Scott Mitic, CEO of TrustedID, talked about some of the not-so-obvious e-crime and privacy risks of social media services like Facebook, MySpace, Twitter, etc. Scott also share some consumer safety tips for minimizing risk while still maintaining an active social networking life.

Social engineering is the oldest and most low-tech form of information and access compromise – the attacker used to use a phone and a few bits of information to talk their way into information they shouldn’t have. Social networks provide a literal goldmine of detail for the would-be social engineer, and even more detail for the modern criminal.

As we volunteer more and more information online, social engineers are able to exploit all kinds of information about us – where we work, who our friends are, where we live, where we hang out, photographs of our faces, personal assets we might own, photos taken inside residences, our psychographic profile, family profiles, parents’ names, travel history, daily schedules, phone numbers – down to live blog and twitter feeds indicating that we’re away from home.

A talented social engineer can forge photo identities, infiltrate friend lists through poorly configured privacy settings, forge electronic communications, guess weak passwords based on spouse, children or pet names, talk their way into access of work systems remotely, or simply know the perfect time to break into your home.

Most people exercise great caution when it comes to revealing personal information in a public place or when surfing online, but don’t think twice before posting all kinds of intimate information on social networking sites. Research conducted by the National Cyber Security Alliance (NCSA) reveals that 74 percent of social networking users divulge personal information, such as their e-mail address, name and birthday. NCSA research also shows that 83 percent download unknown files from other people’s profiles - an action that could lead to identity theft, computer spyware, viruses and other risks.

Here’s a sampling of a few tips provided by Scott Mitic, CEO of TrustedID and identity theft expert, to help prevent this crime.

• Understanding and managing privacy controls on popular social networks. The impact of ‘everyone’, ‘friends of friends’ and ‘city networks’.. as well as the mess of per-application privacy settings. Info isn’t as private as you think.
• Beware of scammers. Criminals can scan social networking sites to find potential victims for customized scams or spear phishing attacks, from phony lotteries to illegitimate business opportunities to fake high school reunions. Consider restricting access to your page to a select group of people and setting your profile to private to prevent uninvited members from viewing your personal information.
• Exercise caution when clicking on links or downloading files. Scam artists often post links to infected ad banners in their profiles. Avoid opening links or downloads from strangers, and never enter your password or account number unless you’ve verified the site’s authenticity. When in doubt, always call the site owner to confirm.
• Protect your personal information. Identity thieves can easily find enough photos and personal information on social networking sites to steal your identity. Avoid posting your full name, financial data, street address, birth date, and phone number.
• Be proactive in your efforts to thwart identity thieves. Do all of the above and also consider using an identity theft prevention service to help you with the fight!