Financial account – Sarah Long http://sarahlong.org/ Mon, 02 May 2022 16:08:31 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://sarahlong.org/wp-content/uploads/2021/10/icon-44-120x120.png Financial account – Sarah Long http://sarahlong.org/ 32 32 Is PayPal still a must-have financial account for businesses? – The UBJ https://sarahlong.org/is-paypal-still-a-must-have-financial-account-for-businesses-the-ubj/ Wed, 30 Mar 2022 05:04:08 +0000 https://sarahlong.org/is-paypal-still-a-must-have-financial-account-for-businesses-the-ubj/ Whether you’re looking for a new business idea, want to turn your favorite hobby into a legitimate business idea, or already have an established business that you want to grow and grow, figure out how you can get paid quickly, easily and hassle-free. – a free and affordable way is often a significant operational problem […]]]>

Whether you’re looking for a new business idea, want to turn your favorite hobby into a legitimate business idea, or already have an established business that you want to grow and grow, figure out how you can get paid quickly, easily and hassle-free. – a free and affordable way is often a significant operational problem that new and experienced business owners will need to address. Online payment processing is particularly crucial, with more than half of people now paying their bills online and online sales taking over offline sales for the first time in 2019. E-commerce has seriously changed the way which people buy and sell a range of goods and services and has made permanent changes to the way we do business online, with a range of solutions to make it easier than ever to take and process payments. PayPal is one of the pioneers of the online payment space, and like most people, you may have used it to make an online payment before.

What is a PayPal business account?

PayPal is one of the most popular and well-known online payment service providers in the world. Opening a PayPal business account makes it faster and easier for businesses that are just getting started and those that are more established when it comes to accepting and processing debit card payments. and credit. PayPal operates in over twenty-five currencies from over two hundred countries. Similar to its competitors, PayPal takes a small percentage of transactions made using the platform.

When you have a PayPal business account, it’s easy for your customers to pay and make purchases, even if they don’t have a PayPal account themselves, because there is the option to make purchases as a guest. Customers can choose to pay with a range of payments, including debit cards, credit cards, PayPal, and PayPal Credit.

Features your business gets with PayPal

There are many features you can take advantage of for your business when you create a PayPal merchant account, including real money PayPal withdrawals, for your professional and personal transactions, as if you decided to play in an online casino. Check online casinos for more information on using e-wallets like PayPal to play. Some of the best PayPal Business Account features include:

Payment: Paypal

This feature adds Smart payment buttons to your website that allow your customers to purchase goods or services with a single click rather than going through a lengthy checkout process with long and complicated forms. Since customers who have a PayPal account will have already provided information such as their contact details and shipping address to PayPal when registering, PayPal will pass this information on to you if required.

PayPal working capital and business loans

For many growing businesses, cash flow can be one of the biggest issues they face. PayPal Working Capital and Business Loans makes it easier for businesses with a PayPal merchant account to obtain the funds they need to grow and expand their business. Both of these options are a way to quickly access cash for your business, with some being approved as early as the next business day. They are also easier to borrow compared to formal routes like banks which can take weeks or even months with credit checks and piles of paperwork. To qualify for a business loan, your business will need to be at least nine months old and you will need to pass a credit check. There is also a minimum income requirement. On the other hand, working capital has lower barriers to entry, although you must have had the PayPal business account for at least ninety days.

PayPal Marketing

PayPal also offers Marketing Solutions, which are a useful suite of features that come standard with the free shipping, billing, and debit card options you’ll get with your account. These features provide you with valuable insights into how often your customers buy, how much they spend, and how they interact with the checkout experience. All you have to do is copy and paste a single line of code on your website to enable this feature.

More Benefits of PayPal Business Account

Before deciding whether or not PayPal will be a useful financial account for your business, it’s worth looking at some of the key benefits. These include:

No monthly payment

One of the main reasons why PayPal is still a popular option despite all the competition is that the standard merchant account has no monthly maintenance fees. Registration is free and you can immediately start accessing all the services offered. You will only be charged a percentage of each transaction when you actually start doing business.

Quick setup

You can set up a PayPal merchant account for your business in just fifteen minutes. They offer an all-digital registration process that lets you follow the quick and easy steps to register at a time that’s most convenient for you.

Flexible payment acceptance

Another huge advantage of using PayPal is that it is very flexible in terms of accepting payments. Customers can pay with a range of different currencies, making it easy to go global with your business, and they can use a range of methods, including credit and debit cards, PayPal, and PayPal Credit, even if they don’t. do not have their own PayPal account.

Easy e-commerce integration

You can easily sync your PayPal merchant account with hundreds of different shopping cards and e-commerce solutions. Most major e-commerce providers and some of the smaller options will have a simple admin option to select PayPal integration, and all you have to do is enter your login details to link your account and get started. to accept payments with PayPal immediately.

When it comes to choosing a financial account for your business, PayPal might be one of the first options that come to mind. Although there are more and more options available for online payments, PayPal is still one of the most popular.

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OnSeen Releases Version 2.0 of Its Consumer Financial Account Management Module for the Intellectual and Developmental Disabilities (I/DD) Community https://sarahlong.org/onseen-releases-version-2-0-of-its-consumer-financial-account-management-module-for-the-intellectual-and-developmental-disabilities-i-dd-community/ Tue, 29 Mar 2022 07:00:00 +0000 https://sarahlong.org/onseen-releases-version-2-0-of-its-consumer-financial-account-management-module-for-the-intellectual-and-developmental-disabilities-i-dd-community/ OnSeen’s Breakthrough Technology Gets Even Better to Prevent Financial Misuse and Simplify the Individual Fund Management Process for Agency Providers and Direct Support Professionals Columbus, Ohio, March 29, 2022 /PRNewswire/ — OnSeen today announced the official release of version 2.0 of its Consumer Financial Account Management (CFAM) software module. Designed to help prevent embezzlement in […]]]>

OnSeen’s Breakthrough Technology Gets Even Better to Prevent Financial Misuse and Simplify the Individual Fund Management Process for Agency Providers and Direct Support Professionals

Columbus, Ohio, March 29, 2022 /PRNewswire/ — OnSeen today announced the official release of version 2.0 of its Consumer Financial Account Management (CFAM) software module. Designed to help prevent embezzlement in the intellectual and developmental disability community, the CFAM module provides breakthrough technology to agency providers who manage individual financial accounts (e.g. petty cash, gift cards, EBT cards , savings accounts, checking accounts and trust accounts). accounts) on behalf of people with disabilities. Version 2.0 includes several enhancements and new features, including digital scanning of receipt photos to prevent blurry images, a hierarchical approval process for general ledger transactions, and the ability to archive month-end financial packages . Together, these enhancements will help Direct Support Professionals (DSPs) spend less time on tedious administrative tasks and more time delivering care. They will also help agency vendors significantly reduce the complexity of the month-end reconciliation process and mitigate the risk of a Major Unusual Financial Incident (MUI).

“With the LiveCare Consumer Financial Account Management Module, we have transformed the way we manage the financial accounts of the people we serve from a manual, paper-based, error-prone approach to a fully digital, automated, and streamlined,” said Rich JohnsonCEO of ViaQuest, “As a result, our administration errors have been largely eliminated, our time spent reconciling month-end accounts and preparing financial packages has been reduced by an order of magnitude, we have no had no associated user interface or MUI, and our DSPs are able to spend more time caring for the people they support.”

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FBAR Primer: Reports on foreign bank and financial accounts (101) https://sarahlong.org/fbar-primer-reports-on-foreign-bank-and-financial-accounts-101/ Mon, 07 Mar 2022 08:00:00 +0000 https://sarahlong.org/fbar-primer-reports-on-foreign-bank-and-financial-accounts-101/ FBAR Primer on Foreign Bank & Financial Account Reporting When it comes to international reports foreign bank and financial accounts, FBAR is the most common form that must be filed. Unlike other forms, the FBAR is generally required for almost all types of foreign bank and financial accounts, such as bank accounts, investment accounts, foreign […]]]>

FBAR Primer on Foreign Bank & Financial Account Reporting

When it comes to international reports foreign bank and financial accounts, FBAR is the most common form that must be filed. Unlike other forms, the FBAR is generally required for almost all types of foreign bank and financial accounts, such as bank accounts, investment accounts, foreign pensions, and life insurance policies. Unfortunately, US taxpayers can be taken in the sow fear that they will find online when approaching the preparation of the FBAR form – especially if the taxpayer has undisclosed accounts from previous years. Additionally, much of the information online is outdated and inapplicable to most taxpayers who may only have a few offshore bank accounts. Here is a brief primer for individuals and other US persons who will be filing an FBAR in the current year.

What is the FBAR form?

The FBAR is an electronic form that is submitted directly on the FinCEN website and is not submitted to the IRS. the IRS is only responsible for assessing and executing sanctions. The FBAR form is used to report maximum account values ​​for a U.S. person who has foreign bank accounts in which, on any day of the year, the annual total of the USD value of those accounts exceeds 10,000 $. It is important to note that this is not $10,000 per account, but rather $10,000 in total to determine whether or not the annual reporting threshold is met.

Is the FBAR a tax form?

A very important aspect of the FBAR form is that it is not actually a tax form – and in fact has literally nothing to do with taxes other than the fact that the IRS has been in charge of the application of the FBAR. The form is required even if a taxpayer has no taxable income generated by foreign accounts. In addition, even if the taxpayer does not have to file a United States tax return in the current year, if he is considered a United States person for tax purposes and meets the requirements threshold, he must still produce the FBAR form.

What overseas accounts should I include?

Essentially, almost all types of foreign investments and bank accounts are included in FBAR. Some of the most common account types include bank accounts, investment accounts, stock accounts, life insurance policies, and foreign pension plans.

Maximum account value

In a perfect world, the taxpayer would get the exact highest maximum account value in the reporting year and include it on the FBAR form. In reality, this may not be feasible. Especially with the Coronavirus still restricting travel and several foreign financial institutions requiring taxpayers to appear in person for specific information, it may simply not be possible to obtain all accurate information. Also, some foreign banks do not maintain taxpayer account information in the same way as in the United States, while other types of accounts, such as passbook accounts, are only updated when the taxpayer asks the foreign financial institution to update the book. Thus, taxpayers should do their best while making a reasonable and diligent search in the circumstances.

If the FBAR contains missing account information, do I still need to file?

Yes, just because the taxpayer may be missing some information or is unable to obtain all of the information needed for a perfect FBAR filing does not mean they are otherwise exempt from completing the form. This is not a test and therefore taxpayers should always try to complete the form in a timely manner including as much information as they can get.

How to submit the FBAR?

Since about 2013, the FBAR form is mainly electronic. The taxpayer must submit the form electronically on FinCEN Form 114 – unless certain exceptions or exclusions apply.

What if I need an extension of time to file FBAR

For the past few years, the FBAR has been automatically extended, which means that taxpayers have until October to file the form without having to request a specific extension. At the time of this article (March 6, 2022), the IRS has not yet released additional information confirming that the automatic extension will continue into 2022 for FBAR 2021 nor that any of the information or procedures have changed. , but it’s always important to check ahead of the filing deadline.

What if I had missed the year before

If a taxpayer has defaulted on their filing requirements in previous years, then they should ensure that they only start filing in the current year or submit mass filings from previous years outside of one of the filing procedures. offshore amnesty – in order to avoid making a Silent disclosure, which could result in significant fines and penalties. The IRS has several safe programs that a taxpayer can use to achieve compliance, and in fact some of these programs may result in a waiver of penalty.

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Beneficiary of the pension plan or financial account https://sarahlong.org/beneficiary-of-the-pension-plan-or-financial-account/ Thu, 30 Dec 2021 07:36:45 +0000 https://sarahlong.org/beneficiary-of-the-pension-plan-or-financial-account/ Is it time to update the beneficiaries on your accounts? Almost any type of financial account allows you to designate a beneficiary “payable on death” (POD). Sometimes it is referred to as a “transfer on death” (TOD) beneficiary. If you have individual retirement accounts (IRA), retirement plans like a 401 (k), check, certificate of deposit […]]]>


Is it time to update the beneficiaries on your accounts?

Almost any type of financial account allows you to designate a beneficiary “payable on death” (POD). Sometimes it is referred to as a “transfer on death” (TOD) beneficiary. If you have individual retirement accounts (IRA), retirement plans like a 401 (k), check, certificate of deposit (CD), savings and investment brokerage accounts, you may have the option to make a planned gift to Direct Relief on behalf of the organization as the beneficiary.

Naming Direct Relief as the beneficiary of a retirement account or other financial account is one of the easiest and most meaningful legacies you can give: helping provide people with essential drugs and medical resources. affected by future poverty, natural disasters and other emergencies. It costs you nothing today and has a significant impact on your legacy.

Please notify Direct Relief if you name the organization as the beneficiary of the account. This will allow us to thank you for your generosity and will help ensure that your donation will be recognized when it is received. You can do so by clicking here.

Direct Relief will receive your donation without approval delay

Naming Direct Relief as the beneficiary of your financial or retirement account means that when you die, the organization receives your donation without the delay and probate fees. Probate is a legal process to determine the validity of a will and helps ensure the orderly administration of a deceased person’s estate. Probate is not always required, but when it is, in some situations it can be expensive and time consuming. By avoiding probate, your donation can impact people’s lives faster.

Designating an account beneficiary could have tax advantages

You can designate Direct Relief as the beneficiary of all or part of the assets held in these accounts upon your death. Direct Relief does not pay any income tax on the distribution, so 100 percent of the donation will be used to help vulnerable people access the health services they need. If your estate plan includes tax strategies to benefit the people and causes you love, talk to your tax advisor, lawyer, or estate planning advisor when naming a beneficiary.

Donate the rest of your IRA or 401 (k)

You will use your IRA and 401 (k) savings to enjoy your retirement and after your death your accounts could still be of value. When you name Direct Relief as the beneficiary of your retirement accounts, you help provide essential medicines to people who will be affected by future poverty, natural disasters and other emergencies – people who otherwise could not be helped. -be not access.

Certain types of pension plans may have restrictions limiting your ability to name Direct Relief as a beneficiary. If you are not sure whether your plan allows designation of beneficiaries for charitable purposes, the plan administrator can provide you with more information.

Contact your financial institution or pension plan administrator to request a beneficiary designation form or for instructions on making the designation using your online account access.

Fund beneficiary notified by donor

During your lifetime, you use your Donor Advised Fund (DAF) to support Direct Relief’s efforts. When you die, there may still be value in your donation fund, so consider naming Direct Relief as the ultimate beneficiary. It’s a simple, easy way to support a cause you care about and create a lasting legacy.

For more information on Direct Relief’s Legacy Society or planned giving, contact us by clicking here.

Direct Relief’s Employer Identification Number (EIN) for tax reporting is 95-1831116.

Direct Relief offers free access to Giving Docs’ online forms to help you designate account beneficiaries. If you would like to start using Giving Docs to designate Direct Relief as the beneficiary of the account:

Start donating documents

Giving Docs is a separate and independent third-party platform from Direct Relief. Direct Relief does not review the services provided or the documents you create using Giving Docs. Direct Relief is not responsible for the use of the Giving Docs services. Your use of the Giving Docs platform is subject to the Giving Docs Terms of Service, which we encourage you to review.

For more information on Direct Relief’s Legacy Society or planned giving, please click here to contact us.

Popular types of planned gifts

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The FBAR (Foreign Bank & Financial Account Reporting) 2022 https://sarahlong.org/the-fbar-foreign-bank-financial-account-reporting-2022/ Mon, 13 Dec 2021 15:28:13 +0000 https://sarahlong.org/the-fbar-foreign-bank-financial-account-reporting-2022/ What is an FBAR? What is an FBAR (Foreign Bank & Financial Account Reporting): The FBAR is a FinCEN form used to report foreign bank and financial accounts to the IRS. Technically, the form is called FinCEN form 114. Our FBAR lawyers have answered thousands of questions on matters involving the FBAR. We’ve summarized our […]]]>


What is an FBAR?

What is an FBAR (Foreign Bank & Financial Account Reporting): The FBAR is a FinCEN form used to report foreign bank and financial accounts to the IRS. Technically, the form is called FinCEN form 114. Our FBAR lawyers have answered thousands of questions on matters involving the FBAR. We’ve summarized our answers to 25 of the most common questions we receive about reporting foreign accounts on FBAR. Please keep in mind that the rules and guidelines regarding FBAR change over time. For each year that you are going to file the FBAR, we recommend that you recheck the laws to make sure that your deposit complies with current FBAR guidelines.

What if I don’t have to file an income tax return?

Even if a person does not have to file Virginia bankruptcy laws for an income tax return, they may still have to file the annual FBAR.

In other words, whether or not having to complete the FBAR does not depend on whether or not the person has to file a US tax return. When the person is considered a U.S. person (more than just individuals) and meets the threshold required to complete the FBAR, they still need to complete the form, even if they don’t have to file an income tax return that time. that year.

When is the FBAR due?

The form is technically due when a person’s tax return is due, which is usually 4/15 of each year – or regardless of when the tax return is due.

Currently, the FinCEN 114 form is in automatic extension until October 15 (or depending on the October filing date when the extension falls in the current year).

How to file an extension?

The form extension is Automatique, so no form is required to extend the FBAR filing deadline.

What if I had the foreign accounts before coming to the United States?

This is a very common question / concern.

When a person files the annual FBAR, they provide the U.S. government with a snapshot of their overseas accounts.

It doesn’t matter if the account predates the person who became a US person.

So whether or not the overseas account was opened before or after becoming a US person, it is to be reported on the FBAR.

Do I have to complete the FinCEN 114 form if I live outside the United States?

Even when a person resides outside of the United States, they are still subject to the same FBAR reporting requirements as American persons who reside in the United States.

But what if the foreign money doesn’t belong to me?

Whether or not the money belongs to the declarant is not determinative of whether or not the account should be included in the FBAR or not.

If the account is in the filer’s name, it is presumably included in the FBAR – although ownership of the money may impact penalty mitigation issues.

What if none of the foreign accounts exceed $ 10,000?

This is also a very common question.

The specific account balance does not have to exceed $ 10,000.

Rather, the determining factor is whether the annual total of all the accounts combined exceeds $ 10,000 on any given day of the year.

If so, all accounts should be included in the FBAR, which should also include all dormant accounts.

What if none of the accounts are generating income?

The US government does not require foreign accounts to generate income for the account to be included in FBAR.

Therefore, even if the account does not generate any income, it still needs to be included in the FBAR.

What if I don’t know the exact account balances?

In general, it is better to report accounts with the best estimated maximum balance than to check the “unknown maximum balance” box – or worse yet, not to complete the FBAR at all.

Of course, the declarant does not have to completely guess or fabricate the amount of the balance. If the exact maximum balance is unknown and a reasonable estimate cannot be made, then the reporter can indicate the box indicating the unknown maximum value.

What if my minor child has accounts abroad?

Minor children must also file the FBAR. There are currently no exceptions to the FBAR filing for minors.

Is a foreign pension to be declared?

Yes – in general, foreign pensions must be declared.

Foreign pension accounts would be considered foreign financial accounts and therefore would be included in the FBAR.

Is a foreign life insurance policy reportable?

A foreign life insurance policy is reportable when it has a cash value or a cash value.

It is important to note that the reportable value would be the surrender or surrender value and not the face value of the policy, since the face value of the policy is not the current maximum value.

Do foreign investment accounts have to be reported?

Yes. and we realize that it can be very difficult, especially in situations where a person is trying to decipher the maximum value of a foreign mutual fund or SICAV in accordance with the NAV.

In this type of situation, the best available value should do the trick.

Are foreign stocks reportable on the FBAR?

Store certificates are generally not included in the FBAR. Conversely, actions accounts are reported on the FBAR.

Is foreign cryptocurrency on the FBAR?

There is no definitive guidance on the inclusion of cryptocurrency or other virtual currency in the FBAR.

You can find other resources that we have prepared for FBAR cryptocurrency to get a better idea of ​​whether you can consider reporting it or not.

What FBAR exchange rate should I use?

FBAR filers can use any exchange rate considered reasonable.

The two most common exchange rates used by filers are the average exchange rates published by the Internal Revenue Service and the exchange rates published by the Treasury Department.

What if I have already completed Form 8938?

Form 8938 is similar but not identical to FinCEN 114.

Just because a person filed Form 8938 in a given year does not exempt them from filing FBAR in the same year.

Some accounts should be disclosed on both forms, while other accounts and assets may only be required on one of the forms – and duplicate reporting is common.

Is a business file?

Yes, businesses such as corporations, partnerships and joint ventures may also be required to file FBAR if they meet the required threshold for reporting.

Is a Trust file?

Yes, if a trust is associated with one or more foreign accounts, then the trust must disclose the foreign account (s).

Is an estate file?

Yes – and with estates it can get very complicated as there may be a requirement for the deceased, the estate and also the beneficiary.

What if a deceased had accounts abroad?

If the deceased had overseas accounts, it is important to try to determine if the deceased also had an FBAR filing requirement – and if so, was the deceased compliant for previous years?

Ideally, this should be completed before filing the deceased’s final income tax return.

Non-voluntary or voluntary penalty

The majority of sanctions are of a civil nature (versus criminal).

Civil sanctions can be broken down into unintentional and voluntary sanctions.

While the penalties can be severe – and online fear is rampant – it’s important to note that not everyone is hit with penalties for willful misconduct.

We have separate resources to guide you on penalties.

Can I contest the penalty in Tax Court?

No.

The FinCEN 114 form is not a tax form. Rather, it is an international reporting form and the penalties associated with the FBAR are not tax obligations.

Although you cannot challenge the penalty in Tax Court, you have the right to take the matter to Federal Court.

What about double counting?

This is probably the most common question we get.

Let’s say you have $ 100,000 in one account that you transfer five times, into five different accounts. On the FBAR, it will appear that you have $ 500,000 instead of $ 100,000.

Remember that the form is not used to declare the total amount of money you had abroad. Rather, it is used to signal maximum value of the different accounts you had.

It is common to transfer money to different accounts and it does not assume that the total balances on the FBAR represent the total amount of money available to the declarant.

What if I made a mistake?

It depends on the type of error. For example, was it an error in the balance statement or were accounts completely missed?

If this was an inaccurate report, the level of inaccuracy may determine the steps the reporter must take to resolve the inaccuracy.

For missed accounts, the registrant will usually have to go back and resolve the issue with one of the FBAR amnesty programs.


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NIC urges clients to submit financial account information for payment of benefits https://sarahlong.org/nic-urges-clients-to-submit-financial-account-information-for-payment-of-benefits/ https://sarahlong.org/nic-urges-clients-to-submit-financial-account-information-for-payment-of-benefits/#respond Wed, 22 Sep 2021 14:37:25 +0000 https://sarahlong.org/nic-urges-clients-to-submit-financial-account-information-for-payment-of-benefits/ The National Insurance Corporation urges customers who have submitted claims to the organization to provide their bank account or cash information in order to receive their payment. As part of the measures to control the spread of covid-19, the NIC no longer makes payments by check from its office. Benefit claims are now paid to […]]]>


The National Insurance Corporation urges customers who have submitted claims to the organization to provide their bank account or cash information in order to receive their payment.

As part of the measures to control the spread of covid-19, the NIC no longer makes payments by check from its office. Benefit claims are now paid to contributors through their local financial institution.

To provide bank account or credit union information, customers should log into the NIC website at www.stlucianic.org, click on the Financial Account Information tab, and complete the form.

The new system reduces the turnaround time to receive benefits and improves customer service.

According to NIC Director of Communications Shervon Alfred, “We have implemented measures that will reduce the need for clients to visit NIC offices, as recommended by local health authorities. This is particularly important in light of the current outbreak of new cases of covid-19 and the presence in Saint Lucia of the new delta variant of the virus. “

“We want people waiting for payment from NIC to make sure they have already submitted their bank or credit union account details, as the organization will only make payments through a local financial institution, ”added Alfred.

Financial account information is only required once and does not need to be resubmitted with each complaint filed. Customers should ensure that they enter the details of an open and active account in their name, as NIC will not be responsible for any losses associated with funds wrongly credited to the wrong beneficiaries.

People without internet access can visit any NIC office to collect a bank information form to fill out. The information on the physical form must be validated by your respective financial institution.


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Popular Dotty’s Slot Chain Reveals Data Breach Exposing SSNs, Financial Account Numbers, Biometrics, Medical Records, and More https://sarahlong.org/popular-dottys-slot-chain-reveals-data-breach-exposing-ssns-financial-account-numbers-biometrics-medical-records-and-more/ https://sarahlong.org/popular-dottys-slot-chain-reveals-data-breach-exposing-ssns-financial-account-numbers-biometrics-medical-records-and-more/#respond Thu, 16 Sep 2021 07:00:00 +0000 https://sarahlong.org/popular-dottys-slot-chain-reveals-data-breach-exposing-ssns-financial-account-numbers-biometrics-medical-records-and-more/ Nevada Restaurant Services (NRS), owner of famous Dotty’s slot machine chain, has disclosed a data breach that revealed a significant amount of personal and financial information. In a statement, the company confirmed that “some customers” were affected by the violation and explained that the information includes social security numbers, driver’s license numbers or state identification […]]]>


Nevada Restaurant Services (NRS), owner of famous Dotty’s slot machine chain, has disclosed a data breach that revealed a significant amount of personal and financial information.

In a statement, the company confirmed that “some customers” were affected by the violation and explained that the information includes social security numbers, driver’s license numbers or state identification numbers, numbers passport, financial and routing account numbers, health insurance information, treatment information. , biometric data, medical records, tax identification numbers and credit card numbers and expiration dates.

The Las Vegas-based company has approximately 600 employees, annual sales of more than $ 70 million, and operates approximately 200 locations in Nevada, Oregon, Montana and Illinois. They also operate Red Dragon Taverns and Hotels, Laughlin River Lodge, Bourbon Street Sports Bars, La Villita Casino, and Hoover Dam Lodge.

“In January 2021, NRS identified the presence of malware on certain computer systems in its environment. NRS immediately launched an investigation to determine the nature and extent of the incident and to secure its network,” the company said in a statement.

“Through this investigation, the NRS determined that it was the target of a cyber attack and that, as part of the cyber event, an unauthorized actor was able to copy certain information from the system by January 16, 2021. . “

The company added that the information disclosed for each person was not the same. They plan to send notification letters to victims of the incident, but noted that they would only send the letters if they had “valid postal addresses.”

A hotline at (833) 909-3914 has been set up for those who may wonder if they have been affected by the violation but have not received any mail.

Vital Vegas reported in July that Dotty’s had approximately 300,000 customers in its player database.

The NRS confirmed that after the attack, they took measures to strengthen security and put in place “technical protections for its environment”. They will provide free identity protection services, as is customary in situations like this.

But the company urged victims of the breach to “remain vigilant against incidents of identity theft and fraud” while using their only free credit report check allowed each year. They listed other suggestions for victims, such as putting fraud alerts on their file and freezing credit on accounts.

“However, you should be aware that using a credit freeze to control who has access to the personal and financial information on your credit report may delay, interfere with or prevent the timely approval of any request or subsequent request that you are making regarding a new loan, credit, mortgage or any other account involving the extension of credit, ”the company added.


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Why preventing financial account takeover attacks is important for banks and fintechs https://sarahlong.org/why-preventing-financial-account-takeover-attacks-is-important-for-banks-and-fintechs/ https://sarahlong.org/why-preventing-financial-account-takeover-attacks-is-important-for-banks-and-fintechs/#respond Wed, 15 Sep 2021 07:00:00 +0000 https://sarahlong.org/why-preventing-financial-account-takeover-attacks-is-important-for-banks-and-fintechs/ Financial account takeover is a form of identity fraud where fraudsters use stolen credentials to break into the digital financial accounts of genuine customers. An exponential increase in the number of consumers using fintech services and digital channels for banking needs during the pandemic has opened up the attack surface like never before, resulting in […]]]>


Financial account takeover is a form of identity fraud where fraudsters use stolen credentials to break into the digital financial accounts of genuine customers. An exponential increase in the number of consumers using fintech services and digital channels for banking needs during the pandemic has opened up the attack surface like never before, resulting in increased risk for financial institutions.

In a market where digitally-driven banking is largely replacing face-to-face transactions, there is pressure on businesses to deliver an increasingly convenient and always secure customer experience. As consumers accept and appreciate the security barriers of financial institutions more, many banks are still seeking the ideal balance between a low friction user experience and account security. Great user experience can contribute to customer loyalty, any account security issue can be a deciding factor. This is due to the fact bank and fintech account takeover attacks Users can lose their living earnings and their accounts become a vehicle for massive downstream fraud.

Takeover account fraud that targets banks and fintechs is particularly lucrative for fraudsters due to the huge amounts of monetary value these institutions deal with. Financial account takeover not only allows fraudsters to hit big – because of the value of the assets in these accounts – the potential to use them for several other types of fraud is immense as well.

To perform account takeover attacks, fraudsters need valid user credentials. These inputs are collected through the enumeration of accounts, validation of accounts, ID stuffing, and social engineering. In the case of financial institutions and fintechs, email identifiers are not used as usernames. Therefore, fraudsters typically rely on social engineering to gain the required information that can fuel financial account takeover attacks. They use phishing and vishing to trick users into sharing their personal information. Scammers are also sending emails, allegedly from vendors with whom customers have an existing relationship in order to create panic and redirect them to a malicious web page for harvest. identity data At scale.

Unmarked tools, including bots and scripts, are readily available on the internet, allowing fraudsters to execute such large-scale attacks with the least investment possible. In addition, being creative, fraudsters use all possible measures to reduce investments and maximize “profits”. They mobilize their resources and use a mixture of automation, robots and human labor to increase yields. This makes take-over attacks a lucrative business opportunity for scammers who cause businesses to lose millions of dollars every year. In the first semester (S1) 2021, 285 million account hacking attacks were detected and arrested on the Arkose Labs network.

Several ways to monetize an attack

Stolen user data and corrupted digital identities are used to execute financial account takeover attacks against banks and fintechs in several ways, as described below:

  • Account emptying: The first and most obvious method of monetizing compromised attacks is to empty the accounts of the funds they contain.
  • Money laundering: Compromised accounts serve as an intermediary for money laundering, whereby fraudsters transfer the proceeds of crime multiple times and to multiple accounts until the backdoor route results in the fraudsters recovering the money as “clean” money. Multiple transfers also make traceability difficult, as the origin is obscured.
  • The money mixed up: This is yet another method used by scammers to convert dirty money into clean money. They recruit legitimate users who have active accounts for this purpose. Fraudsters also use compromised user accounts, both active and dormant, as money couriers to transfer funds.
    • Credit requests: In this type of fraud, compromised accounts are used to open new lines of credit by making fraudulent credit applications. Fraudsters can keep compromised accounts for months before using them. This not only allows them to avoid arousing suspicion, but also makes it difficult to identify the attack.

Financial institutions are overloaded

The increase in the number of digital users and the use of digital channels have increased the level of expectations that customers have of their financial service providers. Therefore, it is incumbent on these digital businesses to provide a secure and seamless experience. In addition, fintechs and financial institutions have an additional responsibility to comply with a number of regulations who mandate them to ensure the security and confidentiality of customer data.

Aware of the challenges that financial institutions face on several fronts, fraudsters are taking advantage of the situation to study the defense mechanisms and find ways to circumvent them. For example, fraudsters are now aware that many defense mechanisms require more nuanced human interaction. So they found a method to bypass these defenses through the use of human fraud farms. These adaptations and the use of advanced techniques not only make it easier for fraudsters to launch sophisticated and complex financial account takeover attacks, but also extract rewards faster than deploying countermeasures.

Taking control of financial accounts can lead to serious monetary losses for banks and fintechs. If the attack is successful, these institutions also run the risk of non-compliance and bear the burden of paying heavy penalties. Additionally, they risk losing customer trust and eroding brand value, which takes years of effort to build.

A solution that works for digitally driven financial institutions

To avoid losses, both tangible and intangible, banks and fintechs need effective solutions that can help them protect the interests of their business and their customers. That said, account takeover attacks are not easy to detect. Therefore, financial institutions in the current digital age cannot rely solely on traditional defense approaches or ad hoc solutions. Indeed, these solutions often do not have the capacity to cope with the evolution of attack tactics and therefore cannot provide the level of protection required today.

The need for digitally-driven fintechs and banking is an approach that can protect in the long term and against new attack techniques, without adding friction to the customer journey. They need a solution that eases their burden and prevents them from absorbing the losses due to fraud as a business cost.

“Bank” breaking the business model of fraud

Fraud mitigation can be a costly task and may not always provide the robust security so critical for banks and fintechs. Therefore, these institutions should seek to prevent fraud rather than cleaning up after the damage is done.

Most of the solutions on the market today focus on fraud detection and mitigation. Arkose Labs, however, believes in the zero tolerance approach to fraud and deters fraudsters from attacking. This deterrence is achieved by making the execution of an attack so costly that it loses its financial viability, forcing the attackers to give up.

Arkose Labs allows invisible filtering of the right users while absorbing attacks with a targeted application. The presentation of an application challenge is guided by a complex process involving the dynamic risk engine – Detect Arkose – which analyzes hundreds of parameters to assess the risk of an entering user in real time, and feeds the challenge-response mechanism – Arkose Apply – increase the complexity of the challenge for confirmed malicious users.

This targeted friction makes solving challenges on a large scale almost impossible for attackers, as bots instantly fail and human attackers must successively solve challenges that also increase in complexity. The wasted time, effort and resources quickly escalate the costs of a financial account hack attack and ultimately outweigh the returns on your investment. bankrupt the business model of fraud.

Arkose Labs is a trusted partner of the world’s leading financial institutions in customer account security with an accessible, customer-centric user experience. To find out how Arkose Labs helps fintechs and banks counter financial account hacking attacks, book a demo now.

*** This is a Security Bloggers Network syndicated blog from Arkose Labs, written by Vanita Pandey. Read the original post at: https://www.arkoselabs.com/blog/why-preventing-financial-account-takeover-attacks-is-important-for-banks-and-fintechs/


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The 2021 “Green Book” presents comprehensive financial reports on the accounts | Foodman CPAs and Advisors https://sarahlong.org/the-2021-green-book-presents-comprehensive-financial-reports-on-the-accounts-foodman-cpas-and-advisors/ Fri, 09 Jul 2021 07:00:00 +0000 https://sarahlong.org/the-2021-green-book-presents-comprehensive-financial-reports-on-the-accounts-foodman-cpas-and-advisors/ The Green Book is a US Treasury Department document that provides detailed explanations of an administration’s revenue proposals in support of a president’s annual budget request. On May 28, 2021, the Biden administration released its “Green Paper” titled “General explanations of the administration’s revenue proposals for the 2022 financial year”. The Green Paper was last […]]]>
The Green Book is a US Treasury Department document that provides detailed explanations of an administration’s revenue proposals in support of a president’s annual budget request. On May 28, 2021, the Biden administration released its “Green Paper” titled “General explanations of the administration’s revenue proposals for the 2022 financial year”. The Green Paper was last published in 2017 – the last budget cycle of the Obama administration.

The “Green Paper” is divided into the American Jobs Plan: this section includes corporate tax reform, support for housing and infrastructure and prioritizing clean energy and the American plan for families: this section includes strengthening taxation for high-income taxpayers, support workers, families and economic security, closing loopholes, improving compliance and improving tax administration.

The green paper states that “a robust and reliable flow of resources is essential for the IRS to maintain its enforcement functions, expand and improve its compliance programs, and for the agency to increase its effectiveness and efficiency. A visible and robust presence of IRS functions helps promote voluntary compliance and ensure trust in the tax system.” The Green Books further indicate that there is a “loss of revenue” due to a lack of reporting complete information to the IRS.

Currently, business income is subject to limited information reporting. Reporting of gross receipts information exists for certain types of income (Forms 1099-MISC, 1099-NEC, and 1099-K). There is no information on total deductible expenses. Therefore, requiring complete financial account information will increase the visibility of gross business receipts and deductible expenses with the IRS, which in turn will allow for better targeting of IRS enforcement actions and encourage voluntary compliance.

The Biden administration identifies the lack of complete business information reported to the IRS as a causal factor in the tax gap. Reduce the tax gap (difference between the amount of tax owed by taxpayers for a given year and the amount actually paid in a timely manner for that same year) as a source of revenue for the US Treasury.

According to the Green Paper, comprehensive reporting of business information by financial institutions accounts for inflows and outflows from financial accounts by requiring financial institutions to report financial account data in an information return.

  • The “proposed” annual statement will report gross inflows and outflows with a breakdown of physical cash, transactions with a foreign account, and transfers to and from another account with the same owner.
  • This requirement would apply to all business and personal financial institution accounts, including bank, loan and investment accounts (except accounts with a de minimis gross flow threshold of less than $600 or fair market value of $600).
  • Accounts with characteristics similar to those of financial institution accounts will be covered by this information reporting regime. For example, payment settlement entities would collect tax identification numbers (TINs) and file a revised Form 1099-K extended to all payee accounts (subject to the same de minimis threshold), reporting not only gross receipts , but also gross purchases, physical cash, as well as payments to and from foreign accounts and transfer inflows and outflows.
  • The reporting requirements would apply to crypto asset exchanges and custodians in cases where taxpayers purchase crypto assets from a broker and then transfer the crypto assets to another broker, and businesses that receive crypto assets in transactions with a fair market value of more than $10,000 would have reported those transactions.

The Comprehensive Financial Accounts Report will provide the IRS with information about income deposited and expenses paid, account balances, transfers to and from an account, and transfers out of an account. The proposals outlined in the Green Paper have yet to be evaluated by Congress and although the new reporting requirements take effect in 2023, taxpayers are questioning the quality of their compliance and should reassess their tax reporting history.

Notably, the new reporting obligations will create a substantial compliance effort for all financial institutions. Financial institutions need to assess their corporate governance programs and ensure they are able to inherit more reporting responsibilities.

Who is your specialist tax advisor?

Who is your corporate governance expert?

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BNM: Malaysia’s 2020 financial account recorded higher net outflow at RM79.1 billion as FDI inflows moderate https://sarahlong.org/bnm-malaysias-2020-financial-account-recorded-higher-net-outflow-at-rm79-1-billion-as-fdi-inflows-moderate/ https://sarahlong.org/bnm-malaysias-2020-financial-account-recorded-higher-net-outflow-at-rm79-1-billion-as-fdi-inflows-moderate/#respond Wed, 31 Mar 2021 07:00:00 +0000 https://sarahlong.org/bnm-malaysias-2020-financial-account-recorded-higher-net-outflow-at-rm79-1-billion-as-fdi-inflows-moderate/ KUALA LUMPUR (March 31): Malaysia’s 2020 financial account recorded a higher net outflow of RM79.1 billion, compared with a net outflow of RM33.8 billion a year earlier, mainly due to outflows more significant in the portfolio and other investment accounts and as Net FDI inflows moderated to 13.9 billion ringgit in a context of contraction […]]]>


KUALA LUMPUR (March 31): Malaysia’s 2020 financial account recorded a higher net outflow of RM79.1 billion, compared with a net outflow of RM33.8 billion a year earlier, mainly due to outflows more significant in the portfolio and other investment accounts and as Net FDI inflows moderated to 13.9 billion ringgit in a context of contraction in global economic activity, national containment measures induced by Covid -19 and low commodity prices, according to Bank Negara Malaysia (BNM).

In the BNM Economic and Monetary Review 2020 report released today, the central bank said the direct investment account component of the financial account had a marginal net outflow of RM200 million, compared to an inflow. of 5.6 billion ringgit a year earlier, as net FDI inflows moderated. to 13.9 billion ringgit.

Malaysia’s financial account, current account, and capital account are components of the country’s balance of payments, recording transactions made by the country’s entities with other global entities.

The BNM said that in the third quarter of 2020 (3Q20), the country’s FDI recorded its first net outflow since 4Q09, driven by large outflows of debt instruments.

“Nonetheless, this was temporary as FDI recorded net inflows in the following quarter, supported by higher equity injections and inflows of debt instruments. Singapore (30.1% of net FDI for year), Thailand (24.7%) and China (16.9%) were the top contributors to FDI for the year.

“By economic activity, the moderation of net FDI inflows has been generalized, mainly driven by the real estate and professional services sectors as well as the manufacturing and mining sectors. Despite the moderation in overall FDI, there have been pockets of improvement for some industries, most notably in financial services and information and communications, ”BNM said.

BNM said the country’s portfolio investment account recorded a higher net outflow of Ringgit 49.1 billion in 2020, compared to a net outflow of Ringgit 29 billion a year earlier, mainly due to the increase in resident investment abroad.

These investments were led by domestic institutional investors in equities and debt securities, in line with their continued efforts to diversify risk exposure and improve portfolio returns, BNM said.

“Meanwhile, portfolio investments by non-residents recorded a lower net inflow of R8.5 billion (2019: + RM12.6 billion) as non-residents liquidated domestic equity securities amid significant global uncertainties during the Covid-19 crisis.

“This trend has also been observed in other regional stock markets. This was partly offset by higher portfolio inflows from non-residents into the domestic debt market, driven by easing global financial conditions and improving investor confidence following unprecedented political support. to combat the negative economic impact of [Covid-19] pandemic, ”BNM said.

According to the BNM, the country’s other investment account recorded a net outflow of RM31.4 billion in 2020, compared with a net outflow of RMB 9.9 billion a year earlier, due to the net repayment of Interbank loans and withdrawals from investments of deposits with the bank. sector.

BNM said this reflects the declining external liquidity needs of onshore banks against a backdrop of sharp contraction in global and domestic economic activities and maturing intragroup / branch borrowing and lending operations by banks. of the Labuan International Business and Financial Center.

“Some national banks have also benefited from an increase in domestic currency deposits, thereby reducing the need for interbank financing from non-residents,” BNM said.

Read more stories from the BNM 2020 Annual Report here.


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