Tag Archives: Fraud

August 2021 Financial Planning and Capital Market Review – By John Kvale

Hello and Welcome to our August 2021 Financial Planning and Capital Market Update!

If you are too busy to read, feel free to listen as we describe our post and thoughts in friendly podcast audio format as well as Video!

Newbies –

We like to articulate our thoughts and review on a Monthly basis our Financial Planning Tips, Capital Markets and current events!

Hope you enjoy!

August 2021 Video

YouTube

Financial Planning Tip(s)

Unemployment Fraud Alert

Multiple frauds occurring in continuous weeks, led us to write this post, reminding those that the fraudsters are still at it.

Their latest game…using stolen Socials and Employment information to gain unsuspecting employers Unemployment compensation.

While likely some accidentally fall through the cracks, we have yet to experience anything other than a mild inconvenience….

But do not let your guards down and if a victim, keep your eyes peeled for other items for the near term!

Child Tax Credit Confusion

After repeated confusion, here in this post we outline the new ADVANCED child tax credit payments than sneakily commenced several months ago…

Also a warning of an overworked IRS to keep line of sight to the funds in case we need to pay them back in the form of a higher tax bill when completing our 2021 Form 1040 Personal income tax return in April of 2022!

Capital Market Comments

Kyle Bass Forecasts

In this podcast derived post, we re-visit Kyle Bass again after a few year hiatus…

Here are his latest forecasts…. hopefully they come true

  • The Federal Reserve will continue to support the markets with continued purchases.
  • Federal Reserve feels responsible for Capital Markets … i.e. Every Federal Reserve member has a Bloomberg Investment terminal on their desk and post public talks, Fed members go back to their office to check the markets reactions to their comments.
  • Much more inflation than actually as printed by CPI – (Consumer Price Index) Example of car price increases up 300% over last thirty years, but CPI auto costs increased 5% over that period.
  • Cost of Food increases may cause social inequity problems.
  • Oil hits $100 per barrel this year … due to mal investment over the last 7 years.
  • Short term interest rates not to go higher than 1.5% and long term (10 year) rates will not go higher than 2.5%. i.e. Bernanke Helicopter speech outlines the difficulty in raising rates a lot once they are at a lowered level for some time.
  • We push through the Delta Variant and there is a REAL re-opening effect that works its way through the economy (Hope this is correct!)

Have a Great Day, Talk to You at the End of September!

John A. Kvale CFA, CFP

Founder of J.K. Financial, Inc.

A Dallas Texas based fee only

Financial Planning Total Wealth

Management firm.

jkfinancialinc

street-cents

False Unemployment Fraud Warning… First Partial Week of School Completed…Whew!

In the last two weeks we have observed two false unemployment claims and wanted to give everyone a heads up on what is going on and the actions you can take.

Unemployment Fraud Alert – Action Items

Over the past several years I personally have had two fraudulent unemployment claims made in my name oddly to my own company and Donald the Brain, has had it happen once to him as well. In the last two weeks we’ve had two instances of false unemployment claims being attempted and wanted to give everybody a heads up!

What happens is a Social Security number is obtained and a place of Employment then a false Unemployment claim is made to the employer. In all cases mentioned all persons were of course still employed and much to the surprise of the employer the unemployment claim was certainly a fraud and quickly detected.

The best and most appropriate action is to immediately send a note to the appropriate workforce commission, (in the state of Texas it is the Texas Workforce Commission) that the employee is still gainfully employed … this can be done by in most cases the employer or HR director.

The employee that is falsely having unemployment compensation filed for them will likely receive nothing at their home address as the fraudster wants the money to go to his or her address there by having a different address from the employee’s home address. Said another way it’s very likely that only the employer will receive the false filing.

We are happy to report in all cases so far there has been no further damage leading us to believe a Social Security number and Employment information we’re obtained illegitimately, and a swing was made at the unemployment payments with a miss being an indication to move on to the next person in line. Bottom line invasive but not destructive in all the cases so far.

Do keep your head on a financial swivel for other items in your financial world as it’s always a good idea to keep your eyes peeled on all credit and bank accounts post having fraud attempted with your Social Security number.

Partial School Week Over- Whew

The first partial week of school is over it’s funny how they’re not near as happy to go back to school as they were to get out of school… but it’s all good!

Have a great weekend will talk to you next week!

John A. Kvale CFA, CFP

Founder of J.K. Financial, Inc.

A Dallas Texas based fee only

Financial Planning Total Wealth

Management firm.

jkfinancialinc

street-cents

August 2020 Podcast Video, Financial Planning and Capital Market Update – By John Kvale …

Hello and Welcome to our August 2020 Financial Planning and Capital Market Update!

If you are too busy to read, feel free to listen as we describe our post and thoughts in friendly podcast audio format as well as Video!

Newbies –

We like to articulate our thoughts and review on a Monthly basis our Financial Planning Tips, Capital Markets and current events!

Hope you enjoy!

August – 2020 Video (YouTube)

Financial Planning Tip  –

Mysterious Form 5498

In a luckily timed post (two showed up in the mailbox the same day of the reminder) here we discussed the extra late arriving Form 5498.

This is a confusing settle up form that requires not action other that to add to your tax file in order to avoid unnecessary taxes!

Fraud Wire Delay Reminder

In this post we remind those setting up new Wire/Linking instructions to financial accounts, especially non liked titled accounts to be careful and have patience.

Fraudsters are attempting to take advantage of the situation!

Capital Market Comments

Gone Too Far

You know us to be very positive – all through the many negatives that have occurred !

You also know we will call it like we see it!

Markets have officially gone too far and are ahead of themselves, expect bumps and no extra risk taking is warranted at this time – CAREFUL!

Have a Great August Update!

Talk to you at the end of September!

John A. Kvale CFA, CFP

Founder of J.K. Financial, Inc.
A Dallas Texas based fee only
Financial Planning Total Wealth
Management firm.
jkfinancialinc
street-cents

Recovery Rebates Are Out … Tracking Site – IF (?) You Want to Check on Status … Another Sharing Post

Yesterday we were introduced to the IRS website that allows tracking of your Recovery Rebate

Feel free to share with all, due to the headcount size of this Rebate, there are certain to be numerous problems and backlogs i.e. The faster fixed the better!

Recovery Rebates Commence

Originally we were under the impression the $1200 Recovery Rebates were due near the end of April or early May…. 

Good news… with a sampling of just under 20 people yesterday, the Recovery Rebates are out!

If you think you are due a rebate and have electronic instructions on file, we suggest you check your bank account first to see if there was a deposit yesterday!

If you did not, or are uncertain if you are receiving a Rebate… you may check the attached website…. BE CAREFUL … make sure you link to the correct site as it will ask for a Social, DOB, address and zip… all of which in bad hands can cause trouble… 

Here is the site.

https://www.irs.gov/coronavirus/get-my-payment

Normally we would hot link to this site, but we do not want your browser to accidentally grab the incorrect information or someone jump in front of our link.

Make sure you are on the correct site… looks like this…. note the web address

IRS Recovery Rebate Site

Again, with about a 20 person sample (we know, small but wanting to get this to you fast fast fast) we had a 20% problem rate. All problems were due to bad bank instructions on file.

Again, be careful…but if you have troubles, it may be worth checking as there are certain to be a backlog of problems causing delays in the future!

Have a Great “Recovery Rebate Check” Day!

John A. Kvale CFA, CFP

Founder of J.K. Financial, Inc.
A Dallas Texas based fee only
Financial Planning Total Wealth
Management firm.
jkfinancialinc
street-cents

 

 

 

 

 

 

Here is the site from the IRS

They are back … The Fraudsters that is !

This time garners the most important financial forms of the year flowing through the system … of course we are speaking of Tax Forms! (W-2, 1099, etc …..)

Tax Time = Fraudster Timethief

This week we fielded two and 1/2 possible fraud attempts. We are giving 1/2 to a email that we are not certain was fraud … No Matter.

Keep your guards up!

Last year we had double digit numbers of fraud during this season… the thing is, we did not see fraud until much later in the season. They may be starting earlier this year.

For the record, there has been no money lost on any of our known fraud attempts… we hope this never changes…. Stay Vigilant !

Happy Friday .. Enjoy Your Weekend ! Talk to you next week…

John A. Kvale CFA, CFP

Founder of J.K. Financial, Inc.
A Dallas Texas based fee only
Financial Planning Total Wealth
Management firm.
www.jkfinancialinc.com
www.street-cents.com

Real Estate Transactions Wire Fraud Alert!

It is no surprise the creative bad guys sitting behind computer screens somewhere have found another weak spot in the system. The problem with this one is, it is usually of size.

Real Estate Fraud Alertfraud-2695269_960_720

One of the larger financial transactions many of us make are the purchase of some type of Real Estate. With money, paperwork, and stress sloshing around, it is no wonder the bad guys have squeezed into this arena.

Here is what is going on:

  • After a hack into the system somewhere-
  • Email is sent to one of the parties, stating there is an updated wire account number-
  • In the foray of movement one party fails to verify the new account information-
  • Bam, the funds are wired and disappear-

How to stop it:

  • Confirm ANY email change with your opposite party-
  • Call one last time and check “In Person” with the other party before wiring – just to be safe
  • Get your Fed wire number confirmation after the wire-
  • Confirm your receiving party did in fact, receive the funds

If it is convenient, a cashiers check may be easier/safer– but hold on tight to that check after issue and double confirm how to make the check payable if this is the way you choose to go.

While the above steps look simple, and the bad guys easy to spot, in the heat of the moment, things can slip through the cracks.

Measure twice, cut once!

Have a great “Less Fraud” Day!

John A. Kvale CFA, CFP

Founder of J.K. Financial, Inc.
A Dallas Texas based fee only
Financial Planning Total Wealth
Management firm.
www.jkfinancialinc.com
www.street-cents.com

 

What to do when your Identity is Stolen?

Based on the repeat occurences and popularity of our cyber and most recent Identity updates we wanted to give guidance on ways to help after an invasive event such as this has happened.

Identity theft by our definition is the attempt by someone to utilize your information, either live in person or electronicallly to gain access to your credit or other financial assets.

What to do when your Identiy is Stolen?

First breath easy, you are not the first, will not be the last, and most likely will only incur minor nuances from the event.

Here is a link to the Federal Trade Commissions site on Fraud Alerts. This is our favorite “Go-To” source. It has an enormous amount of sources and information. This directly from the site …

Why Place an Initial Fraud Alert

Three national credit reporting companies keep records of your credit history. If someone has misused your personal or financial information, call 1 of the companies and ask for an initial fraud alert on your credit report. A fraud alert is free. You must provide proof of your identity. The company you call must tell the other companies about your alert.

An initial fraud alert can make it harder for an identity thief to open more accounts in your name. When you have an alert on your report, a business must verify your identity before it issues credit, so it may try to contact you. The initial alert stays on your report for at least 90 days. You can renew it after 90 days. It allows you to order one free copy of your credit report from each of the three credit reporting companies. Be sure the credit reporting companies have your current contact information so they can get in touch with you.

Instruction From the Federal Trade Commission:

FTC Fraud Alert Screen (2)

 

Place a Fraud Alert Electronically

CAUTION – Be extremely careful when using these systems as they will try to have you sign up for a monthly service. YOU DO NOT HAVE TO SIGN UP FOR THIS SERVICE. There is a government mandated 90 day free service.

I use Transunion and they also offer a much more detailed free extended service that requires paperwork sent to them that allows a seven year watch.

Identiy Theft Recovery Plan

Depending on the severity of the attack, you may want to contact the Federal Trade Commission at https://www.identitytheft.gov/ to have them help you set up a recovery plan.

This government site will help you create letters for creditors, debtors as well as specific disputed transactions.

We recommend these actions if someone was successful in gaining access to and withdrawl or charges in your name.

Credit Freeze

Credit Freeze via Federal Trade Commission

What’s the difference between a credit freeze and a fraud alert?

A credit freeze locks down your credit. A fraud alert allows creditors to get a copy of your credit report as long as they take steps to verify your identity. For example, if you provide a telephone number, the business must call you to verify whether you are the person making the credit request. Fraud alerts may be effective at stopping someone from opening new credit accounts in your name, but they may not prevent the misuse of your existing accounts. You still need to monitor all bank, credit card and insurance statements for fraudulent transactions.

Other Paid Sources

There are various outside services that complete much of this for your. One of the more marketed is LifeLock. These sources can be very useful in creating a one-stop-shop aggregation for your credit protection. We are not recommending any of these services, only wishing to make you aware.

Lastly

While the credit agencies, creditors, govenment and the general public become more sophisticated in watching and protecting ourselves from intrusions, we expect the culprits will also become more sophisticated in their attacks. The good news is prevention and awaremeness will most likely help in only minor nuancances in the future!

John A. Kvale CFA, CFP

Founder of J.K. Financial, Inc.
A Dallas Texas based fee only
Financial Planning Total Wealth
Management firm.
www.jkfinancialinc.com
www.street-cents.com

Tax Fraud Update … April Fools Friday

Next week we have our end of the month review and the Newsletter hits mailboxes …two Videos …  better get started now ! But First… let’s finish this week….

Tax Fraud Update

We are now up to over 9 instances of tax related fraud. Good news is that no one has had ANY harm, only inconveniences. We are amazed at the volume of attempts. One item we may point out, there are a large amount of repeat offenses. If you had trouble last year, be on careful watch. If you have not had any prior issues…. Keep that guard up !

April Fools FridayApril Fools

Our vocal venue is fun and we do try to make it entertaining, but our subject matter is too serious (maybe we are too much of nerds -haha)  there will be no April fools here …. That does not clear you from everyone else today….so watch out, and have fun!

Have a Happy Friday !

John A. Kvale CFA, CFP

Founder of J.K. Financial, Inc.
A Dallas Texas based fee only
Financial Planning Total Wealth
Management firm.
www.jkfinancialinc.com
www.street-cents.com