Practicing safe social networking

Now that social networking sites like Facebook, Twitter and FourSquare have become part of everyday life, privacy seems like an old-fashioned idea. People share their whereabouts on Facebook, their daily routines on Twitter and some go so far as to post travel plans, phone numbers and even important financial information on their public profiles. It’s easy to get caught up in sharing information with your friends and followers, but using social media unwisely can come back to haunt you and your finances.

Unless otherwise specified in your privacy settings, the information you post on your social media profiles is available for everyone to see — and criminals to use. Posting credit card or bank account information is a big no-no. But other seemingly trivial details, such as birthdate and place of birth, phone number and address/city can also be used to steal your identity. To prevent identity theft, keep your personal information under wraps, and change your privacy settings to allow only friends to view your profile.

Identity theft is only one reason you should keep personal information hidden from social networking sites; there are several other ways that personal details made public can backfire.

1. Employment. Friends and family aren’t the only people looking at your profiles. Potential and current employers also peek at your online data to get a sense of who you are and if you’re the type of person they want working for their company. If you have questionable photos, comments or other updates, it could impact your ability to generate future income.
2. Tax and debt collection. The Fair Debt Collection Practices Act allows collection agencies to use social media sites as a means of monitoring and finding debtors. If you have a profile that’s visible to the public with contact information, including employers, you’re an easy target for debt collectors to find.
3. Scams. It’s a simple process for scammers to create legitimate-looking pages or applications. For that reason, be wary of adding or accepting requests from users you don’t know. And never send money to those who request it over social media sites. Your financial information could easily get into the wrong hands.
4. Privacy breaches. Most social networking sites state in their privacy policy that they will keep your information confidential, but a recent Wall Street Journal investigation found that Facebook violated their own policy when some applications provided advertising companies access to the names of users. So the next time you log in to Facebook or another social networking site, check their privacy policy. Even then, be mindful of the information you share.

Social networking sites can be a fun way to stay connected and market yourself, but only when used in a safe manner. To enjoy the benefits of social media without the worry of financial woes, keep a tight lid on your financial and personal information.

To further secure your financial information, consider saving important documents in an online filing cabinet, such as LockYourDocs!, which safely stores your files and allows you to access them anywhere. AAPFI members get a three-month free trial period to LockYourDocs! and a 10 percent discount off the normal annual rate. Visit http://aapfi.com/member-benefits/ to learn more about accessing this special offer.