What does privacy have to do with financial wellness?
An often-overlooked piece of financial wellness is protection. No matter how much employees save and invest, if their assets are not protected, they are at high risk of a financial emergency.
Financial fraud happens when an individual’s information is left vulnerable and criminals are able to use it to access their bank accounts, steal their identities, and/or divert money in their name. In addition to funds being stolen from a person’s account, financial fraud can saddle people with debt or legal implications and ruin their creditworthiness. There is mounting evidence that financial fraud has a lasting impact on a person’s finances and can devastate employees’ efforts to achieve their financial goals.
Financial security risk factors – how can I keep my employees from falling victim?
- Weak passwords – Criminals can easily gain access to employees’ personal information if their passwords are not strong. Requiring a combination of letters, numbers and other characters helps, but giving employees an auto-generated ‘secure’ password can be even better. Employers can also require employees to regularly change their passwords and advise them not to autosave their passwords in their browsers.
- 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 employees are educated about phishing scams and always report any suspicious activity to you. It also doesn’t hurt to remind employees to implement their training about phishing on their personal accounts as well.
- Credit monitoring and awareness – Not all identity theft will be detrimental. Employees can stop fraud in its tracks and minimize its damages IF they 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. Providing employees with tools to monitor their credit score will help them to always have an idea of where they stand, which not only helps them to stop any fraudulent activity, but also helps them reach their other financial goals.
- Identity theft protection – This one is obvious. There are a multitude of identity theft protection tools available, and without them, employees are that much more vulnerable. By bringing in identity theft protection as a benefit, you can keep your employees safe from financial fraud and give them peace of mind when it comes to their finances.
See how Kashable can help with identity protection & security when you Book a Demo.
Learn more about Financial Wellness from our Video Series here.