At Security Bank we feel it is important for future generations to learn healthy financial habits to instill a good foundation of financial literacy for a lifetime.

Importance of Financial Literacy
Financial literacy is crucial for everyone as it lays the foundation for a stable and successful financial future. Understanding basic financial concepts helps individuals make informed decisions about managing money, saving, investing, and avoiding debt.

Here are key reasons why financial literacy is important:

• Empowers Informed Decision-Making: Financial literacy equips individuals with the knowledge to make informed choices about their finances. This includes understanding how to budget, the benefits of saving, and the risks associated with credit and loans.
  
• Promotes Responsible Spending: By learning about budgeting and tracking expenses, individuals can develop responsible spending habits. This helps prevent impulsive purchases and encourages mindful spending, ensuring that their money is used wisely.
  
• Encourages Saving and Investment: Financial literacy teaches the importance of saving for future needs and emergencies. It also introduces the basics of investing, helping individuals understand how to grow their wealth over time through compound interest and diversified investments.
  
• Reduces Financial Stress: Knowledge of financial management can significantly reduce the stress associated with money. Individuals who understand how to manage their finances are better prepared to handle financial challenges and avoid the pitfalls of debt.
  
• Builds a Strong Financial Foundation: Early financial education sets the stage for lifelong financial health. Individuals who learn to manage their money effectively are more likely to achieve financial independence and stability as adults.
  
• Enhances Security and Fraud Awareness: Financial literacy includes understanding how to protect personal financial information and recognize potential scams. This awareness is crucial in today's digital age, where financial fraud is prevalent.

By fostering financial literacy, we empower individuals to take control of their financial futures, make prudent decisions, and build a solid foundation for their adult lives.

Budgeting and Managing Your Money
Setting up a budget is one of the best ways to manage your money. Start by listing your sources of income, such as allowance or part-time job earnings. Next, list your expenses, such as school supplies, snacks, or entertainment. Make sure your expenses do not exceed your income. Use your debit card to help you stick to your budget by tracking your spending and checking your balance regularly.

To open a youth checking or savings, contact a banker today at support@securitybk.com or 217-789-3500.

Consumers should always exercise caution when it comes to your personal and financial information. The following tips may help prevent you from becoming a fraud victim.

• Be aware of incoming email or text messages that ask you to click on a link because the link may install malware that allows thieves to spy on your computer and gain access to your information.
• Be suspicious of any email or phone requests to update or verify your personal information because a legitimate organization would not solicit updates in an unsecured manner for information it already has.
• Confirm a message is legitimate by contacting the sender (it is best to look up the sender’s contact information yourself instead of using contact information in the message).
• Assume any offer that seems too good to be true, is probably a fraud.
• Be on guard against fraudulent checks, cashier’s checks, money orders, or electronic fund transfers sent to you with requests for you to wire back part of the money.
• Be wary of unsolicited offers that require you to act fast.
• Check your security settings on social network sites. Make sure they block out people who you don’t want seeing your page.
• Research any “apps” before downloading and don’t assume an “app” is legitimate just because it resembles the name of your bank or other company you are familiar with.
• Be wary of any offers that pressure you to send funds quickly by wire transfer or involve another party who insists on secrecy.
• Beware of disaster-related financial scams. Con artists take advantage of people after catastrophic events by claiming to be from legitimate charitable organizations when, in fact, they are attempting to steal money or valuable personal information.

Learn more Cybersecurity Tips

1. Keep Your Card Safe

Always know where your card is. Keep it in a secure place, whether in your wallet, purse, or a specific spot in your room. Do not share your PIN. Your PIN is like a password. Keep it secret, and do not share it with anyone, even friends.

2. Be Careful with Online Shopping

Use trusted websites. Only shop on websites that you know are safe. Look for "https" in the URL and a padlock symbol. Avoid public Wi-Fi when shopping online or managing your account, use a secure, private internet connection.

3. Monitor Your Account Regularly

Review your digital banking regularly for unusual transactions. Set up alerts to monitor transactions and when your card is used.

4. Report Lost or Stolen Cards Immediately

Act quickly. If you lose your card or it gets stolen, contact our Bank immediately or log in to your digital banking to report it. We can freeze your account and issue a new card. You will need to call or visit a branch to start the fraud and dispute paperwork.

5. Be Cautious with Card Sharing

Avoid lending your card to friends or family.

6. Secure Your Devices

Protect your phone and computer with strong, unique passwords. Utilize multi-factor authentication when available for extra security. Look for card skimmers before inserting or swiping a card at any point of sale – this includes gas stations and ATMs.

Please contact a member of our retail team to learn how you can safely use your debit card and digital banking.

In a recent scam, cybercriminals posted a fake video of Elon Musk on YouTube, trying to trick you into handing over your money. Cybercriminals often use AI to impersonate celebrities so that they can spread misinformation or trick people into falling for their scams. This particular scam attempts to trick you into depositing your cryptocurrency into an online account.
In this scam, the cybercriminals used AI to create a fake video that looks and sounds like the real Elon Musk. The video contains a QR code, and the AI-generated Musk urges you to scan it. If you follow the instructions to scan the code, you will be directed to deposit money into an account with the promise of receiving a larger return for your investment. The catch is there is no return on your investment. Your funds are deposited right into the scammers’ pockets!
Follow these tips to avoid falling victim to an AI video scam:

  *   Be wary of any social media content that uses endorsements from celebrities, because celebrities can be impersonated online.
  *   Be cautious whenever you are prompted to enter financial information online. Only use official financial websites.
  *   No legitimate financial institution will guarantee a large return on a small investment. If the opportunity seems too good to be true, it usually is.

Avoid Phishing Scams with Three Simple Tips Phishing scams are online messages designed to look like they’re from a trusted source. We may open what we thought was a safe email, attachment, or image only to find ourselves exposed to malware or a scammer looking for our personal data. The good news is we can take precautions to protect our important data. Learn to recognize the signs and report phishing to protect devices and data.

  1.  Recognize the common signs

  *    Urgent or emotionally appealing language
  *   Requests to send personal or financial information
  *   Unexpected attachments
  *   Untrusted shortened URLs
  *   Email addresses that do not match the supposed sender
  *   Poor writing/misspellings (less common)

2. Resist and report

Report suspicious messages by using the “report spam” feature. If the message is designed to resemble an organization you trust, report the message by alerting the organization using their contact information found on their webpage.

3. Delete

Delete the message. Don’t reply or click on any attachment or link, including any “unsubscribe” link. The unsubscribe button could also carry a link used for phishing. Just delete.

If a message looks suspicious, it’s probably phishing.

But even if there’s a possibility it could be real, don’t click any link or attachment or call any number. Look up another way to contact a company or person directly:

  *   Go to a company’s website to find their contact information
  *   Call the individual at a known number and confirm whether they sent the message

Avoiding phishing is one way to Secure Our World. We can help one another stay safer online so share these tips with a family member or friend!

Information provided by Secure Our world via cisa.gov/SecureOurWorld