Tuesday, June 30, 2009

Protect your identity: Be aware of social networking scams

Recently, there has been a series of deployed military families that have been victimized by compromised personal data given through social networking sites. Be careful with sharing significant personal data when connecting through these social sites.

The most recent scam involves identity thieves and imposters using social networking sites to contact relatives of deployed U.S. military personnel, most specifically grandparents. The impostor advises the grandparents that he is returning home on leave from Iraq and asks the grandparents to keep his presence secret so he can surprise his parents. A short time later, the grandparents are again contacted and the impostor advises them that he and a friend are stranded with a broken down car. The imposter then asks the grandparents to wire a significant amount of money to cover the cost of the repairs.

Always be cautious of the personal information you chose to share on these social networking to ensure that no exploitable information is available. Always verify the identity of anyone who contacts you to share personal information, pin numbers, social security numbers, or fund transfers. Do not act on your impulse, check with your financial institution to ensure unauthorized individuals do not have access to your accounts. Always know who is on the other end of the line.

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The Millennial Financial Coach Team

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