The Business Email Compromise (BEC) is a scam perpetrated by scammers who, using social engineering tactics, pose as company executives or trusted vendors to lure employees at their targeted companies to transfer funds to the scammers. The FBI first began tracking the (BEC) in 2013 and the scam has gotten bigger and bigger each year. The FBI reports that between October 2013 and December 2023 there were 305,033 incidents of the BEC domestically and internationally with losses pegged at $55,499,915,582. The BEC is an equal opportunity scam, targeting both small businesses and large corporations with incidents being reported in every…

AI is reshaping industries and changing how individuals approach personal finance. As companies like OpenAI and Google attract the best AI talent with salaries reaching the millions, startups and even established financial firms increasingly turn to development studios like Lateral, Aristek Systems, and InData Labs to build AI capabilities. This trend presents new economic opportunities for investors, entrepreneurs, and professionals in finance, as well as for everyday consumers. AI-Driven Tools for Personal Finance Management AI-driven financial tools are increasingly accessible to consumers, allowing people to improve their finances with minimal effort. Outsourced AI development enables financial institutions to provide innovative…

An initial draft of this script was created by NerdWallet using automation technology, then thoroughly reviewed, edited and fact-checked by NerdWallet’s human writers and editors.If you’re looking to lower a utility bill, calling a customer service representative can help. (Look for this number on your bill or company website.)You could potentially get a lower bill, or, more likely, find ways to cut costs through rebates and assistance programs. Or you may make charges more predictable and easier to plan for with an alternative payment plan.Your script for finding ways to saveThe script below will help you ask about these opportunities…

Tariffs play a crucial role in shaping trade policies, influencing prices, and ultimately impacting household finances. Understanding tariffs can help consumers, investors, and workers make better financial decisions. This article explores what tariffs are, examines their effects, and provides strategies for navigating such effects on personal finances. What Are Tariffs? A tariff is a tax imposed by a government on imported goods or services. Typically, tariffs serve two purposes: they protect domestic industries from foreign competition and generate government revenue. By making foreign goods more expensive, tariffs encourage consumers to buy domestically produced products, which can help support the local…

With the holidays approaching, many people are worried about how to afford gifts without falling into debt. While the season can bring joy, it also brings pressure to spend. A new study from WalletHub shows 46% of Americans are still paying off debt from the last holiday season. But with careful planning, it’s entirely possible to enjoy the holidays without compromising your finances or going into debt. Here are three practical strategies to avoid holiday debt while still giving meaningful gifts and creating cherished memories. 1. Create A Realistic Budget And Stick To It A well-planned budget can prevent overspending…

With former President Donald Trump now set to return to the White House following his election victory this week, the fate of several student loan forgiveness programs is murky. But there will very likely be significant changes to the student loan landscape during the next four years. One thing seems nearly certain — the Biden administration’s initiatives to cancel student loan debt on a mass scale will not proceed further. Biden’s “Plan B” loan forgiveness initiative is currently blocked by a federal court in Missouri and wouldn’t be implemented under the Trump administration. And a Trump-led Education Department would be…

In recent years, the concept of fiduciaries has gained visibility, spurred by advertisements emphasizing the importance of working with a financial professional who prioritizes their clients’ best interests. While the term “fiduciary” implies a commitment to client-centered service, the reality often holds nuances beyond what ads suggest. According to the SEC Study on Investment Advisers and Broker-Dealers (January 2011), “An investment adviser is a fiduciary whose duty is to serve the best interests of its clients, including an obligation not to subordinate clients’ interests to its own.” This standard includes the duties of loyalty and care, essential principles that shape…

The Federal Reserve has now cut interest rates twice this year, lowering the Fed Funds Rate another quarter point this week. However, if you’ve been looking to buy a home, you’ve likely noticed that mortgage rates have not been dropping. Rather, they’ve been doing the opposite. Increases to the federal funds rate throughout 2022 and 2023 were part of the reason mortgage rates increased from around 3.00% for a 30-year, fixed-rate mortgage at the end of 2021 to 7.79% for the same loan type in the week ending on October 26, 2023. Fed rate increases were also why credit card…

When is Black Friday 2024? Black Friday is the day after Thanksgiving — this year, Nov. 29 — and it has typically been the kickstart to the holiday shopping season. Hundreds of retailers launch special in-store and online sales that are meant to encourage shoppers to check items off their list. Black Friday is a time when businesses are able to move from “the red” (operating at a loss) to “the black” (making a profit). While Black Friday has a rich history, this narrative began in the 1980s and has stuck with the holiday ever since. Predicting Black Friday trends…

“People get weird around money,” says Bobby Soler, a financial advisor with the firm Strategies for Wealth in New York City. “It can be really awkward with family members.” He knows from firsthand experience. When it came to caring for his grandmother, his family avoided planning discussions, which led to stressful disagreements between siblings. He wants people to prevent that kind of situation by talking about money — even difficult topics like end-of-life planning — well in advance.You want to know if your parents have enough money for retirementOpening up the conversation by using a recent news article can be…