|
|
Time & Money, LLC Exposes the Tricks Used to Uncover Your Private Financial Information
October 29, 2009
BOUNTIFUL, UTAH — Financial literacy provider, Time & Money, LLC is concerned about consumers' lack of awarness when it comes to protecting private financial information and is taking steps to better inform the public through its social media pages on Facebook and Twitter and through the company blog. Recent posts on such sites are intended to draw the public's attention to a growing problem.
"People have no idea how easy it is for virtually anyone to find out anything they want about you," says Peter Jeppson, co-founder of Time & Money, LLC. He goes on to explain that anyone who wants to put together a complete financial picture on a consumer does three basic things:
1. Locates and values any property a person owns. This is easily done through a linked national online database. No more searching country indexes, a single search will bring up every real estate record in a person's name including loan balances and type of property. The cost? Nominal.
2. Uncovers how much cash a person has. Most people believe that in the absence of a forced government or court inquiry, the bank will not make account information available to third parties. But nothing could be further from the truth. Companies specializing in information retrieval will provide attorneys and private investigators a detailed report with location, account number, current balance, deposits, and withdrawals for every account that a person owns, and all for a pretty small fee.
3. Hires an Information Broker. These "brokers" collect a broad list of names which meet specific financial criteria. A search can be secured from one of these brokers for less than $1,000 that will include real estate holdings, bank and brokerage accounts, and safe deposit boxes.
Time & Money, LLC is making information about the tricks used to uncover financial information available to more than just their clients through their social media activities. Some of the tricks they have exposed on the company's Web site include:
- Using a “source”— someone who works for a bank or firm and has access to a computer who’s willing to supply customer information on a per transaction basis.
- Using A “pretext” — a trick where a broker will pose as the person being investigated. They can do this because the attorney has already given the broker the person’s full name and address. With this information, the broker can locate a Social Security number. Because everyone has applied for credit with their Social Security number and that credit information is now located on national databases used for marketing purposes a broker can find a Social Security number, mother’s maiden name, and telephone numbers in a few minutes. The broker then calls the banks or firms and poses as the person being investigated and asks to do a wire transfer over the phone. Because he has the person’s Social Security number and mother’s maiden name the bank will give the wire transfer instructions, which will always include the bank account number.
- Employ an “individual reference service” — thousands of employees are paid to research and input personal information about consumers which they supply to attorneys, marketers, credit suppliers, financial institutions, etc.
- Count on “voluntary supply,” which occurs when a consumer provides private information at the time they purchase a product or service. A mortgage loan application can be made available by the lender or institution for marketing purposes, exposing consumers to attorneys.
- Use public records — this is another rich source which is easily accessible. It includes records for birth, death, marriage, divorce, vehicle and title registration, voter registration, bankruptcies, firearm permits, and more.
Time & Money co-founders, Alan Williams and Peter Jeppson are helping their clients overcome these problems by counseling them on setting up Family Limited Partnerships (FLP) or an LLC and putting assets into a Privacy Trust within the FLP or LLC.
For More Information
To learn more about organizing finances to protect against litigation call: (888) 292-1099.
