Stealing Your Identity April 19, 2011My MoneyOff

Between the Bernard Madoff scandal, the economic meltdown we’re still recovering from and identity theft on the rise, concern about protecting your money and information is understandable.

How to avoid fraud?

“Card fraud is the most common method of compromise,” Nanette Hilley, senior vice president of Enterprise Fraud and Client Data Assurance of SunTrust Bank, tells PINK. To guard yourself, “be aware of your surroundings and protect your personal information.”

How? By checking that the ATM you use hasn’t been tampered with, keeping your paper mail in a locked mailbox and not giving out social security or account

numbers via phone or online if possible. This ID Blocker stamp allows you to block out personal info on discarded documents like addressed envelopes and bank statements.

This also applies to the internet. “Phishing emails [from spammers posing as companies to get your personal information] are used to place viruses on your machine. Keeping your PC current with virus protection and operating system updates provides additional protection,” Hilley says.

She also suggests keeping personal information off social media sites. What may seem inconsequential, like your birth date or mother’s maiden name, can actually lead to what Hilley calls “account takeover.” With this scam, “the fraudsters [find] information about you using online sites such as Facebook, and try to use that information to access your bank account.”

Already fallen victim to fraud? Hilley advises monitoring and reporting suspicious activity quickly to police – and your bank. “The sooner you report fraud, the more the financial institution can do to assist repairing and protecting your identity.”

Bonus PINK Link: Now that you know your money is protected, here’s how to invest wisely.

By Malee Moua

“An investment in knowledge always pays the best interest.”  Unknown

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