Financial Safety Advice

Once it comes to retirement many people find that it is possible to enjoy it due to economic factors. Without the existence of a scheme secure retirement, the feeling of a comfortable life may seem impossible.

According to the Department of Labor U.S., Social Security provides only a small portion of financial protection, although a third of Hispanic retirees depend on a paycheck as the sole source of income.

Obstacles to a comfortable retirement

Theresa Cruz-Myers, Associate Vice President of Marketing and Education Nationwide Retirement Solutions, says that Hispanic employees often make many sacrifices for their loved ones, but when they cease to belong to the workforce, they also sacrifice their lifestyle significantly . This is especially evident in the case of Hispanics, who believe their children or relatives take care of them in their old age, so do not consider as a priority adequate planning.

According to the Department of Labor, United States, women are less likely to be reported in the financial aspect, but generally live five to seven years longer than their male counterparts. Women are twice as likely to receive income below the poverty level after retirement, says Cruz-Myers. According to several reports, the average Hispanic women receive 52 cents for every dollar men earn wages. A lower payment means less cash to spare, Social Security checks, and reduced pension payments. Read the rest of this entry →

After hacking the accounts of Citibank customers, it is necessary to remember certain safety measures when operating bank accounts online.

1) Never accept applications both online and telephone alleged financial institutions that you are a customer. Call them using phone numbers or email addresses posted on their bank statements or bank cards.

2) Update the security program on your computer. Make sure you have protection against malicious code (malware protection) and have a good firewall program and anti intrusion.

3) Check the security for handheld and mobile banking applications. Banking and payments for mobile devices is already being very common and hackers can start paying more attention to the mobile system.

4) When you enter your ID and password for online transactions, always enter the site address directly into your browser. Never click on links that take you to say that banking sites.

5) Use secure key and security code reuse your banking elsewhere. Use two authentications if your bank offers it online, as a confirmation number by text message to your phone. It has unusual responses to security questions.

6) Monitor your banking at least once a day. It is a waste of time. If you evaluate the time spent on Facebook, Twitter or replying mails, assess how long will you protect your finances and your family.

The use of Internet banking is still a somewhat controversial issue in Mexico. Unlike what happens in other countries, Mexicans regard internet users this means, almost exclusively, as a means of communication or source of information and tend to miss other services such as trade or payment card credit and government procedures.

Perhaps the main reason for this is the fear that exists in the virtual fraud. It is difficult at first, trust something you can not see, touch and keep physically. It’s different to the feeling of a click to make a wire transfer to receive a payment voucher from the hand of our bank branch teller preferred.

However, little by little Mexican users have been abandoning the prejudices and have been venturing to use other online services. And, using the Internet bank is not only more comfortable but may also be safer.

The rise of Internet Banking

Why it has become so popular to use internet banking?
In the rest of the world, internet banking has generated an unusual importance. The primary reason is surely comfort. Use online banking saves time and effort. Unlike spend hours in the ranks of trained attention of banks and other financial agencies, users can perform a number of operations with only having a computer and internet access.

Mexican users have gradually realized the advantages of using internet banking. Besides saving time and avoid annoying delays, the user is protected from risk of muggings and violent robberies, which can occur at bank branches. Another point in favor, more and more people discover and benefit is the ability to perform certain operations 24 hours a day. This is advantageous in particular for users with long working hours or who travel constantly for work. Read the rest of this entry →

A respected consultant to the Virus Bulletin states that “It is a little worrying that so many people consider the risk-free online banking.” This person refers to a study conducted in Virus Bulletin which highlights the results of a survey found that one in four consider online banking unsafe, but equally make use of it.

Virus Bulletin is an organization dedicated primarily to evaluate and give them a certified antivirus without mentioning the magazine also published. But the truth is that while online banking is not 100% risk free, it is not as unsafe as not to use it, of course, as long as you follow certain basic steps. I think if someone says not to use online banking because it is unsafe, would be a little paranoid. In fact I think that here in Mexico we run a risk of at least go to an ATM to withdraw money, make a withdrawal at the counter (after giving the “whistle” that “that takes money”) or even to go near the truck Panamericana, those carrying money-rolling bunkers. And indeed, the latter risks can affect our physical, as opposed to online risks.

What can we do to have an online banking experience as safe as possible? I would say the following tips, which certainly are not hard to follow. One: update the operating system and browser. Two: To have an updated antivirus (there are a couple that are free and “Avast”). Three: Read the emails from banks but never initiate an action in response to that email. Nothing you need to update the accounts or passwords, or you have to enter a site to “x” or “and” thing in doubt is called by telephone to the Bank. Four: Do not share passwords (I think this is common sense). Five: Do not use internet cafes for online banking.

These five tips I believe could be the basic, additional and even greater security is to install a personal firewall, or the use of Linux (some banks require to use Microsoft Explorer), the activation of SMS messages by phone when made withdrawals from the banks (at least I know a bank that has the service), installation of a spyware (there are some free products like Search & Destroy).

Finally, as one must be aware of the risks of banking in the physical world, one must be responsible for being aware of online risks. Information is power, and the more we know how to reduce risks and follow some basic guidelines, we have a satisfactory experience of online banking. Personally, I’ve been using this bank since its inception in Mexico and so far I have not had any incidents and this without taking extraordinary precautions.

Incidentally, the founder of Kaspersky antivirus says he does not use online banking because that’s the safest way. I would say that everyone can make decisions that seem right, but do not share this view in particular. Perhaps we can say that it is safest to use a computer is to have it off and never use it. That’s not real.

The financial professionals will certainly pray secretly that this study does not hit the street. While the media are just beginning to relax their guard on the highly controversial subject of bonuses, a study by Olivier Godechot, CNRS researcher, it shows that the increase in salaries of finance professionals that has most contributed the rise in inequality in France, and not those CEOs, sports superstars or entertainment.

Based on data from DADS (annual declarations of social data) between 1976 and 2007, ie the Social Security wage data for the private sector, this specialist bonuses and mobility in the financial industry, shows a first time that the widening gap between the wages due to rising wages and higher (specifically, 0.01% higher, or 1692 people, earning an average of nearly $ 1.7 million per year ) especially since the mid 90s. In comparison, the bulk of employees (90% lowest paid an average of 22 400 € per year) is it remained comparatively stable.

Olivier Godechot then introduced a sectoral approach. Thus, “some sectors such as industry, commerce and restaurants, transport and communication are now much less represented at the top of the hierarchy of wages they were 30 years ago.” In contrast, the ratio of employees to finance increases considerably in this category from 96.

Finally, the researcher quantifies the contribution of this sector to the increasing inequality between 1996 and 2007. Conclusion: the category of 0.01% highest paid employees in France, “we find that finance is responsible for 57% of the increase. At the end of the period, finance constitutes 37% of its workforce. The financiers are 19.4 times more represented at that level in the bottom half. “

Meanwhile, it is shown on this period as salaries of top 100 finance executives rose 8.7 times to over 4.6 million euros on average in 2007. The increase is 1.5 for the top 20 sector employees film, television and video, 3.3 for the top 25 athletes and the top 100 CEOs and 3.6 for the top 100 executives outside finance.

And Olivier Godechot conclude on the “political implications” of his study: “To impose heavier this fractile wage would be another way (perhaps easier to achieve than a tax sectoral) to redistribute these wages, as more and most citizens consider annuities.