Social Media Tips to Protect Your Money and Identity

While sharing what you are doing on social media may seem innocent, it is important to remember that your friends and family may not be the only ones watching.

Last month, DJ Khaled ‘played himself’ in a social media blunder that caused the king of Snapchat $80,000 in just 30 seconds. He flashed his American Express black card which was then used to make several unauthorized purchases.

When you share your information on social media, it becomes public. And the more personal details you post, the more vulnerable you can become.

A recent Pew survey found 90 percent of millennials age 18-29 use social media. Photo Credit: AdWeek
A recent Pew survey found 90 percent of millennials age 18-29 use social media. Photo Credit: AdWeek

Here are three things you should never share on social media to protect your money.

Driver’s License

Many social media users love to share their first driver’s license on Twitter, FaceBook, or Instagram to boast about their accomplish or showcase the silly photo that was taken. What users may not realize is that a driver’s license includes personal information like your date of birth, picture, and other information that could be copied by hackers.

Pro Tip: Avoid sharing personal information that could lead to identity theft, like your date of birth, Driver’s license, or Social Security Number (SSN). By providing this information, hackers can open new lines of credit, commit fraud, or partake in other malicious activities that could hurt your credit score in the process. Remember, once you post something on social media, it stays there forever.

Paycheck

For many, the start of a new job is exciting and often worth sharing. While many of your closest friends and family members would love to see you doing well at work or hear about your new job, it is not necessary to share your first paycheck on any form of social media. By doing so, you are sharing your bank account and routing number with the world.

By searching #myfirstpaycheck, 28 individuals in Minnesota were able to cash counterfeit checks from victims who displayed their paycheck on social media.

Debit/Credit Card

Yes, people do actually post their debit and credit cards on social media.

In fact, the twitter account @NeedADebitCard has one purpose: to retweet tweets in which users link to pictures of their own debit cards or credit cards.

Under the federal law, your personal liability for fraudulent charges on a credit card can’t exceed $50, but for a debit card you could be liable for $500+. It seems like a pretty expensive price for sharing your achievement with the world.

While we may not think  twice about what we post online, remember that social media hackers are capitalizing on the mistakes we are making. Don’t play yourself. Don’t share your personal information on social media.

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