Consumers must take the initiative to protect their financial records. Many of the recent changes in federal law places the burden on individuals to opt out of the sharing of their financial information. These resources highlight some of the issues and what you can do about it.

These StraightTalk reports provide tips on shopping and managing your financial accounts online:

• Shopping Safely Online
• Opting Out for Peace and Security
• E-Statements and Managing Your Financial Accounts Online Can Offer Big Benefits
• Managing Your Personal Finances on the Internet

Check out CCU’s Security Resources which has articles on scams and how to protect your computer.

Financial Privacy Resources from the Privacy Rights Clearinghouse includes these articles:

• Facts on FACTA, the Fair and Accurate Credit Transactions Act briefly describes the provisions of FACTA which is supposed to help consumers fight the growing crime of Identity Theft. FACTA also includes accuracy, privacy, limits on information sharing, and new consumer rights to disclosure.
• Protecting Financial Privacy in the New Millennium: The Burden Is on You describes how the Financial Services Modernization Act (also called the Gramm-Leach-Bliley Act or GLB) impacts your financial privacy and how you have to “opt-out” of having your information shared.

From the National Consumer Law Center:

• Tips for Seniors on Living Trusts—This fact sheet provides basic information about living trusts and wills and describes some of the most common scams.
• Tips for Consumers Considering a Reverse Mortgage—This fact sheet defines a reverse mortgage and what you should consider before applying for one.

Don't Get Taken to the Bank - Protect Your ATM and Debit Cards from the Better Business Bureau provides some tips to help you avoid having your ATM, credit or debit card's details (name, address, telephone number, card number, credit limit and PIN number) stolen.

From the FTC:

• Privacy Choices for Your Personal Financial Information describes what information you can and can’t stop, your right to opt out, privacy notices you may receive and what to do with them.
• Investment Risks describes questions that you should ask before investing.
• Home Equity Loans: Borrower Beware! describes abusive loan practices that could cause you to lose your home.

Your financial privacy can also be threatened through scams. The FTC fact sheet Putting Telephone Scams…On Hold describes scams that can cost you your hard earned cash. And to add insult to injury, if you’ve been a victim of one of these scams, then the scammers may try again with another scam purporting to help you recover your loss from the first one!

Protecting Your Privacy, Your Identity, and Your Money—Remar's privacy seminar handout—provides additional resources for protecting your personal and financial information.

Prepared for Corning Credit Union by Remar Sutton & Associates, May 2005. Reviewed and updated August 2010. All rights reserved.