You're Probably Paying Too Much for Your Mobile-Phone Service - By Olga Kharif, Scott Moritz

Michael McCormack has followed the wireless industry professionally for years, and he’s also a customer. Like the rest of us, he doesn’t like overpaying for a mobile-phone plan.

So when the Jefferies LLC analyst spotted a T-Mobile US Inc. promotion offering four lines for $150 a month -- $40 less than he was being charged -- he promptly called the company to ask to be switched to a new plan. T-Mobile agreed.
Easy enough. But McCormack has the advantage of studying price changes as part of his job. The rest of us aren’t paying that much attention, and we’re probably paying too much.
“It’s the minority of people who watch this every day and move to lower price points,” said McCormack.
As the wireless market matures and competition increases, consumers tend to be loyal to a fault: About 6 percent of 90,000 people recently surveyed by Consumer Reports switched providers in the past year. Almost half of those people saw their wireless bill decrease by $20 or more a month, the survey found.

As many as 50 percent to 70 percent of Americans overpay for mobile-phone plans, according to Michael Gikas, senior editor for electronics and technology at Consumer Reports. They should be paying no more than $50 per phone line instead of about $100, Gikas said.
“Carriers, by and large, unless you make a move, aren’t likely to inform you,” Gikas said. “They’ll never call you to tell you how to save money if you are already their customer.”

Since T-Mobile began a price war in 2013, rates can change weekly, say Roger Entner, an analyst at Recon Analytics, and it’s up to consumers to stay on top of them.
“It basically pays to check all the time and pick a better plan as operators are not automatically moving customers to the best plan,” he said. “That’s the customer’s responsibility.”
Wireless carriers have always offered special prices to customers threatening to leave, said Craig Moffett, an analyst at MoffettNathanson LLC.
“It is the nature of the telecom industry that it is always more economical for a carrier to offer low promotional prices rather than to cut rates to existing subscribers,” Moffett said. “But that inevitably means that at any given time a very large part of America is paying something more than the best available rates.”

Some customers may be reluctant to leave because they’re happy with their service. Or they may simply be too busy to go through the hassle of calling their provider to switch to a different plan -- or press for a lower rate. And some carriers may have more subscribers overpaying than others.

Who’s Paying What?

Verizon Communications Inc. spokesman Chuck Hamby said the New York-based carrier focuses on delivering quality service and working with customers “one-on-one.” This has led to the lowest rate of churn, or customer defections, in the industry, he said.
A spokesman for Overland Park, Kansas-based Sprint Corp. didn’t immediately respond to messages seeking comment. Spokeswomen for AT&T Inc. and T-Mobile said their customers consider the features of their wireless plans as well as the price when making buying decisions.

Among the four nationwide carriers, T-Mobile has already moved many customers to lower-cost plans while AT&T has been more responsive to industry price cuts by reducing prices and increasing data allotments. “It’s mostly Verizon and Sprint that has a base that clearly is paying more than customers just coming in,” McCormack said.

Culled from Bloomberg.com

A New Scam Targets College Students

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Many college students are newbies at managing their own finances, making them attractive targets for a new type of phone scam that aims to steal their money and personal information.
The scam is a variation of the “imposter” telephone scam: The scammer calls college students and claims to be from the FBI or other U.S. government agency, “spoofing” a local telephone number to appear legitimate on the receiver’s caller ID. The scammer tells the student he or she owes money on student loans, unpaid taxes, or outstanding parking tickets. He then threatens the student with arrest or failure to graduate unless the student immediately settles the fees. Payments are required via untraceable methods such as MoneyGram, some other preloaded debit gift card, wire transfer, or cashier’s check.
According to the FBI, the scam targeting college students has occurred in over eight states so far: North and South Carolina, Georgia, Oklahoma, Kentucky, Nebraska, Montana, and Washington.
While the criminal’s primary goal is to coerce college students into sending money, there’s a second, more pernicious scam going on: to trick students into sharing their personal information to supposedly help expedite the process. That can easily morph into ID theft.
Phone Protection 101
It’s never too early to learn how to spot and avoid common scams. Start by following these three steps:

• Don’t believe what you hear. Government agencies will never call you out of the blue—not the FBI, the IRS, financial institutions, or the judicial system. They will never ask for payment or personal information over the phone.
• Don’t believe what you see. Caller ID can be—and often is—spoofed. If you want to verify a call, look up the website or telephone number yourself. Don’t assume that the link or customer service number provided is legitimate; it may lead you right back to scammers.
• Do check your credit report regularly. Signs of identity theft often first show up in your credit report. The government-sanctioned website AnnualCreditReport.com allows you to get a free copy of your credit report from each of the three major credit reporting companies every 12 months—in other words, once every quarter. Reviewing your reports regularly helps you spot signs of identity theft early. You will be asked to supply your date of birth and Social Security Number. 

Culled from Consumer Reports

Phishing season in full swing as tax deadline looms-By Bree Fowler

Tax day is a little more than a month away, which means phishing season is in full swing

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View photo

FILE - In this Feb. 27, 2013, file photo illustration, hands type on a computer keyboard in Los Angeles. As tax day nears, phishing season is in full swing. The IRS says it’s seen a “surge” in phishing emails in 2016. And thieves are also baiting special hooks for payroll and human resources workers, in hopes of snagging a company’s entire stash of employee information. (AP Photo/Damian Dovarganes, File)

NEW YORK (AP) -- Tax day is a little more than a month away, which means phishing season is in full swing.

The IRS says it's seen a "surge" this year in phishing emails, with thieves baiting special hooks for payroll and human-resources workers in hopes of snagging a company's entire stash of employee Social Security numbers and other personal information.
Meanwhile, tax-season phishing attacks against individuals are also up. Last month, the IRS said it had seen a quadrupling of phishing- and malware-related incidents for this year's tax season.
Experts warn that phishing emails often masquerade as legitimate communication from your bank, human resources department or email provider. But in reality, they're part of a scheme designed to steal the confidential information stored in your computer, or to gain access to the network it's attached to. And this time of year, that information can be used to file a false tax return.
While people are more aware of the danger of phishing more than ever before, the lures continue to evolve and increase in sophistication, making it tough for the average person to discern which emails are legitimate and which ones aren't.
Here are a few answers to common questions about phishing:
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WHY IS IT SO BAD THIS TIME OF YEAR?
Phishing peaks during tax season, partially because it's a time of year that many people are accustomed to entering their most personal information — such as their Social Security number or bank account information — on websites, Satnam Narang, senior security-response manager for security software maker Symantec, says.
Thieves can then use that captured information to file a false return.
Phishing also spikes around Christmas, with attacks in the form of fake delivery notifications. Thieves also often tie phishing emails to major sporting events, or natural disasters like overseas earthquakes, says Raj Samani, chief technology officer for Europe, the Middle East and Africa at Intel Security.
"They're very much up with the latest news and information," Samani says. "If they can spend a little more time and get a 0.1 percent increase in click-throughs, then their campaign becomes hugely more profitable and successful."
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WHAT'S THE DIFERENCE BETWEEN PHISHING AND SPEAR FISHING?
Narang likens phishing to a person casually throwing a rod in a lake and waiting for a bite. Phishing emails don't contain a lot of specifics, but are quick and easy to send out in mass quantities.
"Spear phishing" is much more targeted and personalized. The people behind those attacks spend time researching their targets in order to create highly customized emails that look much more legitimate and are much more likely to be clicked on.
The rise of social media has made this a lot easier. Thanks to Facebook and Twitter, details including a person's place of employment, where they bank, like to shop and the names and ages of their children are just a few clicks away.
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WHAT OTHER RED FLAGS SHOULD I BE ON THE LOOKOUT FOR?
In an effort to get more people to click on a link before thinking about the possible consequences, many phishing emails will give an impression of scarcity, or include some kind of time limit.
For example, an email made to appear to be from a person's bank or email provider may state that if that person doesn't click on the enclosed link within 24 hours, they will be locked out of their account.
And while poor English and long, complex web links were previously sure signs of phishing, they're not as prevalent anymore. Many overseas hackers are no longer using clunky translation websites, because there are fluent English speakers who specialize in translating phishing emails for a fee, Samani says.
Meanwhile, it's become easier to shorten the Web links that direct a people to fake websites, he says.
Narang adds that people should be wary of emails purported to be from banks, or other companies they do business with, but didn't opt into emails from. He also notes that banks generally don't include Web links in emails.
Those links will likely take a person to a fake website where they will be asked to login and those credentials will ultimately be stolen, he says.
And attacks don't just come in the form of email. They can come as text messages too, with those links often containing viruses, Samani says.
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IS THERE ANY WAY TO PREVENT IT?
Basic cyberhygiene can go a long way toward preventing a data breach, even if a link in a phishing email gets accidentally clicked on.
Using different passwords for different accounts, two-factor authentication and changing passwords frequently all can be a big help. In addition, companies should test their employees by periodically sending out fake phishing emails to see who falls for them, Narang says.
And companies need to make sure their security keys are up to date, along with their anti-spam filters, so past bad senders don't keep getting through, Samani says.
"I think common sense goes a considerable long way," Samani says.

He adds that with any email communications, it's always better to just go straight to the main website of the entity it purports to be from, just to be on the safe side.

"I can't remember the last time I clicked on a link in an email," Samani says. "I just don't do it."

Culled from AP