CS Mohit Kaushik’s Post

When using online cash transfer apps like CashApp, it’s essential to prioritize both security and privacy. Always enable two-factor authentication (2FA) to add an extra layer of security. Additionally, be mindful of protecting your private information. Avoid sharing personal details like your full name, address, or account information publicly or with untrusted sources. Regularly update your passwords and use unique, strong passwords for each of your accounts. 🔐 Enable two-factor authentication to secure your CashApp account! 🚫 Never share personal details publicly. 🔄 Regularly update passwords and use unique ones for each account. Keep your financial data safe! #CashApp #TwoFactorAuthentication #PrivacyProtection #SecureTransfers #Fintech #StaySafe #OnlineBanking #DigitalSecurity

With yet another bank hack, everyone should be asking: how secure are my #accounts? Some simple ways to tell if you are at risk and doing all you can to safe guard yourself: 1. You are using the same password for more than account 2. Your password contains simple or dictionary words, names (yes, that includes your pet's name), specific dates, or any other personal identifiers 3. Your passwords are shorter than 16 random characters (yes, some say 12, but thieves are getting more advanced) 4. Your password does NOT contain extended ASCii characters (upper and lower case letters, numbers, and symbols/punctuation marks) 5. You do not have 2FA (second factor authentication) enabled (the fact there are still some companies/institutions without this is rather scary) Some simple, plain wise advice: Use a #PasswordManager and 2FA (second factor #authentication). There are many options available and always back your data up. Don't depend on other's to protect you in everything, you have to put your own effort in and actively protect yourself. https://lnkd.in/emgtdHCR #WealthWAVE #financialplanning #financialfoundation #personalfinance #HowMoneyWorks #Nacogdoches #TX #Texas #EastTX #EastTexas #ETX #wealth #CYLCYL #ChangeYourLiteracyChangeYourLife #BetterFuture #Lufkin #TylerTX #LongviewTX #PalestineTX #TheMoneyBooks #SFA #SFASU #StephenFAustin #pineywoods

If you are in Banking and Financial Services, you know how costly data breaches can be to your organization. Customers deserve to have their data protected wherever it goes, not just inside your perimeter. Check out how Seclore's Data Security Platform leverages data-centric security for comprehensive protection and tracking of your customer’s sensitive financial information—no extra deployment hassle required. https://lnkd.in/dZETbwAP #EnterpriseSecurity #EnterpriseData #DataCentricSecurity #DataSecurity #BFSI

Multifactor authentication after you use the same password that you use for everything... I see the same conversation happening around multifactor authentication that I see around additional cash control measures (like performing independent callbacks for any change in account information). Both conversations revolve around a perceived tradeoff between convenience and security. In my experience, both are always worth it. With scammers becoming more sophisticated and data leaks on the rise, the payoff of additional measures to protect your organization's data and your money is growing. The cost of a data breach or fraudulent transactions is far greater than any inconvenience from having to take an extra step like using an authenticator app or performing independent callbacks for any change in banking information. In my opinion, both measures are now standard best practice. Agree?

💸 With the need for FIs to implement account-to-account instant payments comes the need to prevent instant fraud. We offer the real-time capabilities you need for the new EU regulation. ⚖️ Instant payments have become a common feature for many of us. As a result, customers now expect it as a basic service provided by any bank or financial institution. However, providing such a service requires significant transformation and realignment for many financial institutions. In order to facilitate real-time transactions, financial institutions need to adapt their technology systems, business processes, and strategies. In doing so, they face various challenges and risks, such as regulatory pressure and increased financial crime. However, with the recent approval of the European Council's regulation on instant payments, financial institutions need to adopt a new way of thinking. 🧠 After all, the regulation will require payments to be transferred within 10 seconds 24/7/365, meaning in real-time at any time of the day on any day of the year. In contrast to the "inertia" of traditional bank transfers, which allowed much more time for potential fraud and risk checks, instant payment will require real-time prevention. This is where we can help. 💪🏻 RiskShield by INFORM offers powerful fraud detection technology for faster payment processing. By using modern techniques such as fuzzy logic, real-time profiling, machine learning, pattern recognition, and network visualization, we can provide banks and other financial institutions with the most powerful, flexible, and responsive fraud engine available. Read our InfoPaper now for high-level information on how you can tackle the ensuing need for instant payment implementation and benefit from the opportunities that lie within » https://lnkd.in/eZ4ySeQR #worldofriskshield  #instantpayments #fightingfinancialcrime #europeancommission

Is the new Cyber Security Levy to be charged by Banks (as ordered by the CBN on Monday, 6th of May, 2024) not a case of double taxation of Bank Customers? S. 44 of the Cybercrimes (Prohibition Prevention) Act 2015 provides for the establishment of the National Cyber Security Fund, which shall be domiciled with the CBN. The Law also states that a levy of 0.05% of all electronic transactions be paid and credited into the fund by businesses specified in the 2nd Schedule of the Act. These businesses which include Banks and Other Financial Institutions. These electronic transactions as provided for in the interpretation section of the Act includes POS/ATM transactions, direct deposits/withdrawals of funds, transfers initiated by telephone or internet and even Card Payments. It is also worthy of note that the CBN on January 1, 2020 released a guide to charges as well as charges by Banks and other financial/non-financial institutions on this same day electronic transactions listed above. The questions arising from these are; 1. The Levy mentioned in S.44 of the Cybercrimes (prohibition prevention)Act 2015, is the same envisaged by the CBN when it released the guide to charges by Banks and other financial/non-financial institutions?? 2. If the charges are different, which looks likely that they are, does this not amount to imposing different levies on the same financial transaction at two different points in time which amounts to double taxation? 3. Why should this burden be solely borne by bank customers, seeing the epileptic functionality of the banks particularly with respect to electronic transactions. I recently still suffered dispense errors twice in the space of a week. Opinions, answers and even more enlightening questions are welcomed in the comment section. Lets discuss this together.

The cybersecurity levy isn't new. The Cybersecurity Act was first passed in 2015 and introduced a 0.005% levy on electronic transfers. A June 2018 CBN memo directed banks to collect the levy on “electronic transactions occurring in a bank or on a mobile money scheme or any other payment platform that has an accompanying service charge. Why does this news feel new? Well, that's because bringing the CBN into play as an enforcer ensures banks and financial institutions comply and deductions can be made at the point of origin. But the levies are remitted to the NCF account for which the act is issued. These transactions would be appropriately tagged as Cybersecurity Levies in the transaction description when the debit occurs. The levy does not apply to all banking transactions. It excludes: Regular deposits, Transactions between accounts of the same originating banks, Transactions between accounts with the same owner, Check payments, and investment transactions like treasury bills and bond purchases. There's currently a timeline for implementation issued by the CBN to institute a filing system to the NIBSS in addition to the other monthly submissions to the NIBSS. It is important to note that the fintechs affected here are mobile money operators and payment service banks. Do you still have questions? Leave them in the comments.. Book A free consultation session with us by clicking the link below: https://lnkd.in/dZ4BTS3d For more information visit our Website: www.secureedge.com.ng Send us an Email at Info@secureedge.com.ng Or Call: +2349136697961 #CyberSecurity #secureedgetechnologies #CyberSecurityfirminLagos #ITstandards #CyberSecuritylevy #cbnlevy #CyberSecurityact #CyberSecuritylevynews

It is the worse feeling to find out someone has accessed your data or your accounts. If this happens here are some quick tips to help you get sorted: 1. Check recent transactions with all financial institutions and any credit cards to ensure there has been no fraudulent activity on other accounts. 2. Notify any other financial services provider (even if they seem unaffected) that you have had your banking details compromised and have them place an alert/flag of your profile.    3. Check your credit report – this can be done via Equifax, Illion or Experion – a credit report check will show if there have been any credit applications opened (most providers are quite good and they all do the same types of checks). 4. Subscribing to credit alerts is also a great idea as this will notify you if anyone applies for credit in your name.   5. If the issue has come from a link has been clicked or some kind of computer access gained then compromised device(s) need to be cleaned by an IT professional. (Forensic clean to remove any compromise including running regular security scans). 6. Post device(s) clean, change password(s). Further fraudulent activity may occur unless a full forensic clean is undertaken and a full password reset is conducted post clean. 

Protecting your financial world starts with knowledge! Here are some vital tips from Commerce Bank of AZ to prevent identity theft in banking: 1️⃣ Secure Your Online Presence: Use strong, unique passwords and enable two-factor authentication for an extra layer of security. 2️⃣ Monitor Your Accounts: Regularly review bank statements and transactions to detect any unusual activity promptly. 3️⃣ Shred Sensitive Documents: Dispose of financial statements, credit card offers, and other sensitive documents using a cross-cut shredder. 4️⃣ Be Cautious with Personal Information: Avoid sharing sensitive details on public Wi-Fi, and be wary of unsolicited emails or calls requesting personal information. 5️⃣ Check Your Credit Reports: Obtain and review your credit reports annually to spot any discrepancies or unauthorized accounts. 6️⃣ Use Secure Networks: Conduct online banking on secure, private networks to reduce the risk of unauthorized access. 7️⃣ Keep Devices Updated: Regularly update your devices and software to ensure you have the latest security features. Stay informed and proactive to safeguard your financial identity! 🔐

Financial institutions are absolute idiots. Within the last month, I have seen two of the largest in the World: (i) Interpret security measures on banking arrangements (designed to prevent fraud) as money laundering = inhibit the accounts and close them; and (ii) To set up a direct debit to pay a third party finance facility - the finance facility demand such a volume of information that fraud upon the paying account would be simple. Whatever you do - Don't ask what is the source of the cash deposits into Santander from South America that funds that entire bank (and trust me - that's where they ALL come from).