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Cyber Security

Why are Medical Records Becoming a Target for ID Thieves?

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If you have no idea about medical identity theft, you would probably say that there’s nothing wrong in taking your medical records. Don’t assume that they’re taking your medical records because they want to know the outcome of your latest surgical procedure or your current blood cholesterol level. What they’ll be using is your valuable data; like your social security number and insurance information. They can also use it to make false claims using your name, among other fraudulent acts. If you want to prevent medical id theft, it is necessary for you to have enough knowledge about the depth of the problem and the consequences you may suffer in the long run.

Importance of your medical identity

Remember that your medical records are supposed to be kept private and confidential. Exposing these details can put hospitals in serious danger. It is important to understand the risks of medical id theft, especially with your health status. Since culprits can enter false information into your record, you can become a victim of mismanaged medical treatment or drug administration errors the next time you visit the hospital. Take note that false information in your record can lead to medical errors, so better be on the lookout.So, if you have been notified by hospitals that your medical records are missing, be on the lookout, because it could have been stolen. Also, be alert for possible signs of medical identity theft, especially if it involves bills or receipts for medical services that you have not actually obtained. Also, check your credit card report (your medical record also contains your card information), because the fraud can show up as fake collection notices or unnecessary hospital bills.

You surely don’t like any of these to happen that’s why you have to value your medical records similar to that of your credit cards.

Why my medical records?

Medical id theft is basically about cashing in. Thieves can abuse a stolen medical record for financial gains by making false claims from insurers or government agencies. The financial resources can already help those who really have serious ailments, but because of medical identity theft, the insurers and agencies suffer from great financial losses. Following the theft, victims can then receive bills for benefit claims or medical services that they have not availed of.

Given this, your medical record is actually as valuable as your credit card, and thieves will do everything to obtain them from you, as well. If you experienced having a stolen credit card, chances are, they had been used for fraud. Similarly, your stolen medical record will be used for fraud, too.

Remedying your falsified record is difficult, no doubt. It can take a while, but if you will take this problem into a bigger picture, you will understand that other patients may also suffer from medical identity theft. If this happens, the damages will be much greater, of course – imagine thieves holding hundreds of medical records with them. That’s a lot of money. For agencies and insurers, stolen medical records mean more risks for future financial loses.

ABOUT THE AUTHOR

Amy (theddproject)  is an active blogger who is fond of sharing interesting finance related articles to encourage people to manage and protect their finances. Follow her and discover more on how annual credit checkup can prevent id theft and dealing with the cases of stolen identity and prevent yourself from id theft.

TEST YOUR EMAIL SECURITY GET YOUR INSTANT SECURITY SCORECARD FOR FREE Source: https://blog.comodo.com/it-security/why-are-medical-records-becoming-a-target-for-id-thieves/

Cyber Security

Digitally Signed Bandook Trojan Reemerges in Global Spy Campaign

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The administrator of your personal data will be Threatpost, Inc., 500 Unicorn Park, Woburn, MA 01801. Detailed information on the processing of personal data can be found in the privacy policy. In addition, you will find them in the message confirming the subscription to the newsletter.

Source: https://threatpost.com/digitally-signed-bandook-trojan-spy-campaign/161676/

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Cyber Security

MacOS Users Targeted By OceanLotus Backdoor

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The administrator of your personal data will be Threatpost, Inc., 500 Unicorn Park, Woburn, MA 01801. Detailed information on the processing of personal data can be found in the privacy policy. In addition, you will find them in the message confirming the subscription to the newsletter.

Source: https://threatpost.com/macos-users-targeted-oceanlotus-backdoor/161655/

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Cyber Security

Pandemic, A Driving Force in 2021 Financial Crime

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The administrator of your personal data will be Threatpost, Inc., 500 Unicorn Park, Woburn, MA 01801. Detailed information on the processing of personal data can be found in the privacy policy. In addition, you will find them in the message confirming the subscription to the newsletter.

Source: https://threatpost.com/2021-financial-crime-covid-19/161665/

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Big Data

Contactless payments market to reach US$ 26.3 billion by 2027

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Contactless Payments Market To Reach US$ 26.3 Billion By 2027

The global contactless payments market is expected to surpass US$ 26.3 Billion by 2027 end, registering a CAGR of 12.9% during the forecast period of 2019 to 2027), as highlighted in a report published by Coherent Market Insights.

Increasing demand for contactless payments from the retail sector is expected to drive market growth during the forecast period. Retailers are modernizing their brick-and-mortar stores to offer secure services to customers and establishing online stores to increase revenue.

They are adopting advanced technologies such as big data analytics and cloud computing to increase their presence in the market. Retail manufacturers are using contactless payments methods that provide many benefits, such as reduced transaction time, increased operational efficiency, increased revenue, minimized cost, and others. Contactless payment methods at retail stores reduce transaction process and queue in counter.

Moreover, governments are also focusing on introducing new payment methods in order to increase productivity and remain competitive in the market. For instance, in December 2016, the government of India launched BHIM app for Unified Payment Interface (UPI). The common UPIbased BHIM app allows the user to send and receive money through their mobile phones by linking their bank accounts. For instance, according to Coherent Market Insights’ analysis, the number of transactions done through the Bharat Interface for Money (BHIM) app reached 18.8 million in February 2020.

Contactless Payments Market – Impact of Coronavirus (Covid-19) Pandemic

According to Coherent Market Insight‘s study, globally, most of the countries are affected by COVID-19 and most of the countries have announced lockdown.Contactless payment have become more preferred payment method, as it requires less physical interactions.

Smartphone based payment interface and digital wallets are the potential solutions to contain the spread of coronavirus pandemic. Moreover, recent developments in digital payments have encouraged the use of contactless payment methods during this pandemic. For instance, in April 2020, Upgrade Inc., a U.S.-based loan company, launched new contactless credit card. The new credit card provides high transaction limit than other payment methods.

Moreover, bank authorities and card network in Germany, U.K., Austria, and other countries have set higher transaction limit, as people are staying at home and prefer shopping through payment cards only. For instance, U.K Finance Limited increased the transaction limit for contactless payment cards starting from 30 Euros to 45 Euros. This, in turn, increases demand for contactless payment solutions.

Key Trends and Analysis of the Global Contactless Payments Market:

  • Europe held dominant position in the global contactless payments market in 2019 and is expected to retain its dominance throughout the forecast period. This is owing to increasing payment through smart cards. For instance, according to the Electronic Transactions Association (ETA), contactless payments through Mastercard and Maestro increased by 145% in Europe in 2018. Furthermore, in 2019, according to Coherent Market Insights’ analysis, the transactions through contactless payment methods reached 651 million in the U.K.
  • Asia Pacific is expected to show significant growth over the forecast period. The increasing adoption of contactless payment methods from retail industry is fueling the market growth. Retailers are modernizing their conventional payment methods with contactless payment methods, in order to improve productivity and efficiency in the business.
  • Among device type, the smartphone segment held dominant position in the market in 2019 and is expected to retain its dominance during the forecast period. This is owing to increasing demand for live streaming from consumers. For instance, the online video streaming market is expected to exceed US$ 70,000 million in 2021 from US$ 30,000 million in 2016.
  • Major players operating in the global contactless payments market include Thales Group, Infineon Technologies AG, Ingenico Group, Wirecard, VeriFone, Inc., Giesecke+Devrient GmbH, IDEMIA, Track Innovations LTD., Identiv, Inc., CPI Card Group Inc., Setomatic Systems, Valitor, PAX, PINPAD, Mobeewave, alcineo, and Paycor, Inc.

Source: https://www.fintechnews.org/contactless-payments-market-to-reach-us-26-3-billion-by-2027/

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