From Likes to Identity Theft: The Unseen Risks of Social Media on Your Finances and Personal Information

Social media may be a great way to connect with your loved ones and seem harmless. But a few simple mistakes could invite cybercriminals to jeopardize your credit, get you caught up in a scam, or open you up to fraud.

Here’s a look at how social media habits can potentially endanger your finances and identity.

The Dangers of Social Media

As social media platforms such as Facebook and Instagram grow and play more of a role in our lives, identity theft is increasingly more common. According to a Javelin Strategy and Research report, identity theft costs victims $43 billion in 2023. Many thieves find their victims on social media just by seeing what you share.

Cybercriminals may use your name and photos for fake profiles, luring victims to:

• Donate money
• Give financial help
• Spread hateful speech
• Post embarrassing messages or images
• Send spam or post links to malicious sites

They may also use the personal details you share on social media to steal your identity. Even though you may know that you should never share personal information such as your Social Security number or your credit card information online, have you given thought to the fact that some of the images or things you post might be used by scammers?  For example, you post a photo of a job offer that you were very excited to receive, but that photo may reveal your full name, address or even your phone number. This information could potentially be used to create fake profiles or gain access to your financial information.

Social Media Habits Under Spotlight

Social media sharing and posting can have financial consequences if you aren’t careful. You must be aware of the risks that come with oversharing information on these digital platforms. Before you log on, think about these social media habits that can lure an identity thief into stealing your information.

Keeping tickets private: Before you post a photo of your boarding pass for your next vacation, consider hiding some private information. Data such as bar codes and serial numbers can be used by fraudsters to steal your account and your loyalty points.

Safeguarding your cards: Keep your gift cards, credit cards, and driver’ license in your wallet. They don’t belong on your social media timeline. Posting photos of your cards invites fraud. These cards have personally identifiable information that thieves can steal.

Playing it safe with personally identifiable information: Sharing your phone number, home address, date of birth, and email address can give thieves the information they need to open fraudulent accounts in your name and compromise your identity. This privacy rule not only applies to adults but also children. Try to avoid sharing information about your kids, leading to a form of identity theft in which family friends or relatives steal a child’s identity to open accounts.

Phony debt collectors: If you receive a comment on a post from someone claiming to be a debt collector, it’s a scam. The Fair Debt Collection Practices Act requires that debt collectors contact you privately to discuss the amount you owe and the name of the creditor. These fraudsters will make threats, use abusive language, or ask for the debt to be repaid using gift cards or cryptocurrencies. If you need to verify your debts, check out your credit report using a trusted site like AnnualCreditReport.com.

Clicking unfamiliar links: If you receive any messages asking you to confirm your identity or update your password, it may be a malicious link. Clicking on unknown links in suspicious messages can infest your computer or mobile device with malware to steal your information. Make sure to verify the sender’s authenticity, look for any message inconsistencies, and hover over links to check for matching web address starting with HTTPS for security.

Using weak passwords: Avoid using the same social media passwords for your email, bank account, credit card, or other financial services including shopping accounts. Using the same password for everything can make it easier for cybercriminals to gain access to your information. Consider updating your passwords to make them harder to guess.

Using geolocation tags: Telling your friends or followers where you are may not be safe if an identity thief is looking for information. If you tag a location in a post, the tag may show your actual address, not the city. To keep it private, adjust your location services settings on your accounts before posting. As updates are made to existing social media platforms, check your settings to make sure your location services are still set to private.

Checking in everywhere you go: Checking in at places such as your job or the gym opens the door to identity thieves. For instance, if they know where you bank, they can gain access to your home address and personal information to mess with your finances. Same goes for tagging your friends. An identity thief may be able to see who’s on your list and gain access to their accounts. They may also use your friends’ posts to learn more about you. If your social media accounts are set to private, tagging could expose your information.

Sharing your birthday: Identity thieves may gain entry to your bank or email accounts if you share your birthday. In the U.S., 59% of adults use their birthdays and names to create passwords. You should also watch out for social media memes focused on birthdays. For instance, you receive a quiz-like meme that requires comments to get a result. To get your results, you must share your birthday in the comments. The issue is that identity thieves can use these comments to figure out passwords or get other personal information for other targets.

Being friends with everyone: Having a large group of friends on social media may be great; however, you may get into trouble if you accept invites from people without researching their profiles. Identity thieves can set up fake social media accounts to start phishing scams or fraud attempts. Look into the friend request before accepting.

Privacy and Safety While On Social Media

You can protect yourself and your personal information while on social media with different strategies to reduce the risk. These include:

• Focus on privacy. Be careful what you post online and don’t reveal any sensitive information such as your address. You may also look at your privacy settings on your social media accounts. You may decide to keep your accounts private so only those on your friends list can see your posts.
• Use strong passwords. Create a complex password that is random and over 15 characters long for all your accounts. You may activate multi-factor authentication for extra security by receiving a code to your phone or email anytime you log in.
• Accept friend requests carefully. Only accept friend requests from those you know. Be careful with messages or links sent by people you don’t know.
• Watch out for phishing. Scammers may send fraudulent messages posing as staff from any of the social media platforms. They may claim your account was hacked or you need to update your password. The messages may ask you to click a link and enter your login information that allows scammers to access your accounts. Be sure to look for strange details including misspellings and grammatical errors and hover over the link to see if it takes you to a site unrelated to the sender.
• Don’t share sensitive information online. Never send payment or personal information over social media on posts or private messaging.

Along with checking your privacy settings, there are other ways you can protect yourself from identity theft. Consider these best practices:

• Search for yourself on Google or another search engine.
• Change your passwords periodically.
• Post a few days after your vacation.
• Check your credit report.

Security Is Adirondack Bank’s Concern

Because we offer several electronic banking options including online banking, we are committed to working with our Internet service and communications providers to produce the safest operating environment possible for our customers.

At Adirondack Bank, we will never ask for your account number, Social Security number, name, address, or password in an email or text message. We will only ask you to provide this information to verify your identity when you call us directly. If you receive an email, text, or call and you’re suspicious, play it safe by calling the number on the back of your card to speak to a representative about the message you received.

Remember to protect yourself from scams and fraud. Check out our fraud protection section for current cyberthreats and what steps you can take to reduce the chances of falling victim. You can also check out the Federal Trade Commission for the latest insight on avoiding scams and online fraud.

The information in this article was obtained from various sources not associated with Adirondack Bank. While we believe it to be reliable and accurate, we do not warrant the accuracy or reliability of the information. Adirondack Bank is not responsible for, and does not endorse or approve, either implicitly or explicitly, the information provided or the content of any third-party sites that might be hyperlinked from this page. The information is not intended to replace manuals, instructions or information provided by a manufacturer or the advice of a qualified professional, or to affect coverage under any applicable insurance policy. These suggestions are not a complete list of every loss control measure. Adirondack Bank makes no guarantees of results from use of this information.