The Built for Better Banking Newsletter - June 2023

Union State Bank News & Events

The Vanishing Credit Score: The Downside of Debt Payoff


Paying off debt is one of the most common financial goals. The advantages of becoming debt free are clear. However, experts advise caution when paying off debt or closing credit cards, as it may impact your ability to obtain future credit.


Individuals who diligently pay off their debts generally assume it will reflect positively on their credit score. In certain situations, paying off debt may trigger a transition from a good credit score to no credit score.


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USB & Docking Family Contribute to Cowley College Building Fund


The Cowley College Career and Technical Education Center campaign has crossed the $1.7 million mark thanks to Union State Bank and the Docking family. 


The Center will help train and certify graduates in areas of advanced construction trade, including the fields of electrical, HVAC, welding, and criminal justice. Planned for a Fall 2024 opening, construction is currently underway on Cowley's Arkansas City campus.


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Finance Forum:

Protecting Against Financial Elder Abuse


As we age, our financial well-being becomes increasingly important. Unfortunately, there are individuals who prey on vulnerable senior citizens, seeking to exploit their assets and financial security. This act, known as financial elder abuse, is a growing concern that can result in significant financial losses and emotional distress.


It is crucial to remain vigilant and recognize the red flags that may indicate financial elder abuse.



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Online Security Tip: Tech Support Scams

Here’s how they work:


Tech support scams typically take advantage of people's concerns about the security of their computers and personal information. They employ various techniques to gain victims' trust and manipulate them into taking actions that benefit the scammers.


One common tactic used by cybercriminals is to create messages that appear to be from well-known companies such as Microsoft, Apple, or internet service providers (ISPs). These messages are designed to mimic the branding and language of legitimate companies, making them look convincing at first glance. They may include alarming statements about detected infections, system errors, or unauthorized access to your computer. These scams often involve pop-ups or other forms of messaging that appear legitimate, urging victims to contact a provided phone number immediately. The cybercriminals behind these scams claim that failure to comply could result in the loss of personal data.


Some red flags to watch out for:


• Legitimate companies will not send unsolicited pop-ups or messages warning you about viruses or malware on your computer. Be skeptical of any unexpected messages that claim to be from a reputable company.


• Tech support scammers may ask for remote access to your computer to "fix" the alleged issues. Never grant remote access to someone you don't know and trust. It provides scammers with an opportunity to install malware or gain unauthorized access to your personal information.


• A clear indication of a tech support scam is when the supposed support representative asks for payment for their services. Legitimate companies will not demand payment upfront to resolve computer issues.


For additional information about online scams and cybercrime visit our website: https://www.myunionstate.bank/services/mobile-and-online-banking/online-security-tips

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Please Report Scams


If you spot a scam, please report it to the Federal Trade Commission.

• Call the FTC at

1-877-FTC-HELP

(1-877-382-4357)

or TTY

1-866-653-4261.

• Go online: ftc.gov/complaint


Your report can help protect other people. By reporting fraud, you can help the FTC’s investigators

identify the scammers and stop them before they

can get someone’s hard-earned money. It really makes a difference.


Information provided courtesy of Federal Trade Commission. FTC.gov/PassItOn

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