Interested in starting an account

[Spetsnaz op]

Hello. I am 17, and I turn 18 in spring. I hope to start a small account in Iraq (perhaps a few hundred). I will of course wait until I, myself, am 18 so that I don't have to worry about co-signing. I have started a roth IRA, and have had another savings account for years, and now I am interested in starting investment in Iraq. I want to do this as both an educational experience, maybe small college app booster :D, and perhaps an oppertunity to maybe make a profit or at least learn something in a unique way. My parents don't have a problem with this, but they are concerned about the possibility of identity theft in the process of starting the account (in this case at warka bank). How can I ease their concerns? Maybe i'll show them the forum. The idea of scanning my drivers licence or passport and sending it away doesn't sit well with them. They are not inexperienced investors, my dad has experience in foreign investment, so that is not the problem. How can I convince them? I turn 18 in mid may, so I do have time :D, but i'd like to be able to set up an account at warka by June 1 at least. Is identity theft possible with the information sent and is it a concern? I am comfortable with this, but my parents are not so far.

[stayfrosty5]

It's good to see young investors on this forum who have taken the proper steps towards their retirement. I will tell you right away that sending money to an Iraqi Bank "could" be a complete loss and I trust you have done the necessary due diligence before you proceed. As far as convincing your parents, I can tell you that Identity Theft is a crime that is on the rise and has been for some time. I can also tell you just having a person's license can't get you very far. Sure they can use it to try to get a passport or something if you look the same, but they can't go on spending sprees with it. Even if they used it for crime and the police DID call you, unless they can prove that it was YOU, you won't get in any trouble. If you want to cover ALL your bases on that, make sure your drivers license number is different from your Social Security number. Other than that, I don't think Identity Theft can happen very easily with just your license.

I'm not an expert, but I should be. :D j/k

frosty

[mcali]

i would agree it is a chance to take it could happen but not a big chance. i used my DL it had old info on it address. my passport is a us gov diplomat type so i did not use it too much info there.

[Tyreds Tale]

same here about the drivers license. Mine is the old wisonsin type which is completely out of phase, and has been for years, except when I renewed mine I just put on the "expires 2005" sticker. Plus my address is way old and picture is pretty unique.

My dad does not like the idea becouse of the identity theft possibility. I wouldnt do a passport, but there aint much on a DL. If at some point you get really worried, I think you can get a new number issued.

Anyway, DLs are easy to get and make. How many did the 9/11 hijackers have, like 40 or 50 I think from about a dozen different states? I'd say most 20 year olds have a fake or have the connections to get one if they want.

I do trust Warka and our rep, but the possibility of their comp. system being hacked is a possibility. I know they are upgrading their systems now, so that will help. Some have tried faxing and mailing their DLs too. Maybe that would help easy your parents! Maybe not. I just dont bring it up anymore. One day I'll buy them a car and say remember when I mentioned that Iraqi bank thing... :lmao:

[Weston]

you jsut have to weigh the risk vs reward...


does the risk outway the reward ...

and for me It did and i opened an account and so nothing wrong

[Spetsnaz op]

Yeah, I think they will be more comfortable with the DL. I just wish I could get my account now, I would hate for something big to happen before I turn 18 :(. Let's hope the exchange rate stays the same for a while longer :happy64:

[mcali]

I could be wrong but i have not seen anything that said you need to be 18. i would try to get it anyway. you have 6 months to send the cash.

[Runamuck]

You can always encrypt your email when you send it it. Whats to stop someone from a bank here in US from stealing your identity its the same thing allot of trust in comapnies, only takes one bad apple working for a bank, that could happen at Chase, Wellsfargo or where ever.

Identity theft didn't even cross my mind I didnt send my social and you need that to really do anything.

[Runamuck]

Also the same laws for age requirement may not apply in Iraq. Allot of countries dont make you wait till your 18 to do things.

[H2OLover]

You can always encrypt your email when you send it it. Whats to stop someone from a bank here in US from stealing your identity its the same thing allot of trust in comapnies, only takes one bad apple working for a bank, that could happen at Chase, Wellsfargo or where ever.

Identity theft didn't even cross my mind I didnt send my social and you need that to really do anything.
heck people get there wallets stolen all the time with credit cards, DL and much more..You are right is your SS that is important. That is why they do not print them on your DL. In years gone my they did that in many states.

[Runamuck]

Arizona used to do that

[Weston]

There is no Age Req. I know a friend who asked because her son (16) wanted to invest.... all you need is a Legal Drivers ID or Passport or some sort of Legal Government PICTURE ID.

[Spetsnaz op]

There is no Age Req. I know a friend who asked because her son (16) wanted to invest.... all you need is a Legal Drivers ID or Passport or some sort of Legal Government PICTURE ID.

Sweet...I guess I could start anytime then. I was going to wait so that my name was the only name on my USA account, but I suppose I can start. Have a lot of things going on now, but when I get free time I will certainly get this rolling. Thanks for the advice all.

Also I have 6 months to wire/western union some money? :happy26: So I start the account, get the account info, then I have 6 months to send the money? (not that I would wait 6 months...)