Phishing, ransomware and data leaks are going to be the biggest threats to banking businesses in the coming days. While the concerned stakeholders are focussing on the digital safety of paywalls currently, customers need to practice some methods on their part.

Use Private Wi-Fi For Online Banking

American non-profit body Consumer Reports recently reported about experts advising people to avoid public Wi-Fi during online banking (as it is unencrypted), since the network’s ‘Widespread Availability’ comes with hacking risks.

However, if you are using public Wi-Fi out of compulsion, take precautions like sticking with encrypted banking websites, apart from deleting your passwords from your browser after your banking activity gets over, and clearing your cookies (small blocks of data created by a web server while a user is browsing a website).

Also, consider setting up a Virtual Private Network (VPN), which will give you the opportunity to establish a protected network connection while using public Wi-Fi. VPNs will encrypt your internet traffic and disguise your online identity, thereby making it tough for threat actors to track your online activities and steal data.

Change Passwords Every Three Months

This activity will pose a challenge for hackers to steal/decode your banking data. You can take the help of a password manager for this activity. Choose longer passwords, throw a mix of upper and lowercase letters, include numbers and special characters, avoid common numerical sequences like ‘1234,’ and don’t use personal credentials like your name, pets’ names, date of birth, etc.

Also, don’t store your login details in your online banking/mobile app. Talking about password generators, ‘Google Password Manager’ is rated as ‘Very Secure’. Plus there are other top-rated password managers you can find through web research and yes, check their reviews carefully before opting for the services.

Get Two-factor Authentication

Through a two-factor authentication, the customer’s phone will be used to verify his/her identity when the person logs in.

“2FA is implemented to better protect both a user’s credentials and the resources the user can access. Two-factor authentication provides a higher level of security than authentication methods that depend on single-factor authentication (SFA), in which the user provides only one factor — typically, a password or passcode. Two-factor authentication methods rely on a user providing a password as the first factor and a second, different factor — usually either a security token or a biometric factor, such as a fingerprint or facial scan,” remarked TechTarget on the process.

Feel free to do online research or get expert help to secure your online banking data with 2FA features. Yes, it’s a time-consuming process, but a crucial one to keep you protected against the threat actors.

Be Sceptical For Your Own Good

Keep crucial data like your credit/debit card PINs, card numbers, and account numbers confidential. Don’t share them over email or any other messaging platform with anyone, not even your near ones. Keep yourself updated with the trends like threat actors impersonating banks’ customer support mechanisms, since this technique is getting more sophisticated with tools like Deepfake and AI.

If a web page looks suspicious, close your open browsers, clear your cache and restart your banking activity all over again by directly typing in your bank’s home page URL.

Check Your Account Balance Regularly

This is a good habit which comes in handy, in terms of spotting if you may have been wrongfully charged or if the money has been stolen from your account without your knowledge.

“Fraudsters constantly take advantage of bank account holders—to the tune of hundreds of millions of dollars each year. In 2022 alone, the Federal Trade Commission received reports of more than USD 407 million in financial losses stemming from fraudulent bank transfers or payments. Meanwhile, wire transfer fraud accounted for more than USD 78 million in reported losses, with debit card fraud at nearly USD 50 million and check fraud at almost USD 47 million. Reviewing your bank account each day can help you discover fraudulent activity that, if it goes unnoticed, could cause plenty of financial pain. If you do notice potential fraud, contact your bank immediately,” remarked Texas-based journalist and content marketing veteran John Egan, in his May 24, 2023 blog on financial data and analytics firm Experian, a statement which is more than self-explanatory on why frequently checking your bank balance is a good practice.

The post Charting down secure ways to protect banking information appeared first on International Finance.

Office software users will soon have access to “confidentiality-preserving AI models” that can categorize and tag both new and old files in the Drive. According to the newspaper, the tools are a continuous, automatic data loss prevention strategy that also enables users to update labels as they see fit.

The adjustments are part of Google’s broader attempt to enhance the security and effectiveness of its enterprise offering. Based on a person’s location and security level, organizations can now restrict who can share what. It was stated that these enhanced data loss prevention features would soon be accessible in Gmail.

Regulating The Encryption Keys
Client-side encryption (CSE) in the Gmail mobile app and a few other security features have also been added by the search engine Goliath for Workspace users.

Enterprise clients may now own and manage their encryption keys, ensuring that Google (or other third parties) cannot see the content being shared through these apps, a few months after making it freely available. This should be encouraging for businesses trying to abide by stringent national and international data protection laws.

The feature will first be accessible in Google Calendar, Gmail, and Meet. The CSE will be providing feedback on Docs soon. The addition of support for Microsoft Excel files is currently being tested.

Users will also have the option to store a copy of their Workspace data “in a country of their choice” and specify the physical location where the saved data will be processed.

For Gmail and Google Calendar, client-side encryption was initially introduced by Google in October 2021 at the Google Cloud Next event. Early mentions of the feature date back to 2014, so it appears to have been in development for some time. Late in 2023 February, it was initially made available to all individuals, and now Google is making it available to business clients.

Meanwhile, Google’s cloud unit, which reported a profit for the first time in 2023, has emerged as one of the company’s best bets for growth, as per the news reports.

More than half of venture-backed generative AI start-ups pay for Google’s cloud computing platform, Alphabet Inc., Google’s parent company. Of the start-ups valued at over USD 1 billion, 70% are Google Cloud customers, and about a third of those are helmed by former employees, including Anthropic, Character.ai and Cohere, the tech giant stated further. This development gives Google a way to extend its influence in the field even when it sheds talent.

Google’s cloud unit has emerged as one of the company’s best bets for growth as its core search business matures. Google still trails Amazon’s AWS and Microsoft’s Azure in the market. However, start-ups in the field of generative AI are increasingly turning to the company, said James Lee, Google Cloud’s general manager for start-ups and AI.

“We’re seeing strong momentum in our business, and we see Google Cloud as the preferred choice for startups building generative AI,” James Lee said in a Bloomberg interview.

“Google Cloud customers have the option to use AI models from Google itself as well as other companies, a degree of flexibility that appeals to startups,” the official stated further.

Alphabet Chief Executive Officer Sundar Pichai said earlier in 2023 that by his count, over 2,000 start-ups have been created by former employees.

“I think it’s a healthy part of how the ecosystem works,” Sundar Pichai further said.

Elemental Cognition CEO David Ferrucci told Bloomberg that Google has also been in the AI space for so long, as he believes that the team will “talk a common language” when discussing his company’s needs. Elemental uses Google Cloud exclusively.

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First-mover advantage
Due to the implementation of GDPR, the client data has been substantially enhanced. As a result, there is now more public trust in financial institutions. With this, other nations are also wishing to incorporate more data privacy and protections into their banking systems. UK banks and fintech companies are already leading the way internationally, while countries like China, Brazil, and India consider enacting legislation that would provide protections comparable to those provided by the GDPR. Experts anticipate that this will have an international effect, contributing to the evaluation of standards throughout the world and fostering the expansion of digital banking.

Promoting open banking
The GDPR compelled compliance with tighter data handling and security protocols. Additionally, it placed a strong emphasis on customer control of personal data, shifting power towards consumers. At the time of the GDPR’s implementation, open banking had just been available, which prepared the way for a variety of innovative digital banking products and services from non-traditional providers.

Under GDPR, consumers can control which providers have access to their data, how much information is shared, and how long it can be accessed. Digital banking consumers are thus in an advantageous position as a result of the twin initiatives of GDPR and open banking, enabling them to not only protect their data but also voluntarily share that data with third parties and fintech.

Opportunities for innovation
The GDPR’s public debate has contributed to reinforcing data privacy as a key concern in the financial services industry. Indeed, boards and executives are aware of the importance of data to consumers and businesses, as well as how important data privacy is as a social concern. Business executives have evolved in their understanding of data as a result of it now being frequently mentioned as a top priority for boards.

The GDPR is more than just a new tool in the regulatory toolbox for many financial services companies; it also offers real business advantages. It means making more bolder and creative judgments is possible when data protection is included in fundamental development strategies.

Benefits of ethical data
Many consumers, especially Millennials, now consider ethics when looking to buy new goods and services because of technology, more competition, and consumer protection regulations. This emphasis on ethics has also been seen in the business world, where companies are pledging CSR and paying more attention to environmental, social, and governance issues in their supply chains and investments.

Keeping an ethical approach to data is a big benefit in this atmosphere. Financial institutions have complied with the GDPR thoroughly and prioritized the ethical handling of data. This resulted in a succinct and easily comprehensible data policy that consumers can engage with – which is good for keeping customers happy, as well as boosting corporate reputation.

GDPR: A digital defense
Most financial services companies are aware that a data breach is more likely to happen as hackers and malicious actors are growing more skilled. Any hack or cyber breach carries a certain risk of negative repercussions, but the reputational impact is greatly influenced by how such a breach is managed.

The GDPR has strengthened banks’ data operations and the protocols to follow in the case of a breach, which may be crucial for preventing reputational damage and proving to the regulator that they are reliable practices. The GDPR serves as an additional line of defense in the era of digital and open banking, assisting in ensuring the survival of online banking platforms.

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According to Gary Vaynerchuk, Belarusian-American entrepreneur, Co-founder of Resy and Empathy Wines, in 2021 credit card fraud increased by 24% in comparison to 2020. The percentage might be small but when we put it in numbers, the cost is high. Here are five ways to safeguard data in order to avoid any form of mishaps:

1. Be cautious of uploading documents on social media:
There are incidents where consumers upload documents on social media or online which have sensitive data or documents such as credit reports, bank statements etc. This type of data that carries personal contact and bank information can compromise a customer’s identity. A consumer should go through the document at length before uploading it on any online portal. If it is imperative to upload a sensitive document, a user should make sure that the portal is trustworthy and secure.

2. Checking the URL:
A user must thoroughly check the URL of the website before feeding in their personal information. There are incidents of ‘Pagejacking’ where clicking on a link may redirect the user to a website that they would be expected to open. Though the webpage would look exactly like the one on the actual website, the URL will always be different. This is mostly to deceive the user into feeding key data, which would get collected in the hacker’s database and later can be used for identity theft.

3. Phishing calls and messages:
Sometimes, users may receive calls or messages stating that they have won a prize from the bank. This will further go on to ask them to authenticate themselves with the help of their bank account number/card number, an OTP number that you might have received on your phone, or other personal data. As a preventive measure, the consumers should not entertain such communication. If a fraudulent transaction has taken place, the user should inform their associated firm immediately.

4. Avoid downloading files from unknown sites:
Downloading files from unknown sources can create many problems when it comes to keeping your data safe on the computer. The downloaded file is in the form of a document/song/video etc. and can contain malware/spyware that can dig up the data stored in your PC (personal computer) and can transmit it to any remote location. If it is necessary that you download a file from an unknown source, make sure to get it scanned with software that helps detect any such anomalies.

5. Change your passwords frequently:
Changing your password frequently helps in preventing fraud. These passwords can range from your shopping apps, social media passwords, or bank login passwords. If the passwords are dynamic, it would make it hard for fraudsters to trace or hack. In addition, also make sure that the strength of your password is strong, making it difficult to guess. Avoid using combinations that are easily relatable to you such as your phone number, date of birth, pet’s name etc.

With a growing market of people going online and the push for a cashless economy, methods to prevent fraud by protecting data would go a long way to keep your money where it belongs.

The post 5 ways to protect data from online fraud appeared first on International Finance.

According to court records, the Federal Trade Commission (FTC) and the Department of Justice claim that Twitter violated a contract with regulators. The FTC is an independent US government organization tasked with enforcing anti-trust laws and promoting consumer protection.

Twitter has previously stated that it would not provide advertisers with personal information such as phone numbers and email addresses. According to federal investigators, the social media company violated the rules.

In December 2020, Twitter was fined £400,000 for violating the General Data Protection Regulation (GDPR) data privacy standards in Europe.

Twitter was also accused of breaching a 2011 FTC order that explicitly prohibited the company from misrepresenting its privacy and security practices.

Twitter generates most of its revenue from advertising on its platform. It allows users, ranging from consumers to celebrities to corporations, to post 280-character messages or tweets.

According to a complaint filed by the Department of Justice on behalf of the FTC, Twitter began requesting users’ phone numbers or email addresses in 2013 to strengthen account security.

FTC chair Lina Khan said that Twitter obtained data from users on the pretext of harnessing it for security purposes but used that data to target users with ads.

She claimed that this practice affected more than 140 million Twitter users and boosted the company’s source of revenue in the years between 2013-2019.

The post Twitter fined $150m for selling data appeared first on International Finance.

Amba Kak, in her role as policy advisor, works on developing Mozilla’s position on law and political developments pertaining to the Internet.

You were at Mozilla Fest. Tell us what the event is like and what is going to be addressed there.

There is a great energy about the event; it’s a place with people who love the Internet and all the good it brings. Specifically, about India, there is a lot of curiosity over the rapid pace of developments such as Aadhaar and the data privacy bill. India is also a massive Internet-driven economy, and other governments are looking at India for lessons on how they should regulate.

It has been an interesting year for data privacy—what is the ground reality in a country like India?

Things have moved fast, Even two years ago people would happily relegate privacy as an elite issue. It was easy to argue that developmental challenges were more important, and privacy was characterised as a hindrance to innovation. In the last couple of years, we are seeing a paradigm shift in the discourse surrounding data. In less than a year, we have a draft of a data protection bill. There is an urgency to address data integrity now, and all the stakeholders are taking it seriously.

What are the changes that have led to an enhanced awareness around data protection?

I believe three developments have led to this change. The first is Aadhaar—a technological innovation that has touched everyone in India and created a national level conversation around technology. Privacy has dominated this conversation, given that it is one of the largest data collection projects to date and created a database of sensitive biometrics. There are many legal challenges to Aadhaar on the grounds of privacy. Disagreeing with the government, the Supreme Court judges laid down that every individual was guaranteed a fundamental right to privacy. This was immediately followed by the push for a data protection law, and a public commitment from government that they would pass one soon.

The second major development is the GDPR, which was implemented for EU businesses in May 2018, has had global impact. The European Commission will only allow unrestricted data flows with Europe, if it has “adequate” data protection law. And it’s a high bar. For this reasons, many businesses are also in favour of clear rules to allow for unrestricted data transfers. Moreover, the Committee drafting India’s law has borrowed heavily from the lessons of the GDPR.

Thirdly, and this is what I’ve talked about at MozFest—the backlash in India over how global big technology platforms are exploiting the data of citizen’s at the expense of domestic industry and the State. This discussion includes whether data should be stored in India, and who should have access to it. It has national overtones to it, and what’s a bit concerning is the debate possibly devolving into a power equation—who controls the data? Should it be the private overseas companies or Indian entities? Or should it be the State? We risk losing sight of the individual whose privacy we’re trying to protect.

I believe consent is not entirely understood in India. With Internet traffic growing from rural and semi-urban pockets, how can the gap between user awareness and internet frequency be addressed?

Consent is a very hard problem world over. It’s unfair to frame it as a failing of users—if a user is given a convoluted privacy services where he has no other option but to agree to the terms and conditions to use the service, the consent isn’t meaningful. It’s unfair to berate the concept of consent. A real change is needed in the way services approach consent. It has to be granular, with opt-outs. Supposing a user provides consent to use a service for which a particular data point is needed, there should be an option to deny consent to data points that are not relevant to that particular service. Other changes include “just-in-time” notifications which give you choices about your data while you’re using a particular function of the app, rather than buried in a privacy policy.

Another interesting pain point to be observed is that most of these policies are only in English. We have to remember that there is a big push in Internet usage coming from India’s rural and semi-urban pockets where English isn’t the primary mode of communication. We need to be more creative—instructional videos instead of long-winding legal parlance or legal notices in regional languages on data protection should be made possible.

Finally, we need meaningful consent, but given these difficulties we need obligations on companies and government that should apply irrespective of what the user “chooses.”

What is the journey that India’s Personal Data Protection Bill needs to make to become a law?

In commendable time, a ten-member committee led by Justice Srikrishna was put together and a draft bill released within a year. Following the submission, India’s Ministry of Electronics and Information Technology ran its own consultation with the public. Now, reports are doing the rounds that the bill may even be introduced as early as the Winter Session of the Indian Parliament. Of course, whether the bill will be passed in Parliament is a whole other discussion but the fact that it has come this far in such a short span of time reflects how heated this discussion has become, and therefore a government priority

What are the major takeaways from this bill?

The bill is a compelling document, modelled heavily on Europe’s General Data Protection Regulation. While it elucidates specifics pertaining to processes involving retaining data privacy, there are some areas that are still unclear. One example would be the steps to enlist an agency. While the bill mentions there has to be a data protection regulator, it is still unclear how this agency will function? How will it remain independent from the government which related to what would their tenure and qualifications of the members will be? Given the speed at which the bill has taken shape, I believe the above questions should also be addressed as soon as possible because this is a critical issue, and clarity will go a long way in advocating the right and meaningful use of data.

Last month, the Apex Court upheld the constitutional validity of Aadhaar, striking down some of its contentious provisions on mandatory linking to services – in a significant move towards data protection, Your thoughts?

The fact that the SC has understood that unrestricted proliferation of Aadhaar was a growing surveillance and security concern is important. There has to be some sensible limits of the use of Aadhaar. Interestingly, the government argued that privacy concerns related to Aadhaar would be addressed by a strong data privacy law. That is yet to be seen, but it sets the baseline that a data protection law must apply to government and companies alike.

India has witnessed rapid digitization in the past decade but has cyber resistance grown at the same pace? If not, what can businesses do to catch up? Security is no longer an option for any credible service, it’s central to trust. Businesses today have either been affected by a cyber attack at some point or have had to liaise with companies that have suffered a data breach—both of which are not healthy for business in the long run. Companies have now recognised the need for a robust cyber infrastructure and investing in security measures. But the very problem of data breaches begs a larger question of how businesses approach data storage. The more data a company owns, the more risk the company is at. Which is why we get back to limits on collection of data in the first place, which is what a data protection law will hopefully address.

Tell us a little about your work at Mozilla and what the company is trying to achieve in the space of data privacy over the last year, there has been a heightened focus on advocating strong data protection. Mozilla is currently working on data protection advocacy not only in India, but Brazil, Kenya, and the US as well.

As a company, we don’t believe privacy and innovation are at odds with each other. In this heated debate where governments are pitted against big tech companies, we cannot forget the individual’s rights, which must be the foundation of any effort.

The post “Privacy and innovation are not at odds with one another” appeared first on International Finance.

The ride-hailing giant has been trying to tighten up its finances before it goes public in 2019. Uber’s most recent valuation put it at around $60 bn.

The company has been without a CFO since Brent Callinicos left three years ago.

Uber CEO Dara Khosrowshahi had admitted that the search was longer than expected, and that he was being picky—at Fortune tech’s conference last month.

“I’m incredibly excited to bring on someone as experienced and thoughtful as Nelson,” Khosrowshahi stated in a statement sent to CNN. “He will be a great partner for me and the entire management team as we move towards becoming a public company.”

Uber’s head of global finance, Prabir Adarkar, left the company to become CFO at food delivery startup DoorDash last month. Since the, several employees on the financ team are now helping with those duties.

Chai’s hiring marks one of several new hires in recent weeks among Uber’s executive ranks. Last week, the company names Matt Olsen, a former NSA official as its chief security officer. Uber also filled other key leadership roles in July when it hired its first chief privacy officer and its first data protection officer.

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