Top 7 Rules of Financial Security

Financial security can make your life a lot easier in the long run. It is never too early – or too late – to start saving money. Those who are financially secure are not immune to economic downturns but certainly have an advantage over others. With a little research combined with your common sense, anything can be accomplished. There are many ways thieves try to break into your finances, including phishing schemes, check scams, and ATM scams.

Phishing thieves are criminals who use the internet to exploit your personal information. They often send e-mails with official logos pretending to be a company you do business with. They will direct you to a fake website that looks real in order to obtain your credentials. With the information the criminals can steal your identity, run up high bills, or commit federal crimes in your name. In order to avoid phishing scams change your password at least once a month and retype all web addresses. Do not click on any link within your e-mail.

The most common check scam is the Nigerian Advance Fee Fraud. This occurs when you receive a letter or email saying they have sent a check to you, but for the wrong amount. You must deposit the check and wire the identified amount to them. These checks are fraudulent and you will not receive sympathy from the bank. It is a good practice to never respond to these types of letters. If it was legit it would be sent via U.S. Registered Mail or they would contact you via telephone. Never deposit such checks without verifying funds with the party's bank.

Thieves continue to use the ATM mechanism in order to steal your CheckCard information. They will set up at either a real or fake ATM and arm it with a skimmer. In essence these skimmers replicate your CheckCard, even transmitting your personal identification number (PIN). You will not know your identity was stolen because it has no effect on your card. To avoid these types of scams use ATM's connected to a bank and monitor your account online.

It is important to erase all tracks of your financial information in print and electronically. Do not store bank statements or other documents on your hard drive if they are not encrypted. If you have such data on CDs or DVDs physically break the disc in half to destroy the data. Be sure to use a paper shredder when disposing of financial documents. Keep any such papers in a locked file cabinet. If your mailbox is far from your property do not leave sensitive material sitting over night.

It is important to monitor your finances to ensure the maximum security. Check your online bank accounts at least once a day. The quicker you submit a case to the bank the faster they can resolve it. Take note of strange transactions and be skeptical as to whom you give your CheckCard number to. When shopping online it is best to use an actual credit card with a relatively low limit. It is advisable to enroll in a credit monitoring program that will send you an email when a change is made to your credit report. It is important to review such reports on an annual basis as errors can be made.