguarding your personal information, resisting high-pressure tactics, recognizing suspicious payment methods, and seeking trusted advice, you can stay one step ahead. Your security matters, and we’re here to help. If you ever suspect fraudulent activity, don’t hesitate to reach out to the First Bank customer support center at 1-866-792-4357. Together, we can ensure your financial safety.

3 min read

Courses

Strengthen your financial future with First Bank’s educational courses. From starting out to taking care of a loved one’s financial well-being, there is a course for your everyday finances.

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