|
|
Alan Williams and Peter Jeppson Express Concern Over How Easy It is for Anyone to Find Out What You Own
October 19, 2009
BOUTIFUL, UTAH — Co-authors of the Money Mastery® personal financial management program, Alan Williams and Peter Jeppson, are speaking out about startling information of which most consumers probably aren't aware. "We've started asking our clients how an attorney can find out whether you have enough money to make an attractive lawsuit target," says Williams. "Most of our clients are painfully ignorant. We tell them, 'Simple. He uses the Internet to find out everything he wants to know.'"
Williams explains that while banks want people to think that there is such a thing as financial privacy, those days are long gone. Advances in computers and Internet technology allow complete access to the most sensitive personal and financial information. Full details on real estate holdings, business ventures, account balances, and transaction histories can be accessed without an individual's knowledge or permission. "Now, anyone can find out what you own and how much you’re worth," warns Williams.
Until recently, separate bits of information were scattered all over in files and county records around the country. Information could not be accessed from outside the office where the records were stored. But today the scraps of paper and written records have all been transferred to electronic form, which can be searched and retrieved from any computer using the Internet. A single query will hunt through billions of documents to produce a frighteningly thorough profile of a person's life, in a matter of hours, not weeks. "Now it’s very easy for an attorney to assess right away whether you’re 'worth the trouble' to sue," says Williams.
"As part of the financial literacy training our coaching clients receive, knowing that information is no longer secure is an important detail we make sure to communicate," says Williams. "While it shouldn’t be easy to find out everything about your private bank accounts, since you ought to be able to trust your banker, today, bank and brokerage account records are easily accessible as they are stored on computers that every bank employee has access to. Unfortunately, some bank employees accept money as an 'information broker" to retrieve sensitive financial information others are seeking access to," explains Williams.
Attorneys use these information brokers, private investigators, and other reference services and pay them a modest fee to prepare detailed information about a person's financial life. Stealing private financial information can no longer be attributed solely to dumpster divers and low-life two-bit criminals. "It’s become a booming 'above the board' business, fueled by the litigation explosion," says Williams.
To combat the problem, Williams and Jeppson help educate people about practices that can help protect businesses and assets from ligitation. Information about privacy trusts and other protection vehicles is an important part of their coaching content.
For More Information about Coaching
Time & Money, LLC, (888) 292-1099, www.moneymastery.com.
