Ways using Facebook can put your bank account at risk

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Did you know sharing too much information on Facebook can be risky business? And it can put your bank account at risk?

Facebook currently remains one of the most popular destinations on the web. With over 1 billion members in 2017, for several years now the network has pretty much remained the top network people turn to socialize online. Many people across the globe perceive the popular social network as offering many benefits. Using Facebook, however, does not come without its drawbacks. The larger the network has grown, the more attractive it has become to scammers and ID thieves.

Over time a variety of scams, primarily fueled by social engineering techniques and malware infections, have plagued Facebook, creating both identity and financial theft risks. Here are some of the ways using Facebook can put your bank account at risk:

Profile pages and posts

Information such as mother's maiden names, names of high schools, home towns, high school mascots, parents, and other family members are all often listed on Facebook profiles, and these tidbits are all desired information by thieves. The reason is because these details create a valuable goldmine of information for any individual looking to tap into bank accounts. Through posting information, the tools needed for thieves are frequently so easily, and unwittingly, handed over by the victims. And they might be after more than just your money, they might be targeting your identity too.

Aside from leaving your address, phone number and other personal information offline, you should also leave your birthday and that of your spouse and kids off the network. Are those "happy birthday" posts really that important or necessary? Does it really matter if someone "sees" you wish your family members a happy birthday? Do yourself and your family a favor, share your wishes privately. This little tidbit can help thieves get to your money or take your ID and run up credit in your name.

Poor password practices

There are many ways people do not adequately protect themselves when it comes to passwords. Using short and simple passwords and/or the same password across multiple sites can increase your risk factor. For instance, because passwords can be difficult to remember, people often use the same string of characters for multiple sites. If your Facebook account is compromised, and you use the same password for your bank or other financial websites (such as PayPal), your money becomes at risk. To better protect yourself, create unique and strong passwords for all your major accounts.

However, know that unique and strong no longer means long strings of numbers and miscellaneous letters and special characters. As of earlier this year, the new guidelines are "keeping passwords simple, long and memorable." Just remember not to use the same password for Facebook and any other site having to do with money.

Shared links

While Facebook is all about sharing, unfortunately, this can quickly lead to compromised accounts. Scammers launch enticing or shocking sounding links on the network and suddenly these URLs can spread like wildfire. In most instances, these links are not legit and, in some cases, send users to a falsified Facebook login page.

Unsuspecting users may enter their password and then once this is done, the exploiter has the password to the account, gaining access to all information not seen publicly, including account security questions. Or the link may lead to installed malware to track keyboard entries and/or steal personal information from the computer.

Account security questions

While account security questions are designed to protect accounts, at the same time these can create risk, especially if poor password practices are followed. However, the questions asked are often the same ones asked by banks. Be sure and use different security questions with Facebook than you'd use for your bank. Also, eliminate any information on the social network that is used in bank account security questions.

While Facebook is seen by many as being a great website to belong to, it doesn't come without its drawbacks. Do not rely on websites to protect your information, and with Facebook, there is a long history of privacy issues associated with the company. Over the years, since the social network giant's birth in 2004, privacy has been a point of contention with the network and privacy advocates. Numerous times Facebook has battled privacy firestorms which have ranged from user outrage to lawmaker intervention.

If you use Facebook, I recommend reading this article published by The Telegraph in 2013. It's a good read on the ways cybercriminals can get all sorts of juicy information from a Facebook account.

Bottom line, be vigilant, use smart online practices, and be aware and up-to-date on the new trends or scams that emerge. Interaction on Facebook can directly, or indirectly, lead to bank accounts being looted. Be smart and don't fall victim to the many ways using Facebook can put your bank account at risk. Avoid the pitfalls and keep your money safe.