I’m not talking about Financial Security the way we generally are used to hearing about it as in retirement and investments. Instead I would like to discuss security in terms of hackers stealing your information, or your credit card being copied when you go out to dinner. These are just a few of the tactics used by criminals nowadays to exploit your credit and your finances of their own gain. This new series by Vaughn CPA is going expos ways that your finances can be exploited by nefarious people.
At Vaughn CPA we want our clients to maintain a healthy financial lifestyle. Part of maintaining this healthy lifestyle is to keep your finances secure; to help us do that, Devon a systems and IT analyst for Vaughn CPA is going to help us look good cyber crime in how it affects your finances.
Vaughn CPA as a tax accounting and financial consulting firm that services Loveland Colorado and Albuquerque in Mexico
It used to be that you can just deposit your money in a bank account, add a savings account and some investments and as long as your money was in one of these places it was relatively safe. Now we have cyber crime; and beating the way in cyber crime is identity theft. Identity theft any activity and uses your credit and/or your identity without your permission. A number one crime for identity theft is stolen credit card information. There are a number of ways in which criminals and require your credit card information and use it to purchase goods and or wire transfer themselves Monday using your credit card without actually being in possession of a credit card.
This week I would like to discuss beyond the ordinary cyber crime. We all can easily relate to the above example of credit card fraud without knowing how criminals steal our credit card information we are aware that happens with regularity. (Next week I’ll talk a little bit about how to secure credit cards.) Two day I want to dig into something that I hope is a not so common occurrence but still crosses into the realm of Financial Security and cyber crime. Recently Wells Fargo has just uncovered evidence that millions of new bank accounts and credit accounts have been created by employees trying to boost their sales.
The most baffling thing about this is over 5000 employees committed identity theft /cyber crime with the sole purpose of boosting sales. It is very concerning that this happened at all to institution like Wells Fargo. A bank is the one place where we should be safe from this kind of activity and the last place where something like that should happen. While the majority of these accounts were set up, opened, and closed with little money actually leaving the victims accounts this kind of thing can never happen in financial institution. Tons customers now have credit issues that they have to deal with because the customers had payments that they were unaware of. Let’s face the facts if someone could easily do this just to boost sales what’s to stop somebody from doing it if they’ve encountered financial hardship?
So how do you protect yourself? A something like this to not be limited just one bank as it can happen to anyone under any circumstance at any bank. Gonna give you the tools and advice to stay on top of your financial resources so you don’t become a victim.
1. Check your bank account with regularity. At least once a week login online and verify all the accounts under your name are correct.
2. Read your mail, you know when you open or close a bank account. You also know when you apply for credit cards or credit. If you receive a letter in the mail in their congratulating you or apologizing that you couldn’t can get a new account or credit. It’s time to contact the institution that wrote your letter.
3. Check your credit report your credit report will show you a list of all open and closed accounts. It will also show you all recent activity as it relates to recent credit inquiries.
These three simple steps will go a long way to protecting you are becoming a victim of this and other kinds of identity theft.