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Increase in Digital Banking Raises Consumer Data Privacy Concerns

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The World Retail Banking Report of 2020 revealed that 57 percent of the customers prefer online banking to physically walking into a branch. You must enjoy the convenience of having all your banking activities at the tip of your fingertips. Online banking is all about convenience and offers a gamut of services like transferring funds, accepting funds, paying credit card bills, placing orders for checkbooks, applying for loans, and even planning investments. 

Online banking also implies that users’ vital personal and financial data is stored and used by the banks. However, this raises data privacy concerns as well. How protected is your data, and how much of it is kept private? A KPMG study carried out in 2020 shows that 87% of consumers feel that it is a basic human right to ensure data privacy. However, 68% said that they don’t expect companies to remain ethical while selling personal data. 

The same study also showed that approximately 75% of Americans understand that using the same passwords for multiple accounts and connecting to public Wi-Fi are dangerous activities. Nevertheless, over 40% still do them. These behaviors relate to how you, as a regular consumer, can protect yourself. 

How to Manage Your Financial Life Safely? 

As Forbes reports, digital banking is undeniably convenient, but clients should know some things before using it. The first thing to learn is that you have rights and varying degrees of control over your data. 

In Europe, GDPR grants more control to users and limits the way companies manage their clients’ data. In the US, there are instructions on how financial institutions should operate. For instance, they must inform clients about the type of data they collect and share with third parties. Specifically, there also should be an option for users to opt-out of having their data shared. 

Besides these legal guidelines, you can do a lot as well to ensure that all your transactions and operations go smoothly. 

Be Careful with Your Passwords

Passwords with numbers, symbols, and both upper- and lower-case letters make you safer online as it’s difficult for hackers to guess them. You should never use the same password and username for all your accounts. Make sure to keep changing your passwords regularly, at least once every three months. Never share your password or your unique identification number with anyone. There have been occasions when fraudsters have posed as bank officials asking for passwords or dropped emails carrying links asking for other identification information. 

Shopping Habits to Avoid

Avoid using options like “easy pay” for payments or “one-click ordering.” It’s better to spend a few seconds entering your username and password rather than months recovering an amount lost due to credit card fraud. Also, use the latest version of the internet browser as these are better equipped with the latest technology to protect your data online. 

Try to avoid shopping or accessing your bank websites while connected to public Wi-Fi. However, you might be compelled to make an unexpected purchase from, say, a coffee shop. That’s when you might have to use public Wi-Fi, which is considered to be unsafe. It is best to employ tools like Atlas VPN in situations like this. They reroute your traffic through a secure and encrypted tunnel. Thus, no one will be able to snoop or steal your data while it travels to its destination. 

Visit Only Secure E-commerce Websites

Secure online transactions are assured by websites that begin with “HTTPS://.” You can’t trust websites that don’t have the “S” following the HTTP on their URL. Also, use only trustworthy and reputable online payment gateways like PayPal for all your online transactions. Not only do these sites take every possible precaution to make sure that your transaction is safe, but they ensure services for dispute resolution as well. 

Use Strong Anti-Virus Solutions and Firewalls 

Ensure that you use the latest version of an anti-virus tool and firewall program for stronger security and protection. Don’t ignore update alerts from your anti-virus and firewall programs when they appear. That’ll make sure that your anti-virus and firewall program has the latest capabilities to counter scams and hacking tricks. 

Ensure Email Security and Protect Personal Information

Be careful when opening email letters from unknown sources. In some cases, email senders might pretend to be from a reliable company. Typically, fraudsters pose as bank institutions and inform users of a problem that needs immediate attention. They will require your personal details or transactions to resolve the issue. It is crucial not to fall for these scams. Contact your bank or other financial institution directly. Then, find out whether the email is legit or not. 

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How Tech is Driving Sustainability in the Seafood Industry

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As our appetite for seafood increases, marine ecological degradation follows. In recent decades, the demand for marine food sources rose. Fisheries attempt to meet societal needs by overfishing, harming the natural ecology.

Eco-friendly engineers came to the rescue, developing various sustainable fishing devices. They decrease the environmental interference of seafood extraction and help fisheries thrive. As more individuals adopt these practices, we will restore the aquatic ecosystem.

Aquaculture

Aquaculture is a fishing methodsociety used since 500 BC, which recently came back into the light. Fish farming sustains society’s nutrition demands while reducing the harms of overfishing. Major consumption species include salmon, tilapia and catfish, which humans can generate through aquaculture.

Many fish farmers usehydroponics to improve the sustainability of their production. In condensed fish populations, waste can contaminate the water and affect native species. Fishers grow aquatic vegetation in the region to filter toxic elements and preserve the environment’s natural composition.

Hydroponics combined with green technology can provide sustainable seafood to the global society. Light-emitting nets, smart devices, origin detection technology and geolocating gadgets may help fishers meet eco-consumers’ demands.

Light Emitting Nets

A company in the U.K. developed light-emitting devices, helping reduce bycatch. Today, one out of ten fish caught are unsuitable for the market. Fishers are unable to sell endangered and small fish, leading to 16 million tons of annual waste.

They also waste 20% of space on ships, increasing environmental, ecological and economic costs. As fishers continue to practice wasteful collection methods, the marine ecosystem suffers. Environmental scientists developed a solution to the sustainable seafood problem.

They developed the Pisces light kit, which attaches to fishing gear. The devices fasten onto fishing nets to attract a target catch and repel bycatch, eliminating waste. Pisces uses LED lights, increasing the system’s energy efficiency.

LEDlights use 75% less electricity than conventional light bulbs. They also last 25 times longer, generating less waste over time.

Smart Seafood

Purchasing seafood thatfinancially supports sustainable fishing is smart. Sourcing seafood with artificial intelligence (AI) is downright futuristic.

The SMARTFISH H2020 technology enhances sustainable fishing, providing fishers with the resources necessary to protect the marine ecosystem. Environmental engineers at the companyutilize machine vision technology, data procession, visibility devices, machine learning methods, AI, hydroacoustic systems and more, making eco-conscious fishing possible.

Their devices locate sea beds, ensuring fishing equipment only penetrates regions with sufficiently abundant target species. They also have a size and species recognition system. The instrument assesses the length, weight and type of fish below the boat, maximizing catch efficiency and decreasing waste.

Origin Detection Technology

IBM recently teamed up with the Norwegian Seafood Association, Sjømatbedriftene, generating blockchain technology for fishers. The device allows industry members totrack supply chain data, ensuring the safety and sustainability of seafood. Origin detection technology increases transparency in the industry, creating a single version of the truth.

Fishers install blockchain technology on their vessels, recording the time, location, temperature and more, regarding their catch. Industry members can then access this information to ensure accurate labeling on store-sold seafood. Customers may also gain access to this information in the future.

Eco-consumers demand more documentation for the goods and services they consume. In coming years, customers can access the blockchain information in the store. They will see when fishers caught the seafood, where it is from, its consumed feed and processing facility’s sustainability.

Geolocating Devices

Similar to IBM’s technology, innovators at pelagic developed geo-tracking boat devices. Nearlyhalf of the seafood supply derives from small-scale fishing boats. It is challenging to regulate small vessels on conventional identification systems, allowing them to go unregulated.

Pelagic developed geolocating boat devices to track smaller fishers’ practices. Large seafood distributors now require all small vessels to install the data collection system, showing the company where and when they catch seafood. It optimizes the sustainability of the overall business, restricting non-sustainably sourced purchases.

Demand
Sustainable Seafood

Eco-consumers make up the most extensive customer base in America. For fisheries to remain competitive in the industry, they must adopt green fishing technology and sustainable practices. When consumers demand sustainable seafood and fishers eliminate ecologically degrading procedures, we can restore the marine ecosystem. 

Image Credit: Image by Free-Photos from Pixabay

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://datafloq.com/read/how-tech-driving-sustainability-seafood-industry/14643

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Factbox: How big is Bitcoin’s carbon footprint?

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(Reuters) – Tesla boss Elon Musk’s sudden u-turn over accepting bitcoin to buy his electric vehicles has thrust the cryptocurrency’s energy usage into the headlights.

Some Tesla investors, along with environmentalists, have been increasingly critical about the way bitcoin is “mined” using vast amounts of electricity generated with fossil fuels.

Musk said on Wednesday he backed that concern, especially the use of “coal, which has the worst emissions of any fuel”.

So how dirty is the virtual currency?

POWER HUNGRY

Unlike mainstream traditional currencies, bitcoin is virtual and not made from paper or plastic, or even metal. Bitcoin is virtual but power-hungry as it is created using high-powered computers around the globe.

At current rates, such bitcoin “mining” devours about the same amount of energy annually as the Netherlands did in 2019, data from the University of Cambridge and the International Energy Agency shows.

Some bitcoin proponents note that the existing financial system with its millions of employees and computers in air-conditioned offices uses large amounts of energy too.

COAL CONNECTION

The world’s biggest cryptocurrency, which was once a fringe asset class, has become increasingly mainstream as it is accepted by more major U.S. companies and financial firms.

Greater demand, and higher prices, lead to more miners competing to solve puzzles in the fastest time to win coin, using increasingly powerful computers that need more energy.

Bitcoin is created when high-powered computers compete against other machines to solve complex mathematical puzzles, an energy-intensive process that often relies on fossil fuels, particularly coal, the dirtiest of them all.

GREEN BITCOIN?

Bitcoin production is estimated to generate between 22 and 22.9 million metric tons of carbon dioxide emissions a year, or between the levels produced by Jordan and Sri Lanka, a 2019 study in scientific journal Joule found.

There are growing attempts in the cryptocurrency industry to mitigate the environmental harm of mining and the entrance of big corporations into the crypto market could boost incentives to produce “green bitcoin” using renewable energy.

Some sustainability experts say that companies could buy carbon credits to compensate for the impact.

And blockchain analysis firms say that it is possible in theory to track the source of bitcoin, raising the possibility that a premium could be charged for green bitcoin. Climate change policies by governments around the world might also help.

ALTERNATIVE ENERGY

Projects from Canada to Siberia are striving for ways to wean bitcoin mining away from fossil fuels, such as using hydropower, or at least to reduce its carbon footprint, and make the currency more palatable to mainstream investors.

Some are attempting to repurpose the heat generated by the mining to serve agriculture, heating and other needs, while others are using power generated by flare gas – a by-product from oil extraction usually burned off – for crypto mining.

CHINA CRISIS

The dominance of Chinese miners and lack of motivation to swap cheap fossil fuels for more expensive renewables means there are few quick fixes to bitcoin’s emissions problem, some industry players and academics warn.

Chinese miners account for about 70% of production, data from the University of Cambridge’s Centre for Alternative Finance shows. They tend to use renewable energy – mostly hydropower – during the rainy summer months, but fossil fuels – primarily coal – for the rest of the year.

(Writing by Alexander Smith: editing by Carmel Crimmins)

Image Credit: Reuters

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://datafloq.com/read/factbox-how-big-bitcoins-carbon-footprint/14639

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Colonial Pipeline has cyber insurance policy – sources

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LONDON (Reuters) – Colonial Pipeline has cyber insurance arranged by broker Aon, with Lloyd’s of London insurers AXA XL and Beazley among the underwriters, three sources told Reuters on Thursday.

Colonial Pipeline has begun to restart the nation’s largest fuel pipeline network after a ransomware attack shut the line, triggering fuel shortages and panic buying in the southeastern United States.

The cyberattack halted 2.5 million barrels per day of shipments of gasoline, diesel and jet fuel last Friday after the most disruptive cyberattack ever on U.S. energy infrastructure.

Insurance Insider reported the news late on Wednesday, saying the cover was for at least $15 million.

Cyber insurance typically covers ransom payments and insurers often provide staff to negotiate with the hackers, in addition to IT and public relations services.

Colonial Pipeline does not plan to pay the ransom, sources familiar with the company’s response told Reuters on Wednesday.

(Reporting by Carolyn Cohn; editing by David Evans)

Image Credit: Reuters

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Source: https://datafloq.com/read/colonial-pipeline-cyber-insurance-policy-sources/14638

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Foreign IT firms must open offices in Russia under new draft law – lawmaker

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MOSCOW (Reuters) – Foreign technology companies will be forced to open offices in Russia or face penalties such as advertising bans under draft legislation, a senior lawmaker said on Thursday, in a fresh move by Moscow to exert greater control over Big Tech.

Russia is keen to strengthen control of the internet and reduce its dependence on foreign companies and countries. It has imposed a punitive slowdown on social network Twitter over its failure to delete content Moscow says is illegal.

Apple, Facebook, TikTok and Alphabet’s Google are among other companies to have come under fire from Russian authorities.

The head of the information policy and IT committee at the State Duma, Russia’s lower house of parliament, said the draft legislation would be submitted as soon as possible to combat what he described as IT giants abusing their monopoly positions and distributing content banned in Russia.

“Our draft law would oblige owners of large information resources with a daily audience in Russia of at least 500,000 people to open official offices, which would fully represent their interests and answer for their activities,” Alexander Khinshtein wrote on his Telegram channel.

Failure to do so could lead to companies being banned from advertising their services or hosting advertisements on their platforms. They could also be prohibited from collecting payments or personal data.

Officials say a package of more than 60 support measures is being discussed in government.

“It is important that all these measures in no way infringe the interests of Russian users, do not violate their ability to work with the resource, but create economic incentives for IT giants to observe our legislation,” said Khinshtein.

A law came into force in April obliging smart devices to offer Russian software upon activation.

(Reporting by Alexander Marrow; Editing by Gareth Jones)

Image Credit: Reuters

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://datafloq.com/read/foreign-it-firms-must-open-offices-russia-new-draft-law-lawmaker/14637

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