Identity theft and identity fraud has been a concern for a number of years now. It is not new on the horizon, but it seems easy to set aside if it hasn’t happened to you, personally. In 2010, the reported number of identity theft complaints exceeded 250,000, as reported by the US Federal Trade Commission (Security Technology and News US Correspondent, 2011).

We are living in the information age and access to personal information has never been easier. However, with that information age and the tools to access data, there are also products/services like IdentityHawk that can help to protect a person against identity theft and identity fraud.

First, consumers should be advised to be cautious. Do not hand over information to someone calling on the phone, or sending an official (or unofficial) looking email or snail mail. Watch the online payment systems, first, that they are credible, and second that they show that they are on a secure server (a lock and the protocol “https://” preceding the web address).

These are only some basic, just-scratching-the-surface, off-the-cuff tips, to truly implement an identity theft protection plan, you will want to find a product that will help you to be able to identify risks, and identify steps that can be taken to protect their identity. IdentityHawk is an example of just such a product.

Am I advising you to panic over the thought that this could happen to you? No. However, I do caution you to act wisely, and obtain a product/service that will help you minimize the chances of this malady happening to you.

References
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Security Technology News’ US Correspondent (2011). US releases identity theft statistics. Retrieved January 28, 2011, from http://www.security-technologynews.com

I know, for some people it is like getting your test back and not sure what your grade will be, but knowing you went to the Superbowl instead of studying for the test. A credit report doesn’t have to be nerve-wrecking. This is especially true if the financial burden of obtaining the report is taken care of for you.

Knowing your credit score will help you in cases where you fall in love with that new piece of furniture, new car, new appliance, and impulse takes over and you want to apply for credit, but you have had a couple bumps and you are not sure where you stand. (Hey, it happens to all of us!) By knowing your own score, before hand, you will be able to save yourself that gnawing feeling of “Do I?” or “Don’t I?” qualify and be able to approach the impulse purchase and plan for the non-impulse purchases, confidently.

Think of it this way, if you don’t know your credit score, you don’t know where to study for that test next time. So, any information that you can obtain, to help you improve, is just that, an improvement, right? Knowing your credit score may help you identify what the next steps are in your plan to take advantage of a higher credit score. So, what is better than obtaining your credit score? Obtaining a free credit score! What are you waiting for? The Superbowl will still be there, but take the few moments to help yourself, and take advantage of *knowing* your credit score.

Last time, it was discovered that there was an increase in debt. Although debt is increasing, the type of debt is a sign that the economy is improving. At the moment, Americans are carrying a large amount in debt, but this debt is mostly as a result of people taking out loans to purchase new furniture, to buy new cars, to purchase boats and to pay school expenses. These types of purchases mean that people are feeling more positive about the economy and their futures because they are now willing to borrow large sums of money for expensive purchases.

Credit Card Debt Is Decreasing

Another sign that the economy is improving is the fact that bad debts are decreasing, and credit card debt is a type of debt that is currently going down. The indicators have shown that credit card debt has decreased on a large scale. Credit card debt is not the only thing that has dropped; the numbers of times that people default on their payments has also decreased. This means that American consumers are managing to pay their credit card bills on time. They are also keeping current with their payments on the loans described above.

The Decrease in the Trade Deficit

On a larger scale, the Census Bureau also reported some positive news from the same time period. The trade deficit decreased, and this is more positive evidence that the American economy is on the mend. The economists do have two concerns; oil and food prices may continue to rise, and this may put a stop to the positive factors that are making the economy grow, but it remains to be seen how the rise in these prices will affect the current recession.

The Results of the Positive Indicators

With the indicators that have been discussed, economists are beginning to believe that consumers are having an easier time paying their bills. They are also feeling more confident that they will retain their jobs in order to continue making their payments on time. As a result, they will continue to pay down their credit card debts and obtain more loans for big ticket purchases. As people spend more money, they help to take the economy in a positive direction rather than holding onto it in savings as they have been doing in the recent past.

Reducing Credit Card Debt

Consumers who are unable to join in on the latest financial trends may be where they are because they continue to have difficulties with their credit card debts. These consumers need to find out debt relief companies, and then they, too, can take advantage of the bettering economic conditions. These consumers may be able to reduce their credit card debts with the help of a debt settlement company. They may also obtain a debt consolidation loan to pay their credit card debts all at once. By choosing one of these options, they will not be left behind if the economy continues on its upward trajectory.

Credit card processing services coming to you from Toronto, Canada.

Having worked in the financial industry for some years now, in the Los Angeles area (yet working on “Wall Street” time!), I have had the privilege of working with banking institutions and companies out of our neighbor to the North, specifically, in the city of Toronto, Ontario, Canada.

Before becoming an IT professional in the Financial Industry, I ran my own business. I remember researching and trying to find the right company to handle our online payments. This was before the time of PayPal and the respectability that PayPal has earned since then. So, as you can imagine (and some of you remember), it was a bit of a challenge to find a reputable company that not only you, as the merchant trusted, but also, was credible with the clients.

Times have changed and we, as professionals, have had time to understand the process and the industry seems less confusing than it did a decade ago. But, then, that could be because I have been immersed in it for so long. Thankfully, companies like the Monex Group offer services like online payments, as well as POS systems for your brick-and-mortar side of your company. And, they can lend you a helping hand in understanding what you need when receiving payments from your eager customers.

Let’s face it. This economy is tough! If you are lucky enough to earn some money, you may be tempted to spend on stuff that makes you feel good, because the economy is not helping you feel good, is it? And, add to that, the holiday season that just passed. Have you got the credit card bills yet, or are you avoiding the mail?

You are not alone. According to Google, the unemployment rate, as of December 2011, was 8.5%. Bloomberg tells us it is 8.6% and provides some commentary by various people on the outlook for 2012. Not quite gonna get out of this slump, yet, eh?

Well, you don’t have to sit back and wait for the world to look a little less cloudy. Sites like StartFreshToday.com offer a credit counseling course that may help you, especially if you feel you are facing (or have faced), bankruptcy. Even if you believe you have “heard it all” and already know what to do (Yeah, like stop spending?), there is always more information that you can learn – a tidbit here, a tidbit there, to help you not only improve your financial prowess, but help that sun to come make an appearance from behind the clouds.

With tax time looming around the corner, the topic on some of our minds is, yep, you guessed it, Taxes! And, with that, we may wonder, especially those of us who run consulting firms, whether our bookkeeping solution is adequate for our needs. I have personally been using QuickBooks for years now and love it, but have been looking online to see what types of software and online services are available these days. Hey, I need to ensure that I am using the best possible – the most bang for the smallest buck!

I have discovered some bookkeeping software by Outright. First, and while this isn’t the most important feature, it is the first on my mind… The price is right! Did I read that right? The price is only $9.95 per month? Hey, I pay more than that for other services that do not provide nearly the time savings that this solution does. Time savings? It’s simple. The Outright solution accesses your banking information directly from the institution and imports it into your accounting records. Now, unless you are doing everything in cash, and nothing ever hits a financial institution, your bookkeeping is done in the ease of a click of a button (or two, or three…LOL).

Ok, ever the security-consious professional that I am, my main concern would be the security. Outright claims that they use SSL security in accessing your financial data, and that even *you* cannot access the data (see their site for more information). While I haven’t signed up for their service, yet, this is the same type of security that is on other financial web sites. So, if you are already using your iPad, iPhone or web site to access your bank, you are already using a similar technology! That said, it is your decision. But, it looks to me to be a reasonable “bang” for taking care of your “bucks.”

Yes, it is true, my background is in information technology, and more specifically, the management of information technology in the financial industry. Living in the exciting, though sometimes tumultuous world of investment banking, is a thrill-ride, to say the least. It is also responsible for piquing my interest even further into the investment world and learning about companies that specialize in mergers and acquisitions. More recently, I have been reading about chemical mergers and acquisitions, and discovered a group called The Valence Group.

The Valence Group, which is a chemical investment bank specializing in companies in the sector relating to chemicals and materials, is well-suited for the expertise that they claim, with their plethora of experience. Notably, I would be more akin to attesting to how their information systems may be enhanced to accommodate their investment expertise more so than to speak to the aspect of the actual process or compete with them on their own turf, specializing in the area of being a chemical advisory group.

In this day and age, there are so many investment opportunities, even by way of those emails coming into your box! (Oh, please, people, tell me you don’t respond to those!) There are also the “mainstream” investment opportunities which may seem “safe,” and possibly are. But, again, to my novice mind, if you want to invest, find people that have a niche, and in this case, The Valence Group has found theirs in chemical M&A.

Disclaimer: For SEC purposes, please let me remind you that I am not licensed in the area of offering you any investment advice. Not only that, but I am not personally knowledgeable in the area of giving investment advice. So, please, do your due diligence for your sake and do not rely on me to point you to the “sure thing” as far as your money goes. I can give you advice on how to build an information technology infrastructure that will support your investment firm in the most efficient, SEC-compliant manner (for a price, of course), and I can recommend which personal computer you may want to buy, but, I am *not* an investment banker. I just like working with them. 🙂

There have been more and more stories of financial fraud in our world recently. Our society seems to be that much more interested, and have a heightened awareness since the Madoff scam. But, I have to ask myself, how many other scams are out there, that have not been uncovered. And, are we more aware of the scams because of the magnitude of the Madoff scam, or it is because the information is more readily available to us through the media, and more particularly the internet? Were there scams in our past that were covered up? Are there paper trails that do not exist any more (or never existed)? Ok, don’t worry, I’m not trying to become a conspiracist. But, I will say that there is a lot that can be covered up, even in this day and age.

So, how safe is your investment money, really? Do you know what to look for in an investment firm or advisor? Does the SEC know what to look for, really?

As a director of information technology in the financial industry, I know that it is not hard to pull the “wool over the eyes” of auditors, including SEC auditors. Not that I would ever do anything dishonest! So, why do I say this? Because the auditors do not ask the right questions! Oh, they may ask the questions when it comes to the trading end. I can’t speak to that side. But, when it comes to technology, they seem to be missing something. That’s where I would like to see the clients empowered to ask the right questions, themselves, protecting their assets and investments.

Ok, off the soapbox, and coming back to the topic. Is this a trend or is this more exposure. What do you think?

As Mr. Laidlaw says, “It is very easy to prevent this from happening again. Do not rely on the person managing your money to also be the SOLE provider of accounting on your account. Mr. Madoff’s firm was creating the statements for his clients and manipulating the data. Any reputable advisor will also have another 3rd party provider issuing a statement. If you are using a TD Ameritrade, Schwab, or Fidelity platform then you should be fine, as they are issuing the statement. At my firm, we create a consolidated statement that is also backed up by a 3rd party provider. Think of it as wearing both a belt and suspenders. The chance of your pants falling down is zero. Many of the stories that came out after from those who avoided Mr. Madoff had to do with the CPA or attorney reviewing what they were doing and advising the prospective client to not engage Mr. Madoff’s firm.

Common sense leads a reasonable person to think that the returns Mr. Madoff was claiming, without verification, had to be too good to be true. People chased greed and the appearance of success without doing basic due diligence on nothing more than a common thief.”