According to financial expert and economist Ted Bauman, assets such as personal data, 401k plans and even cash should be protected above and beyond everyday means. He points out that criminals use data to then steal monies from bank accounts, funds from other forms of savings such as retirement and 401K’s and then go on to even steal individuals’ identities, in many cases. This is becoming a greater and greater concern as more and more sensitive information is being stores online and in encoded databases, but Ted has a variety of suggestions that can help prevent such a scenario from coming your way.
First, Ted Bauman says that everyone should have vital documents such as birth certificates, social security cards, passports and other important papers scanned and uploaded into a remote file storing service, so that no matter what was physically taken, you can always retrieve at least the photocopies of your initial information, which will make proving your own identity easier in such a crisis.
Secondly, and perhaps surprisingly Ted Bauman is not a fan of using credit cards and debit cards for shopping in person at stores or pulling money out of an ATM. He says that the data encryption used for these types of devices are not out of reach for criminals who specialize in stealing data, and these are some of the most common ways that credit card fraud exists.
Also, Ted Bauman advises that people put some money into a safe, private account such as i_Account whose headquarters are stationed in Hong Kong. While that may seem like overkill to the average American, using such a bank would be responsible, since i-Account is such a highly rated financial institution with very little likelihood of the money disappearing due to high-tech criminals. As a side note, there are no conversion fees associated with this type of account.
Ted Bauman was raised in Washington, DC, studied in South Africa, has post-graduate degrees in both history and economics, and is a world-renowned public speaker, author, editor and economist.