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FBN's Liz MacDonald breaks down the dangers of social networking according to the Kansas City Federal Reserve.
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In minutes -- I -- top Federal Reserve officials now warning you may be exposing yourself to international networks of criminals.
Believe it or not if you go on social networking sites like FaceBook -- gaining safely using it.
-- more here is Liz MacDonald and -- -- Hi.
I'm not -- this sounds really nuts.
-- goes beyond privacy -- identity theft problems it's a big FaceBook warning from the Kansas City Federal Reserve here it is there's such as saying that social networks are breeding ground through cyber criminals.
And that social network victims are tricked into revealing bank account and personal deet tails -- Kansas City -- reserves also warning along with the FBI.
That fraud rates are double on social networks.
And gaming sites on the Internet.
Double what they are at it -- traditional Internet sites like Amazon here's a name of the game for these criminals and here's -- hearing from the FBI and the Kansas City fed.
Is that -- -- essentially setting up virtual dollar accounts where they obviously do transactions on the social gaming or social network sites via virtual dollars and what they're worried about that the Fed and at the FBI is money laundering that these international crime networks they're saying they could be an overseas.
Are basically transferring money around the globe -- via these website so.
It's a real serious problem -- seeing a leading edge of a rise in crime via social network sites.
It's not just FaceBook I should notice also some -- other web social network sites.
Possibly linked didn't even Twitter so it's not just signing up -- rewards programs are doing online surveys it has to do with those virtual dollar accounts.
On these web sites where essentially can transfer money.
Alia on that website to anybody else around the world and it's not just through PayPal is for wire transfers.
And three year checking county had no credit -- protections of these people do that and they're submitted to -- subject to fraud so it's a real serious issue that we're we're on the leading -- is developing story going to be watching this one guys back TO.
-- McDonald it's a great story you gotta wonder sometimes people to be so gullible.
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