3 ways social media can affect your financial safety

Social media is a fantastic tool for keeping in contact with loved ones over vast distances, for meeting people with similar interests and hobbies, and to stay on top of current affairs, however there are some drawbacks. The anonymity of social media means it can be quite easy for someone to create false identities that are used for fraudulent purposes.

These people are looking to abuse your financial information and may employ various tactics to meet that end. Here are three areas where social media could hurt you financially, and how you can potentially avoid it.

Watch your content

Social media profiles are full of information about you. Every comment, photo and piece of shared content helps cyber criminals to profile you. Posting pictures of your luxury car, expensive new clothing or accessories could lead opportunistic scammers to assume you have a lot of money, making you a promising target.

Be careful not to share anything that contains photos or fragments of your personal details. Another great tip: Wait until you’re back from your holiday before posting the photos – a shady thief may discern your house is empty and attempt to rob you.

Maintain your privacy

You should also ensure you are on top of your privacy settings. The safest way to avoid these strangers is to keep your profile private. This way, only your approved friends or followers can view your profile and you have control over who joins those ranks. If you get a request from someone you don’t know or have never met before, it’s best to deny that person access.

Keep your wallet firmly closed

Anything / anyone that asks for credit card or banking details should be instantly avoided. Occasionally scammers can draw people in with this kind of content by disguising it as a charity, asking you to make a donation to a worthy cause. Never give these details to anyone via social platforms – if you are tempted, look for further evidence (outside of social media) that the originator of the content is a legitimate business or charity. Even if a loved one asks you for financial details, you should find another way to give them the information.

Scammers can be very crafty, but by remaining diligent with how you manage your social media accounts you can potentially avoid having your finances maliciously depleted. For more information about account security, contact Beyond Bank now.