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The Pros of Online Savings Accounts

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As technology continues to move us forward, more and more people are taking the opportunity to benefit from online savings accounts. Having money tucked away for a rainy day is never a bad idea, and online savings accounts offer a secure and convenient way to do just that. Not only do they provide a secure environment to store your money, but they also provide high-interest rates and low fees.

To know the best high-yield savings accounts, visit this page. In this blog post, we will discuss the many pros of having an online savings account. We will take a closer look at the features and benefits these accounts provide and how they can help you reach your financial goals. Keep reading to learn more about the advantages of online savings accounts and why you should consider opening one up today.

High-Yield Interest Rates
One of the main advantages of online savings accounts is that they often provide high-interest rates. The annual percentage yields (APYs) on these accounts can range from 0.60% to upwards of 2%. Higher interest rates mean more money earned in a shorter period of time, which means you will be able to save up faster and reach your financial goals sooner.

This is due to the lower operational costs associated with online banks, which allow them to pass the savings on to customers in the form of higher rates. This can be especially beneficial for those looking to save for long-term goals, as the higher interest rate results in greater returns over time. Additionally, online banks are often more transparent about their fees and interest rates, making it easier to understand how much money you will earn on your savings.

Low or Non-Existent Fees
One of the major benefits of online savings accounts is their low or non-existent fees. Since online savings accounts do not have the same overhead costs that traditional brick-and-mortar banks have, online banks are able to pass those savings on to their customers in the form of low or non-existent fees.

For example, many online savings accounts do not require a minimum balance or charge a monthly fee, while other fees, such as ATM fees, overdraft fees, and foreign transaction fees, are usually much lower than those of traditional banks. This can result in a substantial savings for customers.

Easily Accessible Funds
Online savings accounts provide easily accessible funds when needed. When compared to traditional accounts, online savings accounts have no minimum balance requirements and are not subject to the same withdrawal restrictions. This means that users can access their money quickly and with minimal hassle, allowing them to take advantage of unexpected opportunities or cover unexpected expenses. Additionally, online accounts come with no monthly or maintenance fees, making the savings process even more convenient.

Automated Savings Tools
One of the most advantageous features of online savings accounts is the automated savings tools. These tools provide the online saver with an easy and convenient way to save money without having to manually set aside funds on a regular basis.

Automated savings tools are able to transfer funds from a primary checking account to a secondary savings account on predetermined dates, ensuring that the user is consistently saving without even having to think about it. Automated savings tools also allow users to set up a specific amount or percentage to be transferred each time, making it easier to budget and monitor their spending.

Secure and Insured Deposits
When it comes to online savings accounts, one of the biggest benefits is the security and insurance of deposits. All deposits made in an FDIC-insured institution are insured up to $250,000 per depositor per account. This means that your money is protected if the institution goes under, ensuring that your hard earned money is safe and secure.

Additionally, many online savings accounts utilize advanced encryption technology to ensure that all of your financial information is kept safe and secure from hackers and cybercriminals.

Ability to Set Up Recurring Transfers
One of the notable advantages of online savings accounts is the ability to set up recurring transfers. This facilitates the efficient and secure transfer of funds from checking accounts to savings accounts and back. This feature eliminates the need for manual transfers and manual entry of data, as well as the need for paper checks.

Furthermore, it is easy to set up and manage multiple recurring transfers, allowing for better financial discipline and organization. The bottom line is that setting up recurring transfers provides a valuable tool for saving and managing money more effectively.

Flexible Withdrawal Limits
Online savings accounts offer customers the flexibility of having withdrawal limits that are adjustable. Depending on the bank, the limits can be changed at any given time according to the customer’s needs. This feature is especially beneficial for those who require more frequent access to funds for a variety of reasons.

Additionally, the limits can be adjusted to accommodate specific withdrawal amounts that are predetermined by the customer. This feature is especially useful for budgeting purposes and avoiding any overdrafts.

Access to Multiple Accounts With One Login
One of the main advantages of using an online savings account is the ability to access multiple accounts with just one login. This makes it much easier to manage your funds, as you will not have to remember various passwords and usernames.

With one login, you can easily switch between different accounts and check your balance at any time. It also helps to prevent unauthorized access to your accounts, as you can protect them with a secure password.

In conclusion, online savings accounts can be a great tool for savers looking to maximize their returns. They offer higher interest rates, are FDIC-insured, and they offer easy access to your funds. They also offer features like automatic transfers, which can help you save even more by setting aside money automatically every month. With so many benefits, there is no reason not to take advantage of online savings accounts today.

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Angry IT administrator destroys employer’s databases; sentenced to 7 years in prison

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Angry IT administrator destroys employer's databases; sentenced to 7 years in prison

Han Bing, a former database manager for Lianjia, a major Chinese real estate agency, was given a 7-year prison term for breaking into company computers and erasing data.

Bing is accused of carrying out the conduct in June 2018, when he reportedly accessed the company’s finance system using his administrator rights and “root” account and deleted all previously saved data from two database servers and two application servers.

Large elements of Lianjia’s operations were immediately crippled as a result, leaving tens of thousands of workers without pay for an extended length of time and necessitating a data restoration effort that cost about $30,000.

However, because Lianjia has thousands of offices, employs over 120,000 brokers, owns 51 companies, and has an estimated $6 billion market value, the indirect costs from the firm’s economic disruption were significantly more detrimental.

examination of the staff
H. Bing was one of the five primary suspects in the event involving the data deletion, according to records made public by the court of the People’s Procuratorate of Haidian District, Beijing.

When the administrator refused to reveal his laptop password to the company’s inspectors, suspicions were quickly aroused.

Chinese media outlets who reprinted portions of the disclosed documents explain that “Han Bing stated that his computer had confidential data and the password could only be handed to official authorities, or would only accept entering it personally and being present during the checks.”

The checks were solely carried out to evaluate the response of the five employees who had access to the system because, as the investigators testified in court, they knew that such an operation wouldn’t leave any records on the laptops.

Finally, the experts were able to pinpoint the activity to particular internal IPs and MAC addresses after retrieving access records from the servers. The inspectors even collected WiFi network logs and timestamps, which they afterwards compared against CCTV footage to validate their suspicions.

The forensic expert hired by the company concluded that Bing had wiped the databases using the “shred” and “rm” commands. Rm deletes the files’ symbolic links, whereas shred overwrites the data three times with different patterns to make it unrecoverable.

Unhappy employee?
Unexpectedly, Bing had regularly warned his employer and superiors about security flaws in the finance system, even emailing other administrators to express his concerns.

He was mostly disregarded, nevertheless, as the departmental administrators never gave their approval for the security project he wanted to oversee.

This was supported by the testimony of the director of ethics at Lianjia, who told the court that Han Bing frequently argued with his superiors because he believed his organisational suggestions weren’t valued.

A similar incident occurred in September 2021 when a former employee of a credit union in New York deleted approximately 21.3GB of records in a 40-minute rampage as retaliation for her managers terminating her.

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Internet Explorer 11 support will no longer be offered by WordPress.

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Internet Explorer 11 support will no longer be offered by WordPress.

WordPress, the most well-known and widely used blogging platform, is thinking about removing support for Internet Explorer 11 when its usage falls below 1%.

WordPress has discovered that the cumulative usage of IE 11 is less than 1% using the following three metrics:

according to StatCounter’s GlobalStats, 0.71%.
from W3 Counter, 1.2%
from WordPress.com, 0.46%
When WordPress stopped supporting Internet Explorer 8, 9, and 10 in 2017, these usage figures were comparable.

WordPress plans to discontinue support for Internet Explorer 11 in the future due to the low number of users and the significant expense of maintaining the browser.

“Regarding the present WordPress user experience, the majority of WordPress users ought to be aware by now that a flag was introduced to BrowseHappy around 13 months ago to not recommend IE. In connection with this, the entire IE11 experience is subpar and comes with a significant maintenance cost for developers “Last week, WordPress clarified in a blog post.

WordPress is requesting feedback from individuals and organisations that still use the browser by March 18th in order to formulate their strategies for ceasing support.

WordPress is not the only platform to stop supporting IE 11.

Microsoft Teams’ web app will no longer be supported by Internet Explorer, and Microsoft 365 would stop supporting it on August 17, 2021, according to a 2020 August Microsoft announcement.

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Major Canadian banks experience a bizarre, hours-long outage

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Major Canadian banks experience a bizarre, hours-long outage

Major Canadian banks fell unavailable for several hours, denying consumers access to e-transfers, online and mobile banking, and other services.

The Canadian Imperial Bank of Commerce, Scotiabank, Bank of Montreal, and Royal Bank of Canada (RBC) are among the institutions apparently affected by the outage (CIBC).

For many, online banking and e-Transfers are not working.
Yesterday, the main banks in Canada went offline, making it difficult for many people to access e-Transfers, online, and mobile banking services.

The number of reports of people experiencing problems accessing their online banking peaked on Wednesday between 5 and 6 p.m. Eastern time, while BleepingComputer is still receiving an influx of these reports today:

 

An RBC spokesman acknowledged that “we are currently having technical challenges with our online and mobile banking, as well as our phone services.”

“We have no ETA to offer at this time, but our specialists are looking into it and striving to fix it as soon as they can. We value your tolerance.”

Customers continued to report problems a few hours later, within 30 minutes of RBC declaring that all systems were operating normally:

Andrew Currie, an RBC client, stated that the disruption left him without “access to my money at the grocery store” and forced him to wait in line for the cash register for 30 minutes.

Customers of BMO also noticed that the bank’s “Global Money Transfer service” was unavailable “all day” and that transfers were being automatically denied without any apparent cause. Such customers were advised to contact customer care by a BMO representative.

Inconsistencies with their internet banking were not acknowledged by CIBC.

Customers were apparently locked out of the TD Bank mobile banking app, and customer support agents said they “haven’t been told of recent concerns with our online service through EasyWeb.”

According to a TD Bank representative speaking to BleepingComputer, the bank had no significant system issues or outages.

It’s unclear at this moment whether some people’s difficulties at the ATMs were caused by the outage. According to an RBC staffer, the customer experiencing ATM problems is using an old debit card:

Some transfers are subject to rules under the Emergencies Act.

Although the reason for the outage is unknown, its timing is very intriguing because it comes only a few days after Canadian Prime Minister Justin Trudeau used the Emergencies Act in the midst of ongoing “Freedom Convoy” rallies.

Deputy Prime Minister Chrystia Freeland detailed the new rules that payment service providers must follow in accordance with the recently implemented Emergencies Act on Monday during a press briefing on Parliament Hill.

Additionally, without a court ruling and without risking civil liability, the Emergencies Act gives banks the power to freeze the accounts of people and companies they believe to be connected to the illegal blockades.

However, as the Deputy PM notes, since banks are currently required to report to FINTRAC, it is still unclear how new legislation will cause a planned or unanticipated outage.

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