Personal finance expert Suze Orman had some valuable tips and information to share with us about preventing identity theft online.
In light of several recent identity theft cases with big stores like Target and Neiman Marcus, Suze insists on taking precautionary measures against identity theft. She says most of these online identity theft situations are associated with debit card accounts.
“Every time you use that debit card, they take money out of your account. It's attached to either a checking or savings account, so be careful,” Suze cautions.
Suze recommends not having your entire life savings in the account associated with your debit card, as this could potentially cause massive financial damage if the card was ever lost or stolen. She gave us the following tips as precautionary measures against online identity theft:
First, divide and scatter smaller amounts of your money across multiple accounts rather than storing all of your earnings in one large account. This way, if money is stolen from one account, you have several backup sources.
Also, Suze recommends changing your PIN at least every other month and any pass codes associated with your debit card at least once monthly.
Get one on one financial advice from Suze here.
For more advice on managing your money, see Suze's personal finance tips:
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