Can Social Media Can Hurt You Financially

Social media is viewed as the last decade’s best development by some and the fraudster’s best ally by others. While the debate continues to rage, one thing emerges as a certainty – a good amount of caution and common sense are necessary when using social networking tools. A combination of poor judgment and social networking is a recipe for disaster and can hurt your career, finances and personal security.

Many employers tend to run a Google search on prospective candidates to see what kind of results it throws up. Any social networking accounts put up by the candidates and his or her posts will show up in the search. Radical views, fanatical beliefs or just plain weird tastes can put off an employer quickly.

Employees need to be doubly careful about airing job woes online, because supervisors or bosses may be accessing the same sites. In certain situations, tweeting about your job or inadvertently giving out details about new projects or products can result in the employee getting the pink slip instantly.

Employment is not the only area where tweeters and bloggers may face trouble. Lenders also monitor social networking sites to gain a feel for the financial health of clients. People who post updates about losing their job or having to take a pay cut may find it very difficult to get fresh loans or at the very least may be offered higher interest rates. On the other hand, borrowers who share the good news about bonuses or increments they have received, may find lenders lining up for a share of the surplus cash towards repayment. It is essential to maintain silence on news that can reveal your finances when you are online.

Lenders also use social networking to track down defaulters when they find it hard to get in touch with them otherwise. Once they unearth a defaulter on a social media website it becomes an easy task to keep track of the defaulter’s posts and get an idea of where he is at present or where he works if he is open enough online.

Lack of good judgment in social media can also make you an easy target of scams. Requests for cash under the name of one of your acquaintances are common and must never be entertained. Personal data, especially of the financial nature, that can be used by fraudsters should never be revealed in such networks.

Speak Your Mind