Financial account – Sarah Long http://sarahlong.org/ Fri, 29 Oct 2021 05:15:38 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://sarahlong.org/wp-content/uploads/2021/10/icon-44-120x120.png Financial account – Sarah Long http://sarahlong.org/ 32 32 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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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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Redemptions of financial accounts are increasing https://sarahlong.org/redemptions-of-financial-accounts-are-increasing/ https://sarahlong.org/redemptions-of-financial-accounts-are-increasing/#respond Tue, 09 Feb 2021 08:00:00 +0000 https://sarahlong.org/redemptions-of-financial-accounts-are-increasing/ Every second fraudulent transaction in the financial industry in 2020 was an account takeover, according to a new report from Kaspersky. Anonymized statistics on events detected by Kaspersky Fraud Prevention from January to December 2020 revealed that the share of such incidents increased from 34% in 2019 to 54% in 2020. Two programs to access […]]]>

Every second fraudulent transaction in the financial industry in 2020 was an account takeover, according to a new report from Kaspersky.

Anonymized statistics on events detected by Kaspersky Fraud Prevention from January to December 2020 revealed that the share of such incidents increased from 34% in 2019 to 54% in 2020. Two programs to access a bank account – “the rescuer” and ‘the investor’ – remain among the most common since 2019.

The importance of digital financial services and e-commerce increased in 2020, with people spending more time at home due to the pandemic. Kaspersky experts suggest that, in turn, this has caused an increase in social engineering techniques exploited by cybercriminals. That’s why it’s especially important that financial institutions and customers are aware of typical fraud schemes and are able to protect themselves, the company says.

In addition to the increase in successful account takeovers, in 12% of fraud incidents, legitimate remote administration tools (RATs) such as TeamViewer were misused to attempt to gain access to company accounts. users.

The Kaspersky Fraud Prevention team distinguishes that there were two common types of approaches used by attackers to gain access to accounts – the two extensions of similar trends noticed in 2019. The first tactic sees scammers pass themselves off for “the rescuer”, where they claim to be security experts. and stage scenarios to “save” users. They call bank customers posing as security guards and report suspicious charges or payments and offer to help.

The rescuer can ask clients to verify their identity via a code sent in an SMS or push notification, to stop a suspicious transaction or to transfer money to a “secure account”. They can also ask a victim to install a remote management application claiming it is needed for troubleshooting. Scammers often pose as employees of the largest bank in the potential victim’s area and use a spoofed caller ID for incoming calls to impersonate a real bank.

The second example is where cybercriminals act as “the investor”. This scenario involves fraudsters posing as employees of an investment firm or investment consultants of a bank. They call customers by offering them a quick way to make money by investing in cryptocurrencies or stocks directly from the customer’s account, without having to go to a bank branch. As a prerequisite for providing the “investment service”, the investor asks the potential victim for the code received in a text message or push notification.

“Bank customers always place great importance on ease of access to their accounts and the performance of regular financial transactions. And now that has become particularly important, ”says Claire Hatcher, Business Development Manager at Kaspersky Fraud Prevention.

“This is why we believe that solutions for the financial sector must provide a high level of security measures – including protection against fraud – which integrate seamlessly into the user experience,” he said. she declared.

“And of course, it’s worth reminding customers of the scammers’ techniques on a regular basis, so that they are likely to notice something.”

To help individuals and businesses stay protected against evolving fraud techniques, Kaspersky recommends that online services and retailers take the following steps:

  • Limit the number of attempts to complete a transaction; cybercriminals may try multiple times to enter the correct credentials
  • Educate your customers on the tricks criminals can use. Regularly send them information on how to identify fraud and how best to behave in this situation
  • Perform annual security audits and penetration tests to detect security issues in a company’s network
  • Have a team dedicated to fraud analysis capable of finding and analyzing new methods used by fraudsters
  • Implement multi-factor authentication to minimize the risk of account takeovers
  • Install a fraud prevention solution that can be quickly adapted to identify new attack patterns and methods


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A custody account is a financial account that parents manage on behalf of their child – a tool for transferring and building wealth that can invest in almost any asset. https://sarahlong.org/a-custody-account-is-a-financial-account-that-parents-manage-on-behalf-of-their-child-a-tool-for-transferring-and-building-wealth-that-can-invest-in-almost-any-asset/ https://sarahlong.org/a-custody-account-is-a-financial-account-that-parents-manage-on-behalf-of-their-child-a-tool-for-transferring-and-building-wealth-that-can-invest-in-almost-any-asset/#respond Thu, 14 Jan 2021 08:00:00 +0000 https://sarahlong.org/a-custody-account-is-a-financial-account-that-parents-manage-on-behalf-of-their-child-a-tool-for-transferring-and-building-wealth-that-can-invest-in-almost-any-asset/ A custody account is an investment account in the name of a minor child managed by an adult. Custodial accounts are cheaper, easier to manage, and less constrained than trusts or specialized education accounts. A custody account passes irrevocably to the child when he reaches adulthood. Many parents are obsessed with building a nest egg […]]]>
  • A custody account is an investment account in the name of a minor child managed by an adult.
  • Custodial accounts are cheaper, easier to manage, and less constrained than trusts or specialized education accounts.
  • A custody account passes irrevocably to the child when he reaches adulthood.

Many parents are obsessed with building a nest egg for the next generation. A key tool in the accumulation and preservation of wealth can be summed up in two quick words: custody account.

A custody account is simply an investment account in the name of a child but managed by an adult. It offers much more flexibility than other traditional child-focused savings and investing options (think 529 education savings plans and accounts). Like a trust, another must-have generational transfer vehicle, it keeps control in the hands of a parent, grandparent, or guardian, but it’s much cheaper and easier to create.

Custody accounts come with caveats – the main one being that the child takes charge of the account when they become a legal adult, which means having control of a potentially large amount at a fairly young age (18 or 21).

Here’s everything you need to know about custody accounts.

What is a deposit account?

Strictly speaking, any account opened and operated in a person’s name by another responsible party – a trustee, required to act in the best interests of the account holder – can be considered a custodian account.

Quick fact: 401 (k) plans are technically custodial accounts, with the employer and the plan administrator acting as custodians of the employees.

But most people use the term to refer to a financial account that an adult controls for a minor, usually a child or grandchild. This adult acts as account keeper – hence the name “custody account” – for the minor, who is the beneficiary and the technical holder of the account.

Publicity


Child custody accounts come in two forms. The main difference is in the types of assets that each can hold.

  • Uniform Law on Gifts to Minors (UGMA) Accounts can hold most types of financial assets, including cash, stocks, bonds, annuities, and insurance policies. But they are limited to this liquidity. All 50 US states allow UGMA accounts.
  • Uniform law on transfers to minors (UTMA) accounts can contain any type of asset. This includes alternative investments like real estate, intellectual property, works of art and collectibles. South Carolina is the only state that does not allow UTMA accounts.

Take note: Although often grouped together, a custody account is not quite the same as a guardian account. Owners / beneficiaries of guardian accounts may include minors but are also often adults unable to manage their money due to mental or physical disabilities. Creating a guardian account requires a court order containing specific instructions regarding the management of the account and its funds.

How to open a custody account

Parents, grandparents and guardians can open custody accounts at banks, credit unions, brokers and financial services companies – both of the traditional brick and mortar type, like Vanguard, Fidelity and Charles Schwab, or online platforms / applications, such as Etrade, Acorns and TD Ameritrade.

These financial institutions set the terms of the accounts: initial investment requirements, minimum account balances, interest rates, management fees. Usually these terms are pretty much the same as any regular business account.

Anyone – parents, relatives, friends – can put any amount of money into a custody account. Due to donation laws, many cap contributions at $ 15,000 ($ 30,000 for married couples) per child per year.

Whatever the amount, contributions to the securities account are irrevocable. Once the money is deposited into a deposit account, it cannot be recovered. Even if the child dies before reaching legal adulthood, the account is paid as part of the child’s estate.

Quick advice: Custodial accounts are typically brokerage accounts or regular bank accounts, funded with after-tax dollars. You
can create a custody account as a traditional or Roth IRA. But then the contributions will be limited to the amount of earned income that a child earns each year.

Benefits of deposit accounts

Compared to other savings and investment options, deposit accounts offer a number of advantages, including:

  • Efficiency: Custodial accounts are easy to set up – much easier and cheaper to set up than, say, trusts (another common way to transfer funds and save money on behalf of a minor).
  • Flexibility: There is no limit on income or contribution to deposit accounts and no penalties for early withdrawals or restrictions on the use of funds, as is the case with Education Savings Accounts (ESA). and plans 529.
  • Estate planning: Because it is an irrevocable gift, the money or assets placed in a deposit account effectively leave the contributor’s estate, which can reduce their income or estate taxes. Since the legal owner of a custody account is a minor, the income from the account is reported as the minor’s income. Under IRS rules, a minor’s income is taxed at a lower rate than adults (up to a certain amount – $ 2,200 in 2021).
  • Variety: Deposit accounts can trade or hold any asset or investment offered through the financial institution. The only exception: due to their fiduciary responsibility, many institutions will not let these accounts hold more speculative investments, such as futures or derivatives. Margin trading (borrowing money to buy stocks) is also generally excluded.

Disadvantages of custody accounts

While there are many advantages to custody accounts, some of the disadvantages are also worth remembering. These include:

  • Financial aid: Custody accounts are considered the property and assets of the child. Minors with substantial means are quickly eliminated from the list of students who will benefit from financial aid. Say goodbye to the prospect of low cost student grants and loans.
  • Lack of tax breaks: While deposit accounts include tax benefits, they exclude other tax benefits as well. Contributions to deposit accounts are not accompanied by deductions when filing taxes. When a child in the custody account becomes an adult, they will also owe taxes on any gains made on the account at their usual tax rate.
  • Irrevocable: A custody account legally belongs to its beneficiary – the child. Once they reach legal age, they have full control over it and can use the product however they want – regardless of the parents’ intention.

The financial report

Savvy seniors see custody accounts as a cost-effective, streamlined way to start building a nest egg for a child.

A custody account, which is equivalent to an investment account controlled by an adult in the name of a child, offers much more flexibility than other savings and investment accounts, such as ESAs.

Any amount of money can be placed in a custody account, transferred from an adult’s accounts (and out of their estate). As easy to open as any bank or brokerage account, custody plans offer a cost-effective alternative to the costly and time-consuming process of establishing a trust.

But contributions to the deposit account, like the account itself, are irrevocable. While parents enjoy almost unlimited management for years, the account ends up being under the control of the child, at the legal age of adulthood in their state.

So use the custody account not only to build wealth for your children, but also to teach them some financial responsibility.

Related investment coverage:

The 529 Plans Americans Can Use To Save For College Are More Flexible Than They’ve Ever Been – And You Can Use Them For Student Loans

529 tax deductions for plans are offered by 34 states – here is the list for 2021, as well as the states that give breaks for each one’s plans

What are the best education savings investments? 5 Ways To Make Your Money Grow For The Escalating Costs Of Higher Education

5 estate planning strategies to help protect your family and your funds

How to start saving for your kids to go to college in 3 steps


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Building the crypto-economy’s main financial account, Coinbase launches debit card – Tearsheet https://sarahlong.org/building-the-crypto-economys-main-financial-account-coinbase-launches-debit-card-tearsheet/ https://sarahlong.org/building-the-crypto-economys-main-financial-account-coinbase-launches-debit-card-tearsheet/#respond Wed, 28 Oct 2020 07:00:00 +0000 https://sarahlong.org/building-the-crypto-economys-main-financial-account-coinbase-launches-debit-card-tearsheet/ Coinbase launches Coinbase Card in the United States The product: Starting today, Coinbase customers in the United States can join the waitlist for the Coinbase card, a Visa debit card that allows customers to spend cryptocurrency anywhere cards from Visa debit are accepted. The card automatically converts cryptocurrency to US dollars for purchases and withdrawals […]]]>

Coinbase launches Coinbase Card in the United States

The product: Starting today, Coinbase customers in the United States can join the waitlist for the Coinbase card, a Visa debit card that allows customers to spend cryptocurrency anywhere cards from Visa debit are accepted. The card automatically converts cryptocurrency to US dollars for purchases and withdrawals at ATMs. The Coinbase card offers up to 4% rewards on all purchases. Customers can choose between 1% Bitcoin (BTC) rewards or 4% Stellar Lumens (XLM) rewards.

Why it matters: The technical challenge of buying, holding, and selling cryptocurrency has been a barrier to further adoption of crypto as a medium of transaction. The launch of a debit card in addition to crypto holdings is a big step forward for the actual application of cryptocurrency. Coinbase debit card holders can spend directly from their Coinbase accounts without transferring funds to their bank accounts.

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Cryptocurrency companies continue to develop products and services to make digital currencies more accessible to the public. Last month, Kraken, a popular cryptocurrency exchange, was the first cryptocurrency exchange to receive a state bank license. This new license from the state of Wyoming will allow Kraken to accept dollar deposits.


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Gabay Guro partners with PayMaya to provide financial account for teachers – Manila bulletin https://sarahlong.org/gabay-guro-partners-with-paymaya-to-provide-financial-account-for-teachers-manila-bulletin/ https://sarahlong.org/gabay-guro-partners-with-paymaya-to-provide-financial-account-for-teachers-manila-bulletin/#respond Sat, 29 Aug 2020 07:00:00 +0000 https://sarahlong.org/gabay-guro-partners-with-paymaya-to-provide-financial-account-for-teachers-manila-bulletin/ Teachers across the country will soon have easier access to a financial account and learning resources in one app, as Gabay Guro, the flagship advocacy program for teachers of the PLDT-Smart Foundation, joins forces to PayMaya for its great app for teachers. Thanks to the Gabay Guro app, teachers can soon easily create a PayMaya […]]]>

Teachers across the country will soon have easier access to a financial account and learning resources in one app, as Gabay Guro, the flagship advocacy program for teachers of the PLDT-Smart Foundation, joins forces to PayMaya for its great app for teachers.

Thanks to the Gabay Guro app, teachers can soon easily create a PayMaya account that they can use for various digital financial transactions such as paying for online and in-store purchases, sending money, paying for bills, purchasing charges, and paying government fees, among others.

This will complement the existing functionality of the app, which gives them access to research material, community-wide articles, rewards, as well as online lessons to help them improve their skills. teaching in the new normal.

“Providing teachers with a PayMaya account within the Gabay Guro application will help enrich the resources at their disposal, especially as they adapt to our new increasingly digital normal. Combined with various learning and other resources available in the app, we are confident that this new platform can help improve their daily teaching life, ”said Gabay Guro President Chaye Cabal-Revilla.

In addition to these features, the app will also offer other features such as the ability to receive badges that can be converted into MVP rewards, to benefit from promotions and training sessions from Gabay Guro partners and mentors, and from access livelihood programs.

Soon, they will also be able to receive cash assistance, incentives and loans designed for educators and even get additional livelihood opportunities in the e-commerce space through their PayMaya account in the Gabay Guro app.

For its part, PayMaya Founder and CEO Orlando Vea said: “Having a digital financial account will complement the wealth of resources for teachers that will be available in the app. As we all go digital, it is important that we give our teachers the right tools and resources to do their jobs well, for the sake of all young Filipinos around the world, ”added Mr. Vea.

“The Ministry of Education has always recognized the Gabay Guro program and the PLDT group as an important partner in the education sector. We are happy that the Gabay Guro app, along with PayMaya, provides our teachers with a holistic platform that will empower them and help them thrive in the new normal, ”added The Undersecretary of the Ministry of Education, Tonisito Umali.

Digital financial services for education

Providing teachers with digital financial accounts and capabilities is just the latest way PayMaya is strengthening the education sector. To date, it has enabled more than 50 educational institutions nationwide to accept cashless payments, making it easy for schools to accept tuition payments from parents from the comfort of their own homes. At the same time, this method of payment helps to ensure the safety of school staff by eliminating the risk of handling cash given the current health situation.

These efforts are in response to the Department of Education directive to implement blended learning that uses both online and in-person modalities for education, where students are encouraged to use online courses. , printed modules, and educational television and radio broadcasts as primary learning channels. school year.

PayMaya-enabled schools with end-to-end digital payment solutions such as the PayMaya Checkout online payment gateway and the PayMaya all-in-one point of sale (POS) device include major educational institutions such as University of the Philippines, Ateneo De Davao University (ADDU), La Salle Green Hills, Don Bosco Technical Institute of Makati Inc. (DBTI-MAKATI), Nord Anglia International School Manila (NAIS Manila), Malayan Colleges Mindanao (MCM ) and University of Immaculate Conception (UIC), among others.

In addition to these digital payment innovations, PayMaya has also rolled out cashless payment ecosystems starting with the student card powered by PayMaya at schools such as the University of the Philippines-Diliman, LPU-Batangas, La Salle Green Hills and STI, among others. Students can easily link the PayMaya powered student card to their PayMaya account and maximize payment transactions even off campus at Bancnet powered payment terminals and ATMs nationwide.

PayMaya is the only end-to-end digital payments ecosystem enabler in the Philippines, with platforms and services reaching consumers, merchants and government. In addition to providing payment acceptance to the largest e-commerce, food, retail and gas merchants in the Philippines, PayMaya enables national and social service agencies, as well as local government units, to benefit from digital payment and disbursement services.

Through its app and wallet, PayMaya offers millions of Filipinos the fastest way to own a financial account with over 40,000 Add Money touchpoints nationwide, more than double the total number of traditional bank branches in the Philippines combined. Its Smart Padala by PayMaya network of more than 30,000 partner touchpoints nationwide serves as last mile digital financial hubs in communities, providing unbanked and underserved people with access to services. To learn more about PayMaya’s products and services, visit www.PayMaya.com or follow @PayMayaOfficial on Facebook, Twitter and Instagram.

Gabay Guro is led by the PLDT-Smart Foundation and the PLDT Managers Club, Inc. The 12-year program empowers teachers across the country through initiatives in seven key pillars. This includes scholarships, teacher training, classroom donations, livelihood programs, connectivity and computerization, teacher tribute and digital innovations.


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Singapore activates three new automatic financial account information exchange relationships – OpenGov Asia https://sarahlong.org/singapore-activates-three-new-automatic-financial-account-information-exchange-relationships-opengov-asia/ https://sarahlong.org/singapore-activates-three-new-automatic-financial-account-information-exchange-relationships-opengov-asia/#respond Tue, 10 Apr 2018 07:00:00 +0000 https://sarahlong.org/singapore-activates-three-new-automatic-financial-account-information-exchange-relationships-opengov-asia/ As COVID-19 accelerated the growth of fintech and the adoption of digital banking services in 2020, the financial services industry has undergone rapid transformation. According to industry watchers, advances in digital adoption, which typically take five years, have occurred in ten months during this period. FinTech is now a crucial component of the country’s financial […]]]>

As COVID-19 accelerated the growth of fintech and the adoption of digital banking services in 2020, the financial services industry has undergone rapid transformation. According to industry watchers, advances in digital adoption, which typically take five years, have occurred in ten months during this period.

FinTech is now a crucial component of the country’s financial services sector. In the new post-pandemic normal, even more digital financial services, primarily provided by fintech, can be expected as the business community moves to meet the growing demand from digital natives and smartphone users in Indonesia. and its regional neighbors.

The Minister of Communication and Informatics believes that the financial technology sector, or fintech, can be an engine for the growth of Indonesia’s digital economy. He noted that fintech opportunities are determined by the scope and amount of funding available.

Fintech lending services reached 27.2 million people, or 10% of the population, in August of this year, according to the Ministry of Communication and Informatics. In addition, the industry lent 14.950 trillion rupees last year, making Indonesia the second best performing ASEAN country in terms of attracting FinTech investment, after Malaysia, Singapore. , Thailand and Vietnam.

Investments in Indonesia totaled around US $ 178.48 million, or around 20% of ASEAN’s total fintech investments. The ministry also found that the number of FinTech companies in Indonesia was getting stronger in terms of funding, starting with the pre-series and going through the early and late stages.

In addition, the minister affirmed that the actors of the industry of financial technologies still had much more potential because a certain fringe of the population still did not have an optimal access to modern banking services. He estimated that 50% of the population of six ASEAN countries did not yet have a bank account or were underbanked, citing a FinTech Industry Outlook in a study in Southeast Asia.

“This is where companies that are seen as healthier and of better quality will be able to receive a higher valuation in the next round of funding, while companies that are on the other side of the spectrum will have struggling to attract investment to spur recovery efforts, ”the Minister added.

Additionally, the fintech industry was always affected by a host of digital issues, including fraud, information hacking via the sniffing method, and mule money schemes in which perpetrators ask victims to transfer money. money in someone else’s account. The ministry has proposed precautionary measures to ensure that the FinTech industry grows in parallel with strengthening Indonesia’s digital economy ecosystem.

OpenGov Asia has previously reported on the development of the financial sector. About three decades ago, banks began to embrace digital channels such as telephone, SMS and / or mobile banking, which are more of a “classic” digital payment. Now that the digital economy is driving the growth of the entire Indonesian tech sector, Indonesian citizens must use digital payments to support the country’s economic growth.

Despite the massive growth in smartphone adoption and the growing demand for digital banking services, the majority of countries continue to rely heavily on cash. Some Indonesians do not have a bank account, demonstrating that cash is still needed for financial inclusion. Liquidity is also deeply embedded in the economies of many developed markets.

As a result, tech companies are now offering new digital financial services, such as e-wallets or e-money, which were previously integrated with e-commerce platforms. The trend accelerated when the COVID-19 pandemic struck in early 2020, limiting the mobility of people.

Ultimately, Indonesia stands to benefit greatly from the digital revolution. To ensure development, the country’s public and private sectors must prioritize investments in digital technologies to improve infrastructure, expand penetration and increase productivity. The resulting economic impact, $ 150 billion per year by 2025, is too great to ignore. Implementing a comprehensive digital strategy will enable Indonesian businesses to thrive in the digital age and propel Indonesia’s economic growth to new heights.


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Singapore ready for “automatic financial account information exchange” relationship with Indonesia: MOF, SE Asia News & Top Stories https://sarahlong.org/singapore-ready-for-automatic-financial-account-information-exchange-relationship-with-indonesia-mof-se-asia-news-top-stories/ https://sarahlong.org/singapore-ready-for-automatic-financial-account-information-exchange-relationship-with-indonesia-mof-se-asia-news-top-stories/#respond Wed, 12 Jul 2017 07:00:00 +0000 https://sarahlong.org/singapore-ready-for-automatic-financial-account-information-exchange-relationship-with-indonesia-mof-se-asia-news-top-stories/ JAKARTA – Singapore is ready to establish an Automatic Financial Accounts Information Exchange (AEOI) relationship with Indonesia, as soon as Indonesia is ready, said Minister of State for Finance and Law Ms. Indranee Rajah. This includes Indonesia putting in place the internationally required confidentiality and data protection guarantees before information exchange can take place, she […]]]>

JAKARTA – Singapore is ready to establish an Automatic Financial Accounts Information Exchange (AEOI) relationship with Indonesia, as soon as Indonesia is ready, said Minister of State for Finance and Law Ms. Indranee Rajah.

This includes Indonesia putting in place the internationally required confidentiality and data protection guarantees before information exchange can take place, she added.

“On the Singapore side, these are in place and we look forward to the moment when Indonesia can let us know that the requirements have been met and that this can be operationalized,” Ms. Indranee said.

The minister was addressing reporters after attending the International Tax Conference in Jakarta on Wednesday July 12.

His remarks also come after the Jakarta Post earlier reported that Indonesia and Singapore would soon sign a bilateral competent authority agreement (BCAA) to implement the AEOI.

AEOI is a new standard that involves a regular exchange of taxpayer information, which may include details of their bank accounts and assets, for authorities to act against tax evasion.

The report also states that the Indonesian government “will track down funds held by Indonesians who park their money in Singapore, following an offer from Singapore to allow Indonesia to access the financial data of Indonesians in the neighboring country.”

Singapore signed two international agreements on June 21 to facilitate the exchange of tax information with other jurisdictions as part of ongoing global efforts to combat tax evasion and money laundering, as well as to improve tax transparency.

Called Multilateral Competent Authority Agreements (MCAAs), they establish an international framework to facilitate the automatic exchange of tax information, eliminating the need for countries to enter into multiple bilateral agreements.

The first agreement covers AEOI under the Common Reporting Standard (CRS), and the second covers the exchange of country-by-country reports.

Ms. Indranee said that following the signing of the MCAA on AEOI under CRS, Singapore and Indonesia have both signed up as partners.

“And with the Multilateral Competent Authority Agreement or MCAA, it won’t be necessary to have a bilateral agreement because it is actually provided for under the MCAA,” she said when asked. was asking about BCAAs with Indonesia.

Singapore’s finance ministry, responding to questions from the Straits Times on Wednesday, also confirmed that it is working closely with its Indonesian counterparts to ensure the two sides can begin a reciprocal exchange of information.

Indonesian Finance Minister Sri Mulyani Indrawati said on Wednesday on the sidelines of the tax conference that her ministry would maintain communications with Singapore regarding the AEOI agreements.

She had previously estimated that about 60% of one billion rupees (S $ 103.3 billion) of assets held abroad by wealthy Indonesians were in the bank in Singapore.


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