Which Would You Rather Have Stolen: Your Naked Photos or Your Financial Data?
Given the choice, more than half of Americans would prefer to have naked photos of themselves leaked online than have their financial information stolen, according to a new report by MasterCard.
The study finds that more than three-quarters of Americans are anxious about their financial information and social security numbers being stolen or compromised. That makes it a worry for more Americans than having their email hacked (62 percent) or their home robbed (59 percent).
Still, most Americans aren’t properly safeguarding their data. Although more than 90 percent of those surveyed said that they take precautions to protect their financial information, 46 percent rarely or never change their passwords, and 44 percent use the same password for multiple online accounts.
Related: Expert Tips to Reduce Your ID Theft Risk
The two post popular passwords found on the Internet last year were (once again) 123456 and “password,” according to a separate report by password management provider SplashData.
In addition to changing your password and using multiple, strong passwords for various accounts, consumers can protect their data by avoiding public WiFi for purchases and shopping online only on secure sites.
There’s good reason to be cautious. Last year, 2.5 times more consumers were notified that their personal information had been compromised in a data breach than in 2013, according to Javelin.
If you are worried that you have been the victim of ID theft, report it immediately to your credit card issuer, bank, and other financial institutions. Sign up for a fraud alert and check your credit reports regularly for suspicious activity.
Chart of the Day: Boosting Corporate Tax Revenues
The leading candidates for the Democratic presidential nomination have all proposed increasing taxes on corporations, including raising income tax rates to levels ranging from 25% to 35%, up from the current 21% imposed by the Republican tax cuts in 2017. With Bernie Sanders leading the way at $3.9 trillion, here’s how much revenue the higher proposed corporate taxes, along with additional proposed surtaxes and reduced tax breaks, would generate over a decade, according to calculations by the right-leaning Tax Foundation, highlighted Wednesday by Bloomberg News.
Chart of the Day: Discretionary Spending Droops
The federal government’s total non-defense discretionary spending – which covers everything from education and national parks to veterans’ medical care and low-income housing assistance – equals 3.2% of GDP in 2020, near historic lows going back to 1962, according to an analysis this week from the Center on Budget and Policy Priorities.
Chart of the Week: Trump Adds $4.7 Trillion in Debt
The Committee for a Responsible Federal Budget estimated this week that President Trump has now signed legislation that will add a total of $4.7 trillion to the national debt between 2017 and 2029. Tax cuts and spending increases account for similar portions of the projected increase, though if the individual tax cuts in the 2017 Republican overhaul are extended beyond their current expiration date at the end of 2025, they would add another $1 trillion in debt through 2029.
Chart of the Day: The Long Decline in Interest Rates
Are interest rates destined to move higher, increasing the cost of private and public debt? While many experts believe that higher rates are all but inevitable, historian Paul Schmelzing argues that today’s low-interest environment is consistent with a long-term trend stretching back 600 years.
The chart “shows a clear historical downtrend, with rates falling about 1% every 60 years to near zero today,” says Bloomberg’s Aaron Brown. “Rates do tend to revert to a mean, but that mean seems to be declining.”
Chart of the Day: Drug Price Plans Compared
Lawmakers are considering three separate bills that are intended to reduce the cost of prescription drugs. Here’s an overview of the proposals, from a series of charts produced by the Kaiser Family Foundation this week. An interesting detail highlighted in another chart: 88% of voters – including 92% of Democrats and 85% of Republicans – want to give the government the power to negotiate prices with drug companies.
