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Protection needed for banking transactions
More extensive monitoring of banking transactions needed
As a strategy to reduce the impact of cyberattacks
Brenda A. Vázquez Colón, The Weekly Journal
The seizure of data from the “AutoExpreso” (tolls) system by computer hackers brought to light the technological vulnerability of both the government and the private sector in Puerto Rico. A month later, it is still unclear whether the hackers obtained confidential information from the clients of the privately operated platform.
Zoimé Álvarez, executive vice president of the Puerto Rico Bankers Association (PRBA), explained that whether cyber piracy situations happen – where there may be some risk that a person’s confidential information may fall into the hands of criminals – it is the responsibility of each consumer to constantly monitor his/her banking transactions to identify unauthorized ones.
“You have to evaluate your accounts’ statements regularly because so many payments are now being made electronically, it is not enough to look at them once a month. Commercial banks and some credit cards notify customers with alert calls about [suspicious] use. There are others that report all transactions,” Álvarez said.
There are credit card companies that notify customers of each transaction for a low cost. Avoiding fraud is also convenient for banking institutions, as they can alert costumers about the possible inappropriate use of their information and prevent them from losing money.
“The bank does not skimp on security platforms because the consumer has to trust their service, and responding to fraud costs the banks money, so we are active in carrying an educational message about the different fraud schemes,” said Álvarez.
How To React To Information Theft?
If a consumer has been notified that his/her data could have been stolen through a cyberattack on an institution that holds sensitive information such as social security number, bank account and credit card numbers, it is recommended that the person immediately act and contact the bank and ask how they can help.
“If the company discloses that customer information is compromised, a remedy should be required to mitigate data theft. Generally, what they would do is pay clients the cost of a credit monitoring service for one or two years, so they can be aware of transactions and avoid identity theft”, explained Wilton Vargas, a specialist on technology issues and founder of the “Tecnético” website.
Consumers could also take other measures, such as being vigilant about their banking activities and requesting a report on their credit history to check that the information is correct.
“By law, everyone has the right to an annual credit report. You also have to ask the bank and the credit card holding institutions what security mechanisms they can provide to secure your transactions,” Vargas explained.
Álvarez recommended that if a consumer is certain that his/her information has been compromised by fraudsters, he/she should immediately inform the banking institutions so that the fraudulent actions can be immediately stopped.
“If you are a victim of a fraud scheme, you have to put the bank on alert to raise a red flag on transactions. Another option is to cancel your credit cards. “, Álvarez explained.
She added that “it’s not only about not giving away your secret number, personal information or not opening unsolicited links… it is monitoring and corroborating to stop anything that does not add up.”
Legislative Action
The House of Representatives Committee on Government, chaired by Rep. Jesús Manuel
Ortiz, recently held the second public hearing to investigate the operation of agencies involved in the development and implementation of cybersecurity plans in the public sector.
“I am very concerned about the visibility of the information systems of private companies that manage government data, and about the citizens’ knowledge about the risks of cyberattacks. Experts expressing that the current state of cybersecurity on the island is critical and disorganized, demonstrates the urgency for developing a National Cybersecurity Law with Legislative, Executive and business support,” Ortiz said.
Zoimé Álvarez, Executive Vice President, PRBA
Wall Street as an alternative for financial empowerment
Investing does not necessarily require a lot of money
Juan A. Hernández, The Weekly Journal
Contrary to popular belief, you don’t need to have lots of money to invest in Wall Street, and you don’t need a broker either.
“What people don’t know is that you can invest in Wall Street through investing platforms currently available to anyone. You can do it remotely… you don’t even need to be in Manhattan. And you don’t need enormous amounts of money to invest. You can literally buy just one share of any given company,” explained Gabriela Berrospi, an investment advisor and founder of Latino Wall Street (LWS).
According to Berrospi, people need to realize that investing in the stock exchange provides the possibility of achieving financial independence and the stability necessary to reach our goals.
“I started out investing while I was still a student in college and, it goes without saying, everybody knows students don’t have money to spare,” recalled Berrospi.
“The stock exchange is like a supermarket: there are different prices for different things. From penny stocks to Amazon shares that cost upwards to $2,000. So, there is a price range from where you could choose, depending on your possibilities,” she added.
Berrospi mentioned that there are many other companies at the same level as Amazon whose stocks trade at more affordable prices. The advisor mentioned tech giants Apple and AT&T, whose shares sell for $140 and $19, respectively, at the time of this interview.
The investment advisor said the only thing needed to start investing in the stock market is a trading account in one of the online investing platforms available. “It is similar to a bank account, but the difference is that, instead of having your money inactive in a bank account, you are actually managing it by investing in the things you consider will provide a good return of investment.” While Berrospi admitted there are some inherent risks to investing, she assured markets have a historical uptrend, despite their sometimes extreme fluctuations. “We have been through everything: the Great Depression, world wars, terrorist attacks, natural disasters, pandemics… and the market always recovered,” she said. “If you follow statistics and invest conservatively, you don’t run too many
risks, then you would be able to position yourself so that you have a financially secure future.” Berrospi specializes in providing people the necessary tools to be able to work their way through Wall Street and have the possibility of achieving their financial goals. “Latino Wall Street strives to educate its audience, so it can generate passive income through financial investments following professional strategies,” she said. “It’s all about financial empowerment.” Originally, Berrospi’s audiences were Latino women looking to achieve financial independence from their parents or spouses. But these women brought along their sisters, brothers and friends, and “Gaby Wall Street” eventually turned into Latino The stock exchange is like a Wall Street. Berrospi recalled that, since she got interested supermarket: there are different prices for different things. From in investing in Wall Street, and even today, people operating in the stock exchange are almost exclusively white middle-high class males. “So, I’m penny stocks to Amazon shares. trying to provide access to Latinos for them to have a chance at financial stability.”Gabriela Berrospi Latino Wall Street will be hosting its annual Founder, Latino Wall Street conference next May 27th at the Puerto Rico convention Center.
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