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  •      Paying the Price

    What price are you prepared to pay for convenience?
    In this day and age we are so lucky to have information at our fingertips. Busy mums, business owners, student and
    kids have technology available to them faster than the blink of an eye. Protecting your hard earned money has never,
    ever been more vital. Not only are you protecting your money, you are protecting your identity. Identity theft and
    plain old theft are on the rise. This is something that we have never had to be concerned about before. In the past, we
    did have to be concerned of bag snatches or break-ins, but hey they still happen. This extra concern requires our extra
    attention. With extra accounts where your money is pre loaded for example travel cards, motor toll passes, iTunes
    and in some instances Pay Pal.
    What are you doing to monitor the activity on all of these accounts?
    Just recently a friend of mine discovered a suspicious transaction on her Pay Pal account which then led her to check
    her bank account. So in 2 instances she had money taken away from her. The situation was very quickly addressed by
    both financial institutions and resolved. But my point is, the price we pay for convenience is that we have to be every
    vigilant and take up even more time in our busy schedules to check what’s happening with OUR MONEY!
    I say, let’s just go back to cash! Easier to track and is not attached to my identity. I would rather lose 300 bucks out
    of my wallet than my identity!
    Here is what to look out for:
    1. Skimming devices – always check the ATM where your card is inserted. I always jiggle it and move it around
    to make sure that it is part of the machine. Recently a skimming device was attached to an ATM in Brisbane
    with double sided tape!!
    2. Unusual activity on your bank accounts (including Pay Pal) – check your statements regularly. Would you
    notice $5 coming out of your account every week? Some fraudsters just do small amounts and have it come
    out of your account so you won’t be alarmed. Imagine if they are doing this to 100 people, that’s $26,000 in a
    year – easy money for them! If you notice unusual activity on your account, contact your financial institution
    immediately.
    3. Credit card requests on the phone – NEVER GIVE YOUR DETAILS OUT OVER THE PHONE! Always request an
    invoice to be sent to you, or BPAY.
    4. Be aware of how much of your personal information you have on social pages – just have a quick look at your
    Facebook page… is your date of birth on there? Link that up with a recent transaction (that a retailer may have
    posted on your behalf) and there a door begins to open for identity theft. BE CONSCIOUS AND PROTECTIVE OF
    YOUR PERSONAL INFORMATION.
    5. Check out this government website for more info. http://www.scamwatch.gov.au

    Meet Michelle House at @netConnect March 8th Brisbane

    Michelle House is a Personal Finance Coach, Business Coach, Speaker and Writer. She is the founder of Secret Budget
    and the creator of the Personal Budget Organiser. Register at www.michellehouse.com.au for your free money
    management ebook.