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Posted on May 21, 2022

Is PayPal Safe? [11 Tips to Buy and Sell Safely on PayPal]

Is PayPal Safe? [11 Tips to Buy and Sell Safely on PayPal] | Mint

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credit card or bank information to other users. 

Is PayPal safe for sellers?

PayPal is designed to be safe for both buyers and sellers. All information that is communicated between your device and PayPal’s servers is secured and encrypted as long as the network you’re using is secured. 

  • Paypal security in public: It’s riskier to use PayPal on public Wifi, like at a library or restaurant, as others on the network might be able to gain access to your information (though this is still difficult).
  • Paypal security at home: When using PayPal at home on your own WiFi network, sellers can rest assured that the platform is safe. 

In fact, PayPal fraud is pretty uncommon — accounting for only about 0.32% of revenue. 

PayPal seller protection 

PayPal has a number of seller protection protocols in place to make sure that merchants feel safe and confident using their platform. Here are a few of the PayPal protection measures sellers can expect:

  • Transactions only require a username and password, so no financial information is revealed during transactions. 
  • PayPal offers 24/7 monitoring on all transactions.
  • PayPal uses advanced machine learning and encryption techniques to secure each transaction.
  • They provide Merchant Fraud Protection, so you can contact PayPal directly if something suspicious appears on your history. 
  • They will help you resolve disputes by putting holds on transactions until the issue is solved. 
  • PayPal allows you to securely operate in 202 countries, so you’re not just restricted to your own currency. 

PayPal scam prevention tips for sellers

There are a few measures that you can take to prevent scams as a seller, especially if it comes to a disputed transaction where you must prove to PayPal that you have been wronged:

  • Always use a service like UPS or USPS, so there is documentation that you delivered the item. 
  • Require an e-signature for purchases. 
  • Ensure that all items you sell are clearly explained and described — this avoids customers feeling they have been misled. 
  • Prioritize customer service; if you respond to customer complaints, they are less likely to have an issue with your business. You can also demonstrate to PayPal that you have been on top of buyer complaints. 

If you’re new to ecommerce, be sure to read our longform guide that contains everything you should know about how to sell online. 

Is PayPal safe for buyers?

PayPal isn’t just secured and encrypted for sellers; it’s also a secured platform for buyers, too. PayPal works to ensure that transactions are secured on both ends, so neither party is likely to be victim to PayPal fraud or a scam. 

PayPal buyer protection

PayPal is serious when it comes to buyer protection. They know that their users count on them to facilitate fast, effective, and safe transactions. To ensure this, they have put into place a set of security measures that protect buyers from scams, fraud, and theft:

  • PayPal does not share your financial information with sellers.
  • They offer 24/7 monitoring on all transactions.
  • PayPal uses encrypted security technology on both buyer and seller’s ends to ensure a secure transaction.
  • They offer PayPal fraud protection, and allow you to flag certain transactions as suspicious.
  • If you do have a dispute with a buyer or potential fraudster, PayPal offers dispute resolution, putting a hold on funds until the issue is resolved.
  • PayPal facilitates transactions in countries across the globe, making it possible to purchase things from other countries securely. 

How to make a safe PayPal transaction

While PayPal may offer plenty of security protocols to its users, ultimately, it’s also users’ responsibility to ensure they use the platform in a secure manner. There are a few tips to keep in mind if you plan on purchasing online. The best way to make PayPal safe for yourself as a buyer is to follow a few safety guidelines:

  • Use a credit card rather than a debit card. There are two main reasons for this:
    • First, if there is a disputed purchase, and PayPal won’t refund you, you can still contact your credit card company to see if they will intervene.
    • And second, if someone has gained unauthorized access to your PayPal account, they won’t be able to empty out your bank account if your account is connected to a credit card. 
  • Use a safe password. This goes without saying on any internet account, especially ones that contain sensitive financial information.
    • A good password should have a mix of uppercase and lowercase letters, numbers, and other characters (such as @, &, #, or others).
    • This is one of the best identity theft protection moves you can make.
  • Regularly update software. For instance, if you use the PayPal app on your phone, it’s important to regularly update it.
    • Older versions are more susceptible to hacks, as they lack the most up-to-date security features that PayPal regularly adds to its software.
  • Avoid making financial transactions on public WiFi. You can’t always avoid it, but when you can, it’s a good idea not to use public networks for your financial transactions.
    • It’s possible for other users on an unsecured network to intercept information about your purchase. Instead, use mobile data when away from home if you can. 

Want more information on managing online payments safely? Read our guides on how to spot a scam and coronavirus fraud so you know what to watch out for as you shop online. 

Know the different kinds of PayPal transactions

There are two different ways that users can use PayPal to complete financial transactions.

PayPal Friends and Family

PayPal allows users to send money to friends and family. It’s a convenient way to:

  • Send someone money you might owe them
  • Chip in to buy something together
  • Send a gift

However, there is a small fee that is applied to friends and family transactions, so be sure to factor this into your calculations if you are using PayPal to send money to someone you know. The fee can be paid either by the sender or the recipient. 

Pro-Tip: There is no fee attached to sending a personal payment if you use a PayPal Cash or PayPal Cash Plus account to send money. 

PayPal Goods and Services

You can also use PayPal to purchase goods and services from a buyer, whether that’s your local cafe or an online retailer. When using this method of payment, note that the seller pays the transaction fee, not the buyer. 

PayPal refund policy — how to dispute a charge on PayPal

There are a number of ways that you can request refunds on PayPal.

1. When a transaction is already completed

If you have completed a transaction, and the seller has accepted payment, you will have to ask them directly to refund your money. They can do this by going onto the PayPal app and selecting the “Issue a refund” option. 

2. When a transaction is pending

If your payment is still pending, you can go to your Activity page and press the cancel button next to the payment. If the seller hasn’t accepted your payment for 30 or more days, you are automatically refunded. 

3.  When you’ve requested a refund on the transaction

If you have requested a refund, but the seller has denied it, you can go to the PayPal Resolution Center and open a dispute. If your dispute succeeds, a refund will be issued to the credit card, debit card, or bank account you used to pay for the item. 

PayPal safety: key takeaways

PayPal is a safe and convenient way to pay for goods and services, send money to friends and family, or accept payments from customers and clients as a seller. However, it’s important to know how to use the platform safely. Here’s what to remember:

  • PayPal provides a number of safety protocols for sellers, including encrypting financial data, fraud protection, and 24/7 monitoring. 
  • Even with built-in protection for sellers, it’s still wise to follow safe practice tips:
    • Use a service like USPS or UPS
    • Require a signature from buyers
    • Clearly explain your products, and always provide quality customer service
  • PayPal is also safe for buyers. They include the same set of security protocols for buyers that they do for sellers, including encrypted data and fraud protection, as well as dispute resolution. 
  • As a buyer, be sure to keep tips like these in mind:
    • Opt for paying with a credit card rather than a debit card if you can
    • Use a secure password
    • Update your app to have access to the newest security features
    • Avoid making financial transactions on public WiFi
  • PayPal also allows you to cancel or dispute payments if something goes wrong

PayPal is convenient, fast and secure. By using the right security measures, you can complete your transactions with peace of mind.

 

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Source: mint.intuit.com

Posted on May 6, 2022

Worst Things to Keep in Your Wallet

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Nothing gets your heart and mind racing like reaching for your wallet – and discovering it’s gone. Missing. Lost. You check your car seat. The top of the dresser where you usually keep it.  Did you drop it? Or were you the victim of a pickpocket? Following our advice on what not to keep in your wallet won’t eliminate that feeling, but it may lower the panic level

If your wallet is bursting with personal and financial information, you should know that much of that information can be exploited by identity thieves. All the bad guys need to get started is your name and Social Security number. That alone can lead to bogus loan applications and the opening of fraudulent accounts. It can get worse if they can steal from your wallet your government-issued photo ID, including your passport or passport card, and doctor the image.

We reached out to consumer protection experts to identify the things you should immediately purge from your wallet. Oh, and one quick tip before we dive in: Photocopy the front and back of whatever documents you continue to keep inyour wallet. Put that photocopy in a safe place at home, where you can easily retrieve it. If your wallet is lost or stolen, you can at least quickly and easily file reports with the appropriate government agencies and financial institutions.

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Don’t Carry Your Social Security Card in Your Wallet

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Losing protection of your full Social Security number is a fast track to identity theft. Once it’s loose, identify thieves will exploit it to get loans in your name, obtain credit cards or other financial chicanery. For that reason, identity theft experts say, never carry your Social Security card – or even a piece of paper with your Social Security number on it. If on rare occasion you need it for identification purposes – say, closing on a real estate loan or filing for benefits – go straight home and stow your Social Security card back in a secure location.

Make sure nothing else in your wallet has your Social Security number on it, including other forms of identification. States can no longer display your SSN on newly issued driver’s licenses, state ID cards and motor-vehicle registrations. However, if you still have any old photo IDs with your Social Security number on them, request a new ID immediately. Even if there’s an additional fee, it’s worth it to protect your identity.

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Don’t Carry a Password Cheat Sheet in Your Wallet

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We might not want to admit it, but many of us have them, somewhere: password cheat sheets. That’s because the average American uses at least seven different passwords to access everything from ATMs to credit card accounts. The smart play, experts say, is to have individual passwords made up of unique combinations of numbers, letters and symbols that you change regularly. But how do you remember them all? For 73% of people, according to a survey by the Pew Research Center, it’s a cheat sheet. And one of the worst places for a password cheat sheet with your ATM card’s PIN is your wallet.

There are better options: If you have to keep passwords jotted down somewhere, keep them in a locked box in your house. You should also explore a digital password manager. One to consider is LastPass. The basic service is free, or you can upgrade to the premium version for $3 per month. That gets you a whole lot more features and storage.

It’s also a good idea to enable two-factor authentication on any account that allows you to. You’ll enter your username and password as usual, but the account will then confirm your identity by asking you to enter a code that has been sent to your smartphone or e-mail address.

3 of 10

Don’t Carry Spare Keys in Your Wallet

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Be careful with your home security. A lost wallet containing your spare house key along with your ID that shows your home address is a treasure map for thieves to find their way into your house. And even if your home isn’t robbed after losing a spare key, you’ll likely spend more than $100 to pay a locksmith to change the locks for peace of mind.)

The best move is to keep your spare key with a relative or friend. If you’re ever locked out, it may take a little bit longer to retrieve your backup key, but that’s a relatively minor inconvenience. Or, consider a smart digital lock such as Google’s Nest x Yale Smart Lock.

4 of 10

Don’t Carry Blank Checks in Your Wallet

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Some of us still write the occasional check, though far fewer than back in the day. And for emergency purposes, our parents told us, always carry a blank check in your wallet, “just in case.” That’s not good advice.

Blank checks are risky. In the wrong hands, a blank check could be used to quickly drain money from your bank account. And even if the stolen check isn’t used, the check has on it your bank account and routing numbers, a target for electronic withdrawals from your account. To pile on, that blank check will also likely have your home address and maybe telephone number on it (and some people have added their Social Security numbers, too, another strict no-no).

The better option: Only carry with you the check or checks you think you might need immediately, and leave the checkbook at home.

5 of 10

Don’t Store Your Passport or Passport Card in Your Wallet

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A passport or passport card, like any government-issued photo ID, can be a weapon used against your finances if it falls into the wrong hands, ID-theft experts warn. It could be used to travel in your name, get a new copy of your Social Security card or open bank accounts.

If you’re thinking, “Who carries their passport in their wallet?” there are passport wallets with slots for cash, credit cards and more, along with the passport.

And passport cards, helpful for Americans who cross the northern or southern borders frequently, are about the same size as a driver’s license and easy to forget that you keep it in your wallet.

When traveling in the U.S., have with you only your driver’s license or other personal ID. Leave your passport book and wallet-size passport card in a secure place such as a fire-proof home safe. When traveling abroad, experts advise, carry a photocopy of your passport and leave the original in a hotel safe.

6 of 10

Don’t Carry Multiple Credit Cards in Your Wallet

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You could slim down that bulging wallet by rolling with fewer credit cards in it. That way, if your wallet is lost or stolen, you won’t have as many credit cards that you’ll have to cancel. Our recommendation: Carry one rewards card for everyday purchases as well as a backup card for unplanned purchases or emergencies.

And as we mentioned, photocopy the front and back of everything in your wallet, or write the cancellation phone numbers or websites for your credit cards on a piece of paper at home. The “lost or stolen” number is typically on the back of your credit card, but if your credit card is stolen, that won’t do you any good.

7 of 10

Don’t Store Your Birth Certificate in Your Wallet

Passport, fingerprint card, driver's license, social security card and birth certificate isolated on white with a wallet and US CurrencyPassport, fingerprint card, driver's license, social security card and birth certificate isolated on white with a wallet and US Currency
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Your birth certificate, stolen, won’t get anyone very far. But if they have it in conjunction with other types of fraudulent IDs, security experts say, thieves could do some major damage to your finances.

Be especially vigilant on the rare occasions when you’re required to carry all of your most sensitive documents at the same time. One example of that is at a mortgage closing, when you might need to bring your birth certificate, Social Security card and passport. Don’t let them out of your sight, and take them straight home before you celebrate that closing. It’s not a good idea to leave them in your car.

8 of 10

Don’t Carry a Stack of Receipts in Your Wallet

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You don’t need all those receipts jammed into your wallet. While businesses have not been allowed to print on paper receipts more than the last five digits of your credit card number for years, ID-theft experts say skilled thieves could use those last five digits and merchant information on receipts to phish for the remaining numbers on your credit card (quite often, your full name, taken from the credit card you used, is also on those receipts).

Remove those receipts from your wallet daily and shred them. If you need to retain receipts, for possible returns or warranties, ask the merchant to skip the paper and send you a digital receipt instead. Most retailers will. If you have a printed receipt you need to keep, consider making it digital and storing it securely in the cloud. Apps that do this include Shoeboxed, which lets you create and categorize digital copies of your receipts and business cards. Plans start at $18 per month for your first year.

9 of 10

Don’t Carry Your Medicare Card in Your Wallet

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Many retirees still may have old Medicare cards with their Social Security numbers printed on them in their wallets. Carry only your new Medicare card. Medicare has stopped issuing Medicare cards with Social Security numbers on them and replaced them with new wallet-size paper cards. The new Medicare cards have a number on it that’s unique to you.

If you have an old Medicare card with your Social Security number on it, remove it from your wallet and replace it with the new card. Shred the Medicare card that has your Social Security number on it.

10 of 10

Don’t Keep Gift Cards in Your Wallet

Florida, Miami Beach, Office Depot, gift card display. Florida, Miami Beach, Office Depot, gift card display.
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Many of us carry gift cards in our wallets just in case we happen to end up in the retailer or restaurant that the card is good for. That’s not such a great idea.

Retailers don’t ask for ID when using gift cards, after all, because your name isn’t on them (even though the Home Depot gift card you got on your birthday does say “To Dad” on the back). That means anyone who rifles through your lost wallet can redeem those gift cards same as cash — no questions asked. The smarter way to use them is to leave them at home until you know for sure you are headed to that destination where you can use those gift cards. Or redeem them online.

Source: kiplinger.com

Posted on May 4, 2022

Create a Financial Plan for Natural Disaster

Whether by cutting brush, adding storm shutters or building a safe room in the basement, there are many ways to mitigate the risks from natural disasters. Buying adequate insurance is critical too, of course. But there is another way you can prepare yourself against catastrophe, and no physical labor is required: getting your documents in order.

There’s no worse time to lose access to the documents necessary to rebuild than in the aftermath of a storm. You should have a plan in place before disaster hits because you may not be home when the evacuation alarm sounds.

We asked insurance experts what homeowners who have faced such devastation wish they had done earlier. What do people need to have on hand to document their damage claims successfully?  When is an electronic copy of a document acceptable, and when is the original a must? What should you photograph or video to prove you owned it? Do you need receipts? And where do you store all this safely?

Where to Keep Records Safe

Documents fall into two main categories: those that are easy to replace and those that are not. The latter group typically includes documents used to identify you and other members of your family, such as Social Security cards, original birth certificates, driver’s licenses, passports, marriage licenses and divorce decrees. Securing those is crucial because you may need some of them to access your bank accounts and insurance policies.

In the event of a storm warning or evacuation notice, you will more than likely have time to grab your wallet, which probably has your driver’s license in it. The rest of the documents should be securely stored, such as in a fireproof home safe or in a safe deposit box at your bank or credit union. A 3-by-5-inch safe deposit box costs about $60 a year, according to Value Penguin. Some banks provide discounts for customers with checking and savings accounts, or for customers who are older than 65. Call to make sure your bank or credit union has safe deposit boxes available, because some have decided to eliminate them altogether. 

Keep the key to the safe deposit box somewhere safe and accessible. Before allowing you to open the box, the bank will want proof that you’re the owner or that you’ve been granted access by the owner. (This is when your driver’s license will come in handy.) Banks don’t keep spare keys on hand for safe deposit boxes, so if you lose your keys, a locksmith will more than likely be called in to drill into your box at your expense.

But your bank—and your safe deposit box—could also be damaged by a flood or a wildfire. If your area is prone to floods, store your documents in sealable plastic bags to help protect them from water damage. If you’re worried about fire, ask the bank how boxes are protected. Safe deposit boxes are usually fire resistant but not fully fireproof. One alternative is to buy a fireproof home safe to store your documents.

For extra protection, scan and upload copies of each family member’s Social Security card and birth certificate to a cloud storage service, such as Google Drive, Apple iCloud, Dropbox or LastPass. If the originals get damaged, you may be able to use the scanned items to prove your identity and request new copies. For details on how to replace a Social Security card, go to https://ssa.gov/ssnumber. 

If you lose a birth certificate, you will need to contact your state of birth’s vital records office and put in a request for a replacement. The CDC maintains a database of offices to contact and how much a replacement will cost. You will also need to submit a photocopy of your driver’s license or passport. 

What Records Should I Scan?

Because digitally stored documents are less likely to be lost or destroyed than paper copies stuffed in a file cabinet, consider cloud storage for all other important documents—past income tax returns, wills, powers of attorney, stock trade confirmations and lists of passwords, for example.

Some documents are already digitally stored for you. For example, if your company uses a major payroll provider such as ADP, W-2 forms and pay stubs are already saved and accessible with your password. The same goes for your home insurance and automobile policies, which you may be able to access through your insurer’s smartphone app. 

In some cases, you may need to keep older documents in paper form in your safe deposit box or home safe. For example, if you’ve scanned the original trade confirmation of an inherited stock but the image is blurry, you should stash the original in a safe deposit box or somewhere else where it’s secure.

For any files that you save to the cloud, use a strong password and enable two-factor authentication. You also need a plan to access your financial documents in the event your phone and computer are destroyed.

If you store documents on Google Drive, you can share them with trusted friends or family who also use Google Drive and set up a friend or family member’s e-mail for your account recovery. If you forget the password to your Google account, which includes your Google Drive, your recovery contact can reset your password. If you’re an Apple user, your main recourse is to back up files consistently to the cloud so you can access them with your Apple ID and password later. You may want to share your Apple ID with a trusted friend or family member. If your iPhone or Mac computer is damaged, you’ll need your ID to restore backup files to your new device. Keep in mind that Apple doesn’t allow you to grant emergency access to iCloud to others.

Some password-management programs have an emergency access setting. LastPass Premium, which costs  $3 a month, allows you to add emergency contacts to your account and specify when the contacts are allowed into the vault that houses your passwords. You can grant access to your vault either immediately after a request or after a 24- or 48-hour period. The longer wait time allows you to deny a request if you think it was made by mistake or isn’t needed. LastPass Premium also lets you attach copies of documents, such as your passport and Social Security card. 

Another option: Ask your financial adviser if he or she has software that will encrypt your documents. “Many advisers, including myself, provide their clients access to software that offers a secure place to upload and store important documents,” says Matthew Crum, a CFP and founder of True North Financial Services in Kinnelon, N.J. You can also leave copies of your will and power of attorney with your attorney and any health care proxies and other directives with your doctor. 

Make a Video Record

To thoroughly document your belongings, walk through your entire residence recording video to create a record, suggests Gregory Hill, training manager at Colonial Claims, an insurance adjuster in Dunedin, Florida. Be sure to describe each item including the quantity and product serial number. Hill suggested making sure the video is organized and follows a pattern. “So, a person would be best to start with an identifier of the home such as a street address or mailbox numbers panning along the front of the home, and working their way around it, either left to right showing each elevation of the home and any specialties located on that elevation.

“If there is any equipment, they should identify that equipment and show model/serial information so that like, kind, and quality of equipment can be replaced if lost or damaged (any modern cell phone camera/recorder will produce professional results). When continuing the video to the interior of the home they should keep consistent with their progression from room to room and identify items inside cabinetry or items of value.”   

Keep a copy of the video footage that’s accessible from anywhere – saved to the cloud, like those critical documents. The inventory will help you determine whether you have enough coverage for your home’s contents and document for tax purposes losses that insurance doesn’t reimburse. Regularly update your inventory, especially after making major purchases or receiving expensive gifts. 

Source: kiplinger.com

Posted on May 1, 2022

An Urgent Need for Cybersecurity Stocks

In June 2017, Russian hackers launched a malware attack on Ukraine called NotPetya. The attack, which locked users out of their own files unless they paid a ransom in bitcoin, was just one more tactic in the conflict between the two nations that had begun three years earlier. But viruses don’t respect borders, and this one spread far beyond Ukraine. 

It infected computers in Europe and the U.S., and even in Russia itself. Mondelez (MDLZ), the giant global food company headquartered in Chicago, was hit hard. NotPetya disrupted e-mail and logistics and caused $100 million in damage. The White House called it “the most destructive and costly cyber-attack in history.” Total international destruction: $10 billion. 

Nearly five years later, the Russians have invaded Ukraine and war is raging. Experts had been expecting more cyber devastation, but so far Russia has not knocked out Ukraine’s power grid or other important infrastructure.

“I think the biggest surprise to date has been the lack of success for Russia with cyberattacks against Ukraine,” Stephen Wertheim, a senior fellow at the Carnegie Endowment for International Peace, told Vox. 

It’s not from lack of trying. The U.S. government’s Cybersecurity & Infrastructure Security Agency issued an alert disclosing that leading up to its invasion, Russia “deployed destructive malware against organizations in Ukraine to destroy computer systems and render them inoperable.” 

Also surprising is that Russia has not successfully launched cyberattacks against the U.S., the U.K., Germany or other NATO allies. One reason is that NotPetya – as well as the WannaCry attack instigated the same year by North Korea – taught businesses and governments key lessons about protecting themselves.

Another is that the Russians know that the U.S. uses a strategy of deterrence, akin to its policy on the use of nuclear weapons, as a primary defense against a major attack. If Russia shuts down our power grid, or large parts of it, the U.S. has indicated it will respond massively, throwing the Russians into the cold and dark themselves, or worse. 

Cybersecurity Sector Booms as Demand Grows

There’s no reason for us to be smug, though.

Don’t forget that Colonial Pipeline, the largest fuel network of its kind in the U.S., was breached last year, shutting off operations. It was caused by a single compromised password and could have been prevented by multifactor authentication, a basic cybersecurity tool that can involve simply sending the user a text with a code number. Colonial paid the Russian hackers a ransom of $4.4 million.

A vulnerability called Log4j in free software has led to attacks from hackers in Russia, China, Iran and other antagonists of the U.S. The Wall Street Journal reports “10 million attempts to exploit the Log4j vulnerability per hour in the U.S.” The CISA’s website carries a gigantic banner at the top that says “SHIELDS UP,” a warning that times are perilous. 

In the cyber world, hackers always have the upper hand, but defenders are catching up. The companies that deploy the software, hardware, intelligence and training to thwart attacks have gotten better at what they do. Businesses know that they have to invest in cybersecurity or risk huge losses or outright failure.

As a result, the cybersecurity sector is booming. Gartner, the research firm, pegged global revenues at $150 billion in 2021, a 12% increase over 2020 and roughly double sales in 2017. Even before the Russian invasion, Fortune Business Insights was predicting spending would rise to $376 billion by 2029, an annual growth rate of 13%. 

Nearly all of the internet giants, including Alphabet (GOOGL) and Microsoft (MSFT), offer cyber protection programs. Microsoft’s security revenues last year were $15 billion – more than any other freestanding company’s. 

Pure Plays Among Cybersecurity Stocks

Among more focused opportunities, turn first to the largest such stock, Palo Alto Networks (PANW), with a market capitalization (shares outstanding times price) of $60 billion. Since NotPetya, revenues have tripled, and the company’s share price has more than quadrupled.

Palo Alto is known for its firewalls, which inspect internet traffic and protect against viruses, spyware and data leakage – as well as identify vulnerabilities. Like many cybersecurity stocks, Palo Alto is still unprofitable. But you’re buying a future in which what the company sells is an absolute necessity. (Stocks I like are in bold; data are as of April 8.)

Another larger cybersecurity company, Fortinet (FTNT), offers a wide range of tools, including intrusion-prevention and anti-malware software. Fortinet’s sales spiked 29% last year, and it made a small profit. Shares have risen nearly 20% since the war in Ukraine began, and the stock’s price-earnings ratio is 68, based on analysts’ forecasts for earnings for the year ahead. 

Also among the larger companies is CrowdStrike (CRWD), which is especially adept at protecting endpoints – that is, devices such as smartphones and workstations that communicate with broader corporate networks. CrowdStrike’s revenue, nearly all of it from recurring subscriptions, soared 66% for the fiscal year ending January 2022. The stock has risen accordingly, but it is still worth a close look. 

A recent update of the cybersecurity industry by securities firm Needham & Co. identifies Tenable Holdings (TENB) as the best way to play the convergence of information technology and operational technology.

For many firms, information technology, housed in the firm’s own computer systems or in the cloud, drives operational technology, or the functioning of its machines and other physical assets. This convergence is great for business, but it also leaves a company open to catastrophic attack. Tenable is unprofitable, and its market cap is more than 10 times its sales. But I view the risk as worth taking.

Tenable is also a potential takeover candidate in a sector that is consolidating. NortonLifeLock (NLOK), a powerhouse on the consumer side of cybersecurity, is awaiting regulatory approvals to complete its merger with Avast, a firm based in the Czech Republic that focuses on protecting small businesses. Norton has a solid franchise and provides good balance to faster-growing, more-expensive companies in the sector. Norton trades at a P/E of just 14. 

Other companies I like (all have a market cap between $4 billion and $6 billion) include KnowBe4 (KNBE), whose shares are still about one-third below their all-time high; SailPoint Technologies Holdings (SAIL), which specializes in identity security; and Qualys (QLYS), with sales up nearly 50% over the past three years. 

Among exchange-traded funds, consider Global X Cybersecurity (BUG), with an expense ratio of 0.5%. In 2020, its first full year, it returned 70.8%, and it gained another 13% in 2021. It’s breaking even so far in 2022. Palo Alto, Fortinet, CrowdStrike, Tenable, NortonLifeLock and Qualys are holdings, so the ETF provides a handy way to buy some of my favorites.

list of cybersecurity stocks and ETFslist of cybersecurity stocks and ETFs

James K. Glassman chairs Glassman Advisory, A public-affairs consulting firm. He does not write about his clients. His most recent book is Safety Net: The Strategy for De-Risking Your Investments in a Time of Turbulence. Of the stocks mentioned, he owns Microsoft. reach him at [email protected]

Source: kiplinger.com

Posted on April 30, 2022

CryptoKitties – What Are These NFTs and Should You Buy Into This Game?

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Cryptocurrency and blockchain technology have been increasing in popularity for some time, starting with Bitcoin and venturing into a wide range of digital collectibles worth ridiculous sums of money. 

In September 2017, the Ethereum network launched the ERC-20 token standard, a standard that would change the game. Its non-fungible tokens (NFTs), unique tokens you can’t interchange like Bitcoin and Ethereum, could be introducing scarcity to the equation. 

Shortly after the launch, what is now known as Dapper Labs introduced the blockchain game CryptoKitties. It quickly became a craze. But what exactly is CryptoKitties, do the NFTs have value, and how do you get involved?


What Are CryptoKitties?

CryptoKitties is a blockchain game featuring digital cats as NFTs, or crypto collectibles. In the decentralized application, or dApp, an application built on a decentralized platform that’s not governed by a single party, players buy, sell, trade, and breed a decentralized collectible the likes of Beanie Babies. 


You own shares of Apple, Amazon, Tesla. Why not Banksy or Andy Warhol? Their works’ value doesn’t rise and fall with the stock market. And they’re a lot cooler than Jeff Bezos.
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Each cat in the game is unique, as is naturally expected of NFTs today. The collectible’s uniqueness is stored in a “smart contract,” a self-executing agreement between the buyer and seller included directly in the lines of code, offering both scarcity and security. These contracts live on the Flow blockchain.

The game uses Ethereum (ETH) cryptocurrency. That adds an exciting twist to ownership of the collectibles. As the value of Ethereum rises, the value of tokens that use the Ethereum economy tend to rise as well, outlining one of the ways to make money with CryptoKitties. 

The concept works much like the value of fiat currency (such as the U.S. dollar) when used to purchase traditional investments. When the dollar is more valuable, investments you bought with dollars also increase in value. 


How Does CryptoKitties Work?

It all started with the platform’s genetic algorithm, a computer algorithm designed to ensure that each kitten in the game is born with a unique genome stored on its smart contract. The kittens all have their own “cattributes,” a wide range of features, including things like fur style, color, ear shape, apparel, and even background. 

These features combine to point to the rarity of the cat itself, with each virtual cat falling into one of the following scarcity categories:

  • Normal. This is the most common form of cat in the game. 
  • Fancy. Fancy cats are a rarer type of cat, characterized by special artwork and a fancy cats badge.
  • Special Edition. Special edition cats are in second place as the rarest cats in the game. They also feature special artwork and are released in limited quantities. 
  • Exclusive. Finally, exclusive cats are the highest-scarcity cats in the game. In many cases, exclusive cats will be the only cats of their kind. 

As with any other commodity, digital or otherwise, the value of these cats is based on the law of supply and demand. So the scarcity level of the cat and demand for CryptoKitties play a significant role in the price of the token. 

Once you own a cat, you can breed them to create new, unique NFTs. You do so with a male cat (Sire) and a female cat (Dame), creating a combination of the two. 


How to Play CryptoKitties

To play the game, you’ll need to start by purchasing your first virtual cat, a multistep process that works very much like using a gift card with your Apple or Google Play account.

1. Sign Up for a Cryptocurrency Wallet

To purchase your first cat in the game, you need to have some Ethereum. You can’t put Ethereum in a real-world wallet or on a debit card. Instead, you need a cryptocurrency wallet, which is a device, program, or service that securely stores information about your cryptocurrency transactions. 

There are various options out there, but the big difference between them is whether they’re custodial or noncustodial. Custodial wallets have passwords a company stores and manages, while the wallet-holder manages noncustodial wallets. 

Custodial wallets make it easy to access your crypto assets if you lose your password because there’s a third-party custodian in charge of the platforms these wallets live on. But custodial wallets are also centralized. There’s no central authority on noncustodial wallets. Users determine their wallet management style and are the only parties with their passwords. 

Decide which direction you’d like to go, and choose from one of the many options. For more information, read our article on the best cryptocurrency wallets. 

2. Fund Your Wallet

Next, you need to buy Ethereum and add it to your wallet. Some CryptoKitties are very inexpensive at 0.001 ETH, or about $2.60, while others are very expensive, costing about 1,000 ETH, or more than $2.7 million. 

Also, every time you make a transaction, you pay gas fees that can range from a few bucks to hundreds, depending on the demand on the blockchain at the time of purchase. In crypto, “gas” is the unit of measurement for the amount of computational power it takes to process the transaction and smart contract. You’re essentially paying the miner for the use of their processor.

Considering that, it’s best to start with around $250 worth of Ethereum to ensure you can cover the cost of lower-cost cats and the gas fees associated with owning them. 

3. Sign Up for CryptoKitties

You can find the CryptoKitties marketplace at CryptoKitties.co. Simply sign up for the site and connect your wallet. It’s also a good idea to check the secondhand market for better deals before pulling the trigger, especially for price-sensitive collectors. Some popular secondhand markets include OpenSea, Crypto.com, and Rarible, but OpenSea is best for CryptoKitties.

4. Buy Your First Cat

The game is all about owning, breeding, and earning from the sale or trade of digital cats. To do so, you need to own a cat. Take some time to search through the dedicated marketplace and OpenSea to find a cat you’re interested in owning. 

Once you’ve found it, simply click “Buy” to get started. If the cat you’re interested in isn’t listed for sale, you can bid on it to entice the owner to take your offer.  

5. Trade, Sell, & Breed

Once you own your first cat, you can trade, sell, and breed. Make wise decisions when doing so, and you stand to earn a hefty chunk of profits. 


How to Make Money on CryptoKitties

CryptoKitties are digital assets that can have substantial value. There are a few options for unlocking this value to pad your pockets. 

Sell & Trade Cats

One option for making money with the game is to use the assets within the game as a collection. If you can get your hands on the right cats, holding them for a short period and selling them has the potential to generate profits. 

For example, look for rare cats, like Exclusive and Special Edition or Founder Cats (one of the original 100 cats the game started with), or cats with “mewtations,” which is the first cat in the collection with a new cattribute like a specific fur color or background color. 

It’s also possible to trade cats with other members. In some cases, you can trade your cat for one that has a higher potential to grow in value. For example, someone might need your cat for breeding purposes. Making these trades and holding onto your investment and selling it in the future are other options for making money. 

Breed Cats

The breeding feature of the game is also a compelling way to make money. If you own a Dame, you can search the marketplace for Sire cats and either buy one or pay a small fee to another user to use their Sire as a breeder. 

Once they breed, the new kitty is yours to keep, trade, or sell for a profit. It costs a flat 0.04 ETH fee plus gas to breed your crypto kitties, even if you own both the Sire and the Dame. 

Keep in mind that both the Sire and Dame require a cooldown period after the breeding period, during which no more breeding can take place. That period is longer for Dames than it is for Sires. There are also limitations on how much time you have to breed special-edition traits, like purrstige traits, into your kitties. 

What kind of cat you get after breeding (and therefore how much it’s worth) depends on the cat type and traits of the Dame and Sire.

  • Normal Cats. You can breed normal cats to get either other normal cats or, with the right combination of genetic traits, Fancy Cats.
  • Fancy Cats. You only get the limited-edition Fancy Cats when two cats with very specific traits breed, and there’s a limit to how many times you can breed them, which varies based on the Fancy Cat type. 
  • Special Edition Cats. While you can breed Special Edition Cats to get regular cats, there’s no hope of breeding a Special Edition kitty. You can only buy them.
  • Exclusive Cats. You can breed Exclusive Cats to get regular or Fancy Cats but not Special Edition or Exclusive offspring.

You may also get lucky and end up with highly valuable cats, such as:

  • Misprint Kitties. Misprint kitties are CryptoKitties that were minted with mistakes in their designs. In some cases, the cat doesn’t look anything like its traits suggest. Once they catch the misprint, future traits will be printed properly, but you could make serious money if you end up with a misprint. 
  • Mewtations. Mewtations are CryptoKitties that are the first of their kind with a specific new trait. Only the first cat printed with a trait is given a mewtation gem, making them rarer and highly prized among collectors. 

Sire Cats

If you’re not interested in owning a new kitten and you own a male cat, you’re in luck. You can make money by allowing others to pay a transaction fee to breed their Dames with your Sire, generating passive income in the process. 


CryptoKitty FAQs

It’s natural to have questions, and with CryptoKitties being one of the most popular NFT-centric games on the blockchain. These are the answers to some of the most common questions. 

What Is the Most Expensive CryptoKitty?

The most expensive cat, sold in 2021, was Founder Cat #40. The cat sold for the Ethereum equivalent of a little over $1.06 million. The cat is orange in color and sits on a green background with similar-colored eyes. 

What Happened to CryptoKitties?

In the beginning, this game was one of the hottest on the blockchain, and believe it or not, it still has somewhat of a user base. In 2018, CryptoKitties spun off into Dapper Labs, and since then, several blockchain games have popped up, increasing competition. 

At the same time, a separation in the game between rich players and players with average income began to cut into trading profits, resulting in less demand. According to a 2021 research paper published in Frontiers in Physics, the rapid decline from stardom was largely the result of this divide and a reduction in trading profits for the average player. 

Are CryptoKitties Free?

No, the price for a cat in the game ranges from a few bucks to more than $1 million. 


Final Word

At the end of the day, the big question is whether or not you should buy CryptoKitties. If you’re looking at it from an investor’s point of view, the answer is probably not. 

Sure, there’s a chance the game will rise to stardom in the metaverse yet again. But there’s a larger chance interest in the game will continue fading as increasing competition with more intriguing functionality hits the blockchain.

While the heyday of the CryptoKitty may be in the past, it was fun to watch the rise and eventual fall of the game, and it’s impossible to discount the integral role it played in the development of the metaverse of today. 

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GME is so 2021. Fine art is forever. And its 5-year returns are a heck of a lot better than this week’s meme stock. Invest in something real. Invest with Masterworks.

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Joshua Rodriguez has worked in the finance and investing industry for more than a decade. In 2012, he decided he was ready to break free from the 9 to 5 rat race. By 2013, he became his own boss and hasn’t looked back since. Today, Joshua enjoys sharing his experience and expertise with up and comers to help enrich the financial lives of the masses rather than fuel the ongoing economic divide. When he’s not writing, helping up and comers in the freelance industry, and making his own investments and wise financial decisions, Joshua enjoys spending time with his wife, son, daughter, and eight large breed dogs. See what Joshua is up to by following his Twitter or contact him through his website, CNA Finance.
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Source: moneycrashers.com

Posted on April 30, 2022

What to Do After a Data Breach

A healthcare data breach can seem devastating if your data makes it onto the black market. Remain calm and follow the steps outlined here. Contact the health system for more assistance.
If sensitive information, such as your Social Security number, has been compromised and someone has attempted to use it, it may not be a bad idea to register for identity theft protection services.

What Is a Data Breach?

The information that is exposed will depend on what information you have provided the breached company, as well as the particular system which has been compromised.
You may be able to reach out to the affected government agency for more advice; begin by visiting that agency’s official .gov website to learn more.

Pro Tip
While expensive, these services can keep a close eye on your credit report as well as offer insurance for individuals whose information is under attack. Some top companies, such as Aura Identity Guard and IDShield, offer up to million in fraud protection.

What do I do if my personal information has been compromised?

What Can Be Exposed in a Data Breach?

Michael Archambault is a senior writer with The Penny Hoarder specializing in technology.
What is the most common cause of a data breach?
Less sensitive information, such as usernames, passwords, email addresses, phone numbers, birthdays and physical addresses, require less action than if your Social Security number or medical information has been accessed. We’ll discuss how to address each of these bits of information shortly, but first you need to understand what has been stolen.
Additionally, breached companies may offer free theft protection services to affected individuals.

How Do You Protect Yourself After a Data Breach?

If your driver’s license or Social Security number is compromised, that is a more serious breach. In these events, it is critical that you keep a close eye on your credit report as someone may attempt to open an account in your name. Obtaining a free credit report is a great place to start after any data breach notification or fraud alert.

1. Figure Out What Information Has Been Compromised

What is an example of a data breach?
Your driver’s license number and Social Security number can’t be changed, but we’ll go over how to keep a closer eye on that information for any possible sides of fraud or misuse.

2. Increase Your Digital Security

By merely upgrading your security information on a compromised system, you can prevent any stolen passwords from being of any use to malicious individuals. The updates will also help protect you from future security breaches. Source: thepennyhoarder.com
A data breach occurs when information is taken or stolen without proper authorization. In the digital world, these break-ins occur when malicious individuals illegally gain access to computer systems.

3. Change Your Compromised Information

The idea of your personally identifiable information being swept up in a data breach sounds terrifying, but in today’s world, security isn’t perfect and it’s bound to happen at one point or another. However, take a breath, as a data breach isn’t the end of the world, even if your personal information is exposed in the process.
More serious data breaches that can lead to identity theft can involve your driver’s license number, credit card information, bank account number, private medical information, or your Social Security number (SSN).
A data breach can feel overwhelming, but we are going to take you through five essential steps to take if you have been notified of a security breach to ensure that your identity and information remains secure.

Pro Tip
We’re going to explain exactly what is a data breach and what to do after a data breach if your information has been compromised. By immediately taking the correct actions, you can reduce the change of your data being used for malicious purposes.

Data breaches can be the result of poor data security, but even the most secure systems can become compromised. When a data breach occurs, a malicious individual or group of individuals are usually able to exploit a software vulnerability or human error.

4. Closely Monitor Your Important Accounts

Target notified affected individuals about three weeks after the breach occurred and four days after they had noticed it themselves. The data breach cost Target .5 million and the company provided free credit monitoring services for affected customers.
The first thing to do is determine exactly what information has stolen. Then change the passwords and increase security on all those accounts. This could include freezing credit or debit cards. You can also reach out to the breached company for more advice. Then monitor your accounts closely for any unauthorized activity. Lastly, if needed, contact an identity theft protection company.
By accepting free theft protection services, you may be agreeing to terms that prevent you from suing the company in the future for further damages. If unsure, contact a lawyer with questions.
However, information tied to a credit card account or bank account should be changed. If you have been notified that your credit or debit card information has been compromised, it is best to call your bank or credit card company to freeze the card and order a replacement. Again, the goal here is to render any information that may have been stolen unusable.

5. Register for Identity Theft Protection if Needed

Additionally, you’ll want to enable Two-Factor Authentication (2FA) on the website if that security option is available. By enabling 2FA, you need not only your password to login, but a second secure code that is generally texted to or emailed to you at the time of login.
The most important reaction you should have to any data breach is to first find out what information has been stolen. When you are notified by a company that their system(s) have been compromised, the company should state exactly what data was accessed. If not, it is critical to reach out to the company and ask what information of yours is at risk.
In 2013, department store chain Target was involved in one of the largest security breaches in history. Hackers stole 40 million credit and debit card records, along with 70 million customer records during the holiday season.

Pro Tip
Nearly any type of sensitive data can be exposed in a data breach including usernames, passwords, emails address, physical addresses, phone numbers, birth dates and other forms of user data relevant to the platform.

Frequently Asked Questions (FAQs)

There isn’t much more you can do beyond following the five steps given above to help secure your information and keep an eye on your data.
In the United States, businesses are required to disclose data breaches once they are discovered, and have up to 90 days to do so. This is a much longer allowance than in many other countries, such as the UK where breaches must be reported within 72 hours.
What should I do about government data breaches?
To help protect yourself against data breaches, learn how to guard against and prevent identity theft.
No matter what type of information is exposed in a breach, the most critical factor is that you respond promptly to get your stolen information under control.
In addition to changing your password and updating your security settings whenever a system is breached, there may be other information you’ll want to update. Essentially, if any stolen information is changeable, you’ll want to update it to prevent it being of any use to those who gain hold of it.
Obviously, we don’t recommend that you move your home if your physical address is compromised and you don’t need to change your phone number if that is exposed. If it’s information that you could have found in the White Pages a decade ago, you can probably take a breath even if it is exposed.
Just remember that you will need to unlock your information if you ever want to legitimately open new accounts and need access to your credit reports.
According to the Identity Theft Resource Center, the most common source of data breaches in 2021 was phishing attacks. These attacks typically involve someone pretending to be a trusted individual to lure victims into revealing sensitive information. Other leading causes of data breaches include ransomware and malware attacks.
You can also employ a credit freeze, so that your credit information is unable to be accessed. By contacting the three credit bureaus or visiting their websites, you can put a hold on your information so that anyone attempting to apply for credit will be locked out.

The three major credit bureaus, Experian, Equifax, and TransUnion, offer subscriptions for keeping a close eye on your credit reports. These subscriptions commonly include alerts whenever new accounts are opened or your information has been used to apply for additional credit, so they can be powerful tools after a data breach.
Just as if your house was robbed, one of the first actions to take is to beef up your online security. Begin by changing your password on any platform that has been compromised; this will prevent anyone from accessing your account if your old password surfaces online.

Posted on April 30, 2022

What to Do After a Data Breach

Your driver’s license number and Social Security number can’t be changed, but we’ll go over how to keep a closer eye on that information for any possible sides of fraud or misuse.
A data breach can feel overwhelming, but we are going to take you through five essential steps to take if you have been notified of a security breach to ensure that your identity and information remains secure.

What Is a Data Breach?

Additionally, you’ll want to enable Two-Factor Authentication (2FA) on the website if that security option is available. By enabling 2FA, you need not only your password to login, but a second secure code that is generally texted to or emailed to you at the time of login.
What is the most common cause of a data breach?

Pro Tip
Source: thepennyhoarder.com

You can also employ a credit freeze, so that your credit information is unable to be accessed. By contacting the three credit bureaus or visiting their websites, you can put a hold on your information so that anyone attempting to apply for credit will be locked out.

What Can Be Exposed in a Data Breach?

Just remember that you will need to unlock your information if you ever want to legitimately open new accounts and need access to your credit reports.
The most important reaction you should have to any data breach is to first find out what information has been stolen. When you are notified by a company that their system(s) have been compromised, the company should state exactly what data was accessed. If not, it is critical to reach out to the company and ask what information of yours is at risk.
More serious data breaches that can lead to identity theft can involve your driver’s license number, credit card information, bank account number, private medical information, or your Social Security number (SSN).
Michael Archambault is a senior writer with The Penny Hoarder specializing in technology.

How Do You Protect Yourself After a Data Breach?

The idea of your personally identifiable information being swept up in a data breach sounds terrifying, but in today’s world, security isn’t perfect and it’s bound to happen at one point or another. However, take a breath, as a data breach isn’t the end of the world, even if your personal information is exposed in the process.

1. Figure Out What Information Has Been Compromised

What is an example of a data breach?
The first thing to do is determine exactly what information has stolen. Then change the passwords and increase security on all those accounts. This could include freezing credit or debit cards. You can also reach out to the breached company for more advice. Then monitor your accounts closely for any unauthorized activity. Lastly, if needed, contact an identity theft protection company.

2. Increase Your Digital Security

Obviously, we don’t recommend that you move your home if your physical address is compromised and you don’t need to change your phone number if that is exposed. If it’s information that you could have found in the White Pages a decade ago, you can probably take a breath even if it is exposed. What should I do about government data breaches?
You may be able to reach out to the affected government agency for more advice; begin by visiting that agency’s official .gov website to learn more.

3. Change Your Compromised Information

If your driver’s license or Social Security number is compromised, that is a more serious breach. In these events, it is critical that you keep a close eye on your credit report as someone may attempt to open an account in your name. Obtaining a free credit report is a great place to start after any data breach notification or fraud alert.
A data breach occurs when information is taken or stolen without proper authorization. In the digital world, these break-ins occur when malicious individuals illegally gain access to computer systems.
Data breaches can be the result of poor data security, but even the most secure systems can become compromised. When a data breach occurs, a malicious individual or group of individuals are usually able to exploit a software vulnerability or human error.

Pro Tip
We’re going to explain exactly what is a data breach and what to do after a data breach if your information has been compromised. By immediately taking the correct actions, you can reduce the change of your data being used for malicious purposes.

Nearly any type of sensitive data can be exposed in a data breach including usernames, passwords, emails address, physical addresses, phone numbers, birth dates and other forms of user data relevant to the platform.

4. Closely Monitor Your Important Accounts

According to the Identity Theft Resource Center, the most common source of data breaches in 2021 was phishing attacks. These attacks typically involve someone pretending to be a trusted individual to lure victims into revealing sensitive information. Other leading causes of data breaches include ransomware and malware attacks.
In 2013, department store chain Target was involved in one of the largest security breaches in history. Hackers stole 40 million credit and debit card records, along with 70 million customer records during the holiday season.
By accepting free theft protection services, you may be agreeing to terms that prevent you from suing the company in the future for further damages. If unsure, contact a lawyer with questions.
Just as if your house was robbed, one of the first actions to take is to beef up your online security. Begin by changing your password on any platform that has been compromised; this will prevent anyone from accessing your account if your old password surfaces online.

5. Register for Identity Theft Protection if Needed

Additionally, breached companies may offer free theft protection services to affected individuals.
By merely upgrading your security information on a compromised system, you can prevent any stolen passwords from being of any use to malicious individuals. The updates will also help protect you from future security breaches.
There isn’t much more you can do beyond following the five steps given above to help secure your information and keep an eye on your data.

Pro Tip
What do I do if my personal information has been compromised?

Frequently Asked Questions (FAQs)

To help protect yourself against data breaches, learn how to guard against and prevent identity theft.
Target notified affected individuals about three weeks after the breach occurred and four days after they had noticed it themselves. The data breach cost Target .5 million and the company provided free credit monitoring services for affected customers.
Less sensitive information, such as usernames, passwords, email addresses, phone numbers, birthdays and physical addresses, require less action than if your Social Security number or medical information has been accessed. We’ll discuss how to address each of these bits of information shortly, but first you need to understand what has been stolen.
The information that is exposed will depend on what information you have provided the breached company, as well as the particular system which has been compromised.
While expensive, these services can keep a close eye on your credit report as well as offer insurance for individuals whose information is under attack. Some top companies, such as Aura Identity Guard and IDShield, offer up to million in fraud protection.
However, information tied to a credit card account or bank account should be changed. If you have been notified that your credit or debit card information has been compromised, it is best to call your bank or credit card company to freeze the card and order a replacement. Again, the goal here is to render any information that may have been stolen unusable.
No matter what type of information is exposed in a breach, the most critical factor is that you respond promptly to get your stolen information under control.
If sensitive information, such as your Social Security number, has been compromised and someone has attempted to use it, it may not be a bad idea to register for identity theft protection services.
A healthcare data breach can seem devastating if your data makes it onto the black market. Remain calm and follow the steps outlined here. Contact the health system for more assistance.
In addition to changing your password and updating your security settings whenever a system is breached, there may be other information you’ll want to update. Essentially, if any stolen information is changeable, you’ll want to update it to prevent it being of any use to those who gain hold of it.

The three major credit bureaus, Experian, Equifax, and TransUnion, offer subscriptions for keeping a close eye on your credit reports. These subscriptions commonly include alerts whenever new accounts are opened or your information has been used to apply for additional credit, so they can be powerful tools after a data breach.
In the United States, businesses are required to disclose data breaches once they are discovered, and have up to 90 days to do so. This is a much longer allowance than in many other countries, such as the UK where breaches must be reported within 72 hours.

Posted on April 28, 2022

7 Financial Aid Secrets You Should Know

As a student (or parent) it can be easy to focus solely on the college application process, and completely forget about financial aid. You spend so much time studying for the SATs (or ACTs) and tweaking your college essay so it perfectly represents you, that after you’ve been accepted and the reality of tuition payments set in, you might feel momentary panic.

It’s no secret that college tuition is expensive. Students and parents save for years to pay for higher education, but sometimes that’s just not enough. According to a Sallie Mae® study, “How America Pays for College 2021 ,” parent income and savings covered 45% of college costs while student income and savings covered 8% of the costs.

Many of us rely on financial aid to bridge the payment gap. Financial aid may come from multiple sources, including scholarships, grants, work-study, federal student loans, and private student loans.

Scholarships and grants are extremely useful forms of financial aid, since students are not typically required to pay back the money they receive. An online survey of students and parents found 72% of college families in 2021 relied on scholarships and grants to cover a portion of college expenses, according to Sallie Mae’s study.

Scholarships, grants, and savings often aren’t enough to cover the cost of attending college. Sallie Mae says 47% of college families borrowed money to help pay for college in 2021. Some families used home equity loans and credit cards, but federal student loans represented the most frequently used source of borrowed money followed by private student loans.

To top it all off, the financial aid application process can be confusing. Between federal aid and other scholarships, it can be difficult to keep everything straight.

Most often, the first step in applying for financial aid is filling out the Free Application for Federal Student Aid (FAFSA®). You can begin filling out the FAFSA on October 1 for the following academic year. The federal FAFSA deadline for the 2022–23 academic year is June 30, 2023, while colleges and states may have their own FAFSA deadlines.

Some schools use an additional form to determine scholarship aid — the College Scholarship Service Profile .

Taking the effort to apply for financial aid early can have a positive impact on your tuition bill. Below we highlight seven financial aid secrets you should know.

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1. Decision Day vs Summer Melt

May 1 is usually decision day, the deadline when prospective college students must decide which college they plan to attend in the fall. But even after this deadline, students can change their minds. This phenomenon is known to industry professionals as “summer melt,” and sometimes it’s triggered by FAFSA verification setbacks.

Students who receive insufficient need-based financial aid, for example, might be compelled to reconsider their college enrollment decisions. Summer melt can give you an opportunity to select a more affordable school for you if you’ve encountered a FAFSA verification roadblock.

Summer melt is a common problem that causes schools to lose students during the summer. Because of this, schools may have a bit of secret wiggle room in their acceptance policy to admit new students over the summer for the fall semester.

2. Writing a Letter

You might be able to take advantage of summer melt with this secret: write a letter. After you get your financial aid offer, you could write a letter to your school’s financial aid office to open the lines of communication.

Let them know how excited you are to attend school in the fall. That’s where you could include a thoughtfully worded inquiry for any additional aid that you might qualify for as a result of summer melt.

When students decide to switch schools or not attend at the last minute, it means that they also won’t be using their financial aid award — which could now be available to other students.

3. Calling the Financial Aid Office

Another way to potentially take advantage of summer melt is to call your school’s financial aid office. Instead of calling immediately after you receive your financial aid award, think about calling in June or July. This allows financial aid offices time to account for students who have declined their financial aid packages.

An appropriately timed call to the financial aid office at your school could mean additional financial aid is allocated to your package — no guarantees, of course, but it never hurts to ask.

4. Submitting Paperwork and Applications On Time

Every school’s financial aid office has to follow a budget. Some financial aid is offered on a first-come, first-served basis, so it helps to submit forms, like the FAFSA, and other applications, on time or even ahead of schedule.

You may be out of luck if you apply for assistance after your university’s financial aid office has met their budget for the year. Some states have early winter deadlines for awarding scholarships and grants. Tennessee residents, for example, must complete their FAFSA by February 1 to be considered for a state-funded Tennessee Student Assistance Award grant.

You can check the deadlines for financial aid in your state through the U.S. Department of Education’s Federal Student Aid website .

Repay your way. Find the monthly student loan
payment and rate that fits your budget.

5. Being Prepared

Have the basics ready to go before you sit down to fill out the FAFSA. If you have all of the information you need before you begin filling out the FAFSA, you’ll likely have an easier time filling out the information.

Usually, each parent and the student will need to create a username and password, which is called the Federal Student Aid ID (FSA ID). You’ll also need:

•   Social Security numbers (for you and your parents)

•   Bank statements and records of untaxed income (possibly)

•   You and your parents’ tax returns (aid awards are based on income from two years ago)

•   Any W2 forms

•   Net worth calculations of your investments (for students and parents)

6. Being Wary of Services that Charge You for Help

If you need assistance filling out the FAFSA, avoid any services that charge you. The first F of FAFSA stands for “Free,” so there is no need to pay for a service to fill the form out for you.

If you need assistance filling out the FAFSA, there are plentiful online resources through the U.S. Department of Education .

7. Filing the FAFSA Every Year

For every year you are a student and want to receive federal aid, you’ll have to file the FAFSA. Get in the habit of filing it every fall, so you’re closer to the top of the financial aid pile.

The Takeaway

Scholarships and grants can be super-helpful additions to a federal financial aid package. The money can reduce your tuition bill and doesn’t usually need to be repaid. Work-study can also be beneficial in helping college students make ends meet.

If you need additional help financing your college experience, SoFi offers private student loans with an entirely digital application process and no fees whatsoever. Potential borrowers can choose between a variable or fixed interest rate and have the option to add a cosigner to the loan.

Learn more about SoFi’s flexible repayment plans and application process for private student loans.


External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.
Third-Party Brand Mentions: No brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
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SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC), and by SoFi Lending Corp. NMLS #1121636 , a lender licensed by the Department of Financial Protection and Innovation under the California Financing Law (License # 6054612) and by other states. For additional product-specific legal and licensing information, see SoFi.com/legal.

SoFi Private Student Loans
Please borrow responsibly. SoFi Private Student Loans are not a substitute for federal loans, grants, and work-study programs. You should exhaust all your federal student aid options before you consider any private loans, including ours. Read our FAQs.
SoFi Private Student Loans are subject to program terms and restrictions, and applicants must meet SoFi’s eligibility and underwriting requirements. See SoFi.com/eligibility for more information. To view payment examples, click here. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change.

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Posted on April 27, 2022

The Worst Password Habits — and What to Do Instead

You have a password protecting your bank account, or at least you think that it’s protecting your bank account. Unfortunately, not all passwords are sufficiently keeping data safe — it doesn’t matter how good the lock is if the key is a weak point. So, what are the worst password habits, and how can you improve them? Let’s take a look.

7 Worst Password Habits to Avoid

Stay away from these password fails to make your online activities more secure.

1. Using the Same Password Everywhere

We get it; it’s easy to use the same password with multiple websites. Remembering numerous passwords is difficult, so using the same login information for your bank and Netflix might seem like a good fix. However, using the same password with more than one account increases the risk of your entire digital life being compromised if a hacker or other nefarious actor compromises that one password.

What’s the solution? Using unique passwords for every single one of your logins is the first step to tackling bad password habits. That can sound like a herculean task, but don’t sweat! This is precisely why we recommend using a password manager to keep your digital world under tight lock and key while also making logging into every service super quick.

2. Not Utilizing a Password Manager (Hint: Theme Incoming)

We’ll repeat it for the people in the back—use a password manager! Keeping up with a never-ending, complex list of passwords is intensely stressful and will likely lead to poor practices (we’ll keep exploring some of those). So, do yourself a favor and download a password manager; we rounded up our recommendations for the best password managers.

Password managers allow you to generate more secure passwords and store them in an encrypted ‘vault’ unlocked by a single password (no more remembering endless passwords). In addition, most auto-fill your login information, so you can sign in to any website or app with the click of a button, tap of a screen, or a simple biometric scan (think FaceID/TouchID).

3. Sharing Your Passwords Casually

Sharing passwords isn’t always disastrous, but you should give it some thought before you go handing out your login credentials. While sharing an HBO Max login with friends and family might seem safe, these types of logins give others access to change your billing information, upgrade to more expensive packages, and sometimes access portions of your credit card number.

Don’t even get us started with your bank passwords — you should never share that info with anyone who isn’t an account holder.

If you must share a password, understand how to share passwords securely and what considerations you should take before handing out those precious combinations of numbers, letters and symbols.

It shouldn’t be a surprise, but the best way to share a password? Use the sharing feature within a password manager (by the way, there are free options).

4. Writing Down Passwords for Everyone to Find

We are in the digital age, and while writing passwords down can be secure in some select situations, most users don’t tend to store their written password information in a secure safe. Usually, written passwords get scribbled on a post-it note or other scrap of paper or even taped onto your computer.

Don’t even get us started on those password books which proudly proclaim in bold-type on the cover that you are storing passwords within — bad idea.

If you insist on writing down your passwords, write them in a secure book that can be locked away in a safe when not in use. But, why struggle with a physical book when you can keep everything secured on your computer or mobile device?

Instead of writing down your passwords, again, we recommend using a password manager to encrypt and store your most precious information properly.

5. Using Simple or Easily Guessable Passwords

Simple passwords are easy to remember, but they don’t provide much security. Hackers and other malicious users have quite a few different ways to break into your online accounts, including brute force and dictionary attacks. The simpler your password, the more likely one of these hacking techniques could be utilized against you.

To create a strong password, use at least 12 characters —16 characters is preferable if possible. The best passwords are random combinations of letters, numbers and symbols.

Lastly, always avoid passwords that use personal information such as your birthday, your pet’s name, or something overtly simple, such as ‘password’ or ‘1234.’

6. Not Using Two-Factor Authentication

Passwords are a good first-layer of defense, but when it comes to keeping your most valuable online assets secure, you’ll want to be sure that you’re employing the use of Two-Factor Authentication.

When you switch on Two-Factor Authentication for an account, two bits of information must be provided when logging in. The first bit of information is generally your password. The second bit is typically a secure code sent to you (via text message, email or phone call) or generated by an app that you keep on your smartphone.

This process ensures that even if someone has stolen your password, they still don’t have the second piece of information needed to log into your account.

7. Not Changing Your Passwords Over Time

While keeping your password the same for months and years might make the entire process a bit easier, it can also be less secure. Security breaches are not uncommon, and it can occasionally take companies quite a while, from the time the breach occurs to when it is discovered, before you are alerted. As a precaution, change your passwords regularly to keep your account more secure.

Most experts recommend changing your passwords every few months, but understandably, this can be near impossible across multiple accounts. Instead, we recommend changing your most critical passwords every few months, such as those that grant access to online banks and financial accounts.

Frequently Asked Questions (FAQs)

What are some examples of bad passwords?

Bad passwords are typically short and lack complexity. For example, the following passwords would be considered poor to use: password, 12345, qwerty, password! or iloveyou. 

In addition, you’ll want to avoid passwords that use personal information such as dates, pet names, or locations; examples include fluffy21, newyorkgirl, or july41965. 

What should passwords not contain?

Passwords should not contain any personal information that may be guessable, including dates, names or locations. Passwords with such information may be easily guessed or hacked.

Instead, use a password that contains random numbers, letters and symbols and is at least 12 characters in length to keep online accounts protected.

What makes a password bad?

To know what makes a password bad, it is better to understand what makes a password suitable. A strong password comprises random characters (numbers, letters and symbols) and is at least 12 characters long. 

Bad passwords are typically short, lack complexity, and, in many cases, use easily guessable personal information. Creating strong passwords is one of the critical steps toward eliminating bad password habits.

Michael Archambault is a senior writer with The Penny Hoarder specializing in technology.

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Posted on April 25, 2022

Here’s How to Transfer Money From One Bank to Another

Moving money within accounts at one financial institution is easy enough. You can visit your bank in person, give them a call or use your bank’s website or app to move funds from one account to another.

But what if you have accounts at separate banks, fintechs or credit unions? What if you have retirement accounts to fund? What if you need to send money to someone else, whether at the same bank or a different institution?

Transferring money from one bank to another can be a little more complicated, but the good news is, you have options. One is likely to make sense for your situation.

This article breaks down how to transfer money from one bank to another into two categories: transferring your money into one of your own bank accounts and transferring your money to someone else.

How to Transfer Money Between Your Own Bank Accounts

Many people have separate bank accounts for various purposes. For instance, entrepreneurs keep their personal finances separate from their business finances and might have incentives to keep the accounts with different banks and credit unions.

Other savvy savers may bank online for their savings because they want a higher APY but have a checking account with a local bank for ease of access. Investors can easily rack up various accounts for savings, checking, money market, stocks and IRAs.

Whatever your reason for managing separate accounts with separate banks, you have a few methods for money transfers between those accounts.

Setting Up Automated Clearing House (ACH) Transfers

The safest, most reliable, and thus most common form of bank-to-bank transfers is through ACH transfers. ACH was established in the 1970s as a cheaper, more efficient alternative to paper checks and wire transfers.

Since then, most employers have adopted ACH transfers as their payment mechanism; more than 93% of Americans now receive their paycheck via direct deposit.

ACH and electronic funds transfer (EFT) are often used interchangeably. However, ACH is a type of EFT. EFT is a broader term that includes other transfer methods, like digital payments and wire transfers.

To complete a bank-to-bank transfer using ACH, you’ll first need to link your two accounts via your online banking platform. For the sake of example, let’s name your two financial institutions Penny Credit Union and Hoarder Bank.

For this example, we’ll assume you want to transfer $5,000 from your Penny Credit Union checking account to your Hoarder Bank savings account:

Step 1: Find the Correct Transfer Page

Log in to your Penny Credit Union online banking account or mobile app. Find the “Transfer Funds” action using the site’s or app’s menu. Then locate the option for external transfers and select an option along the lines of “Link an external account.”

Step 2: Provide Proof That You Are the Account Owner

Provide Penny Credit Union with the account number and routing number for your Hoarder Bank account when prompted. To determine your account and routing numbers, you can reference a check. The nine-digit number in the bottom left is your bank’s routing number, and the number immediately to the right is your account number.

Step 3: Verify the Account

Penny Credit Union will then ask to verify the external account, typically by using a third-party program to log in to your other account on your behalf or by making minor deposits and withdrawals.

The first option requires that you provide Penny Credit Union with your username and password for Hoarder Bank. This can get messy if you have two-factor authentication turned on for the Hoarder Bank account. The benefit of this option is that it’s immediate, but the drawback is that you’re providing personal information to another institution.

The second option may take longer, but it’s also more likely to be secure. In this scenario, Penny Credit Union will make multiple deposits into your Hoarder Bank account, typically amounting to less than $1. Don’t get too excited; the credit union will immediately withdraw that money, and then you have to report the deposit amounts to confirm the account is yours. This can take multiple business days.

Step 4: Move the Money

Once you have linked your Penny Credit Union and Hoarder Bank accounts, you can transfer the $5,000 from one to the other. You will also be set up for all future bank-to-bank transfers.

Pro Tip

At most banks, you can typically only withdraw funds from a savings account six times in a calendar month before being rejected or incurring fees.

ACH transfers are the easiest, safest, and often most convenient way to transfer funds from one bank account to another, but there are other, less elegant methods.

Writing Yourself a Check

A woman writes a check.
Carmen Mandato / The Penny Hoarder

You can also transfer money from one bank account to another by simply writing yourself a check. For example, if you want to transfer $100 from the Penny Credit Union checking account in the previous example to your Hoarder Bank savings account, grab your credit union checkbook and fill out a check for $100, addressed to yourself. Then head to Hoarder Bank to deposit it (or use your smartphone app to complete a mobile deposit).

Write something like “Bank-to-bank transfer to Hoarder savings” on the memo line to jog your memory about that particular check when balancing your checkbook.

Withdrawing and Depositing Cash

Don’t have a checkbook? No problem. If you don’t mind driving to your bank (or at least a nearby ATM), you can withdraw the amount of money you’d like to transfer from one account, then simply drive to the second institution (or an ATM) and deposit the funds.

Transferring Money to Someone Else’s Account

As much as we’d like to hoard all our pennies (and dollars and even Ben Franklins) to ourselves, sometimes we need to send money to someone else’s bank account. There are a few common ways to do bank transfers with another recipient.

Using a Wire Transfer

You can conduct a wire transfer at a bank or with an external provider, like Western Union. Wire transfers tend to be faster than ACH deposits (domestic can be same-day and international is typically overnight to a few days) and are often the preferred method when making a down payment and/or paying closing costs for a house when a lender is involved.

However, wire transfers are costly (for the payer and the payee) compared to alternatives. Here are the median costs for sending money via wire transfers:

  • Domestic incoming: $15
  • Domestic outgoing: $25
  • International incoming: $15
  • International outgoing: $49

To send money via a wire transfer, you must know the recipient’s name, the recipient’s account and routing numbers, your own account and routing numbers (if not going through your own bank) and the recipient’s contact info (name, address and phone number should suffice). You will typically also need to provide a photo ID.

Theoretically, you could also use a wire transfer to send money from one of your own accounts to another, but as this is costly, this should be your last resort.

Writing a Check or Paying Cash

If the recipient can meet with you in person or wait until you can mail a check — and then doesn’t mind depositing the funds themselves — you can also transfer money to them by writing a check or withdrawing the funds from your account (at the bank or an ATM) and paying in cash.

Don’t pay in cash if you need an electronic record of the payment; save cash for transfers with family and friends, like giving your college student gas money or paying your neighbor for shoveling your driveway.

Money Transfer Apps

Money transfer apps are growing in popularity, so much so that Venmo has its own social media feed that lets you see what your friends are paying each other for. As long as you and your pay recipient both have the same app, transferring funds is no problem (and instant). Common apps include PayPal, Venmo, Cash App, Zelle, Apple Pay, Google Pay and Chase QuickPay.

To use the app, you have to link it to your bank account, which requires much of the same work as linking your bank accounts for ACH transfers does.

As an example, here are the steps you need to take to link your bank account to PayPal:

  1. Log in to PayPal on a computer or via your smartphone app.
  2. Click “Wallet.”
  3. Click “Link a bank.”
  4. Search for your bank.
  5. Use Yodlee to confirm your bank account by providing your username and password (immediate) or link your bank manually by providing the checking and routing number (one to three business days).

If you go the manual route, PayPal will make two small deposits into your account and then immediately withdraw them. You will then need to report the deposit amounts to confirm that the requested account is yours. You may want to consider this option for security reasons.

You can also link a card instead of a bank, which will allow you to start making transactions faster, but using a card instead of a bank costs money. This is true of most payment apps.

Pros and Cons of Different Transfer Methods

So what’s the best way to transfer money from one bank to another? It depends on the urgency with which you need to transfer it, how much you need to transfer and how much you’re willing to spend for added efficiency and/or security. Here are some of the benefits and drawbacks of each.

About ACH Transfers


Pros

  • No cost
  • Typically no (or high) limit on amount to be transferred
  • Safe and reliable


Cons

  • Typically takes between two and three business days

About Wire Transfers


Pros

  • Fast (can be same-day)
  • Relatively secure


Cons

  • High fees for payer and payee
  • Varying limits on amount to be transferred

About Money Transfer Apps


Pros

  • Fast transfer
  • Easy, mobile-based process


Cons

  • Takes longer to fund account from app
  • Can carry fees
  • Limits on transfer amounts

About Checks


Pros

  • No cost if you already have checks.


Cons

  • No guarantee of immediate deposit by recipient
  • Can require mail or physical meet-up
  • Risk of being lost

About Withdrawals and Deposits


Pros

  • No cost (assuming no ATM fees)


Cons

  • Less paper trail
  • Greater risk of loss or theft
  • Requires physical exchange

What You’ll Need When Transferring Funds

Whenever you’re transferring funds via ACH or wire transfer, you’ll need to know:

  • The name of the bank to which you are transferring funds.
  • The recipient’s full name (either your name if transferring to your own account or the other person’s full name if moving money to someone else).
  • The account type to which you are transferring (checking or savings).
  • The routing number, which is a bank’s nine-digit code that uniquely identifies it as a financial institution that is either federally or state chartered and carries an account with the Federal Reserve.
  • The account number, which is unique to you or the recipient.
  • The recipient’s personal information, including phone number and address.

When transferring via app, you can typically search for the recipient’s username or handle. If you are expecting someone to send you money via a payment app and you have a common name (cough cough Tim Moore), ensure that you either create a unique username or confirm with the person sending you money that they have the right boring combination of first name + last name + number.

When writing a check, you only need to know the recipient’s name or company to which they would like the check made out. If mailing the check, you will obviously need to find the recipient’s address.

Timothy Moore covers banking and investing for The Penny Hoarder from his home base in Cincinnati. He has worked in editing and graphic design for a marketing agency, a global research firm and a major print publication. He covers a variety of other topics, including insurance, taxes, retirement and budgeting and has worked in the field since 2012.

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