FINANCIAL BUZZ
ARTICLE RENEE WEESE
s e c u r i n g yo u r paperless finances GOING PAPERLESS THREE STEPS TO TAKE FOR SECURITY IN A PAPERLESS FINANCIAL WORLD We have all been enticed by our financial institutions and others to “go green” for the environment by going paperless and signing up to receive statements, bills and other documents electronically. While the suggestion is presented as an opportunity to behave in an environmentally friendly manner, it is as much about saving money for our financial institutions as is it about saving trees. Nevertheless, going paperless does
tip 2 Do the research to understand the steps
make financial management and record keeping much more
you need to take on your end to thwart identity
convenient for many of us, and it’s rapidly becoming the norm.
theft. Most people depend on banks and credit card companies to monitor and report suspicious
+ For example, do you ever wonder why you don’t receive
activity, but identity thieves know how to access
Social Security statements any longer? If you set up an
other personal information from social media,
online account at ssa.gov, the administration stops sending
mobile devices and the dark web to steal your tax
you paper statements. If you haven’t joined up online, you’ll
refunds and health insurance benefits, to name a
only recieve them every couple of years.
few. Your financial institution websites also often
+ If you’re still not quite comfortable giving up your paper documents, you are not alone.
provide good information to help you understand and take action against identity theft, so look for
+ Despite the hype by companies and even the conve-
that when you go to look at their privacy policies.
nience to us, a larger percentage of us than you might think
Other information resources include the credit
still choose to receive paper financial documents, including
bureaus and the Federal Trade Commission web-
statements. Many government and business entities are
site, consumer.ftc.gov. The latter provides a wide
considering charging for the paper option, but that is con-
variety of information, from preventing identity
troversial, because not everyone has access to the internet,
theft to addressing it once it has occurred. They
technology and skills to access information online.
also list trending scams that have been reported and provide tips for avoiding being scammed.
Whether you’ve already taken the plunge to conduct your financial business electronically, or if you’re still on the fence,
tip 3 Don’t forget to educate and protect your chil-
here are some tips to help you be sure you’ve taken the appro-
dren and the elderly. Our more vulnerable family
priate steps to create a secure environment for yourself:
and friends are more exposed than ever before in the digital economy. It’s critical to learn how to talk
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tip 1 Actually, READ the privacy policies of the various finan-
to both our kids and our elderly friends and relatives
cial institutions you use. As dry as this may sound, you’ll get
about protecting their information. The Children’s
a good idea of the issues they address and the tools they use
Online Privacy Protection Act, or COPPA, is also in
to protect your information. You’ll also get a good idea of what
place to provide control over the personal informa-
they don’t do, like guarantee your privacy, so you’ll have a bet-
tion companies collect online from kids under 13.
ter understanding of the risks and know more about what you
The FTC website is also an excellent resource for
need to do to protect yourself.
learn more about the steps to take to here.
Midtown Lifestyle | April 2020