New Bridge Wealth Management

What Your Bank Won’t Tell You About Your Debit Card

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One of my clients was looking forward to a vacation at Disney World earlier this year. They had budgeted, saved, and packed their bags for the airport. They didn’t know that, earlier that week, someone stole their debit card information via a local coffee retailer and subsequently emptied their accounts. Not only was their account empty, but they had overcharges, as well: No money for the trip and no way to get it back in time.

Debit card fraud is on the rise. Skimming alone grew 96% in 2023, according to VP Product Management Debbie Cobb of FICO FICO -1.8%, with more than 315,000 impacted cards identified. “While skimming is one of the vectors that fraudsters use to separate victims from their hard-earned money, criminals will also continue phishing, smishing (texting-based phishing), and other tactics to obtain any data they can use to commit fraud across all channels.”

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By: Brian Boswell Forbes Personal Finance Contributor / Brian Boswell, CFP® is a financial planner and college savings expert.
May 21, 2024

Construction Phase

Setting the foundation: After you approve the blueprint, we work on your financial plan, a comprehensive document addressing needs such as cash flow, retirement, estate planning, income replacement, education funding, insurance, major purchases, and asset allocations.

Recommendations and final walk-through: We meet to review the solutions outlined in your financial plan. Once we agree, we move on to the production phase.

Production Phase

Implementation: We take the preliminary steps, such as transferring your accounts and restructuring your portfolios, as we begin implementing the recommendations in your plan.

Ongoing inspection: We meet on a regular schedule to review your plan and update it as necessary to address changes in your life.

Design Phase

Conversation: We meet with you to discuss your financial situation, your concerns, and your goals for the short and long term.

Data gathering: Working together, we gather all the documents and other information needed to create your financial blueprint, which we prepare for your approval.