Protecting Yourself from Financial Loss: Insurance, Identity Theft, and Fraud Prevention

In part five of the financial literacy miniseries, Mark delves into strategies for protecting oneself from financial loss through insurance, identity theft prevention, and fraud avoidance. 

Mark covers the four primary risk management techniques: risk avoidance, risk reduction, risk retention, and risk transfer. He discusses various types of insurance, including health, homeowners, renters, auto, and life insurance, outlining their importance and the details of how they function. 

Additionally, Mark provides strategies to protect against identity theft and common fraud schemes, emphasizing vigilance in monitoring financial activities and securing personal information. 

The episode concludes with a preview of the final part of the miniseries, which will cover income taxes and provide a summary of the top 10 financial lessons from the miniseries in an easy-to-remember format.

Episode Links:

Mark’s Money Mind YouTube Channel

My Social Security Account

Official Annual Credit Report website

Experian Credit Freeze

Equifax Credit Freeze

TransUnion Credit Freeze

Timestamps:

• 00:43 Understanding Risk Management





• 07:57 Types of Insurance





• 08:05 The Importance of Health Insurance





• 09:57 Auto and Homeowner's Insurance





• 12:02 Life and Disability Insurance





• 14:44 Special Insurance Considerations





• 16:37 Protecting Against Identity Theft





• 24:24 Common Fraud Schemes





• 33:54 Conclusion and Next Steps