I know you’ve heard it all before. Although the internet can be a wonderful source of information and education is has also become a haven for the more unscrupulous aspect of society. There are reports after reports of how someone or another was duped or taken advantage of by these unsavoury characters. But this discussion is not about porn, scams or dishonesty. Today we talk about how the unethical element of society is now using the internet to find things out about you and then use this information, possibly to your detriment.

Do you have a Facebook profile? Did you ever use MySpace? Do you Twitter? Are you on Classmates.com? Do you have a Blog? Are you LinkedIn? These modern inventions of the internet have become popular forms of sharing information about our lives. They are the new form of social networking. Old high school friends can reunite using these services. Businesses have a ready network of referrals. You can plan your next party. You can tell your story to the world, including pictures. Isn’t the internet a fantastic sharing tool?

But you must be aware that there may be others checking you out: your banker for instance. These socially accepted services designed for sharing information have potential to become serious tools for lenders to decide on whether or not they will grant you a loan. One lender in California has admitted to using the information on social networks and matching that information with credit applications. Any discrepancy will be reviewed and the information gathered is used to determine the creditworthiness of a client.

The insurance industry has been using the internet with success for some time now. It may seem crazy but there are people who are on a disability claim, collecting benefits and were supposed to be unable to work or perform any form of physical activity. Then they posted pictures of themselves on their social network site showing themselves taking part in extreme sports or physical activity like waterskiing. Insurers are searching social networks for those on claim and if discovered benefits are cut, as they should be. Claims are also being denied for burglary when the homeowner is found to have posted that they will be away on vacation during certain dates. This just invites thieves to come over and take your stuff.

And what about that job interview? Employers are making a point of checking social networks to see the character of the applicant. If there is a toss up between two candidates and one has a Facebook profile describing multiple parties and compromising photos it will probably be the other candidate who gets the job.

We know that there are those who say, “No way, I don’t believe it.” “They wouldn’t do that.” “It’s too costly for the companies to look at me. They’d be wasting their time.” And you’re right. The message here is not to become paranoid about using the internet. We are simply suggesting discretion. We should not become complacent.

Whether you are applying for a loan or an insurance policy you may have a disclosure form to sign. Many companies are now inserting the clause “I consent to you reviewing social networks” or other similar words. So once you’ve signed the application anything in the internet is fair game for review. And if you didn’t get that dream job that you were absolutely suited for you may want to have a look at your Facebook profile. Keep your comments and photos private, or better yet, keep them off line.

The foregoing is for general information purposes and is the opinion of the writer. This information is not intended to provide personal advice including, without limitation, investment, financial, legal, accounting or tax advice. Please call or write to Rick Sutherland CLU, CFP, FDS, R.F.P., to discuss your particular circumstances or suggest a topic for future articles at 613-798-2421 or E-mail rick@invested-interest.ca. Mutual Funds provided through FundEX Investments Inc.