Do Companies Sell My Data?

You may not realize it, but every single day you give away some data about yourself. When the cashier asked for your phone number to sign up for that loyalty rewards program at the grocery store. You gave away data. When you entered your email address into a giveaway contest on that one shopping site you like. You gave away data.

Now, is giving away data a bad thing? It all depends on what happens to that data and who has access to it. If your email address is just used to notify you about winning the contest, then that’s great. If the email address is then sold to a few hundred unscrupulous companies to spam your inbox and perhaps even attempt to phish for more data. That’s bad.

What Companies Do With Data

Companies that collect data often sell it. This provides a revenue stream for the company, and it may also allow them to form partnerships with other companies that also collect data. This is all well and good since, in most cases, the data that gets sold is used to market products and services you’re likely interested in.

The problem comes in when the company that bought the data then sells it to another company that then sells it to another and so on. You don’t know where your data will come up, and the more personal your data is, the more potential problems it can cause.

What Can You Do to Protect Yourself?

If you’re concerned about your data ending up in the wrong hands, you can first refuse to give your data away. Next, you can request a copy of any company’s data and privacy policies before giving your data away. Some states, including California, also have laws on the books to protect consumers from predatory data practices.

The California Consumer Privacy Act is a law that allows consumers to request a copy of all of the data a company has saved about them. Consumers can also use the California Consumer Privacy Act to see if third-party companies have bought this data. Colorado, Utah, Connecticut, and Virginia have enacted similar laws.

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7 Benefits of Public Cloud Services for Financial Institutions

In a world where technology is rapidly evolving and security threats are ever-looming, many financial institutions need a partner to maintain a secure, reliable and compliant IT infrastructure. Public cloud services are a viable option for institutions seeking to modernize their IT infrastructure while mitigating cybersecurity risk read more

What is the OFAC Risk Matrix?

The Office of Foreign Assets Control (OFAC) is a part of the United States Department of Treasury. The OFAC provides oversight for sanctions on international trade and economic activity. Additionally, the OFAC regulates sanction activity against named terrorist groups and narcotics trafficking rings. International funds transferred from government agencies are also subject to OFAC oversight in some cases.

To create sanction policy and enforce existing sanctions as well as determine whether there is risk involved in completing financial transactions, the Office of Foreign Assets Control risk management team must utilize several tools to calculate risk. Some of the items reviewed by the Office of Foreign Assets Control risk management team may include the history of an entity receiving funds, and whether or not the entity is registered with its local government as a corporation, charity, government organization, or private individual.

What’s the Point of OFAC Risk Matrix Operations?

A risk matrix is used to determine whether the receiver of funds is considered high-risk, medium-risk, or low-risk. If funds are sent to a high-risk entity, the potential exists for the United States government to become culpable in whatever actions were taken using those funds. As a result, evaluating any recipient of government funds is very important.

Additionally, because sanction activity can be complex depending on the actors and the situation, determining risk may play a role in determining which funds to monitor. A group that has been sanctioned may need to have its financial transactions regulated in terms of funds coming into or going out of the United States to or from a foreign nation. The risk matrix helps to determine the level of scrutiny required for each group.

Can Risk Level Be Changed?

If an entity is considered high-risk, it may be possible to lower the risk level by taking certain steps. In many cases, these are procedural and regulatory in nature, but each case is different. Some recipients may need to take specific actions to become in compliance while others may need to make drastic, sweeping changes to their organizations.

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Four Ways to Prevent Being Catfished Online

It's every online daters nightmare: Catfishing! This term describes a common form of swindling. Catfishing is when someone you're communicating with online presents a fake reality to scam you.

Most associate it with people using fake photos on dating profiles and social media. But you can get catfished other ways, too. It can happen when you're booking vacation rentals, buying products on marketplace sites, and more.

No matter how it occurs, it doesn't feel good! So, how can you prevent yourself from being catfished? Here are some tips to follow.

Turn to Social Media

Social media is a blessing and a curse. It's a great way to connect, but you can also use it to get valuable information. Don't expect things to be as easy as using an official identity verification tool, but it does make a difference.

Go into social media stalking mode and look at all available accounts. Many platforms link up, making it easy to follow the digital breadcrumbs and cross-reference information.

Perform Detailed Web Searched

Don't forget to use traditional web searches. Look up the person's name and location to see if any red flags pop up. If they've tried to scam others in the past, there's a good chance you'll find something about it somewhere.

You can also perform image searches. Reverse image searches are great for spotting fake photos.

Look into Public Records

Most people don't realize how easy it is to find public records! There are multiple sites out there, and your local government likely has several databases that could be useful.

Look up property records, business licenses, and more. Cross-reference that information, and you can learn a lot!

Save Everything and Stay Safe

The best way to avoid catfishing attempts is to use an identity verification tool. It's the easiest way to spot potential fraudsters.

Whatever you do, save all your communications! It can come in handy if you've exchanged any money. But before that happens, do your due diligence. Whether you're dipping your toes into online dating or sending money to book a fancy rental, do your homework and stay safe!

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What are Combating the Financing of Terrorism (CFT) Initiatives?

Terrorism is an ongoing threat that many governments worldwide are trying to stop. Terrorists need funding to finance their activities, and figuring out where that money comes from can help law enforcement stop and catch criminals.

Also known as "Counter financing of Terrorism," Combating the Financing of Terrorism (CFT) is a term that describes several initiatives, policies, and regulations that aim to restrict terrorist funding.

How Do Terrorists Get Funding?

Terrorists obtain money in many ways. In some cases, it comes from legitimate means such as businesses, religious organizations, and more. Money can also come from crimes like drug trafficking and corruption. Either way, that money has to move somehow to fund terrorist activities.

Money laundering and terrorism go hand in hand. It's how terrorists disguise funding and keep the movement under the radar. Through laundering, these organizations can make money from illegal sources look clean and legitimate.

Understanding CFT Initiatives

The Financial Action Task Force (FATF) is the driving force behind CFT policies. The task force includes 37 countries and two regional organizations. The separate entities work together to create processes that protect the international financial system from terrorist infiltration.

After the start of FATF, many countries started adopting CFT policies. As a company leader, you must know your business solutions for CFT and understand how they fit into the bigger picture.

How Financial Institutes Fit In

On a national level, CFT practices are akin to anti-money laundering policies. It's about verifying customer identities and complying with established rules. Financial institutes are at the front lines of CFT. You must know your business solutions and do your due diligence to verify the identity of every customer.

Through KYC regulations and money-laundering prevention techniques, you can report suspicious activity and put an end to a reliable source of funding for terrorist activity.

Terrorists rely on banks to "clean" their money and disguise crucial lifelines that keep terrorism alive. By doing your part to unveil financial sources, you can help to make the world a much safer place.

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What Does a Compliance Officer Do?

If you run a business or are an employee, you probably already know that it takes a team to make things run smoothly around any organization. No single person can take on every task and do it well. Likewise, every organization needs someone who ensures that the company continually adheres to local and national rules and regulations, depending on the industry. This individual should also make sure all employees follow internal regulations as well. This will ensure that the business runs smoothly and prevents any intentional or unintentional illegal activities.

What is a compliance officer?

A compliance officer is an employee of a company that identifies and manages regulatory risk by ensuring that the organization complies with outside regulatory and legal requirements, as well as internal rules created by the company’s head leadership.

What does a compliance officer do?

Compliance officers have many different duties that help ensure regulatory compliance among employees of a company. For example, they may:

• Design or update internal policies to mitigate risk
• Monitors all procedures and processes with an organized system, such as an anti money laundering compliance checklist
• Conduct compliance risk assessments
• Researching, recording, and analyzing data and information
• Organize regular training sessions to keep employees up to speed on key regulatory changes and updates
• Set guidelines on how to respond to a compliance breach
• Use appropriate disciplinary measures to prevent future breaches
• Continually conducts assessments to determine whether company policies are compliant with the law

Depending on the company’s industry, a compliance officer may complete the tasks above (among others) to make sure all legal regulations and ethical standards are followed. For example, a compliance officer at a private bank might follow an anti money laundering compliance checklist to protect the bank from experiencing legal issues and reputational damage due to a lack of compliance.

Benefits of having a compliance officer

An impartial compliance officer will make sure that your business runs smoothly and adheres to any applicable laws or regulations to avoid garnering unwanted attention from the local or federal government. For example, a compliance officer will use tools like an anti money laundering compliance checklist to ensure that your organization does not conduct business with any individuals who are committing financial crimes like money laundering or terrorism financing.

A compliance officer can also help your organization develop processes to avoid compliance risks and make sure employees have a safe and confidential way to report unethical activities within the workplace.

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How to Prevent Underage Sales online

If you sell age-restricted items like alcohol, tobacco products, or fireworks, it's your responsibility to prevent underage sales. Selling to an underage buyer can expose you to severe penalties and legal issues. Not only that, but it impacts your brand reputation and the industry as a whole.

So, how can you prevent underage sales while still catering to your loyal shoppers? In this blog, we'll tell you how!

Age Verification Issues

Many stores already have so-called "age gates" to prevent underage sales. But in many cases, those barriers have limited efficiency.

Some sites ask for nothing more than a date of birth. What's stopping a young shopper from lying?

In the early days of e-commerce, many sites adopted tactics that no longer work. For example, stores used to limit payment methods to credit cards. However, most card issuers these days make products available to underage customers.

Another tactic was to apply a disclaimer or terms and conditions form. Unfortunately, those don't protect you from the legal ramifications of selling to an underage shopper.

Proper Age Verification

The best way to protect your business is to invest in authentic age verification software.

The best features in age verification software work to validate identities without a shadow of a doubt. It's not hard to find age verification platforms, but you must pay close attention to the quality of service provided.

To cover all your bases, go for a platform that offers full regulatory compliance. It should also take security seriously to protect its customers.

How It Works

Age verification is pretty simple. However, providers approach the task in different ways.

Many will ask for a full legal name, address, date of birth, and government ID number. Some even go so far as requiring a selfie for verification!

Those measures are effective, but they can also turn away customers. Remember: Even legal-aged shoppers must go through the process.

The best features in age verification software simplify the procedure. For example, modern solutions might only require a name and a phone number. Those two bits of information are all the service needs to cross-reference data. It's even helpful in validating that the person providing the information is who they say they are.

Protecting Your Business

It doesn't matter how big or small your e-commerce operation is. If age-restricted items are involved, you need to invest in age verification software. Not only does it protect your business, but it keeps underage shoppers safe.

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