Every month is Cybersecurity Awareness Month here at Canon Capital Technologies, but October is when the industry works to highlight ways to stay ahead of current threats and keep your data secure.
While films and television shows may glamorize hackers with advanced skills and flashy attacks, the reality is far less dramatic. Most successful cyberattacks occur due to simple schemes and vulnerabilities that are exploited by malicious actors.
Las Vegas recently experienced a significant disruption when MGM’s network fell victim to a breach. The consequences were widespread with immediate impact: restaurants couldn’t order food, slot machines were rendered unavailable, and an alarming amount of personal information was stolen. It’s essential to note that this breach wasn’t orchestrated like an “Oceans 11” style heist. Instead, it was a voice actor who impersonated an employee, successfully fooling a genuine MGM employee into granting them system access. Shockingly, this was all it took to cost MGM an estimated $2 billion in market capitalization.
This incident, along with numerous other high-profile cyberattacks, serves as a stark reminder of the need for consistent cybersecurity training in all businesses. Cybercriminals are constantly evolving their tactics, and as demonstrated in the MGM case, they often exploit human weaknesses within an organization’s security infrastructure.
We understand the gravity of the cybersecurity landscape and are committed to helping businesses protect themselves. This Cybersecurity Awareness Month, take proactive steps to safeguard your business. Contact us today to learn how we can help. Call 267.381.2025 or reach us online.
The market continues to perform well, making this the perfect time to prepare for the eventuality of a downturn. The good news is that recoveries last far longer than the preceding downturns. Continue reading to learn more.
We are always happy to be of service. Call us at 215-723-4881 with any questions you may have.
Are you a self-motivated leader and experienced accountant looking for a new opportunity? Do you desire more freedom in managing your own schedule and client base while utilizing various service offerings and a team of experienced staff? If so, working with us as a tax preparer/accountant may be your next career step.
The weather forecast for the stock market continues to be mostly sunny, but how long can this rally continue? We have the details you need.
If you have questions or would like to discuss your portfolio, we are happy to help. Call us at 215-723-4881.
When you hear “check washing,” it probably reminds you of that time you forgot to check everyone’s pockets before doing laundry. But the term refers to a criminal act that is on the rise throughout the United States. This fraudulent activity involves altering a written check by erasing its details — such as the recipient’s name or the check amount — and rewriting them to benefit the criminal.
The Check Washing Process
The process is alarmingly simple. Once the thief has the check, they use chemicals or heat to erase the existing information without damaging the paper. Then they write in new details to their benefit.
Preventing Check Washing
There are several ways to protect yourself from becoming a victim of check washing:
- Use pens with pigment-based ink. These inks are resistant to most chemicals used in check washing.
- Always keep your checks in a secure place. If mailing checks, use a tamper-evident envelope. For an additional layer of safety, walk the check into the post office instead of using the outdoor mailboxes.
- Where possible, switch to electronic transactions to avoid using physical checks.
What to Do If You’re a Victim
If you think you’ve been targeted by check washing, here’s what to do:
- Contact your bank to stop payment on the suspected check immediately.
- Notify your local law enforcement and the Federal Trade Commission about the issue.
- Monitor your accounts and bank statements for any unauthorized transactions.
Taking a few simple preventive measures will go a long way in protecting yourself against check washing.
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Accounting. Payroll. Technologies. Wealth Management. We’re here to help. Call us at 215-723-4881 or contact us online.
The Fed has hit pause on another interest rate hike, at least for now. We are monitoring their activity closely and will keep you updated. In the meantime, here are more details about the current landscape.
So far in 2023 we have experienced a series of interest rate increases from the Fed and a tightening of the labor market. Continue reading for a more detailed update.
We all want the best for our children – for them to have every opportunity to grow and learn and to make a success of their life. The challenge we face as parents of young is how to properly fund our children’s education without draining our current cash flow.
What should you do if they are a few years away from college and your education fund won’t be enough? How can you increase your chances of getting financial aid? What tax benefits might be available to you? Your professional advisors are able to help you answer these question and any others you may have. With the costs of a college education rising every year, the keys to funding your child’s education are to plan early and invest shrewdly. However, there are steps you can take if you get a late start. Moreover, there are a number of effective techniques for increasing financial aid opportunities and reducing taxes.
The thought of funding your child’s education—the cost of which has grown at about 6% a year— can be mind-boggling. However, proper planning can lessen the financial squeeze considerably, especially if you start when your child is young.
We can help you to make the right financial decisions and begin saving for that college education today.
This year brings another decrease in the Philadelphia City Wage Tax. Effective July 1, 2023, employers must withhold wage tax at the new rate of 3.75% from all paychecks issued to Philadelphia residents. The wage tax for non-residents of Philadelphia will remain at 3.44%.
This change must be in place for all paychecks dated after June 30, 2023.
Questions? We’re happy to help. Give us a call at 215-723-4881.
Preparing for the pitter-patter of little feet can be such an exciting, heady time that it can be easy to overlook some of the more serious issues relating to this event. As soon as you start your family, financial planning for the future becomes even more essential. How will you finance childcare, medical bills, food, education, clothing, toys, and education savings? What will you need to spend money on and how much will each item cost? It’s important to take into consideration the ongoing costs associated with starting and raising a family. To get you started, here are some of the things you’ll need to factor into your financial planning:
- Doctor and hospital expenses
- Nursery furniture and clothing
- Baby supplies and equipment
- Formula
- Childcare
- Healthcare
- Toys and clothes
- Education costs
- Extra curricular activities (e.g., ballet classes, school camps, sporting events and activities)
- Doctor and medical expenses
- Increased insurance
Be certain you’re well prepared. Talk with us today about how best to prepare for a life-changing event such as the birth of a child.
