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Mar
29
CARES ACT
Posted by S2C Staff on 29 March 2020 01:29 PM

US Government Provides Relief to Individuals and Businesses Against the COVID-19 Crisis

On March 25, 2020, the Senate voted unanimously to enact stimulus legislation in order to provide economic relief to individuals and businesses considering the Coronavirus pandemic. The bill still needs to be both approved by the House and signed by President Trump, which are expected to happen in short order (or may have already happened by the time you are reading this.

Our aim in this Alert is to give a brief overview of both the tax and non-tax provisions of the government's new stimulus legislation, including what type of relief is available, how to apply for it, what to do if you become unemployed and assistance for businesses. The summary is divided into two sections; one for individuals and one for businesses

Individual Provisions

Stimulus Payments

Amounts and Eligibility

  • Most adults will receive $1,200 and each qualifying child under 16 years old will receive $500
    • The amount you receive is based on your tax filing status and reported adjusted gross income (AGI) (see line 8b of your 2018 Form 1040)
      • Single filers with an AGI of $75k or under will receive the full $1,200; with a full phase-out at $99k
      • Married filers with an AGI of $150k or under will receive the full $2,400; with a full phase-out at $198k
      • Heads of households with an AGI of $112.5k or under will receive the full $1,200
  • Having qualifying children will increase the phase-out threshold slightly for all groups
  • Those claimed as a dependent by another taxpayer will not receive any stimulus money
  • Recipients need to have a legitimate social security number to receive payment, except for military members
  • Currently, there is only one stimulus payment scheduled; however, there has been discussion of additional future payments

Proof of Income

    • If prepared, your 2019 tax return is the basis of your eligibility, if not use your return from 2018
    • If you still have not filed for 2018, you can use a 2019 statement from the Social Security Administration as proof of income to qualify

Applying for the Payment and Receipt

  • If the IRS has your bank information form prior tax filings, then you don’t need to do anything. The money will simply be direct deposited into your account based on already filed income tax information
  • Most people should expect to receive the money in approximately three weeks from the final passage a signing of the bill

Other Considerations

  • Unemployed persons are eligible to receive payments
  • You do not need to pay income tax on these payments
  • Generally, this payment is exempt from all forms of wage garnishment, however not in all cases for child support garnishments

Unemployment Benefits

Who is covered?

  • The bill expands eligibility for unemployment benefits, including part-time and self-employed workers
  • Self-employed persons are newly eligible for unemployment benefits, and their benefit is calculated based on previous income using a formula from the Disaster Unemployment Assistance program Part-time workers benefits are state-dependent

Amount of the benefit

  • Unemployment benefits still vary by state, but generally, the bill aims to compensate for the average worker’s paycheck by providing extra payments to cover the gap between traditional state unemployment and actual wages
  • Eligible workers can get up to $600 per week in addition to their state benefit; this includes self-employed and part-time workers
  • States are free to pay the whole amount at once or send the “top-up” portion separately

How Long Will It Last?

  • The bill provides an additional 13 weeks on top of whatever each state already provides, however unemployment benefits cannot last more than 39 weeks total
    • Those already receiving unemployment benefits are still eligible for the 13-week benefit extension as well as the $600 weekly benefit top-up
  • The incremental $600 payment is only good for up to 4 months through the end of July.

Other Considerations

  • Coverage also extends to those who can’t work because they are required to self-quarantine and people unable to travel to work because of imposed quarantine restrictions
  • If the main household earner died as a result of the coronavirus, the survivor is eligible for their unemployment benefit 
  • People who can work from home, already receiving paid sick or family leave are not eligible

Student Loans

  • For six months (April - September 2020) there is an automatic suspension of student loan payments for loans held by the federal government (private loans excluded)
    • You may choose to keep paying down the principal on your want it you desire

Retirement Account Rule Changes

  • For 2020, the minimum distribution requirements on IRAs, 401(k), 403(b) plans, etc. are suspended.
    • This is not applicable to pensions
  • Up to $100k may be withdrawn early without being subject to the typical 10% early withdrawal penalty and income taxes owed on withdrawals may be spread of 3 years from the date of distribution
    • To qualify for these exemptions, you need to proof the need was related to the COVID-19 outbreak, which includes if you, spouse, or dependent tested positive for the virus or if you suffered adverse economic costs due to the COVID-19 crisis. 
  • Loan limits on workplace retirement plans (401k, etc.) are doubled, allowing participants to take loans as much as $100k if they can prove they’ve been affected by the pandemic.

Charitable Contributions

  • The bill creates a new charitable deduction of up to $300 available for those who can’t itemize their deductions for donations to qualified charities 
  • The limit on charitable deductions (those that are itemized) are increased, allowing donors to deduct up to 100% of donations against 2020 AGI. For example, if you have $1.3 million in income, you can donate $1.3 million and deduct the entire amount.
    • Only cash gifts to public charities qualify (you cannot donate stocks or gift via private foundations to be eligible)

Miscellaneous Provisions

Renter’s Relief

  • The law puts a temporary 120-day nationwide stop to evictions if the landlord has a mortgage from a governmental agency such as Fannie Mae, Freddie Mac, and others. Additionally, landlords are not allowed to charge penalties for delinquencies during this period.

Business Provisions

Charitable Deductions

  • The 10% limitation on charitable donations is increased to 25% of taxable income

Qualified Property Improvements

· Businesses will have the option to write-off costs that are typically only depreciable over a 30-year period, especially businesses in the hospitality industry

Small Business Administration ("SBA") Loans

  • Small businesses and non-profits who have 500 employees (full and part-time) or less are eligible to receive SBA loans of up to $10 million 
  • The loans may be used to cover the cost of payroll costs, paid leave, group health benefits, mortgage, and rent payments, utilities, and interest on other debts.
  • No collateral or personal guarantees are required

Employee Retention Credit

  • Employers are eligible to a payroll tax credit of up to 50% of wages paid during the COVID-19 crisis which is defined as March 13, 2020, through the end of the year, up to a maximum credit of $5,000 per employee
  • The credit is limited to employers whose operations have been suspended due to the virus outbreak or whose gross receipts have fallen by over 50% compared to the same quarter in the prior year

Payroll Tax Deferral

  • Employers can defer their 6.2% portion of the FICA tax (Social security portion only), delaying payment over two years with 50% due in 2021 and the other 50% due by 2022

Net Operating Loss ("NOL") Changes

  • The TCJA disallowed the carry-back of NOL completely, and before this in 2018, only a two-year carry-back was allowed. 
  •      This bill allows a five-year carry-back for losses from ta years 2018, 2019, and 2020 and taxpayers can amend prior year returns as well.

· The 80% limit on NOLs for these same years is removed, allowing a 100% reduction in taxable income.

Business Interest Expense Deductions

  • Business interest that falls under Section 163(j) gets an increased deduction limit from 30% to 50% of taxable income for 2019 and 2020.
  • 2019 taxable income can be used to calculate the interest limitation for 2020 if it’s more favorable
  • The above is not applicable to partnerships

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Mar
26

WHAT'S NEW IN TECHNOLOGY March, 2020

6506148 B2 Patent: Nervous System Manipulation - Is it Real or Just Paranoia?

06148 B2 PatentImagine someone manipulating how you feel. Of course, no one wants that. But how about being manipulated unknowingly? This is exactly what is happening to your nervous system every time you switch on your TV or computer.

Well, at least according to the 6506148 B2 Patent.

The patent named “Nervous System Manipulation By Electromagnetic Fields From Monitors” was filed in 2001 and published in 2003. The patent was filed by one Hendricus G. Loss (perceived to be a fictitious person as no information about who he really is can be traced).

Is it Worth Any Attention?

We already know that the content displayed on TVs or even on the internet is created in such a way as to influence decisions, such as when making a purchase or standing behind certain beliefs.

The mind control subject has been a topic of discussion for a long time. Although initially considered a conspiracy theory, its reality has been observed in the content displayed by mainstream media.

But how about manipulation through the nervous system?

Science teaches us that the work of the nervous system is to carry messages throughout the body and control your senses. The nervous system, according to neuroscientists, is controlled by the brain.

Now, the brain is said to be a complex bioelectrical organ that produces electric fields.

That’s why it’s believed that you can rewire your brain through techniques such as listening to binaural beats. Scientists also claim to control brain functions with a technique that uses powerful electromagnetic radiation. This technique, known as Transcranial magnetic stimulation (TMS), can jam or excite particular brain circuits.

Think of how you are not allowed to use cell phones in some areas of a hospital or in an airplane (where some only allow use in airplane mode). This is so that the electromagnetic transmission of the phone does not interfere with critical electrical devices.

So if a brain is a bioelectrical organ, is there a possibility of manipulating it?

How it Happens, According to 6506148 B2 Patent

Here is a short excerpt from the patent abstract:

“Physiological effects have been observed in a human subject in response to stimulation of the skin with weak electromagnetic fields that are pulsed with certain frequencies near ½ Hz or 2.4 Hz, such as to excite a sensory resonance. Many computer monitors and TV tubes, when displaying pulsed images, emit pulsed electromagnetic fields of sufficient amplitudes to cause such excitation.

It is, therefore, possible to manipulate the nervous system of a subject by pulsing images displayed on a nearby computer monitor or TV set. For the latter, the image pulsing may be embedded in the program material, or it may be overlaid by modulating a video stream, either as an RF signal or as a video signal. The image displayed on a computer monitor may be pulsed effectively by a simple computer program. For certain monitors, pulsed electromagnetic fields capable of exciting sensory resonances in nearby subjects may be generated even as the displayed images are pulsed with subliminal intensity.”

The US Patent 6506148 B2 is a confirmation of the possibility to manipulate the nervous system. The patent includes 14 claims including how video can be used to manipulate the nervous system.

Is it just a conspiracy theory?

Well, it’s not easy to tell. But we can’t ignore the concerns raised in regards to electromagnetic fields (EMF). The EMF issue has raised so much concern that in May 2015, 190 scientists from 39 nations submitted an Appeal to the United Nations requesting the World Health Organization (WHO) adopt more EMF exposure protective guidelines.

Such concerns are an indication that the patent should not be ignored. It also goes to show that apart from your electronic devices recording, monitoring and watching everything you are doing, they can also influence living organisms’ feelings, perceptions, thoughts and behavior.

Switch off that Screen

Well, this is practically not possible. The dependence on these electronic devices is so high that we are practically immobilized if they were to be turned off. Electronics have become part of human attachment.

The age of the Internet of Things (IoT) doesn’t make it any better. Now that we are surrounded by electromagnetic emitting devices, the patent serves as an alert to the public of the possibility of what could happen if these technologies were used unethically.

Unfortunately, the technology is here to stay. The only option is to minimize the exposure from your EMF emitting devices. Therefore it’s not a bad idea to try something different: read a book, go hiking, take a walk or simply switch off that screen when you can.


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Feb
17
How Businesses Benefit from Big Data Analytics
Posted by S2C Staff on 17 February 2020 03:13 PM

Big Data AnalyticsPreviously we looked at the key technology trends in accounting to watch out for in 2020. Among the trends are big data and data analytics, which can have a great impact on businesses.

Business data has existed for a long time, whether in filing cabinets, ledgers or storage devices. But today businesses both large and small have to deal with huge collections of data every day. This has seen the rise of data analytics trends that include deep learning, machine learning and dark data.

Unfortunately, small and medium businesses (SMB) have to struggle with making a decision on implementing data analytics. This is largely because many SMB owners assume that data analytics is strictly for large organizations – especially because of the expectation that it’s expensive and complicated.

Luckily, reduced tech costs have made it possible for small and medium businesses to afford technologies that were previously only cost-effective for big organizations.

Is the Cost and Effort Worth It? 

Before the advent of big data analytics, customer data was collected using surveys or customer feedback forms. Analyzing such data is tedious, and it’s possible to miss out on important trends.

Also, imagine running marketing campaigns and having no way to track how effective the campaign was. If you do this in your business, you have no way to know who saw the ad or even the response.

Enter big data and analytics and the whole marketing landscape changes. With big data, a business has clear insights about customer behavior. This is possible because we now can track visitors to a website, the time a visitor spends on a given page, action taken such as making an order, the location the purchase came from and so many other details that help a business refine its marketing strategy.

Is it costly? You’d be surprised to know that you don’t need to purchase expensive software. You’ll find, for instance, that you can take advantage of data collected by the QuickBooks accounting software. And depending on your business needs, the software can be connected with low-cost platforms that enable more detailed analytics.

You also can get free platforms such as Google Analytics to analyze website traffic and gain insight into consumer behavior. Whatever your company size, you can take advantage of big data insights to better understand your customers.

Here are some reasons why it’s worth it:

  • Analytics help to launch effective marketing campaigns that result in better ROI.
  • Analytics help to track the customers in their sales cycle.
  • It’s possible to track the outcome of business decisions, such as promotional strategies.
  • You get to know which suppliers or other business partners to work with.
  • Provides insights on customers who are likely to pay on time based on historical payment data.
  • Improves customer service. This is possible when customer conversations from different channels are analyzed.
  • It helps to improve the product or service offered by a business.  
  • Identifies trends and patterns. For instance, you can track frequently asked questions and then create a page to handle the common questions.
  • Helps create a strong bond with customers. By understanding customer interests, a business will then engage with their customers by creating personalized offers and campaigns.
  • On the tech side, big data is being used to detect and prevent fraud.  
  • Analytics identify problematic areas of a business, and this makes it easier to come up with a response quickly before the problem escalates.

Become Smarter

When used correctly, data analytics can help a business gain a competitive advantage over other businesses. At the same time, it will also boost your business conversions and revenue. But collecting just any piece of data can be overwhelming and even a waste of time. The secret is in collecting data that will help you reduce business costs and increase your revenue.


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Jan
14
Key Technology Trends in Accounting to Watch Out For in 2020
Posted by S2C Staff on 14 January 2020 03:00 PM

What's New in Technology January, 2020

Key Technology Trends in Accounting to Watch Out For in 2020

Accounting Technology Trends in 2020Technology advances continue to reshape industries and businesses – and the accounting industry is no exception. So far, a lot of repetitive tasks are performed with the help of advanced hardware and software. Even for businesses that do not like change, many find themselves making adjustments due to a generation change in the workforce, marketing demands, regulations and client demand. In any case, technology offers strengths once a business adopts new solutions to the accounting processes.

The accounting industry has evolved so much that bookkeeping is no longer just about balancing books; professionals in this field are slowly transitioning into strategic business advisors.

Technological innovations offer inexpensive and efficient ways to run businesses and other aspects of life. Every now and then, there is news on emerging technologies.

Here are some tech trends that are expected to influence the accounting industry in the year 2020.

Cloud-Based Accounting

The internet has enabled the storage and processing of data from remote servers. Small- and medium-sized businesses can now leverage the power of the internet and access data and infrastructure without worrying about the cost of purchasing and maintaining hardware and software services on-site. The ease of accessing data anytime and anywhere helps businesses save valuable time. Such benefits will continue driving more businesses to adopting the use of cloud-based accounting systems.  

Automation

Automating repetitive tasks has helped eliminate manual data entry while saving production hours at the same time. Since technology continues to advance, the accounting industry will see more tasks become automated. This trend can be observed in the growing number of accounting software available for both small and large businesses. Artificial intelligence will also contribute to automation in the industry. This is already evident with the increased development and adoption of robotic process automation.

Social Media

In the early 2000s, social media platforms were mainly used to communicate with family and friends. Today, social media is making an impact in digital marketing. Social media platforms will continue influencing how businesses communicate with their clients.

Apart from reaching out to more clients, accounting firms can also find talent to hire from social media platforms such as LinkedIn.

Big Data and Data Analytics

With advanced data collection and processing, it’s now possible to have access to insights and predictive analysis. Although analytics is not entirely new in accounting, the availability of data analytics tools makes it more powerful. This is important for business owners as it helps to improve decision making as well as understand the overall status of a company with the click of a button.

Cryptocurrency

This digital currency has revolutionized the financial industry with millions of coins present in the market today, including Bitcoin, Ripple and Ethereum among others. This digital currency has taken root so much that it is now accepted as a means of payment. Cryptocurrency has been enabled by blockchain technology.

Blockchain

For businesses, blockchain technology helps maintain a unique history of all interactions with various parties, which is indisputable. Widely known accounting companies like Ernst Young and Price Waterhouse already have people working in distributed ledger laboratories. The blockchain technology will not only lower the cost of reconciling and maintaining ledgers, but it will also provide accuracy of ownership and asset history. 

Remote Working

Remote work settings are becoming common in most industries, and accounting leaders are also adapting this trend. With expectations of more advanced computerized accounting systems as well as cloud-based solutions, it will not be a surprise to have your accountant handling accounting tasks remotely.

In Conclusion

With technology largely affecting how businesses are run, it’s no longer enough for a business to stick to traditional accountancy practices.

As technology and accounting becomes more intertwined, it’s wise for businesses to stay ahead of the curve. The most important way to deal with it is to embrace the technology, learn about new technologies and most importantly, learn new skills. This will ensure that your business remains competitive as you are ready to meet customer demands for faster processes. 


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Oct
7
What is VPN and Why Do You Need It?
Posted by S2C Staff on 07 October 2019 09:12 AM

What's New in Technology

October, 2019

What is VPN and Why Do You Need It?

What is VPN and Why Do You Need It?The rise in the number of data breaches reported every other day has become a major concern – even to the ordinary internet user. As a result, we have all become aware of the need to maintain privacy while online. One of the measures promising to keep you safe on the internet is the use of a virtual private network (VPN). But before rushing to install one of the many VPNs available, it’s important to understand what a VPN is, why you need it, if it is foolproof and other ways to stay safe on the internet.

What is a VPN?

The VPN service lets you browse the internet privately by masking your IP address – the unique address identifying your device on the web. It also encrypts your internet traffic as it passes through a secure tunnel created from your device to a remote server. Your data appears to be coming from the remote server. This means that a VPN can hide your geographical location, personal data, web browsing history, spending habits and mobile phone activities.

Initially, VPNs were built for business environments to help a business operate a secure network connection. But with today’s cyber security concerns, they have become popular and more widespread.

Why Would You Need to Use a VPN?

There are numerous reasons why a person would need to enlist the services of a VPN company. Here are some situations that require the use of a VPN:

  • Since Congress cleared the way for ISPs to sell users’ browsing history without their consent, privacy is a thing of the past. This means that an internet service provider can sell your browsing data to third parties. A VPN can mask your IP address from your service provider.
  • The encryption offered by VPNs guards against digital threats, hacking, malware attacks and identify theft.
  • VPNs help keep hackers and marketers from tracking your movement online.
  • If you travel to a country where you can’t access some sites, for instance in China where Facebook is not allowed, a VPN will help you stay in touch on any of these blocked sites.
  • When using public Wi-Fi in airports or any other place that offers free Wi-Fi, a VPN comes in handy.
  • Employers who have workers going out for field work or working remotely can set up a VPN to help access company networks securely.
  • Used by whistleblowers, law enforcement agencies, investigative journalists and others who want to shield their identities or location.
  • For user with Voice over IP (VOIP) for making calls, a VPN will help prevent your phone conversations from being tracked or intercepted.
  • When you need to visit questionable websites but want to be safe. For instance, when your identity is stolen and you want to find the website selling your data.

The Bad Side of Using a VPN

Although a VPN service may sound perfect for internet security, it also has some disadvantages. Keep in mind that your internet service provider may no longer have your data, but the VPN provider now has access to it.

A VPN is not 100 percent guaranteed. The VPN provider could be disconnected or there could be a Domain Name Server (DNS) leak. Even with advanced features such as kill switch, VPN data can still leak through software, hardware or other means.

If you fail to use the right VPN, you’ll be in more problems than you are running from. Some VPNs (especially the free services) keep log files. There is no telling where your private data will end up. They could end up selling your data to third parties or supplying your information to the government.

These services also slow down your internet access speed due to the process of data encryption and tunneling network traffic to a remote server that is used to connect you to the internet.

It is not possible to know if the VPN provider commits to what they promise. The only way to find out is when things go wrong. They may promise not to keep logs, but if you fail to read the privacy policy of a VPN company, you will not know if they retain customer data.

A VPN doesn’t protect you from viruses and malware.

Other Security Measures

Since a VPN is not foolproof, it is important that you also observe other security measures to protect your privacy.

It is crucial that you practice digital privacy hygiene. In other words, when online you should limit the amount of personal information that you share. This will help minimize your digital footprint.

Investing in quality antivirus software will protect your device from malware and viruses.

Regularly check if your data has been compromised. Check for strange activity in your emails, social media accounts and even in your bank account.

Use strong passwords or other security features such as biometrics to secure your accounts.

Final Word

You may come across many different types of products and services that promise to keep you safe on the internet. The bottom line is, it’s up to you to protect yourself. A combination of several security measures is a good starting point – the use of a VPN, strong passwords and antivirus programs.


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Sep
2
The Rise of Biometrics Security and Why You Should Take Precaution
Posted by S2C Staff on 02 September 2019 11:00 AM

What's New in Technology September, 2019

The Rise of Biometrics Security and Why You Should Take Precaution

Biometric technology has been on the rise as it promises to make the authentication process more secure and convenient. Unlike passwords and key cards, biometrics are something you will always have, can’t share and can’t forget. This makes the biometric approach convenient and at the same time it has lower password management costs.

Biometrics also are said to be difficult to steal or hack; difficult, but not impossible.

Any technology can have loopholes that can be exploited, and that’s why you need to understand it well and take precautions if you decide to use this approach.

The use of biometrics is not new, but its increased presence in the public domain such as banks makes it a topic of interest.

To help us understand the need to tread carefully, let’s first have a peek at the latest biometric security technologies.

New Trends in Biometric Security

Biometric authentication is becoming popular for digital payments, logging in to banking systems and even on smartphones. New trends in biometrics security include:

  • Voice recognition: the human voice is used to create voice prints to be used for user authentication in a voice ID system. 
  • Face recognition: 3D face recognition is another new development that uses sensors to identify the shape of a person’s face. This is done by using facial characteristics such as the nose, cheeks, chin and contours of the eye sockets. 
  • Mobile biometric technology: mobile devices also have joined the bandwagon, and manufacturers are now fitting them with biometric sensors. It is also possible to attach portable biometric-sensing equipment using a USB cable.
  • Biometrics on the cloud: cloud-based solutions have been developed to speed up the identification process. Since users don’t have to spend so much on necessary applications, hardware and infrastructure, this becomes cost effective.

How Secure is the Biometric Approach?

Biometric security is increasingly being used as a preference to passwords, but how safe is this approach? Fingerprints may not be as secure as they are said to be. Consider this, some researchers were actually able to generate fake fingerprints that they called DeepMasterPrints. These fingerprints were generated using a neural network technique to create artificial fingerprints that can work as a “master key.” This goes to show how a system using fingerprints for security can be vulnerable to dictionary attacks using the created MasterPrints.  

There are many people posting their pictures online on social media. Unfortunately, once you do that your images are no longer private. This means that a face can easily be captured from the internet.

Retina scans are considered extremely reliable and accurate more than the iris scan. However, it is the least common as it’s considered to be intrusive.  

Reservations

The use of biometrics is a great development toward security concerns, but it raises privacy issues. Keep in mind that biometric information can easily be harvested – from a distance and without your knowledge. The cloud also is another reason to be concerned. Although biometrics are effective in enforcing security, the data collected has to be stored somewhere. How secure are the databases that store this information? Of course, this increases the possibilities of a breach.

Some reports made public include a potential hack for the palm vein scanner and a claim by a research team at vpnMentor about a leak of millions of fingerprints from BioStar 2, an app built by Suprema. Whether this and other similar claims are true or not, it just goes to show how vulnerable biometrics data can be. It also won’t be long before marketplaces emerge on the Dark Web for actual biometrics.

Remember that unlike passwords, you can’t change your biometrics. If someone had access to a biometrics database, then they would have access to sensitive data.

Another reservation involves the right to privacy for your biometrics. It’s possible for your biometrics to be collected without your informed consent. For instance, in stores where face recognition is used to identify potential shoplifters or to survey shoppers’ behavior. Recently, the FaceApp Challenge created by a Russian company had its share of controversy. Although said to be purely for entertainment, it also means that no one has control over what the company collecting the data will do with it. 

Businesses face the potential risk of getting sued by their own employees. This is because there are some locations that already have a biometric privacy act law. In the United States, the Illinois Biometric Information Privacy Act (BIPA) allows users to sue under this law to protect their privacy.

Stay Safe

Since cyber criminals are always working on hacking new security systems, it’s crucial that users of these systems remain cautious. One of the ways to stay safe when using biometrics is the use of multi-modal authentication, which requires input from more than one biometric device. This will help overcome some loopholes, such as the use of copied fingerprints or stolen voice and facial prints.

Luckily, with advances in artificial intelligence and machine learning, biometrics can be enhanced. Users can be scrutinized using their online behavior. Since people tend to be creatures of habit, a behavior-based system can develop a more complex user profile. The tracked behavior will help to tell a genuine user from a potential threat.

Since it’s difficult to know if your biometrics have been stolen, it’s best to take precautionary measures that could include:

  • Avoiding unnecessarily sharing personal information, such as the bank account numbers, date of birth or Social Security number
  • Paying close attention to your bills and financial statements
  • Watching out for unauthorized transactions by reviewing your credit card and bank statements.
  • Using other security features on your mobile device.
  • Avoiding using public WiFi. It is also important that you keep your sharing and firewall settings updated.

In Conclusion

The biometric authentication is not a silver bullet. Technically, biometrics are not secret and have similar cyber risks as passwords, only they are exploited differently. Whenever a new technology becomes pervasive, there are individuals who will definitely try to figure it out –especially because these technologies are used to access financial services and private data.

In the digital world, we cannot assume complete security. The best you can do is work with known credible vendors and stick with providers who comply with both federal and state data privacy regulations. Lastly, use technologies that are tried and tested.


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