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2.9 billion people allegedly had Social Security numbers, other data stolen

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2 years ago

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Sakorn Sukkasemsakorn | Istock | Getty Images

About 2.9 billion people may have had their personal information hacked, a new proposed class action lawsuit alleges.

If true, reports suggest all Americans may have had valuable personal information compromised — including full names, current and past addresses, Social Security numbers and information on parents, siblings and other relatives.  

The alleged April 2024 breach occurred when a background check company doing business as National Public Data, owned by Jerico Pictures Inc., failed to properly safeguard information it scraped, the lawsuit states. The company provides instant search access to billions of records.

Neither National Public Data nor Jerico Pictures returned requests for comment by CNBC.

“If this turns out to be accurate … then it would just basically mean that everyone’s affected,” said Cliff Steinhauer, director of information security and engagement at The National Cybersecurity Alliance, a non-profit organization focused on cybersecurity awareness and education.

Identity theft is where bad actors are focusing their attention, says CyberArk CEO

However, this breach may not be as far-reaching as reports suggest, said James E. Lee, chief operating officer at the Identity Theft Resource Center, a non-profit organization working to minimize the risk of identity theft.

For example, if there were multiple records per individual compromised, that could reduce the total number of people affected. If other countries were affected too, that could reduce the number of Social Security numbers involved. In addition, much of the information leaked may have already been available elsewhere, he said.

‘You’re vulnerable forever’

Massive data breaches are not new.

A 2017 Equifax data breach was estimated to have affected half the U.S. population. A 2013 Yahoo data breach may have affected all the company’s accounts, or 3 billion people total.

Still, experts say the news of this latest breach should put consumers on high alert.

“It’s not a matter of if, it’s a matter of when,” Steinhauer said. “I’d be surprised [if] there are many people who haven’t been affected by a data breach like this already, just because of the sheer number of breaches that have happened that contain similar data.”

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Consumers tend to find out their information may have been compromised through data breach notices from the companies affected.

“We’ve got enough data now to say if you get a data breach notice, there’s a high likelihood that you’re going to suffer an identify crime at some point within 12 months,” Lee said.

While it’s still not possible to directly correlate a breach to an identity crack, he said, the risks have no expiration date once your information has been exposed.

“You’re vulnerable forever,” Lee said.

Freezing your credit is the ‘number one piece of advice’

The best tip to protect your personal records is to put a security freeze on your credit reports, which will limit access to your records, experts say.

It’s also the best first step if you think your data has been compromised.

“Freezing your credit is the single most important thing you can do when you get a data breach notice,” Lee said.

The process can be done quickly and for free by submitting separate requests to each of the three credit bureaus, which includes Equifax, Experian and TransUnion.

While freezing your credit will limit access to your credit reports, it won’t block it completely. Your records will still be available to certain companies and under certain circumstances.

The freeze doesn’t just block bad actors. Notably, if you want to apply for a new credit card or auto loan, you may get rejected if you do not unfreeze your credit first.

As you freeze your credit, you should proceed with caution. Make sure you’re not clicking on a lookalike domain that purports to be one of the three major credit bureaus that could instead be operated by hackers, Steinhauer said.

Additionally, do not open your personal records on public Wi-Fi, he said.

Consumers can purchase additional protection through dark web monitoring services, which will let you know when your information is compromised. While that step can provide peace of mind, it’s not going to stop anything from happening, Lee said.

Consumers should also make sure they have strong and unique passwords that use multi-factor authentication, where two or more steps are used before access to an account is granted. Consumers may want to consider using a password manager, which can help generate strong passwords and store those codes, Steinhauer said.

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Personal Finance

$20,000 Caution Bond Requirement for US Visa Applications imposed on 50 Countries

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7 days ago

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August 8, 2026

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The United States Department of State has officially implemented a revised visa policy introducing a mandatory posting requirement for caution payments of up to $20,000 on select foreign travel applications. Under the updated regulatory framework, consular officials are authorized to require temporary nonimmigrant visa applicants from targeted foreign countries to post a refundable financial bond of $20,000 as a condition for visa issuance. The policy mechanism is designed to address diplomatic concerns regarding high overstay rates among temporary visitor, business, and educational visa categories.

The caution bond pilot program applies selectively to foreign nationals from designated countries whose diplomatic entities record historical visa overstay rates exceeding established federal thresholds. Under administrative guidelines published by the State Department, the full financial deposit is posted directly to a dedicated federal escrow account prior to final visa issuance. The entire caution payment is automatically refunded to the applicant upon verified proof of timely departure from the United States in strict compliance with the authorized duration of stay. Conversely, failure to depart within the legal timeframe results in full forfeiture of the posted financial bond to the United States government.

Diplomatic representatives and travel policy experts have expressed varying perspectives regarding the operational implementation of the caution bond system. Administration officials emphasize that the measure serves as an effective, market-based incentive to enforce international travel compliance and preserve domestic immigration security standards. However, international trade organizations and foreign diplomatic missions have raised concerns regarding the financial burden imposed on legitimate business travelers, foreign students, and commercial partners from developing nations.

The United States finalized the rule to make the temporary visa bond program permanent, taking effect on August 3, 2026. The updated permanent regulation replaces the prior 12-month pilot, eliminates the lowest $5,000 tier, and raises the maximum required bond amount to $20,000 for specific B-1/B-2 business and tourist visa applicants.

Here is the list of the 50 countries on the list as o August 3, 2026

African Nations (31 Countries)

  • Algeria
  • Angola
  • Benin
  • Botswana
  • Burundi
  • Cabo Verde (Cape Verde)
  • Central African Republic
  • Côte d’Ivoire (Ivory Coast)
  • Djibouti
  • Ethiopia
  • Gabon
  • The Gambia
  • Ghana
  • Guinea
  • Guinea-Bissau
  • Lesotho
  • Malawi
  • Mauritania
  • Mauritius
  • Mozambique
  • Namibia
  • Nigeria
  • São Tomé and Príncipe
  • Senegal
  • Seychelles
  • Tanzania
  • Togo
  • Tunisia
  • Uganda
  • Zambia
  • Zimbabwe

Asian & Eastern European Nations (11 Countries)

  • Bangladesh
  • Bhutan
  • Cambodia
  • Georgia
  • Kyrgyzstan
  • Mongolia
  • Nepal
  • Papua New Guinea
  • Tajikistan
  • Turkmenistan
  • Uzbekistan

Caribbean & Latin American Nations (5 Countries)

  • Antigua and Barbuda
  • Cuba
  • Dominica
  • Grenada
  • Venezuela

Oceanian Nations (3 Countries)

  • Fiji
  • Tonga
  • Vanuatu

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Personal Finance

Next-Generation Retirement Planning: Managing Longevity Risk and Variable Income Streams

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1 week ago

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August 7, 2026

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Retirement planning strategies are evolving in 2026 to address increased life expectancies, shifting dynamic market conditions, and the transition away from traditional defined-benefit pensions. Individual investors and financial advisors are abandoning rigid retirement models in favor of flexible, multi-asset strategies designed to mitigate longevity risk and preserve purchasing power over multi-decade retirement horizons.

Mitigating Longevity Risk with Dynamic Asset Allocation
As average life expectancies extend past eighty-five years, one of the primary financial risks facing retirees is outliving their accumulated wealth. Traditional fixed income allocations—such as the standard 60/40 equity-to-bond portfolio—are being reevaluated to ensure portfolios generate sufficient capital growth alongside reliable income.

Financial planners recommend maintaining a meaningful equity allocation throughout retirement to offset long-term inflation erosion. High-dividend equity funds, global real estate investment trusts (REITs), and inflation-indexed Treasuries are combined to create diversified portfolios that deliver both growth and income stability.

The Transition to Dynamic Withdrawal Strategies
The classic “4% safe withdrawal rule” is increasingly replaced by dynamic withdrawal strategies that adapt annually based on market performance. Under a dynamic withdrawal framework, retirees adjust their annual distribution rates within pre-set caps and floors:
– Market Upside: During strong market returns, retirees can increase discretionary spending or fund family legacy gifts.
– Market Downturns: During market pullbacks, spending distributions are temporarily reduced to prevent sequence-of-returns risk and preserve core investment principal.

Guaranteed Lifetime Income Options and Deferred Annuities
To establish a guaranteed baseline for essential living expenses, individuals are incorporating modern fixed-indexed and deferred longevity annuities into their broader retirement architectures. Modern annuity structures offer competitive return caps, transparent fee schedules, and inflation-adjustment options.

By funding essential expenses—such as housing, healthcare, and insurance—with guaranteed income streams from Social Security, pensions, and annuities, retirees can manage discretionary investment portfolios with greater flexibility and lower emotional stress during market volatility.

Actionable Steps for Future Retirees
1. Calculate Baseline Retirement Expenses: Determine fixed living costs and map guaranteed income sources to cover essential expenditures.
2. Adopt Flexible Withdrawal Rules: Implement dynamic spending rules to protect investment principal against market downturns.
3. Incorporate Inflation-Protected Assets: Maintain exposure to dividend-growing equities and inflation-indexed bonds to safeguard long-term purchasing power.

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Personal Finance

Building Generational Wealth: Family Governance, Estate Tax Optimization, and Asset Protection

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2 weeks ago

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August 1, 2026

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As the largest intergenerational transfer of wealth in history accelerates, high-net-worth families, entrepreneurs, and individual investors are placing heightened emphasis on comprehensive estate planning, family governance, and asset protection. Preserving capital across generations requires a balanced approach combining tax-efficient legal structures with open family communication and financial literacy education.

Optimizing Estate Tax Exemptions and Trust Structures
With potential modifications to federal estate tax exemption thresholds on the horizon, proactive estate planning is essential for high-net-worth households. Estate planning attorneys and wealth advisors are establishing multi-generational trust structures to transfer wealth efficiently while minimizing estate and gift tax exposure.

Popular structural strategies include:
– Irrevocable Life Insurance Trusts (ILITs): Utilizing life insurance proceeds to provide liquidity for estate tax obligations without expanding the taxable estate.
– Grantor Retained Annuity Trusts (GRATs): Transferring rapidly appreciating assets to beneficiaries with minimal gift tax consequences.
– Dynasty Trusts: Preserving wealth across multiple generations while providing long-term asset protection from creditor claims and legal liabilities.

Establishing Family Governance and Financial Education
Legal and financial structures alone cannot guarantee long-term wealth preservation without effective family governance. Financial advisors report that a significant percentage of multi-generational wealth dissipation stems from lack of communication and inadequate financial preparation among heir generations.

Families are establishing formal family governance frameworks, including periodic family meetings, written mission statements, and structured philanthropic foundations. Involving younger family members in charitable grant-making and investment discussions fosters financial stewardship and prepares heirs to manage family assets responsibly.

Digital Asset Custody and Legacy Planning
In today’s modern economy, estate planning must extend beyond physical real estate and traditional brokerage accounts to encompass digital assets. Comprehensive estate plans now include detailed inventories and legal access protocols for corporate domain names, intellectual property, digital media rights, and cryptocurrency holdings.

Fiduciaries and estate executors should be provided with secure, encrypted access mechanisms and clear legal authority to manage and transfer digital holdings in accordance with the owner’s estate directions.

Practical Steps for Legacy Planning
1. Review and Update Estate Documents: Ensure wills, revocable trusts, and power-of-attorney designations accurately reflect current family structures.
2. Establish Structured Trusts: Utilize irrevocable trusts to protect assets from creditors and minimize future estate tax liabilities.
3. Create a Digital Estate Inventory: Document access protocols and legal permissions for all online accounts, intellectual property, and digital assets.

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