Deep Clean Your Finances

By Willie Brown

Data breaches, identity theft, and phone and Internet charges are so rampant nowadays that it’s hard to stay ahead of the crooks.  What used to protect your money years ago may not be nearly as effective now. 

Is it time for a financial deep cleaning?

The AARP Bulletin (April 2024) is full of information to help consumers safeguard their money and avoid scammers.  And as your friendly local publisher, it’s my job to warn you, my fellow villagers.

Do you think someone has got ahold of your credit or debit card and gone on a shopping spree?  Prompt communication is key to getting those fraudulent charges removed.  If you notice a suspicious charge in your bank account or credit card statement, remember time is not on your side, so don’t delay.  You may have just 60 days to dispute the charge. 

But before you do, double-check the situation.  I know, personally, I have disputed a charge or two, only to remember later that, yes, the charges were mine.  This can happen with a company that you’re not familiar with.  Look at the date and think back to where you were and what you were doing. 

Also, keep in mind that your bank or credit card company expects you to try and work things out with the merchant before they step in and reverse the charges.  So do your homework and deal directly with the company first. 

When you spring clean your home, deep clean your financial data as well. Shred your old papers, used checks and anything lying around with your social security number.  Have designated folders or envelopes to store receipts.  Even if they aren’t perfectly sorted, at least have a go-to place to put everything.   

Get into the habit of logging out of your financial accounts completely.  Set up a PIN or other login information so you are required to prove your identity every time you log on.  The worse thing you can do is make it easy for a thief to get into your accounts because your login information is pre-filled.

Block those annoying text messages and emails from scammers telling you that you’ve won some expensive gift that you never signed up for.  Yeah, right.  Never click a link from an unknown or unverified person.  Aren’t sure if the message is legit?  Look at the domain name. For instance, an authentic email from Amazon will say Someone@Amazon.com, not Someone@Amazon12er.net.

AARP warns consumers to change their financial passwords every 3 months or so.  Check your wallet or purse to make sure you’re not carrying around anything you don’t need to use—credit cards you rarely use, social security cards, etc.

They also warn to be on the lookout for sophisticated scams such as check cooking, voiceprinting and delayed-action sweepstakes. With check cooking, criminals take a digital picture of stolen checks and then use software to alter the appearance.  They can even mimic the watermark so that it looks like the real thing.  It’s best to pay online with an electronic check or debit card.  If you prefer paper checks, have them delivered to the post office, instead of your personal mailbox, which is most likely less secure. 

Voiceprinting is a tricky one.  Because, let’s face it, our voices are being recorded all the time, thieves can use your voice to impersonate you giving your consent over the phone to something you did not purchase.  It’s better to text or go online to communicate.

Unfortunately, we live in a world where lies, thievery and deception are easier to pull off than ever.  And now, with AI taking over technology, it’s harder to tell the fake from the real.  My final piece of advice is to subscribe to services that protect against identity theft, online security and other fraudulent crimes.

It’s a rough world, out there.  Be cautious.