The Daily Money: cyber criminals are coming after businesses, consumers at a record rate
Happy Friday! I'm looking out of my home-office window to a kind-of dreary day, but it is 50 degrees. That feels "balmy" to us in the Midwest after some bone-chilling cold last week. Besides, it's almost the weekend!
This is Betty Lin-Fisher with today's The Daily Money. Each Friday, I will bring you a consumer-focused edition of this newsletter.
In its latest annual report, the San Diego-based Identity Theft Resource Center said 2023 set a new record for the number of data compromises. There were also 353 million victims of ID theft, a 22% decrease from 2022, but still a staggering number.
Every time I talk to the experts at the nonprofit center, I get a stomach ache. I hear the latest ways criminals are targeting businesses ––– both big and small – and consumers. You can read more, including ways to protect yourself in my story.
Is TurboTax really free for some consumers?
The Federal Trade Commission and Intuit, the makers of TurboTax are fighting about what "free" means and whether saying something is "free" really costs you nothing.
The FTC has issued two orders, one in 2022 and another earlier this week, alleging that TurboTax is misleading consumers with its ads saying some consumers qualify to use its software and file their income taxes for free. The FTC alleges consumers find out after they've input all their information that they don't qualify. TurboTax says that is not true and the FTC and its internal legal system is "accuser, judge, jury, and then appellate judge." TurboTax has filed an appeal in federal court.
Read more about whether you would qualify for "free" in my story.
I'll throw in one more of my consumer stories this week for your reading list. Earlier this month, Chris Hawkins of Chesterfield, Missouri emailed Paste BN. His 2018 Chrysler Pacifica plug-in hybrid electric van, which had been serviced for a recall linked to a fire risk, caught on fire while off and plugged in at his home.
I started investigating and while I was reporting, the National Highway Traffic Safety Administration opened a recall investigation into that specific recall. Three other car owners reported nearly the exact same fire incident.
You can read more about the recall and investigation in my story. I have also been hearing from more Pacifica owners with similar complaints or worries about their vehicles.
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About The Daily Money
Each weekday, The Daily Money delivers the best consumer news from Paste BN. We break down financial news and provide the TLDR version: how decisions by the Federal Reserve, government and companies impact you.