A Facebook Post Can Cost You Money

If you were appalled by the way personal data on Facebook appears to have been manipulated for political ends, have you thought about how this data could also be used to target your finances?

In this article in The Independent, freelance journalist and consultant David Prosser writes that too few people understand how their information can make them vulnerable to financial crime.

Facebook and other social media sites offer crooks and fraudsters a treasure trove of data they could use to steal from you – in all sorts of different ways.

He mentions thefts that have taken place when people have posted about being on holiday and fraudsters who have posted as travellers to target their friends and families with appeals for financial assistance.

It's not only crooks you need to look out for. The financial services industry is making increasingly sophisticated use of personal data generated in a whole host of different ways.

Your health insurer, for example, might soon have access to data from your supermarket loyalty card, will then notice your diet puts you at risk of certain health conditions and will therefore increase your premiums. Or a life insurer refuses to offer an affordable cover after seeing pictures of you doing dangerous sports on social media.

David Prosser concludes that the Cambridge Analytica Facebook scandal has some very broad lessons.

It's a reminder that our personal data is precious – where we remain in control, willingly sharing information with partners we trust, there may be real benefits. But without vigilance this data could also be our downfall – financially, as well as politically.

If you would like to know what information exactly Facebook has gathered about you over the years, go to the settings and download a copy of your Facebook data. There may be more details than you expected.