Financial Wellness 101: Why Privacy & Security Matters to Financial Wellness

What does privacy have to do with financial wellness?

An often-overlooked piece of financial wellness is protection. No matter how much you save and invest, if your assets are not protected, you are at high risk of a financial emergency.

Financial fraud happens when your information is left vulnerable and criminals are able to use it to access your bank accounts, steal your identity, and/or divert money in your name. In addition to funds being stolen from your account, financial fraud can saddle you with debt or legal implications and ruin your creditworthiness. There is mounting evidence that financial fraud has a lasting impact on your finances and can devastate your efforts to achieve your financial goals.

Financial security risk factors – how can I keep from falling victim?

1. Weak passwords – Criminals can easily gain access to your personal information if your passwords are not strong. Using a combination of letters, numbers and other characters helps, but if your employer is able to give you an auto-generated ‘secure’ password, that can be even better. It is also wise to regularly change your passwords and to make sure your passwords are not autosaving in your browser.
2. Phishing – We all know that phishing scams have been an issue for years, but since remote work has become the new norm, criminals have amped up their efforts…and gotten more clever. Ensure that you are educated about phishing scams and always report any suspicious activity to your employer. Of course, this extends beyond your work email too. Be sure to implement your training about phishing on your personal accounts as well.
3. Credit monitoring and awareness – Although not all identity theft will be detrimental, you can stop fraud in its tracks and minimize its damages IF you catch it early. The problem is that one of the telltale signs of identity theft is a rapidly declining credit score – yet many Americans do not keep a regular eye on their scores. So, utilizing tools that monitor your credit score, such as those offered as part of your benefits package, can help to give you an idea of where you stand, which not only helps you to stop any fraudulent activity, but also helps you reach your other financial goals.
4. Identity theft protection – This one is obvious. There are many identity theft protection tools available, and without them, your personal information is more at risk. By using identity theft protection benefits from your employer, you can keep yourself safe from financial fraud and have peace of mind when it comes to your finances.

See how Kashable can help with identity protection & security when you visit our website.

Learn more about Financial Wellness from our Video Series here.