Financial fraud: It’s not what you have; it’s what I can steal

When teaching online financial identity protection I always strongly recommend that people actively monitor their credit history. (See my blog, Protect your credit: one free step towards peace of mind, for how to do this).

Unfortunately, I frequently get a comment from teens, college students, and even many adults that goes along the lines of “I’m not worried. If they empty my bank account, they'll only get thirty-four dollars and twenty-three cents... big deal." This generally gets a laugh from others in the room and it's easy to see they're thinking the same thing. But the comment reflects a serious lack of understanding about predators. What matters isn't just how much you have in your bank account; it's how far in debt the thief can place you. The predator may well ignore the $34.23 and just take the $40,000 in loans they got using your good name.  

So play it safe—monitor your credit history regularly.

Linda