econintersect.com
       
  

FREE NEWSLETTER: Econintersect sends a nightly newsletter highlighting news events of the day, and providing a summary of new articles posted on the website. Econintersect will not sell or pass your email address to others per our privacy policy. You can cancel this subscription at any time by selecting the unsubscribing link in the footer of each email.



posted on 20 September 2015

The Cost Of Free Wi-Fi

from the Atlanta Fed

-- this post authored by Douglas A. King

When I was a teenager, my friends and I were often on the prowl for bargain restaurant offers. The all-you-can-eat buffet at our local Chinese restaurant was a favorite, but every so often we would discover a "free meal deal." We were once reminded by my friend's dad that "nothing in life is free." That quote left a lasting impression on me.

The validity of this quote was hammered home recently during a security discussion I had with a friend on connectivity to the Internet through free public Wi-Fi. Though free public Wi-Fi is, well, free, it has "soft" costs tied to the lack of security in the connection. And these soft causes can quickly lead to the "hard" costs of fraud - from theft of personal information, user names and passwords, or payment credentials, since hackers are easily able to intercept data transmitted over the Wi-Fi network. Beyond this method, which involves a legitimate network, fraudsters can also deploy rogue Wi-Fi networks for the sole purpose of stealing information. And then, once they have that information, the fraudster can use it to access your accounts under your identity.

This does not mean that people shouldn't use free or public Wi-Fi. When I am away from my home, whether I'm at a local coffee shop or on the road at a hotel, I often seek locations with free Wi-Fi. Apparently, I am not the only one. A recent survey by a U.K. hotel chain found that free Wi-Fi was the most important factor for its customers when choosing a hotel. Free Wi-Fi even ranked higher than a good night's sleep!

However, using free public Wi-Fi and trusting it are two different things. It should never be trusted, and therefore users should do everything to protect themselves and their information. Before joining a free public Wi-Fi network, users should ensure that it is a legitimate network offered by a legitimate entity such as a business, municipality, hotel, or airport. Criminals often will use deceptive Wi-Fi names to trick users into choosing bogus Wi-Fi networks, so users should pay close attention to signage promoting Wi-Fi networks or ask staff for help in identifying legitimate networks. The Federal Trade Commission offers detailed advice on protecting yourself against Wi-Fi security risks once you are connected, including:

  • Use a virtual private network, or VPN.
  • Use SSL-encrypted connections by enabling the "Always Use HTTPS" website option.
  • Turn off file sharing.

These risks are not just limited to free public Wi-Fi networks. They are also inherent to any public Wi-Fi network, including paid networks such as the in-flight Wi-Fi that many airlines offer. It is imperative that users of public networks take the necessary steps to safeguard their information, especially while conducting financial transactions. As free public Wi-Fi spots continue to proliferate and more financial transactions move to connected devices, rest assured that fraudsters will continue to exploit this communications channel. Educating users on how to protect themselves using public Wi-Fi is critical to safeguarding financial information.

What are you doing to bring awareness to your customers about public Wi-Fi risks?

Source

http://takeonpayments.frbatlanta.org/2015/09/the-cost-of-free-wi-fi.html

>>>>> Scroll down to view and make comments <<<<<<

Click here for Historical News Post Listing










Make a Comment

Econintersect wants your comments, data and opinion on the articles posted.  As the internet is a "war zone" of trolls, hackers and spammers - Econintersect must balance its defences against ease of commenting.  We have joined with Livefyre to manage our comment streams.

To comment, using Livefyre just click the "Sign In" button at the top-left corner of the comment box below. You can create a commenting account using your favorite social network such as Twitter, Facebook, Google+, LinkedIn or Open ID - or open a Livefyre account using your email address.



You can also comment using Facebook directly using he comment block below.





Econintersect Contributors


search_box

Print this page or create a PDF file of this page
Print Friendly and PDF


The growing use of ad blocking software is creating a shortfall in covering our fixed expenses. Please consider a donation to Econintersect to allow continuing output of quality and balanced financial and economic news and analysis.


Take a look at what is going on inside of Econintersect.com
Main Home
Analysis Blog
The Problem With Obamacare Is That It Did Little To Reduce Overall Healthcare Spending
Joan Robinson’s Critique of Marginal Utility Theory
News Blog
Joe Sixpack's Situation in 3Q2016: The Average Joe Is Better Off
Why Are Some People More Delinquent On Loans Than Others? - Part 1
Gravity Returns To San Francisco Housing Market
Violent Bond Selloff: An Eye-Opening Perspective
Infographic Of The Day: Identity Theft: You Should Be Worried
Early Headlines: Russia Hacked GOP, Trump To Drain Energy 'Swamp'?, New Sec'y Of State Candidate, India IP Shrinks, India Has World's New Largest Solar Plant , China GDP Hides Volatility And More
Most Coup Attempts In Recent Years Have Failed
The Global Cost Of Diabetes
The Universities Churning Out The Most Billionaires
Five Amazing Ways Plants Have Created New Technologies
Where U.S. Weekly Wages Go The Furthest
What We Read Today 09 December 2016
How To Stop Using Filler Words Like Um And Uh
Investing Blog
The New Art Of Utility Investing
Investing,com Weekly Wrap-up 09 December 2016
Opinion Blog
Trickle-down Economics, Trump Edition
Looking At Everything: Trump's $1 Trillion Infrastructure Plan
Precious Metals Blog
Silver Prices Rebounded Today: Where They Are Headed
Live Markets
09Dec2016 Market Close: Wall Street Closes On A New High, Trump Sugar High, Crude Prices Testing Resistance, US Dollar Melts Higher
Amazon Books & More






.... and keep up with economic news using our dynamic economic newspapers with the largest international coverage on the internet
Asia / Pacific
Europe
Middle East / Africa
Americas
USA Government



Crowdfunding ....






























 navigate econintersect.com

Blogs

Analysis Blog
News Blog
Investing Blog
Opinion Blog
Precious Metals Blog
Markets Blog
Video of the Day
Weather

Newspapers

Asia / Pacific
Europe
Middle East / Africa
Americas
USA Government
     

RSS Feeds / Social Media

Combined Econintersect Feed
Google+
Facebook
Twitter
Digg

Free Newsletter

Marketplace - Books & More

Economic Forecast

Content Contribution

Contact

About

  Top Economics Site

Investing.com Contributor TalkMarkets Contributor Finance Blogs Free PageRank Checker Active Search Results Google+

This Web Page by Steven Hansen ---- Copyright 2010 - 2016 Econintersect LLC - all rights reserved