Keeping Financial Information Safe

When it comes to personal financial information, it's important that consumers take all the necessary precautions in order to avoid becoming victims of fraud. This is especially relevant for debit cards and ATM use.

PULSE vice president of fraud management Jim Cichy said that "the recession has prompted consumers to use their debit cards more often than other payment methods, but with frequent use comes the increased potential for fraud. To keep money safe and secure, consumers need to better understand how to ... combat security compromises and fraudulent use of financial information."

Becoming a victim of fraud can cause some consumers to seek out debt negotiation with their financial institutions. One of the first things a person can do to protect themselves from identity theft is to never tell anyone else their personal identification number, PULSE said. Consumers should also never give out personal information over the telephone. Other tips include reviewing debit and credit card statements, reporting stolen cards, and not to give personal information in response to an unsolicited email.

Fraud and identity theft is a large problem in the U.S. More than 11 million Americans were victims of it in 2009, and it cost them $54 billion.