Are You Financially Exposed?

August 31, 2015

If you had to expose your finances or pictures of yourself wearing only your “birthday suit,” which one would you choose? A recent survey from MasterCard revealed that a majority of Americans are concerned about financial information and Social Security numbers being exposed. In fact, consumers said they were less concerned about having their email accounts hacked (62%) or having their home robbed (59%). Going back to that not-so-lovely thought of having your private pictures made not so private, 55 percent said they would rather have naked pictures exposed online than their personal financial information stolen.

It seems like pop culture trends associated with the daily infatuation with celebrities having naked pictures leaked to the press and Internet has now found its way into personal finance research. Personally, I don’t want either leaked! But it is a good sign that the majority of people out there in this country are concerned about protecting their financial information.

As is the case in many areas of life, there is a fine line between what consumers say compared to what they actually do to protect personal financial information. Ninety-two percent of those surveyed said they take necessary precautions to protect their important financial data. However, less than half (46%) actually admit to taking the time to change their passwords for online accounts on a regular basis. Further raising eyebrows is the finding that 44 percent use the same passwords for multiple online accounts and just under 40 percent check their financial accounts on public networks, increasing their risk exposure.

These everyday habits can easily be broken with a few quick changes. Heck, I even caught myself making a big mistake recently by using the same four digit code to unlock my cell phone as my ATM card. If my little first grader can crack the code, you would think a professional criminal may have a field day with that information! So here is a quick and easy checklist to make sure your financial data is not exposed without your permission:

  • Create rock solid passwords with a combination of upper case and lower case letters along with special characters
  • Avoid using passwords related to names of people or pets, birthdays, or common phrases.
  • Change your passwords on a regular basis (set automatic calendar alerts).
  • Do not use the same passwords for multiple accounts.
  • Always log off from an online session when it is complete.
  • Verify that you are doing business on a secure site before entering username and password information (“https” rather than “http”).
  • Avoid sharing personal information on social networking sites.
  • Protect your information when using public Wi-Fi.
  • For more information on how to keep your personal information from becoming public knowledge, check out these tips from the Federal Trade Commission.

During my childhood, there were two topics you simply didn’t talk about: money and sex. Well, it seems like at least one of those topics has become a little less taboo in this day and age of male enhancement drug commercials and celebrity naked picture leakages. With the emerging focus on financial wellness and education, the money talk seems to have become a little less taboo too. While it is completely acceptable to have the financial talk with others in your life, it is not okay for complete strangers to insert themselves into the discussion (unless of course, they are financial professionals trying to help but you still should have a little getting to know you chat first!). Make sure you are taking steps to protect your financial information and identity so you don’t get exposed.