How Social Media Could Effect Your Wallet

1.27.10

1. It could cost you a job

Even employees who think their jobs are safe can sabotage themselves by being too honest online about their personal lives or by posting feelings regarding a boss, a client, a co-worker or the company they work for.

2. Debt collectors can find you

Social-media outlets have become a key tool for collection agencies trying to track down debtors, says Michelle Dunn, the CEO of the American Credit and Collections Association and the author of “Do’s and Don’ts of Online Collections Techniques.”

“If they don’t have a good phone number or the mail’s being returned, a lot of them use Facebook to find out if (debtors) have a different address or their employment information,” Dunn says.

3. Scams are rampant

“If you have a public Facebook profile that gives your birth date and your parents’ names and that kind of thing, they can provide the answers to security questions that your bank might have on its Web site,” she says.

Some Thoughts:

There is definitely a false sense of comfort embedded within social media. I often find myself publishing things that I would not publish, if I thought about each individual person who could read it. I usually just consider the people I want to read it or those who most often respond to other things I post.

I protect myself from these potential disasters three ways.

First, I group my facebook friends into 4 groups, each with their own privacy settings. Close friends get full disclosure. Regular friends get almost everything. Meanwhile, family, coworkers, & acquaintances get next to nothing. Additionally, there is a Sh-Crap List for people who get nothing beyond the satisfaction of an accepted friend request. I have found that this system helps minimize social trouble.

Second, I have a protected twitter following.

Third, I have a zero tolerance policy on social drama. If someone uses my social publications to stir up social drama, they immediately get promoted to the sh-crap list. It isn’t worth it. Social media is entertainment. I shouldn’t have to babysit it.

Although these safety nets can help minimize social disaster, it doesn’t prevent it. In the end, you still have to use common sense.