17 Oct 2024

Round 1 of the BEAD Program to Open November 15

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DED’s Office of Broadband Development (OBD) has announced that the first application round for the Missouri Broadband Equity, Access and Deployment (BEAD) program is scheduled to open on November 15, 2024.

Round 1 applications will close at 5 p.m. on January 31, 2025. In response to feedback from potential BEAD applicants, OBD requested and received a variance from the National Telecommunications and Information Administration (NTIA) to allow a longer window for Round 1 applications than proposed in Missouri’s approved Initial Proposal Volume II.

Round 1 BEAD pre-qualification applications are currently open and will close at 5 p.m. on January 16, 2025. Pre-qualification applications will be available for submission during each scoring round and sub-round until 15 days before the round or sub-round closes.

NTIA must approve OBD’s final list of BEAD-eligible locations before OBD can release a final Application Area Map and open Round 1 of the BEAD program. If approval is not received by November 15, the opening of the round will be delayed.

Notifications of further guidance about Round 1 of the BEAD application process and the publication of Missouri’s BEAD Application Area Map will be posted on OBD’s Connecting All Missourians webpage and sent via email to broadband stakeholders. LEARN MORE…

16 Oct 2024

Selecting and Using a Password Manager

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In my blog Protecting Your Information Online, I recommend using unique usernames and passwords for every account you create.  For most of us this creates a unique problem in trying to remember all those usernames and passwords. For most of our accounts, our email is our username, but that still leaves the passwords.

Password managers offer a multitude of benefits. They generate strong, unique passwords for each account, reducing the risk of identity theft and account takeovers. By storing all passwords in a secure vault, they eliminate the need to remember multiple login details, streamlining the authentication process. Additionally, many password managers can fill in personal information on web forms, saving time during account creation or online purchases. Password managers can be used across multiple devices, so you have your passwords on your phone, computer, or tablet. They also alert users to potential security breaches, promoting better password hygiene and overall digital safety.

Here are some factors to consider when selecting a password manager:

Multi-Factor Authentication (MFA) – Look for a password manager that supports MFA. MFA adds an extra layer of security by requiring more than just your username and password for authentication. It might involve a PIN sent via text message or an authentication app.

Password Storage Location – Decide whether you prefer a cloud-based or desktop-based solution. Cloud-based options offer convenience and accessibility, while local storage might be preferred.

Recovery of the Master Password – Although password managers eliminate the need to remember multiple passwords, you still need to recall the master password. Choose a manager that provides a way to recover your master password if forgotten, such as a special key or emergency contact.

Free or Paid – Evaluate the features versus the cost of the password manager. A free version might suffice if you only have a few accounts and do not require storing other personal information. Features such as data encryption and access across multiple devices and security such as multifactor authentication, may only be available in subscription-based password managers.

Additional Features – Explore secondary features like automated device sync, multi-factor authentication, autofill, and multi-platform support. Consider your specific needs when evaluating these features.

User Experience – Opt for a password manager with an intuitive interface. It should generate unique passwords for each account and make it easy to manage your credentials.

Among the most popular password managers, 1Password stands out for its user-friendly interface and robust security features, making it an excellent choice for new users. Bitwarden, praised for its free version, offers a solid range of features without cost, appealing to those seeking a balance between functionality and budget. Dashlane, although on the pricier side, provides a polished experience with premium features.

For those who prioritize financial features and multi-device compatibility, LastPass has been recognized as a strong contender, despite some concerns over its security in the past. Meanwhile, NordPass is noted for its overall performance, making it a top pick for many users.

You will also notice that password manager features are now being integrated into web browsers such as Google Chrome, Microsoft Edge, and Mozilla Firefox. They are designed to store, generate, and autofill your passwords across various websites. Choosing between a browser-based password manager and a third-party service depends on your individual needs and security requirements. If you have a limited number of accounts, the convenience and cost-effectiveness of a browser’s built-in manager might suffice. However, if you have multiple accounts and accounts that you would consider sensitive such as healthcare and financial accounts, investing in a dedicated password manager could provide the enhanced security and features necessary for peace of mind.

When you do decide on a password manager and begin to setup the system, to store, manage and create new passwords for your existing and new accounts, be sure to follow these best practices:

Create Strong and Unique Passwords – A strong password is your first line of defense against unauthorized access. Use a mix of upper- and lower-case letters, numbers, and symbols to create complex passwords. Avoid using easily guessable information such as birthdays or pet names. The auto create feature of most password managers will take care of this for you.

Employ Multi-Factor Authentication – Whenever possible, enable multi-factor authentication (MFA) for an added layer of security. This typically involves a combination of something you know (a password), something you have (a mobile device), and something you are (biometric verification).

Regularly Update Your Passwords – While it’s important not to change passwords too frequently, as it can lead to weaker choices, regular updates are necessary especially if there’s a suspicion of a data breach. Try to change annually and you may want to consider quarterly or every 6 months for sensitive accounts.

Never Reuse Passwords – Each account should have a unique password. Reusing passwords across multiple sites increases the risk that if one account is compromised, others will follow. Most password managers will warn you if you are reusing a password or using it for multiple accounts.

Store Passwords Securely – Ensure that your password manager uses strong encryption to protect your passwords at rest and in transit. This prevents them from being easily deciphered if intercepted.

Monitor Password Strength – Use the password manager’s built-in tools to monitor the strength of your passwords and update any that are weak or compromised.

Selecting and using the password manager that meets your needs will create a more secure and streamlined experience as you use online applications and services.

For more information, please visit the following websites:

Protecting Your Information Online

  • https://mobroadband.org/protecting-your-information-online/

Seven Factors to Consider When Choosing the Right Password Manager – Forbes

How To Choose the Best Password Management Software In 2024

Password security 101: Why you need a password manager- Zoho

Picking the right password for your password manager-Bitwarden    

Browser Password Manager or a Standalone Password Service – Consumer Reports 

Links to password Managers:

1Password – https://1password.com/

Bitwarden – https://bitwarden.com/

Dashlane – https://www.dashlane.com/personal-password-manager

LastPass – https://www.lastpass.com/

NordPass – https://nordpass.com/personal-password-manager/

2 Oct 2024

Join the University of Missouri Digital Ambassador Program!

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Do your friends, family, or neighbors turn to you for help with the internet, computers, or online tools like social media and banking? Are you eager to expand your digital skills and use them to benefit your community? Do you enjoy volunteering to support others?

If you answered yes, we invite you to become a University of Missouri Digital Ambassador for your community.

What Does Being a Digital Ambassador Involve?

As a Digital Ambassador, you’ll receive comprehensive training covering internet connectivity, troubleshooting home networks, password security, and using online tools like Google Workspace and Microsoft Office. You’ll also learn effective teaching methods for adults. The training will prepare you to assist community members in integrating digital tools into their daily lives.

We provide you with resources such as handouts, presentations, and promotional materials available online and on a flash drive. Extension faculty at the county and state levels will support you with additional materials and guidance for your community engagements.

In exchange for this training and support, we ask you for 40 hours of volunteer service over the next year. You can contribute by staffing local library help desks, offering one-on-one assistance, educating civic groups, or promoting digital tools at community events.

How You Can Make an Impact?

Digital Ambassadors play a crucial role in empowering communities through digital literacy. For example, you can help individuals navigate online banking, healthcare portals, job searches, and more. By collaborating with local businesses and sponsors, you may even facilitate access to devices for those in need.

Moreover, you’ll identify and support experts within your community who can share their knowledge on specific online applications, enhancing local educational efforts.

Join Us Today!

Digital Ambassadors across Missouri are already making a difference. They’re promoting online safety, providing personalized consultations, and advocating for digital education.

Ready to transform lives through digital empowerment? Register now to become a Digital Ambassador! Visit mobroadband (https://mobroadband.org/digital-ambassador/) for more information and to sign up. Stay updated on training opportunities and program developments in your area.

Together, we can build a digitally inclusive Missouri!

18 Sep 2024

Securing Your Web Browser: Essential Tips and Practices

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The Internet provides access to a world of information, entertainment, connection to family and friends, and applications that can assist us in our daily lives and businesses. Web browsers are the front door to accessing all that information and it’s essential to secure that front door.  We discussed “Choosing the Right Web Browser for You” in our last blog and securing your web browser is integral in maintaining your online privacy and safety. With the increasing sophistication of cyber threats, it’s crucial to adopt best practices to help protect your digital footprint. Here are some of the best practices to secure your web browsers, along with resources for further reading:

Update Your Browser Regularly – Keeping your browser updated ensures that you have the latest security patches and features. Most browsers update automatically, but it’s good practice to check for updates regularly.

Use a Secure Browser – Consider using a browser known for its security features. Forbes Advisor and ZDNet  list the most secure browsers of 2024, highlighting the importance of privacy features such as blocking third-party trackers and using password management software.

Use Security Extensions – Consider installing security-focused extensions that can enhance your browsing safety. Features like ad blockers, anti-tracking tools, and HTTPS enforcement can significantly reduce your exposure to threats.

Manage Browser Extensions – Be cautious about the extensions you install. Only use extensions from trusted sources, and regularly review and remove any that are no longer needed.

Disable Autofill – While convenient, autofill for passwords and credit card information can be a liability. Disable autofill for personal data and credit card information to prevent it from being captured by malicious websites.

Enable “Do Not Track” – Activate the “Do Not Track” feature in your browser settings to request that websites do not collect or track your browsing data. Some websites may not process this request, but most comply. Turning this feature on is recommended. Disable tracking on all apps on your phone as well.

Use Private Browsing/Incognito Modes – While not foolproof, private browsing modes can prevent the storage of cookies, temporary files, and browsing history on your computer.

Disable Third-Party Cookies – Blocking third-party cookies can reduce tracking from advertisers and other third-party entities.

Use a VPN – A Virtual Private Network (VPN) can encrypt your internet connection and hide your IP address, adding an extra layer of security, especially on public Wi-Fi networks.

Regularly Clear Your Browsing Data – Periodically clear your cookies, cache, and browsing history to minimize the risk of data breaches and tracking.

Be Wary of Public Wi-Fi – Avoid performing sensitive activities, such as online banking, on public Wi-Fi networks. If necessary, use a VPN to secure your connection.

Secure Your Connections – Always look for ‘HTTPS’ in the URL, especially when entering sensitive information. This indicates that the connection to the website is encrypted.

Regular Security Audits – Periodically review your browser settings and extensions to ensure they are still relevant and secure. Remove any extensions you no longer use or trust.

Educate Yourself – Stay informed about the latest security threats and how to counter them. ZDNet  and Forbes Advisor provide comprehensive guides of the best secure browsers for privacy in 2024, which is a valuable resource for anyone looking to enhance their browser security.

For more detailed tips and techniques, How-To Geek offers a list of nine tips to safely browse the web, which includes using secure browsers and avoiding clicking on search ads. Additionally, OSIbeyond provides 10 tips for making web browsing more secure, emphasizing user behavior as a critical factor in maintaining security.

By following these best practices and utilizing the resources provided, you can significantly improve the security of your web browsing experience and protect your personal information from potential threats.

For further reading and to explore more in-depth information, you can refer to the articles mentioned above. Stay safe and browse wisely!

 Most Secure Browsers Of 2024 – Forbes Advisor

https://www.forbes.com/advisor/business/software/secure-browsers/

 The best secure browsers for privacy in 2024 | ZDNET

https://www.zdnet.com/article/best-browser-for-privacy/

 9 Tips to Safely Browse the Web – How-To Geek 

https://www.howtogeek.com/9-tips-to-safely-browse-the-web/

 Web Browsing | Safe and Secure Web Browser Tips and Techniques – OSIbeyond   

https://www.osibeyond.com/blog/tips-for-making-web-browsing-more-secure/

10 Browser Security Add-ons to For Privacy- Best Guard Tools – geekflare 

https://geekflare.com/browser-security-for-privacy/

The 10 Best Browser Security Extensions [Surf Secure in 2024] – cloudwards 

Best Browser Security Extensions: Surf Secure in 2024

Choosing the Right Web Browser for You 

https://mobroadband.org/choosing-the-right-web-browser/

4 Sep 2024

Choosing the Right Web Browser for You

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You’ve gotten your connection to the Internet, and you are ready to start using your computer, tablet, or phone to access the various applications, information, and entertainment online. While there are apps to access several functions and products online, the vast majority are accessed through your device’s web browser.

Selecting the right web browser or browsers helps you create a seamless and secure online experience. The landscape of web browsers has evolved, offering a variety of options, each with its unique features and benefits. Whether you prioritize speed, privacy, customization, or compatibility, there is a browser tailored to meet your needs.

Each device you use to access your online applications, search for information, shop, and other activities has a default web browser installed. For Example, Windows based devices have Microsoft Edge; Apple IOS devices (iPhone, iPad) and macOS laptops have Safari; and Android based devices (phones, tablets, Chromebooks, and others) have Chrome as the default browser. All these devices (except Chromebooks) allow multiple browsers to be installed and set as the default web browser.

It is always a good idea to install multiple browsers on your device. Even if you choose to use the browser that came installed as the default browser, there are several reasons to have multiple web browsers available:

  • Compatibility – Some websites and applications may function better with certain browsers and may indicate those browsers on their home page. While sites generally operate with all browsers, certain features may work better with specific browsers.
  • Redundancy – Having multiple browsers ensures that you have a backup in case one fails. If a website doesn’t work on one browser, you can quickly switch to another without disrupting your workflow.
  • Testing – If a web site doesn’t work on one browser, you can switch to another browser to see if the site is down or if you need to clear the cache on the other browser to get site to work.
  • Personal Preference – Sometimes, it’s just a matter of personal preference. You might prefer the user interface of one browser for reading news and another for watching videos. Multiple browsers give you the flexibility to choose the experience you want.

When looking at web browsers there are several to choose from. Below are some of the most popular:

Google Chrome continues to be a popular choice, known for its speed and simplicity. It’s designed to be quick at loading pages and offers compatibility with most websites. However, it’s not without its drawbacks, such as the lack of a built-in VPN or a true reading mode, which can be a downside for users seeking these features.

Mozilla Firefox is an option for those who want a browser that focuses on security. It has been consistently praised for its privacy-focused features and is considered one of the best browsers for users who are security-conscious.

DuckDuckGo is a fairly new browser option to the market. This web browser focuses on privacy by default. The browser and their search engine do not track your searches or display personalized ads. DuckDuckGo by default blocks tracking scripts, ads, and unnecessary site cookies.

Opera may be a choice for those that use social media. Opera integrates social media platforms seamlessly, enhancing the overall browsing experience.

Apple Safari and Microsoft Edge are also strong contenders, each optimized for their respective operating systems, macOS and Windows, providing a smooth user experience with integrated features that complement their ecosystem.

When choosing a web browser, it’s essential to consider your specific needs and preferences. Do you require a browser that offers high performance and compatibility, or do you prioritize privacy and security? Perhaps customization and integration with social media are your deciding factors. Whatever your criteria may be, the current browser market has something for everyone.

As we continue to rely heavily on the Internet for both personal and professional tasks, the importance of choosing the right web browser cannot be overstated. It’s the gateway to the online world and digital economy. Making an informed choice can significantly enhance your digital life.

Remember, all these browsers are free, so we encourage testing them out to see which one aligns best with your online habits and requirements. Happy browsing!

For more detailed reviews and comparisons, take a look at the guides provided by PCMag, TechRadar, and HighSpeedInternet.com. These resources offer valuable insights into the strengths and weaknesses of each browser, helping you make a well-informed decision.

Browsers discussed in this blog:

Google Chrome – https://www.google.com/intl/en/chrome/ 

Mozilla Firefox – https://www.mozilla.org/en-US/firefox/new/

DuckDuckGo – https://duckduckgo.com/

Opera – https://www.opera.com/

Apple Safari – https://www.apple.com/safari/

Microsoft Edge – https://www.microsoft.com/en-us/edge

Sources:

PCMag – https://www.pcmag.com/picks/chrome-edge-firefox-opera-or-safari-which-browser-is-best

TechRadar – https://www.techradar.com/best/browser

HighSpeedInternet.com – https://www.highspeedinternet.com/resources/best-web-browsers

21 Aug 2024

Selecting a Search Engine

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Search engines have become gateways to the vast information available on the internet. Search engines help us find the answers to our questions, discover new content, and navigate the online world. With several options at our disposal, selecting the right search engine can significantly impact our browsing experience.

The most commonly used search engines include Google, Bing, Yahoo, and more privacy-focused options like DuckDuckGo. Each of these has unique features and benefits. For instance, Google is renowned for its powerful search algorithms and extensive database, making it the go-to choice for many users. Bing is known for its visually appealing interface and integration with Microsoft products, while DuckDuckGo offers the promise of privacy, not tracking user data.

Changing your default search engine is a straightforward process that can be done in a few simple steps, depending on the browser you use. For example, in Microsoft Edge, you can change your default search engine by accessing the settings menu, selecting ‘Privacy and services,’ and then ‘Address bar’ to choose your preferred search engine. Similarly, browsers like Chrome, Firefox, and Safari allow users to change their default search engine through their settings, providing flexibility and control over their search preferences.

When selecting a search engine, consider what matters most to you. Is it the quality of search results, user interface, speed, privacy, or the integration with other services? It’s also worth noting that some search engines offer additional features like image search, news, maps, and more, which can enhance your browsing experience. When evaluating a search engine, use the following to help you select the right one or ones for you:

Understand Your Needs – Before diving into the technicalities, it’s important to understand what you’re looking for in a search engine. Are you seeking speed, privacy, user-friendly interface, or more accurate and localized results? Identifying your priorities will help you focus on the features that matter most to you.

Relevance of Results – The core function of a search engine is to provide relevant results in response to your queries. To evaluate this, perform searches on topics you’re familiar with and assess the accuracy and relevance of the results. Are the top results what you expected? Do they align with your knowledge of the subject?

Search Efficiency – Efficiency is measured by how quickly a search engine returns results. While most modern search engines are quite fast, slight differences can be noticeable, especially if you’re performing complex queries or using a slow internet connection.

Privacy Considerations – Privacy is a growing concern for many users. Evaluate the privacy policies of the search engine. Does it track your searches? How does it handle your data? Some search engines are designed to prioritize user privacy and do not track search history or personal information.

Advanced Features – Some search engines offer advanced features such as image search, voice search, or the ability to perform mathematical calculations directly from the search bar. Consider whether these features enhance your search experience and if they’re important to you.

User Experience – The overall user experience encompasses the design of the search engine, ease of navigation, and the presence or absence of ads. A cluttered interface or intrusive ads can detract from the search experience, so take note of how these factors influence your usage.

Customization Options – The ability to customize settings can greatly enhance your search experience. Look for options like safe search filters, language preferences, and region-specific results. Customization can make a search engine feel more tailored to your needs.

Performance Metrics – For a more technical evaluation, you can delve into search engine performance metrics. Metrics such as impressions, clicks, click-through rate (CTR), and average position can give you insight into how well a search engine is performing in terms of visibility and user engagement.

Evaluating Search Quality – Search quality can be assessed by looking at the search engine’s ability to understand the intent behind your queries and the diversity of the results provided. A good search engine will interpret your queries accurately and provide a range of sources in the results.

Continuous Improvement – A search engine that continually improves its algorithms and adapts to new types of content is likely to provide a better long-term experience. Look for signs of ongoing development and updates that reflect the latest in search technology.

In conclusion, the choice of a search engine is a personal one that depends on your individual needs and preferences. By understanding the strengths of each option and how to change your default search engine, you can tailor your internet experience to suit your style. Whether you prioritize accuracy, aesthetics, or anonymity, there’s a search engine out there that’s right for you. Explore your options, try them out, and see which one aligns best with your digital life.

The 8 Best Search Engines of 2024 (lifewire.com) – https://www.lifewire.com/best-search-engines-2483352

Go Beyond Google: The Best Alternative Search Engines | PCMag –

https://www.pcmag.com/picks/go-beyond-google-best-alternative-search-engines

The best AI search engines of 2024: Google, Perplexity, and more | ZDNET– https://www.zdnet.com/article/best-ai-search-engine/

Set default search engine and site search shortcuts – Computer – Google Chrome Help – https://tinyurl.com/r4akcabm

Change your default search settings in Firefox | Firefox Help (mozilla.org) – https://support.mozilla.org/en-US/kb/change-your-default-search-settings-firefox

Change Search settings in Safari on Mac – Apple Support – https://support.apple.com/guide/safari/search-sfria1042d31/mac

7 Aug 2024

Recognizing the Red Flags: Common Signs of a Security Breach

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In the interconnected world of today, where data is a valuable asset, the security of personal data is paramount. Data breaches can have far-reaching consequences, from identity theft to financial loss. It’s important to be aware of the common signs that may indicate a security breach.

Indicators that you might be part of a data breach or had an account hacked:

Unusual Account Activity – One of the most immediate signs of a security breach is unusual activity in your accounts. This could manifest as unexpected logins from unfamiliar locations or at odd hours, which could suggest that someone else has gained unauthorized access to your account.

Appearance of Suspicious Files – The presence of unknown or suspicious files on your system can be a telltale sign of a security breach. These files may be part of a malware installation and could potentially harm your system or compromise your data.

Slow System Performance – A sudden slowdown in system performance, including prolonged response times or frequent crashes, can indicate that your system has been infected or hacked and is being used for malicious activity. You can check system performance by opening task manager on a Windows computer or Activity Monitor on an Apple MacOS computer.

Locked Accounts or Changed Credentials – Finding yourself locked out of your accounts or discovering that your credentials have been changed without your consent is a strong indication of a security breach. This often means that an attacker has taken control of your account and changed the access details to prevent you from regaining control.

Phishing Attempts – Receiving phishing emails or noticing phishing attempts, where you are asked to provide sensitive information through deceptive means is a common precursor to a security breach. Always be wary of unsolicited requests for your personal information.

While recognizing the signs of a security breach is important, taking preventive measures is equally crucial. Regularly updating software, using strong and unique passwords, enabling multi-factor authentication, and being cautious about the networks you connect to can all help in preventing security breaches.

If you notice any signs of a security breach, it is crucial to act promptly to protect your personal information. Here are the steps you should follow:

Change Your Passwords – Immediately change the passwords for any affected accounts and ensure that the new passwords are strong and unique. Consider using a password manager to keep track of your passwords.

Contact the Affected Service – Inform the service provider of the suspected breach. They can take necessary actions to secure and recover your accounts and monitor for suspicious activity.

Check Your Computer for Malware – Run a thorough scan of your computer using a reputable antivirus program to check for any malware that may have been installed without your knowledge.

Monitor Your Financial Accounts – Keep an eye on your bank and credit card statements for any unauthorized transactions. If you spot anything unusual, contact your financial institution immediately.

Place a Fraud Alert – Contact one of the three major credit bureaus (Equifax, Experian, or TransUnion) to place a fraud alert on your credit reports. This alert will notify potential creditors to take extra steps to verify your identity before extending credit.

Consider a Credit Freeze – A credit freeze will prevent creditors from accessing your credit report, which can stop a thief from opening new accounts in your name. This can be done by contacting the credit bureaus directly.

Report to Authorities – Report the incident to the appropriate authorities. This may include local law enforcement, the Federal Trade Commission, or other relevant government agencies.

Purchase Identity Theft Insurance – You can purchase identity theft insurance through the company that provides your home or renters insurance. You can also purchase insurance through companies such as LifeLock or one of your credit card companies. Insurance helps with recovering your identity if stolen as well as any of the expenses associated with recovery.

Stay Vigilant – Continue to monitor your accounts and credit reports regularly. Early detection of fraudulent activity can minimize the damage and aid in the recovery process.

Educate Yourself – Learn more about how to protect yourself from future breaches. This can include attending cybersecurity awareness training or reading up on best practices for online security.

By following these steps, you can take control of the situation and mitigate the potential damage caused by a security breach. Remember, staying informed and vigilant is your best defense against cyber threats. For more detailed guidance, you can refer to resources provided by cybersecurity experts and authoritative guides.

Fraud Alert Links:

https://www.experian.com/fraud/center.html

https://www.transunion.com/fraud-alerts

https://www.equifax.com/personal/credit-report-services/credit-fraud-alerts/

Credit Freeze Links:

https://www.experian.com/freeze/center.html

https://www.transunion.com/credit-freeze

https://www.equifax.com/personal/credit-report-services/credit-freeze/

Educational Resources:

A 2024 Guide to Digital Security & Cybersecurity – https://www.security.org/digital-safety/

Online Fraud and Scams – https://www.digitallearn.org/courses/online-fraud-and-scams-new

Accounts & Passwords – https://www.digitallearn.org/courses/accounts-passwords-new

24 Jul 2024

Benefits and Concerns of Working with Online Financial Investment Firms

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If you are looking for financial advice or guidance on how to invest your money, you may consider working with a financial advisor. Traditionally, this would mean meeting with a professional in person, but nowadays, you have another option: working with a financial advisor online.

Online financial advisors are individuals or companies that offer financial advisory services through an online platform. You can communicate with them via email, live chat, or video conferences, depending on your preference and availability. Online financial advisors can help you with various aspects of your financial life, such as budgeting, debt management, retirement planning, investing, college savings, estate planning and more.

But is working with a financial advisor online right for you? What are the benefits and concerns of this option compared to traditional face-to-face advice or automated investment platforms? Let’s explore some of the pros and cons of working online with financial investment firms.

Benefits of Working Online with Financial Investment Firms:

  • Convenience: One of the main advantages of working with an online financial advisor is that you can get advice from anywhere, anytime. You don’t have to travel to an office, schedule appointments or deal with traffic. You can access your advisor from your computer, tablet, or smartphone, whenever it suits you. This can save you time and money, as well as make it easier to fit financial planning into your busy lifestyle.
  • Cost-effectiveness: Another benefit of working online with a financial advisor is that it can be cheaper than working with a traditional advisor. Online advisors typically charge lower fees than financial advisors who actively manage investment portfolios. Some online advisors may charge a flat fee, a percentage of assets under management or an hourly rate. Others may offer free or low-cost initial consultations or ongoing support. You can also compare different online advisors and choose the one that fits your budget and needs.
  • Flexibility: Working online with a financial advisor also gives you more flexibility and control over your finances. You can choose how often you want to interact with your advisor, how much guidance you want and what services you need. You can also adjust your plan as your goals and circumstances change. You can access your account information, performance reports and educational resources at any time. You can also make changes to your portfolio or withdraw funds without having to consult your advisor first.
  • Accessibility: Working online with a financial advisor can also make financial advice more accessible and inclusive for people who may face barriers to traditional advice. For example, if you live in a remote area, have a disability, work irregular hours, or have limited mobility, you may find it hard to meet with an advisor in person. Online advisors can cater to your specific needs and preferences and provide you with personalized advice regardless of your location or situation.
  • Variety: Working online with a financial advisor also gives you access to a wide range of options and opportunities. You can choose from different types of online advisors, such as independent advisors, online platforms affiliated with established firms or hybrid models that combine human and automated advice. You can also choose from different types of investments, such as stocks, bonds, mutual funds, exchange-traded funds (ETFs), options and more. You can diversify your portfolio and take advantage of lower commissions and fees offered by some online brokers.

Concerns of Working Online with Financial Investment Firms:

  • Trust: One of the potential drawbacks of working online with a financial advisor is that it may be harder to establish trust and rapport with someone you don’t meet in person. You may not be able to gauge their credibility, expertise, or personality through online communication. You may also have concerns about the security and privacy of your personal and financial information when sharing it online. To address these issues, you should do some research on the online advisor you are considering; check their credentials, reviews, and ratings; ask for references and testimonials; and verify their security measures and policies.
  • Communication: Another possible challenge of working online with a financial advisor is that it may limit the quality and frequency of communication between you and your advisor. You may not be able to express yourself clearly or fully through written or verbal messages. You may also miss out on non-verbal cues such as body language, tone of voice, and facial expressions that can enhance understanding and empathy. You may also face technical difficulties such as poor internet connection, software glitches or hardware failures that can disrupt or delay communication. To overcome these obstacles, you should use multiple modes of communication such as phone calls, video chats, and emails; be clear and concise in your messages; ask questions, provide feedback; and test your devices and software before each session. Make sure your online financial service uses a secure messaging system that protects your confidential information.
  • Responsibility: Another potential downside of working online with a financial advisor is that it may increase your responsibility and accountability for your financial decisions. You may not have the same level of support and guidance as you would from a financial advisor who actively manages your portfolio. You may also have to deal with more complexity and uncertainty in the financial markets, especially if you are a beginner or a hands-off investor. You may also have to deal with more emotional and psychological factors such as fear, greed, overconfidence, and bias that can affect your judgment and performance. To cope with these challenges, you should educate yourself on the basics of investing, set realistic and attainable goals, monitor your progress and performance, seek feedback and advice from your online advisor and other sources, and review and adjust your plan regularly.

Working online with a financial advisor can offer many benefits such as convenience, cost-effectiveness, flexibility, accessibility, and variety. However, it can also pose some concerns such as trust, communication, and responsibility. Whether you choose to work online with a financial advisor or not depends on your personal preferences, goals, circumstances, and needs. You should weigh the pros and cons carefully and compare different options before making a decision. You should also remember that working online with a financial advisor is not a substitute for doing your own research, due diligence, and homework. You should always be informed, involved, and engaged in your financial planning and investing.

10 Jul 2024

Benefits and Concerns of Online Banking and Other Financial Transactions

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Online banking is a convenient and efficient way to manage your money and perform various financial transactions. Online banking allows you to access your account history, transfer money, pay bills, deposit checks, and more from your computer, smartphone, or tablet. You can also open accounts, apply for loans, and earn interest with online-only banks that operate without any physical branches.

Online banking is also available with brick-and-mortar banks and can offer you the advantages of the online only banks while also giving you the convenience of having a local office with staff for assistance.

However, online banking also comes with some potential drawbacks that you should be aware of before choosing an online-only bank or relying solely on online services. Let’s talk about some of the benefits and concerns of online banking and other financial transactions and discuss some tips on how to make the most of your online banking experience.

Some of the benefits of online banking include:

  • Potentially higher interest rates. Online-only banks typically offer higher annual percentage yields (APYs) on savings accounts, certificates of deposit (CDs), and other interest-bearing accounts than traditional banks. This is because they have lower overhead costs and can pass on the savings to their customers. For example, as of February 2024, the average APY for a savings account at an online-only bank was 0.65%, compared to 0.06% at a traditional bank.  Some brick-and-mortar banks may offer the same percentage yields if you agree to paperless statements and information when setting up an account for online only service.
  • Potentially lower or no fees. Online-only banks may also charge lower or no fees for common services such as monthly maintenance, overdrafts, ATM withdrawals, wire transfers, and foreign transactions. This can save you a lot of money over time. For instance, in 2022 alone, U.S. banks charged a total of $7.7 billion in fees just for overdraft and insufficient fund transactions.
  • Deposits are insured. Just like traditional banks, online-only banks are insured by the Federal Deposit Insurance Corporation (FDIC) or the National Credit Union Administration (NCUA) up to $250,000 per depositor per institution. This means that your money is safe even if the bank fails.
  • Convenience and accessibility. Online banking allows you to access your account and perform transactions anytime and anywhere, as long as you have an internet connection. You don’t have to worry about branch hours, waiting in line, or driving to a physical location. You can also use mobile apps to deposit checks by taking a photo, send money to friends and family using peer-to-peer payment services, and manage your budget using personal finance tools.

Some of the concerns for online banking include:

  • Lack of personal service. Online-only banks do not have physical branches where you can seek help from tellers and other bank personnel in person. If you have a problem or a question, you may have to rely on phone calls, emails, chats, or FAQs to get assistance. This may not be ideal if you prefer face-to-face interactions or need immediate resolution.
  • Difficulty depositing cash. Online-only banks do not have their own ATMs where you can deposit cash. Some online banks belong to ATM networks that allow you to deposit cash at certain locations, but not all of them do. If you need to deposit cash frequently, you may have to use a third-party service that charges a fee or open a separate account at a traditional bank.
  • Limited services. Online-only banks may not offer the same range of products and services as traditional banks. For example, some online banks do not offer business accounts, mortgages, credit cards, or investment accounts. Some online banks also have lower limits on how much money you can transfer or withdraw per day or per month.
  • Security risks. Online banking involves transmitting sensitive information over the internet, which exposes you to the risk of hacking, phishing, identity theft, and fraud. While online banks use encryption and other security measures to protect your data and funds, you also have to be careful about using strong passwords, avoiding public Wi-Fi networks, updating your software, and recognizing suspicious emails or websites.

To make the most of your online banking experience, here are some tips to follow:

  • Compare different online banks before opening an account. Look at the interest rates, fees, features, customer reviews, and security policies of various online banks and choose the one that best suits your needs and preferences.  Also check your local banks to see what they offer for switching to an online account.
  • Keep some money in a traditional bank account for emergencies or cash deposits. Having a backup account at a brick-and-mortar bank can help you access your money quickly in case of an outage or a technical issue with your online bank. It can also make it easier to deposit cash or get cashier’s checks when needed.
  • Use multiple authentication methods to secure your account. Most online banks offer two-factor authentication (2FA), which requires you to enter a code sent to your phone or email after entering your password. This adds an extra layer of security to your account and prevents unauthorized access.  If the bank does not offer a two-factor authentication with their online service, it may be advisable to check for other banks that offer similar services along with the security of two-factor authentication.
  • Monitor your account activity regularly and report any suspicious transactions. Check your account statements and transaction history frequently and look for any errors or unauthorized charges. If you notice anything unusual, contact your bank immediately and dispute the transaction. You may also want to set up alerts or notifications for certain transactions or events, such as low balance, large withdrawal, or login attempt.
  • Take advantage of the online banking features and tools. Online banking offers many benefits that can help you manage your money better and achieve your financial goals. For example, you can use online banking to:
    • Automate your savings by setting up recurring transfers to a high-yield savings account or a CD.
    • Pay your bills on time and avoid late fees by scheduling automatic payments or using bill pay services.
    • Track your spending and budget by categorizing your transactions and using personal finance apps that sync with your online bank account.
    • Earn rewards or cash back by using a debit card or a credit card linked to your online bank account.

Online banking is a convenient and efficient way to manage your money and perform various financial transactions. It also has some potential drawbacks that you should be aware of before choosing an online-only bank or relying solely on online services. By comparing different online banking services, keeping some money in a traditional bank account, securing your account, monitoring your activity, and taking advantage of the online banking features and tools, you can make the most of your online banking experience and enjoy the benefits it offers.

Additional Information:

https://www.usnews.com/banking/articles/pros-and-cons-of-online-banking

https://www.investopedia.com/articles/pf/11/benefits-and-drawbacks-of-internet-banks.asp

26 Jun 2024

Best Practices to Use Fitness Apps and Trackers Securely

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Fitness apps and trackers are becoming more popular as people seek to improve their health and wellness. These devices can monitor various body metrics, such as heart rate, sleep quality, calories burned, and steps taken. They can also provide personalized feedback, coaching, and motivation to help users achieve their fitness goals.

However, fitness apps and trackers also pose some security risks that users should be aware of. These devices collect and store sensitive personal data, such as location, biometrics, health conditions, and habits. This data can be valuable for hackers, advertisers, insurers, employers, or other third parties who may want to access it for malicious or commercial purposes. 

If this data is compromised, leaked, or misused, it can have serious consequences for users’ privacy, safety, identity, reputation, or finances. For example, hackers could use location data to track users’ movements, stalk them, or rob their homes. Advertisers could use health data to target users with personalized ads or offers based on their conditions or behaviors. Insurers or employers could use fitness data to assess users’ risk profiles or performance and adjust their premiums or salaries accordingly.

Therefore, it is essential for fitness app and tracker users to take some precautions to protect their data and devices from unauthorized access or exposure. Here are some best practices to securely use fitness apps and trackers:

  • Choose a reputable brand: When buying a fitness app or tracker, it is advisable to choose a well-known and trusted brand that has a good reputation for security and privacy. A reputable brand is more likely to design secure devices, update them regularly, fix vulnerabilities promptly, and notify users of any breaches or incidents. A lesser-known brand may offer cheaper or more attractive features, but it may also have weaker security measures, less accountability, or more hidden risks. You can review the different fitness trackers from articles at PC Magazine and CNET.
  • Read the privacy policy: Before using a fitness app or tracker, it is important to read and understand its privacy policy. The privacy policy should explain what data the app or tracker collects, how it uses it, with whom it shares it, how long it retains it, and how it protects it. The privacy policy should also inform users of their rights and choices regarding their data, such as opting out of certain features or deleting their accounts. Users should avoid apps or trackers that have vague, unclear, or invasive privacy policies.
  • Adjust the settings: Most fitness apps and trackers have settings that allow users to customize their preferences and control their data sharing. Users should review these settings carefully and adjust them according to their needs and comfort levels. For example, users can disable location tracking when not needed, limit the access of third-party apps or services to their data, enable notifications or alerts for suspicious activities, and revoke permissions for unused features.
  • Secure the account: Users should also secure their accounts by using strong passwords that they don’t use with other accounts and enabling two-factor authentication for the associated app. They should also avoid sharing their credentials with anyone else or logging in from untrusted devices or networks. Users should also monitor their accounts regularly and report any unusual or unauthorized activities.
  • Update the device: Users should keep their devices updated with the latest software and firmware versions. These updates often contain security patches that fix bugs or vulnerabilities that could expose users’ data or devices to hackers. Users should also install antivirus software on their smartphones if they use them to sync with their fitness apps or trackers.
  • Be careful with social media: Some fitness apps and trackers have social media features that allow users to share their progress, achievements, or challenges with other users or friends. While these features can be fun and motivating, they can also expose users’ data or location to strangers or unwanted audiences. Users should be careful with what they share on social media and who they share it with. They should also check the privacy settings of their social media accounts and limit the visibility of their posts.

By following these practices, fitness app and tracker users can enjoy the benefits of these devices while minimizing the risks of compromising their data or devices.

Additional reading and Information:

The biggest risks of using fitness trackers to monitor health (cnbc.com)

Unwrapping the Safety of Fitness Trackers: A Comprehensive Guide | by Lifestyle, Decor & Travel Insights | Medium

How to make sure your fitness trackers are secure – The Verge