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<ul class="summary-list"><li>The US Department of Justice filed a lawsuit accusing Visa of engaging in <a target="_blank" class="" href="https://www.businessinsider.com/visa-investigation-justice-department-possible-anticompetitive-practices-wsj-2021-3">anticompetitive behavior</a>.</li><li>Prosecutors say the financial giant's monopolistic actions affect "the price of nearly everything."</li></ul>Visa is in the antitrust crosshairs.The US Department of Justice filed a lawsuit on Tuesday arguing that the payment processing giant illegally maintained a monopoly with anti-competitive behavior and imposed unfair costs on customers and merchants."We allege that Visa has unlawfully amassed the power to extract fees that far exceed what it could charge in a competitive market," Attorney General Merrick Garland said in a statement. "Merchants and banks pass along those costs to consumers, either by raising prices or reducing quality or service. As a result, Visa's unlawful conduct affects not just the price of one thing — but the price of nearly everything."Visa did not immediately respond to Business Insider's request for comment on the lawsuit.In the complaint, filed in the Southern District of New York, prosecutors said Visa handles more than 60% of US debit transactions, earning the company more than $7 billion in fees a year.Visa's use of "generous monetary incentives and threatening punitive additional fees" enable the company to maintain an illegal monopoly in the debit card processing market, prosecutors said.The suit follows a yearslong investigation that followed <a target="_blank" class="" href="https://www.businessinsider.com/plaids-blocked-acquisition-was-a-shocking-shift-vcs-say-2021-1">Visa's attempted $5.3 billion acquisition of fintech company Plaid</a>, which the Department of Justice sued to block in 2020. The two companies abandoned the deal the following year.Visa acknowledged that the Department of Justice was planning to investigate its US debit card business in a 2021 <a target="_blank" class="" href="https://www.sec.gov/ix?doc=/Archives/edgar/data/1403161/000140316121000020/v-20210319.htm">filing</a> with the SEC.A key issue under scrutiny is the use of security tokens, which can be used to block the routing of payments to other networks. Rival MasterCard settled a similar matter with the Federal Trade Commission in 2022.While the scrutiny of Visa pre-dates the Biden Administration, this latest action is one of <a target="_blank" class="" href="https://www.businessinsider.com/biden-coporate-monopolies-antitrust-lawsuits-live-nation-amazon-google-meta-2024-5">several crackdowns on middlemen companies</a> that the White House argues are raising costs for American consumers."Anticompetitive conduct by corporations like Visa leaves the American people and our entire economy worse off," Principal Deputy Associate Attorney General Benjamin Mizer said in a statement. "Today's action against Visa reminds those who would stifle competition rather than competing on price or investing in innovation that the Justice Department will never hesitate to enforce the law on behalf of the American people."

US Justice Department hits Visa with antitrust lawsuit over its debit card business

India has witnessed the fastest jump in alternative payment share for <keyword id="21422684" type="General" weightage="100" keywordseo="e-commerce-payments" source="keywords">e-commerce payments</keyword> in the <keyword id="20122305" type="General" weightage="20" keywordseo="Asia-Pacific-region" source="keywords">Asia-pacific region</keyword> from 20.4% in 2018 to 58.1% in 2023 as per a report by GlobalData, a data and analytics company. Options for payment other than traditional cash include <keyword id="19900911" type="General" weightage="20" keywordseo="UPI" source="keywords">UPI</keyword>, <keyword id="6354770" type="General" weightage="20" keywordseo="debit-cards" source="Orion">debit cards</keyword> and <keyword id="6387037" type="General" weightage="20" keywordseo="credit-cards" source="Orion">credit cards</keyword> among others. "This significant uptake of alternative payment solutions can be attributed to the widespread usage of <keyword id="21223853" type="General" weightage="20" keywordseo="mobile-wallets" source="keywords">mobile wallets</keyword>, largely driven by UPI, which facilitates mobile payments in real-time simply by scanning <keyword id="19993724" type="General" weightage="20" keywordseo="QR-codes" source="keywords">QR codes</keyword>," GlobalData report elaborated. The report highlights that in the Asia-Pacific (APAC) region, the payment solutions such as mobile and digital wallets have displaced traditional payment methods like cash and bank transfers for e-commerce payments. The report states that such alternative payments are already immensely popular in countries like <keyword id="1334" type="General" weightage="20" keywordseo="china" source="Orion">China</keyword> and India and are also gaining traction in other APAC markets as well. However, China led the way in 2023, with alternative payments accounting for nearly two-thirds of the total e-commerce payments value in 2023 that took place in the entire Asia Pacific region. However, India is also not far behind, with a significant surge in alternative payment methods since 2018. The e-commerce analytics by the company revealed that even traditionally cash-intensive countries in APAC such as the Philippines, Malaysia, and Indonesia, are witnessing a similar trend. "While most Asian markets are traditionally cash-dominated, the adoption of alternative payment methods for both online and in-store payments is growing across many markets in the region, even outpacing the West. This trend is driven by the rising smartphone and internet accessibility, increasing convenience of electronic payments, and the proliferation of mobile and QR code-based payment solutions" said Shiv Gupta, Senior Banking and Payments Analyst at GlobalData. The report also highlights that within the Asia-Pacific region, China and India have a higher adoption rate of alternative payment methods as compared to their peers. According to the company's 2023 Financial Services Consumer Survey, alternative payment solutions account for more than 65% of the e-commerce transaction value in China, the largest e-commerce market globally. It represents a significant increase from 53.4% in 2018. Other Asian markets like Indonesia, Hong Kong, Singapore, and the Philippines are also seeing higher adoption of alternative payment solutions. "Alternative payment solutions accounts for lion share in e-commerce markets across many APAC countries, supported by rising internet and smartphone penetration, and growing acceptance of digital payments by merchants. With the convenience, speed, and security they offer, coupled with high expected growth in the overall e-commerce market in the region, these payment tools are anticipated to further gain traction and disrupt the consumer payment space in the region" said Gupta.

India's non-cash payments on e-commerce platforms surge to 58.1% in 2023

<ul class="summary-list"><li>David Ciccarelli founded a voice-over company that received millions in investment.</li><li>He's also a dad of four, and his children range in age from 12 to 20. </li></ul>This as-told-to essay is based on a conversation with David Ciccarelli, CEO of <a target="_blank" href="http://lake.com">Lake</a>. It has been edited for length and clarity.When I was in my early 20s, I set up a recording studio. My now-wife, Stephanie, a singer, came in to record audition tapes. Soon after, local businesses began reaching out to me to record commercials, and they needed voice actors. I recognized a <a target="_blank" href="https://www.businessinsider.com/small-business-ideas-to-start-in-2024-entrepreneurship-advice-2024-4">business opportunity</a>.I called Stephanie and explained I had a few recording gigs. If she would be the voice talent for the gigs while I did the recording, we'd split the proceeds. I didn't realize it at the time, but the business proposal ended up leading to a marriage proposal down the line.That was nearly 22 years ago. Over the next 18 years, Stephanie and I built our gig work into <a target="_blank" href="http://voices.com">voices.com</a>, which raised $25 million in private equity. I left that company in 2023 to found Lake, which facilitates waterfront rentals. While we were <a target="_blank" href="https://www.businessinsider.com/husband-wife-started-working-together-helped-relationship-2024-5">building our businesses</a>, we were also building our family: our kids are now 20, 19, 16, and 12.I was a millionaire by the time I was 30, which was about 15 years ago. I grew up comfortably middle class with a <a target="_blank" href="https://www.businessinsider.com/financial-planner-tell-my-clients-focus-2024-04">financial planner</a> for a dad, so I already had a lot of financial knowledge. I've always aimed to pass that on to my kids while also fostering their generosity and independence.<h2 id="aea34663-89f0-45ae-9233-276a19cd56e3">Allowance is not a given</h2>I hate the idea of allowance being given rather than earned, but I also dislike the transactional nature of doing chores strictly to get money. I want my kids to <a target="_blank" href="https://www.businessinsider.com/personal-finance/money-lessons-millionaire-retiree-taught-her-kids-2021-4">learn to contribute</a> to the family's well-being. In return for doing so, I'm happy to support them.I think of it as more of a salary approach to allowance than paying kids for specific chores. I pay for the things they need, like clothes when they outgrew the previous size, but they pay for wants, like trendy new sneakers. I distribute money monthly — they get a dollar a week for each year of their age — as long as the kids are doing things around the house as needed. There have been times when the household to-dos aren't done, so I hold back their allowance.<h2 id="158d44b0-4ace-4672-8fc5-f91b452447b9">I reward problem-solving</h2>Sometimes, the kids need or want extra money. They have to earn it, which they do most often by completing extra chores around the house that pay out immediately. For example, one of my daughters once noted our doors were squeaking, so she asked if I would pay her to fix them. I was happy to hand over the WD-40 — as well as the money, once the job was done. We agree on the amount before the job starts, often $10 or $20, depending on the amount of work.I want to <a target="_blank" href="https://www.businessinsider.com/millionaire-parent-teaches-kids-budgeting-entitlement-stability-2024-4">teach my kids</a> that they won't get something just because they ask. Instead, I reward them for their ingenuity in spotting a problem, brainstorming a solution, and proposing a service. That's a lot more reflective of how life really works.<h2 id="8fa18553-54c0-47b6-a098-288c48aba469">I taught the three uses of money</h2>One of my most frequent dad-isms is about the <a target="_blank" href="https://www.businessinsider.com/personal-finance/entrepreneur-mom-money-lessons-kids-2022-3">three uses of money</a>: giving, saving, and spending. I try to emphasize them in that order. The kids have always been taught to do all three. I don't give them specific percentages to aim for because I want to emphasize the principle and help them learn the lesson rather than just have them check a box on a to-do list for allocating a specific amount toward a specific bucket.Once, in New York City, my then-11-year-old daughter found a $20 bill in the park. She was excited but flustered: she didn't know how she could split one bill into the three uses. I taught her how to get change, and she later handed $10 to a homeless person. I was so proud that she had internalized our family values about giving.<h2 id="fa675fc3-24e5-4083-a838-bf37a5f98e9a">I relate money to the real world</h2>Money can be very abstract, so I've always tried to tie it into my kids' daily actions. We <a target="_blank" href="https://www.businessinsider.com/financial-advice-from-baby-boomer-parents-for-gen-z-2024-5">opened bank accounts</a> when the kids were 5, and got them debit cards when they were preteens. If I took my daughter shoe shopping, I would have her use her own card. Swiping the card, putting in the PIN, and later seeing the transaction on the banking app reinforced the idea that money was actually changing hands.I did the same with investing. I encouraged them to look around their daily lives and notice what products they were using or what entertainment they enjoyed. I explained that businesses were behind all of that, and I taught them that, as shareholders, they could own a small piece of those companies. My kids have invested their allowance and money from their jobs outside the home in various companies, from Tesla when they were interested in electric vehicles to Disney+ because of their affinity for Disney films. Investing in what they know and use makes it more tangible.<h2 id="78bbd95c-b54b-4fc0-a89f-d4c15a98920f">I made room for individuality</h2>One of my daughters realized she wasn't too interested in researching the companies she might invest in. So, I showed her an alternate path: <a target="_blank" href="https://www.businessinsider.com/personal-finance/index-fund-vs-mutual-fund">index funds</a>, which allow you to hold a small piece of many companies. That more hands-off approach was a better fit for her and will serve her better throughout her life than pushing an active investing approach that she's not interested in.<h2 id="3ac1c09a-4be3-4acf-97e9-f190a98b275d">I teach them not to waste</h2>Another of my favorite sayings is "waste not, want not." It helps fight consumerism and also encourages generosity. We have a one-in, one-out rule. If you get a new toy or item of clothing, you need to donate one. We also are frugal about our meal planning, often intentionally cooking extra so we can save time and money by eating leftovers for lunch.As a parent, I believe in talking about your financial values with your kids. If you don't, society will fill the silence, often with things you don't believe in. Two of my kids have moved out and are on their own financially (although Stephanie and I are <a target="_blank" href="https://www.businessinsider.com/personal-finance/how-to-pay-for-college">paying for college tuition</a>, room, and board). I'm glad they have a solid financial footing and an understanding of earning what they have.

I was a millionaire by the age of 30. As preteens, my kids learned how to use debit cards, and I taught them how to save money.

<ul><li>These cards can be used at ATMs, point of sale (PoS) machines, and online merchants overseas. </li><li>Additionally, <keyword id="597447" type="General" weightage="20" keywordseo="rupay" source="Orion">RuPay</keyword> Debit, credit, and prepaid cards will be authorised for issuance in foreign jurisdictions. </li><li><keyword id="30067" type="General" weightage="20" keywordseo="rbi" source="Orion">RBI</keyword>’s goalposts for Payment Vision 2025 has already outlined a roadmap for the global outreach of RTGS, NEFT, UPI, and RuPay cards. </li></ul>In a bid to provide more payment options for Indians travellers abroad, the Reserve Bank of India (RBI) has decided to allow Indian banks to issue RuPay <keyword id="1018384" type="General" weightage="20" keywordseo="prepaid-forex-cards" source="Orion">prepaid forex cards</keyword>. These cards can be used at ATMs, point of sale (PoS) machines, and online merchants overseas. “... Further, RuPay debit, credit, and prepaid cards will be enabled for issuance in foreign jurisdictions, which can be used internationally, including in India. These measures will expand the reach and acceptance of RuPay cards globally. Necessary instructions will be issued separately,” read the RBI’s statement on Developmental and Regulatory Policies, issued on June 8. Says Rajsri Rengan, India Head of Development, Banking and Payments, at FIS, a fintech company, “The permission granted to banks for issuing RuPay pre-paid forex cards opens up new avenues for seamless and flexible cross-border transactions. This development brings forth enhanced convenience and efficiency for individuals and businesses engaged in international trade.” RuPay, as the first domestic card payment network in India, has achieved wide acceptance across various channels such as ATMs, point-of-sale (POS) devices, and e-commerce websites throughout the country. By promoting electronic payments, RuPay aligns with the Reserve Bank of India's goal of fostering a "less cash" economy, encouraging banks and financial institutions to embrace technology and offer digital payment solutions.RuPay credit cards can now be linked to a UPI ID, thus directly enabling safe, and secure payment transactions. According to a report by merchant platform Pine Labs, it is projected that transaction volumes on the RuPay network will experience a compound annual growth rate (CAGR) of 20% over the next three years. By the fiscal year 2025-26 (April-March), transaction volumes are anticipated to reach 3.2 billion, a significant increase from the 1.8 billion transactions recorded in 2022-23. RBI’s goalposts for Payment Vision 2025 has already outlined a roadmap for the global outreach of RTGS, NEFT, UPI, and RuPay cards. Recently UPI has been integrated with Singapore’s PayNow, and Japan is expected to join the UPI system as well. UPI is also expected to be adapted by other countries as well.

RBI allows banks to issue RuPay prepaid forex cards

<ul><li>There has been an increase in <keyword id="43991" type="General" weightage="100" keywordseo="financial-fraud" source="Orion">financial fraud</keyword> amid an increase in financial transactions.</li><li>People are storing important financial information on their smartphones without any security.</li><li>88% of the people surveyed have submitted their Aadhaar as proof for applications and bookings.</li></ul> The Reserve Bank of India (RBI) has revealed that 5,406 instances of financial fraud were reported during April-September 2022, up from 4,069 reports during the same period in 2021. According to the central bank, the modus operandi for fraud has shifted to card and internet-based transactions. According to a survey conducted by LocalCircles, people are still storing important financial information such as internet banking passwords, and debit and credit card PINs on their smartphones. <cmsannotation type="cmsannotation" annotationid="17% of people store financial information on their smartphone" comment="subhead" text="17% of people store financial information on their smartphone">17% of people store financial information on their smartphone</cmsannotation> Out of over 32,000 people surveyed, 9% admitted to storing important financial information on their phone’s contact list, and 8% admitted using the notes app on their smartphone. This means that 17% of people store important data without security. A similar survey in 2021 revealed that 11% of people were storing important financial data on their phones, meaning there has been an increase in this number, despite attempts by the central bank to raise awareness among the people. 18% of the people revealed that they store financial information on their computers and laptops. At the same time, 14% of the people claimed that they had memorised their financial information and had yet to store it anywhere. <cmsannotation type="cmsannotation" annotationid="24% of the people share their debit and credit card PIN with family" comment="subhead" text="24% of the people share their debit and credit card PIN with family">24% of the people share their debit and credit card PIN with family</cmsannotation> According to the report, 24% of the people share their debit and credit card PIN with one or more family members, and 6% share with their domestic or office staff. 67% of the people surveyed said they do not share this information with anyone. <cmsannotation type="cmsannotation" annotationid="88% of the people share Aadhaar for applications and bookings" comment="subhead" text="88% of the people share Aadhaar for applications and bookings">88% of the people share Aadhaar for applications and bookings</cmsannotation> Identity and address proofs such as Aadhaar, PAN, driving licence and others have become something we often share with government or private entities such as banks and hotels for various applications and bookings, be it in digital form or as a photocopy. Sometimes, more than one of these documents is shared, and there is an overlap. A staggering 88% of the people have revealed that they have shared their Aadhaar as proof in the last five years. This was followed by 58% of the people sharing their PAN and 47% of the people sharing their driving licence. Additionally, 42% of the people shared their passports, and 35% shared their voter ID. <cmsannotation type="cmsannotation" annotationid="Nearly half of the people have faced a financial fraud" comment="subhead" text="Nearly half of the people have faced a financial fraud">Nearly half of the people have faced a financial fraud</cmsannotation> According to the report, 42%of the people surveyed have claimed to have faced some type of financial fraud during the three years between June 2019 to June 2022. Worse, 74% of these people failed to get their money back. We recommend that users do not store sensitive financial information such as banking passwords and debit and credit card PINs on their smartphones and laptops. Instead, users should opt for secure applications or try to memorise this information. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/most-common-passwords-can-be-easily-cracked-by-ai-in-under-a-minute/articleshow/99379900.cms">AI chatbots are cracking the code: How PassGAN can break into 51% of common passwords in under a minute</a> <a href="https://www.businessinsider.in/tech/news/google-makes-it-easier-for-users-to-delete-their-account-and-data-from-applications/articleshow/99289621.cms">Google makes it easier for users to delete their account and data from applications</a> <a href="https://www.businessinsider.in/tech/mobile/news/how-to-block-your-lost-or-stolen-phone-and-how-to-unblock-it/articleshow/99207569.cms">How to block your lost or stolen phone and how to unblock it</a>

Despite a rise in financial frauds, 17% of people store financial information on their smartphones

<ul class="summary-list"><li>My parents gave me a checkbook and a ledger to track my spending when I was younger. </li><li>I wanted to do the same with my son, but since now everything is digital, I gave him a debit card.</li></ul>To teach me about money, when I was 10 years old, my parents gave me a checkbook from their credit union and <a target="_blank" rel="noopener noreferrer nofollow" href="https://www.insider.com/4-bad-money-habits-youre-teaching-your-kids-without-realizing-it-2016-5">taught me how to track my spending</a> in a handwritten ledger.Today, commerce is digital, and understanding how to use tech to budget, save, and invest is paramount for kids and parents alike. So I decided to get my 10-year-old a <a target="_blank" rel="noopener noreferrer nofollow" href="https://www.businessinsider.com/personal-finance/best-current-credit-card-signup-bonuses">debit card</a> to teach him how to manage money on a smartphone app. I figured it's never too early to learn.<h2>Why I decided to take my tween cashless</h2>My son's experiences with money had been relatively straightforward: petty cash in birthday cards or from the tooth fairy and whatever went into a piggy bank. To buy something, he'd swap his cash for a swipe of my card. His dad recently bought him a smartphone, and he's eager to learn more about saving, so the timing felt right.I didn't learn about money this way, so my first instinct when considering the switch for my son was pure confusion: How am I supposed to teach him how to keep track of invisible dollars in an online account when I barely use the banking apps on my phone?Experts emphasize the necessity of kids learning to manage money digitally but say the ins and outs are tricky without parental guidance."With only about 10% of the money in the world being actual paper and coins, it can be difficult for anyone (especially kids) to track financial transactions," Gregg Murset, the CEO and a cocreator of the <a target="_blank" rel="noopener noreferrer nofollow" href="https://busykid.com/our-team/">BusyKid</a> app, said.<a target="_blank" rel="noopener noreferrer nofollow" href="https://affiliate.insider.com?h=56d1b349880188fd7f82940c3329cbe9cc98a9c17cc1cf393f7621635e7c4eac&amp;postID=6452642224de3dd0a48578df&amp;site=in&amp;u=https%3A%2F%2Fwww.linkedin.com%2Fin%2Ffidelitykellylannan%2F">Kelly Lannan</a>, the senior vice president for emerging customers at Fidelity Investments, agreed."Kids typically model their parents' behavior, so many times it begins with the parents and how they model good money-management behaviors as well as a positive relationship with money," Lannan said.A recent Fidelity <a target="_blank" rel="noopener noreferrer nofollow" href="https://nam04.safelinks.protection.outlook.com/?url=https%3A%2F%2Fpreview.thenewsmarket.com%2FPreviews%2FFINP%2FDocumentAssets%2F637610_v2.pdf&amp;data=05%7C01%7Cktzeiler%40kaplow.com%7Cde82e05689224631b87d08db2ef60d58%7C93b0c85081f942c5ad665080650b614f%7C0%7C0%7C638155406565439746%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C3000%7C%7C%7C&amp;sdata=daFT%2FGnTUp3zZE7lCi8FTJN55183aJZQwRk6Smeo76U%3D&amp;reserved=0">survey</a> indicated that mothers were the top financial role models for teens and young adults.I initially felt like a less-than-capable role model, but the more I learned during this process, the more confident I became.<h2>Choosing the right card</h2>Picking a card was more involved than I had anticipated. The options available are overwhelming, each with a laundry list of features and perks to research. To cut through the noise, I texted my aunt and uncle for advice — they're parenting three kids ages 9 to 18 and were quick to suggest their favorite card.I briefly considered debt-card options connected to my accounts, but age restrictions and the fact that my credit union didn't have the most user-friendly app led me to look for a debit card with its own platform. I could have opened a checking account with another bank, but it was most efficient for me to pay a small fee for the card we ultimately chose.What mattered most to me was having access to parental controls where I could set spending limits and view or limit transactions. I also wanted an easy way to transfer money to my son's account. Outlining my priorities when looking for the right debit card made a big difference.<h2>Looking forward</h2>It's been about 3 months since I opened my son's account and handed him the digital reins. Tracking his money in an app is second nature and more straightforward for him than I could have imagined. He's been responsible so far, always asking before making a purchase. I've enjoyed being able to transfer funds directly from my account to his for chores, and he's learning more about how money works "IRL," as he says."While these new advancements may simplify our money, it's critical for children who may have grown up playing video games, watching TikTok videos, or receiving online education to understand the tangibility of money and the impacts of earning and spending money in the real world (rather than the virtual)," Lannan said.So far, this experience has highlighted that need for me and my son.I want him to learn, but I'll guide the process for now. Like with most things in childhood, this stage is fleeting, and he will be managing his own money without my help in no time. Until then, I'll keep my app notifications on and help keep him on track.

I gave my 10-year-old a debit card. I want him to learn early how to manage money. 

<ul class="summary-list"><li>A teenage girl in China spent her family's life savings on mobile-game transactions.</li><li>She spent some $64,000 from January to May through her mother's debit card, per Elephant News.</li></ul>A 13-year-old girl in China spent around $64,000 of her parents' money on mobile games this year, wiping out their savings account without their knowledge.Gong Yiwang learned about the spending spree in late May after receiving a call from a teacher at her daughter's boarding school, who worried the child was addicted to pay-to-play games, according to <a href="https://weibo.com/1769216315/N2GiFg0Qq?layerid=4906392613816498" target="_blank" rel="noopener">Elephant News, a regional TV channel in the Henan province</a>.When Gong checked her bank account, she realized it was left with a bank balance of only seven cents.She later discovered that from January to May, her daughter had spent around $16,800 buying game accounts and almost $30,000 on in-game purchases, per Elephant News. The girl also transferred money to at least 10 classmates who wanted to buy game products for themselves, bringing the total cost of the child's monthslong binge to around $64,000."I never thought a 13-year-old girl could do this," Gong told Elephant News. "I'm in a daze; my head feels like it's going to explode."Weeping as she spoke, Gong's daughter told Elephant News that she had linked her mother's debit card to her mobile phone but didn't know where the money came from or how much she was spending. She said that she remembered her mother telling her the account's password from a previous occasion when she asked to buy something else.She said her school friends noticed her newfound spending power and pestered her for money."If I didn't send it to them, they would bother me all day. If I told the teacher, I was afraid that the teacher would tell my parents and that my parents would be angry," she told Elephant News.She also deleted chat and transaction records to hide the payments from her parents, per the outlet.Gong said she reached out to several payment platforms to request refunds but had yet to recoup her losses on the full sum.The story of the girl's spending habits went viral in China in late May, receiving more than 140 million views on Weibo, China's version of Twitter, per data seen by Insider.Gaming addiction among youth in China is so prevalent that the country has <a href="https://www.abc.net.au/news/2021-09-04/china-cracks-down-on-children-online-video-gaming/100428138" target="_blank" rel="noopener">introduced internet restrictions on teenagers and children</a>. Teens in the country aren't supposed to play video games for more than three hours a week, a goal the Chinese government said it <a href="https://www.bbc.com/news/technology-63730316" target="_blank" rel="noopener">was progressing steadily toward</a>.

A teenage girl found her mom's debit card and spent $64,000 on mobile games, wiping out her family's life savings

<ul><li>Emotet malware was developed as a banking trojan that steals personal information.</li><li>The malware was deactivated a year ago but has again been detected in November 2021.</li><li>This time, <keyword id="182214" type="General" weightage="20" keywordseo="google-chrome" source="Orion">Google Chrome</keyword> users are at risk as it targets stealing credit and <keyword id="14160108" type="General" weightage="20" keywordseo="debit-card-information" source="Orion">debit card information</keyword>.</li></ul>Google Chrome users are yet again at the risk of being compromised by another banking trojan. This time, it’s not a new one, but it is capable of stealing your credit and debit card information. The malware known as Emotet mainly spreads through spam mails and tempts users to click on the infected files and links. Originally, the Emotet virus was used to access the sensitive and private information of foreign devices. After staying dormant for a while, it seems like Emotet has made its way back again with its new variant that targets Google Chrome users by stealing their card information. Emotet peeks into your system and tries to steal card information like name, expiry date and card numbers from Google Chrome profiles. It collects information and then transfers it to the command-and-control (C2) server. Also, it has the ability to hide from anti-virus software. Tips to keep yourself protected from Emotet <ul><li>Install all security updates to prevent the virus from sneaking in.</li><li>Scan your system regularly and install all the necessary virus and malware protection programs.</li><li>Read the mails carefully and avoid clicking on fishy links.</li><li>Keep a backup of your data.</li></ul>Emotet is considered one of the most dangerous malware as it not only spreads via mail but also is used as a dropper for other malwares like TrickBot. TrickBot is also a banking trojan that steals and accesses personal information, financial details and account credentials by sending fraud banking links. SEE ALSO: <a href="https://www.businessinsider.in/india/news/how-to-use-indian-railways-destination-alert-service/articleshow/92106794.cms" style="">What is Indian Railways destination alert service and how to use it</a> <a href="https://www.businessinsider.in/tech/apps/news/how-to-prevent-your-instagram-account-from-getting-hacked/articleshow/92103322.cms" style="">How to prevent your Instagram account from getting hacked</a>

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