Anyone using a dedicated machine for on-line banking, portfolio tweeking? I've thought about this a fair amount for years and I'm not sure I've come to any valuable conclusions but here's what I've decided. First, I think there are different kinds of "hacks". The most frequent being that you get an email or download something and it has a virus or malware attached to it and that causes a problem. I've concluded there are only a couple ways to defend against this. One is to be as careful as you can about what you open in your email and what you download. I feel like I read about these kinds of things and get "reminders" from my banks, brokers, etc. about how they communicate fairly often but I think it pays to be skeptical. A second is to have a decent software program or programs to protect against viruses, malware, phishing, etc. and you talked about that. I primarily use BitDefender and I've been very happy with it for years. And a third is to have a router with a modern up-to-date firewall. The technology gets better and better and I'm not willing to buy a new router every year, but I do try to check every once in while what's happening and I've replaced my router a couple of times when I thought there was the opportunity to upgrade my firewall. I think a separate laptop dedicated to performing a limited number of activities is probably most useful in limiting this type of risk.
A second type of hack is a direct attack on your network and your computer(s). I'm not convinced a separate computer helps you much here because if someone penetrates your network then they have the opportunity to attack everything on that network. I guess if you only turn the separate laptop on for the limited time you need to do something and then disconnect it then it limits this type of risk. I set my router so it doesn't "broadcast" my network. When I look at available wireless networks I see many of my neighbor's networks and also see that most of them are secured. But when they look at available wireless networks they don't see mine. Unless someone is trying to attack me personally, then seeing everyone else's network and not seeing mine seems like an advantage. The firewall and anti-virus/malware/phishing software helps also, but I generally assume if someone manages to penetrate my network then they're not likely to be stopped by anything else I have.
One thing I do pay attention to is my passwords. I have a handful of general passwords that are not the typically easy stuff to guess that you see articles about all the time, but they're not enormously complex either. I use them for things I don't care much about. No offense, but if someone can get into my MFO account and make comments as me, I wouldn't be happy but its not something I worry about a lot. On the other hand, each of my bank accounts and brokerage accounts has a distinct and more complicated password that gets changed several times each year. My hope is that if someone manages to figure out one of my passwords, at least they won't have the keys to the house.
Finally, I think the most dangerous type of attack, the most likely type of attack and the one you have the least control over are the attacks on third parties who hold your personal information. A separate laptop doesn't help with this at all. I like banks that use multi factor authentication and ones that "recognize" the computer you use and employ additional security if you're using a new device. The reality is, however, I have no idea how to determine whether my bank is better at protecting my data than some other bank, or whether Fidelity is better than TD Ameritrade or Schwab. I know all of these guys are spending a lot of energy and a lot of money to make sure there aren't any problems, but this is where I actually feel most at risk.
Maybe my concern should be more about the browser and operating system I use but I'm just not knowledgeable enough to have an informed opinion. I've read plenty of stuff and talked to guys who know much more than I do about the risks and most of the feedback I've received is that the risk isn't as high as some like to promote and that in part its a marketing, or anti-marketing, campaign. That's not to say Windows doesn't have its weaknesses, but as long as you keep it updated you're not taking huge risks compared to anything else. The biggest risk is that Microsoft is more of a target than other operating systems. As far as the likes of Google, you're probably more at risk with Facebook than you are with Google, but I try to use google as little as possible and I don't have a Facebook/Twitter/Instagram account at all.
Good luck and if you discover some great insights, please let us know!
LLJB
YouTube Videos Chip- I'm getting the same error described by others. The error message comes up so quickly that there isn't time to press anything twice. You may remember that I'm using a bastard version of Firefox, optimized for older Mac operating systems. It was working fine until last week. While this specific browser is for older Mac OS, the browser itself is quite current- just a few months old, in fact, as the browser geniuses make a point of keeping up with current internet technology to the extent possible.
Edit- This browser version does not support Flash, and hasn't for at least a couple of years. I am under the impression that Firefox has a similar limitation.
Additional info (1): I pressed the red "go "arrow in the middle of the screen once, and get a second window which is similar but not identical to the first. The second window has, in the upper left corner, a title, which in this case says "Abbott & Costello Who's On First". I tried clicking on that just for the hell of it and my browser then opened a new tab for the "YouTube" site, where the video played just fine.
Additional info (2): Tried same thing with the "What is a Mutual Fund" video above, with same results: the browser opened a new tab for the "YouTube" site, where the video played just fine.
Additional info (3): With my browser, at least, the process has always been as described above: pressing the red "go "arrow in the middle of the screen once, and a second window which is very similar but not identical appears. Until lat week, pressing the "go" arrow in that second window caused the video to play. I'm guessing that this two-window situation is what Crash is referring to when he says that he has to "press the "go" button TWICE."
So all of this suggests that the browsers are not the issue, but rather some change at YouTube with respect to embedding their videos in a foreign site.
OJ
Seafarer at three
How Many Mutual Funds Should You Have in Your Investment Portfolio? "....One bond mutual fund in a portfolio may make sense, but it is difficult to imagine the value of more than two bond mutual funds....The market for large domestic stocks and the U.S. government bond market fit the index fund criteria. Small domestic stocks and emerging foreign markets do not. These markets have attributes that make intelligent, thorough analysis more likely to contribute returns that can overcome the cost of active fund management....Be sure you can justify adding mutual funds to your portfolio beyond eight. Make certain you need them, that they truly cover new ground in asset type, geography, or investment style, and that the addition is meaningful."
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I recently cleaned house, and went from 13 down to 10 funds. One is wife's 403b, a miniscule holding in a small-cap index tool from Vanguard. NAESX. Holding a small-cap index fund cuts across the grain in the guidance offered in the article. But I'm very happy with the fund. Bond funds: PRSNX, DLFNX and PREMX. Years ago, I surely made a too risky and too big a bet on PREMX, but it did pay me handsomely, over time, after all. It also seems to me that depending on the sheer size of one's portfolio, the investor may very well need 15 or 20 funds. If I had $1M to invest, you can bet that I wouldn't shoe-horn it all into 8 funds.
This article reads very well and does not overwhelm ya with jargon that the uninitiated don't understand. But a true novice would still need to learn about some basic definitions, prior to making use of such an article. It was direct and straightforward. Thanks.
