In a recent update, Shakepay, the Canadian cryptocurrency app, has revealed that a data breach occurred, resulting in unauthorized access to the personal information of a specific group of customers. The breach was identified on December 13, 2023, but fortunately, it did not compromise any bank accounts, crypto wallets, or customer credentials.
Addressing the Data Breach Concerns
Following the data breach, Shakepay has taken immediate action to address the issue and provide support to affected users. The breach was initially detected through unusual activity on an employee's work device. Shakepay's security team promptly responded by deauthenticating and removing the compromised device from their network. This swift action aligns with the company's incident response protocol, which aims to minimize the impact of such breaches.
Extent of the Breach and Potentially Exposed Information
Shakepay's investigation has revealed that the breach was active between March and December 2023. During this period, personal details of a small segment of customers were extracted. The information potentially exposed includes names, emails, addresses, birth dates, phone numbers, occupations, trusted contacts, account balances, and transaction history. This incident sheds light on the increasing challenges faced by digital currency platforms in safeguarding user data.
Customer Response and Protective Measures
Upon learning about the breach, Shakepay has advised its customers to remain vigilant against fraudulent activities. To enhance account security, users are encouraged to upgrade to stronger authentication methods such as two-factor authentication. It is also crucial to exercise caution when encountering suspicious communications and regularly change passwords. Shakepay emphasizes the importance of logging in only through official channels and creating unique and robust passwords.
Support for Affected Customers
To assist affected customers in mitigating the risks of identity theft, Shakepay has implemented additional security measures. The company is offering two years of free credit monitoring to monitor any potential unauthorized activities. Shakepay has set up a dedicated email address for impacted customers and is actively collaborating with law enforcement and regulatory authorities to investigate the breach further and prevent future incidents.
"At Shakepay, your trust is our utmost priority. We are committed to protecting your money and personal information," the company assured in its message to customers. "We will continue to closely monitor the situation, take all necessary steps to secure your data, and hold accountable those responsible for this breach."
Share Your Thoughts
What are your thoughts on the Shakepay data breach incident? Feel free to share your opinions and concerns regarding this matter in the comments section below.
Frequently Asked Questions
What are some of the advantages and disadvantages to a gold IRA
An Individual Retirement Account is a more beneficial option than regular savings accounts. You don't pay taxes on any interest earned. This makes an IRA a great choice for people who are looking to save money but don’t want to pay any tax on the interest earned. However, there are also disadvantages to this type of investment.
You could lose all of your accumulated money if you take out too much from your IRA. Also, the IRS may not allow you to make withdrawals from your IRA until you're 59 1/2 years old. If you do withdraw funds, you'll need to pay a penalty.
The downside is that managing your IRA requires fees. Many banks charge between 0.5%-2.0% per year. Others charge management fees that range from $10 to $50 per month.
Insurance is necessary if you wish to keep your money safe from the banks. Many insurers require that you own at least one ounce of gold before you can make a claim. Some insurers may require you to have insurance that covers losses up $500,000.
If you choose to have a gold IRA you will need to establish how much gold to use. You may be limited in the amount of gold you can have by some providers. Others let you choose your weight.
It's also important to decide whether or not to buy gold futures contracts. Gold futures contracts are more expensive than physical gold. Futures contracts, however, allow for greater flexibility in buying gold. They let you set up a contract that has a specific expiration.
Also, you will need to decide on the type of insurance coverage you would like. The standard policy doesn't include theft protection or loss due to fire, flood, or earthquake. It does provide coverage for damage from natural disasters, however. You might consider purchasing additional coverage if your area is at high risk.
You should also consider the cost of storage for your gold. Storage costs are not covered by insurance. Additionally, safekeeping is usually charged by banks at around $25-$40 per monthly.
You must first contact a qualified custodian before you open a gold IRA. A custodian keeps track of your investments and ensures that you comply with federal regulations. Custodians are not allowed to sell your assets. Instead, they must hold them as long as you request.
Once you've decided which type of IRA best suits your needs, you'll need to fill out paperwork specifying your goals. You should also include information about your desired investments, such as stocks or bonds, mutual funds, real estate, and mutual funds. Also, you should specify how much each month you plan to invest.
After filling out the forms, you'll need to send them to your chosen provider along with a check for a small deposit. After receiving your application, the company will review it and mail you a confirmation letter.
You should consult a financial planner before opening a Gold IRA. A financial planner is an expert in investing and can help you choose the right type of IRA for you. They can also help reduce your costs by suggesting cheaper options for purchasing insurance.
What's the advantage of a Gold IRA?
There are many advantages to a gold IRA. You can diversify your portfolio with this investment vehicle. You can control how much money is deposited into each account as well as when it's withdrawn.
You have the option of rolling over funds from other retirement account into a gold IRA. If you are planning to retire early, this makes it easy to transition.
The best part about gold IRAs? You don't have to be an expert. They're available at most banks and brokerage firms. Withdrawals can be made instantly without the need to pay fees or penalties.
There are, however, some drawbacks. Gold has always been volatile. Understanding why you want to invest in gold is essential. Are you seeking safety or growth? Is it for security or long-term planning? Only once you know, that will you be able to make an informed decision.
If you are planning to keep your Gold IRA indefinitely you will want to purchase more than one ounce. One ounce doesn't suffice to cover all your needs. You may need several ounces, depending on what you intend to do with your precious gold.
You don’t necessarily need a lot if you’re looking to sell your gold. You can even manage with one ounce. But you won't be able to buy anything else with those funds.
How do you withdraw from an IRA that holds precious metals?
First decide if your IRA account allows you to withdraw funds. Make sure you have enough cash in your account to cover any fees, penalties, or charges that may be associated with withdrawing money from an IRA.
An IRA is not the best option if you don't mind paying a penalty for early withdrawal. Instead, open a taxable brokerage. If you choose this option, you'll also need to consider taxes owed on the amount withdrawn.
Next, determine how much money you plan to withdraw from your IRA. The calculation is influenced by several factors such as your age at withdrawal, the length of time you have owned the account and whether or not you plan to continue contributing to retirement plans.
Once you know how much of your total savings to convert to cash, it's time to choose the type of IRA that you want. Traditional IRAs allow for you to withdraw funds without tax when you turn 59 1/2. Roth IRAs, on the other hand, charge income taxes upfront but you can access your earnings later and pay no additional taxes.
Finally, you'll need to open a brokerage account once these calculations are completed. Most brokers offer free signup bonuses and other promotions to entice people to open accounts. It is better to open an account with a debit than a creditcard in order to avoid any unnecessary fees.
When you do finally decide to withdraw from your precious metallic IRA, you will need a safe space where you can safely store your coins. While some storage facilities accept bullion bars and others require that you purchase individual coins, others will allow you to store your coins in their own safe. You will need to weigh each one before making a decision.
Because you don't have to store individual coins, bullion bars take up less space than other items. But you will have to count each coin separately. You can track their value by keeping individual coins.
Some people like to keep their coins in vaults. Others prefer to store their coins in a vault. Whichever method you choose, make sure you store your bullion safely so you can enjoy its benefits for years to come.
Can I buy gold using my self-directed IRA
Although you can buy gold using your self-directed IRA account, you will need to open an account at a brokerage like TD Ameritrade. If you have an existing retirement account, you can transfer funds to another one.
The IRS allows individuals up to $5.500 annually ($6,500 if you are married and filing jointly). This can be contributed to a traditional IRA. Individuals may contribute up to $1,000 ($2,000 if married, filing jointly) directly into a Roth IRA.
You should consider buying physical gold bullion if you decide to invest in it. Futures contracts are financial instruments that are based on gold's price. They allow you to speculate on future prices without owning the metal itself. However, physical bullion is real gold or silver bars you can hold in your hands.
Is it a good idea to open a Precious Metal IRA
It is essential to be aware of the fact that precious metals do not have insurance coverage before opening an IRA. You cannot recover any money you have invested. All your investments can be lost due to theft, fire or flood.
This type of loss can be avoided by investing in physical silver and gold coins. These coins have been around for thousands and represent a real asset that can never be lost. They are likely to fetch more today than the price you paid for them in their original form.
Consider a reputable business that offers low rates and good products when opening an IRA. You should also consider using a third party custodian to protect your assets and give you access at any time.
Do not open an account unless you're ready to retire. Don't forget the future!
Statistics
- You can only purchase gold bars at least 99.5% purity. (forbes.com)
- Instead, the economy improved, stocks rebounded, and gold plunged, losing 28 percent of its value in 2013. (aarp.org)
- Indeed, several financial advisers interviewed for this article suggest you invest 5 to 15 percent of your portfolio in gold, just in case. (aarp.org)
- (Basically, if your GDP grows by 2%, you need miners to dig 2% more gold out of the ground every year to keep prices steady.) (smartasset.com)
- If you take distributions before hitting 59.5, you'll owe a 10% penalty on the amount withdrawn. (lendedu.com)
External Links
forbes.com
wsj.com
- Saddam Hussein’s InvasionHelped Uncage a Bear In 1989 – WSJ
- Are you interested in keeping gold in your IRA at-home? It's Not Exactly Legal – WSJ
irs.gov
law.cornell.edu
- 7 U.S. Code SS7 – Designation board of trade as contract marketplaces
- 26 U.S. Code SS 408 – Individual retirement account
How To
The History of Gold as an Asset
From the ancient days to the early 20th Century, gold was a common currency. It was widely accepted around the world and enjoyed its purity, divisibility and uniformity. In addition, because of its value, it was traded internationally. However, since there were no international standards for measuring gold at this point, different weights and measures existed worldwide. One pound sterling in England was equivalent to 24 carats silver, while one livre tournois in France was equal 25 carats. In Germany, one mark was equivalent to 28 carats.
In the 1860s the United States began issuing American currency made up 90% copper (10% zinc) and 0.942 gold (0.942 pure). This led to a decline in demand for foreign currencies, which caused their price to increase. At this point, the United States minted large amounts of gold coins, causing the price of gold to drop. The U.S. government was unable to pay its debts due to too much money being in circulation. To do this, they decided that some of their excess gold would be sold back to Europe.
Since most European countries were not confident in the U.S. dollar they began accepting gold as payment. However, many European nations stopped using gold to pay after World War I and started using paper currency instead. Since then, the price of gold has increased significantly. Even though the price fluctuates, gold is still one of best investments.
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By: Jamie Redman
Title: Shakepay Discloses Data Breach Impacting a Limited Number of Users
Sourced From: news.bitcoin.com/crypto-app-shakepay-reveals-data-breach-affecting-a-small-number-of-customers/
Published Date: Sat, 16 Dec 2023 22:00:27 +0000
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