Napa’s Loan Ranger, Chris Salese: Financial cybercrime and interest rates

NAPA’S LOAN RANGER

cybercrime and interest ratesFINANCIAL

Dreamstime

If these two topics don’t capture your attention, then I don’t really know what else would do the trick as we get ready to embark on the most awkward and extraordinary holiday season ever.

At this time of the year, everyone is fatigued. This is customary during a normal year. But of course, 2020 is obviously far from normal.

It doesn’t matter what you do out there, life as we all know it has changed and that’s the biggest understatement ever. Therefore, the fatigue factor is off the charts. Unfortunately, despite the loss of life and significant economic damage that COVID-

CHRIS 19 has caused, it hasn’t

SALESE forced the cyber-criminals of the world to take a leave of absence.

In fact, the current environment has created an opportunity like no other for cyber-crooks.

While we battle an alarming surge higher in reported virus cases across the country, this is the type of distraction that cyber-thieves will pray on as we push deeper into the holiday season.

Online retailers, distribution centers and delivery services are going to be tested and stretched to the maximum capacity over the next month or so.

If our local economies are on an extended lockdown, then we are all going to have more time than usual to click and buy this holiday season.

That said, please offer a smile and a thank you in advance to the brave men and women who are working behind the scenes to fulfill these orders for us.

Yet we all need to be on guard too. Please don’t stop shopping, our economy needs transactions to take place. If anything, try to increase your shopping budget this holiday season.

However, whether you do a little bit or a bunch of online holiday shopping over the next few weeks, please pay attention to your purchases.

Please make sure you recognize the amounts being charged and don’t wait until your next billing statement to reconcile what you’ve purchased.

This isn’t the year to be reactive, especially when there will likely be an insane amount of online transactions that take place.

Cyber-criminals are going to be eagerly looking to take advantage of fatigued online shoppers. Please protect your account numbers and passwords. Basically, whatever you normally do to protect your identity and personal information, take an extra step and exercise further precautions. You need to be proactive.

The last thing our economy needs is a ton of businesses writing off bad debts or purchases that were fraudulent due to financial cybercrimes.

Lastly, home loan rates are not zero. I think it’s those mailers, robocalls and newspaper sticky notes that lead you to believe they could reach zero soon.

They are definitely super low and offer some amazing opportunities for homeowners and prospective buyers. Although there are numerous variables that influence the direction of home loan rates, the biggest one right now is the development of the COVID-19 vaccine.

I would watch this carefully and stay in close contact with your lender as we head into 2021.

Chris Salese can be reached at chris@delsurmortgage.com or 707-363-4439. He is a licensed California mortgage lender (LO NMLS #254469 — CA-DBO #254469 Corp NMLS #1850 Equal Housing Opportunity.