Days after furloughing dozens of its employees without pay, EV startup Canoo told the remainder of its staff they will be on a “mandatory unpaid break” through at least the end of the year, TechCrunch reported Friday. A company email seen by the outlet said employees would be locked out of Canoo’s systems by the end of Friday, with their benefits continuing through the end of this month.

The report follows Canoo’s announcement last week that it was idling its Oklahoma factories and furloughing employees while it worked “to finalize securing the capital necessary to move forward with its operations.” As TechCrunch notes, the company reported that it had only about $700,000 left in the bank last month.

Also on Friday, the company announced a 1-for-20 reverse stock split, effective December 24th. Canoo says the consolidation aims to keep its stock listed on the Nasdaq exchange and attract “a broader group of institutional and retail investors.”

Canoo was founded in 2017 to sell electric vans and trucks to adventure-seeking customers but has mostly only ever made vehicles for the US government. As The Verge’s Andrew Hawkins wrote last year, analysts have warned of its risk of insolvency as it’s teetered on the edge of running out of cash since 2022. Canoo has lost a steady stream of executives since then, including all of its founders and, more recently, its CFO and general counsel.

How secure is your financial information? Let’s do a little test: Do you currently have a budgeting app installed on your phone? Statistically speaking, there’s a good chance you do.

Seventy-five percent of smartphone owners have tried at least one. It seems like a smart move to take control of your finances, right? Unfortunately, what many people don’t realize is that apps like these could be exposing your sensitive financial data.

That’s just one example. There are other common habits and oversights that could leave your financial data wide open to cybercriminals. 

Mistakes like these don’t just jeopardize your bank account, they can lead to devastating consequences like identity theft, mounting debt and even shattered retirement plans. I’ll walk you through the five biggest mistakes that could be putting your financial future at risk, and, more importantly, how to avoid them.

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The 5 biggest mistakes you should avoid

Navigating the digital world can be tricky, especially when avoiding common pitfalls that compromise your privacy and security. Here are the five biggest mistakes you should avoid:

1. Neglecting security measures

This is one of the biggest pitfalls many of us fall into. There are so many things we have to do these days to keep our online security up to par. It’s easy to grow complacent, essentially leaving the door wide open for cybercriminals to walk through. Here are the basics you should never forget to follow:

Enable two-factor authentication (2FA) everywhere you can, especially online accounts that hold your financial information.

Keep your software updated. Hackers exploit known weaknesses in old versions of apps, operating systems and even browsers. So, be sure to regularly update your software on all your devices.

Avoid using public, unsecured networks, especially when accessing sensitive accounts like online banking or even e-commerce. If you have no other choice, use a trusted VPN to encrypt your online activity, including financial information. For the best VPN software, see my expert review of the best VPNs for browsing the web privately on your Windows, Mac, Android and iOS devices

A woman scrolling on her phone  (Kurt “CyberGuy” Knutsson)

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2. Reusing passwords

Though technically a security measure, this one’s so bad, it deserves its own spot on the list. A recent survey revealed that more than half of Americans reuse passwords on at least some of their accounts. Make sure you’re not one of them.

When hackers compromise one account, they don’t stop there. They use a technique called credential stuffing, by which stolen login details are tested on other platforms. So, if you’ve reused the same password for your bank account, email and favorite shopping site, one data breach can take them all down in one fell swoop.

If you don’t have a perfect memory, capable of memorizing every password you’ll ever need, I recommend using a trusted password manager. They can generate and store complex, unique passwords for all your accounts so you don’t have to remember them yourself.

A woman working on her budget  (Kurt “CyberGuy” Knutsson)

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3. Using budgeting apps

Budgeting apps can be a convenient tool for managing your finances, but they also come with potential risks that many users overlook. These apps often share user data with third parties and may request extensive permissions, including access to sensitive personal information. This can raise concerns about privacy and data security, especially if the app lacks robust safeguards. Before using a budgeting app, it’s crucial to carefully review its permissions and data-sharing policies to protect your financial and personal information.

Instead of relying on a budgeting app, consider utilizing your bank’s online tools. Many banks offer built-in budgeting and expense-tracking features within their secure online banking platforms. These are typically more privacy-focused than third-party apps.  Here are some examples:

Bank of America: Offers interactive charts that break down spending trends, highlight budget categories and show total monthly spending with customizable categories.

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Wells Fargo: Features a package called My Money Map, which includes spending reports, personalized budget creation, goal setting and visual analysis of spending compared to budget limits.

Capital One: Provides automated budgeting tools through its 360 Checking account, allowing customers to track and categorize expenses automatically. It also features Eno, a virtual assistant for transaction inquiries.

Chase: Offers built-in budgeting tools that seamlessly integrate with your accounts. This includes features like automatic expense categorization, spending insights and personalized budget tracking. With Chase, you can also set savings goals and monitor your progress directly through their mobile app or online banking platform.

Huntington National Bank: Offers several in-app budgeting tools, including Spend Analysis for expense tracking, Spend Setter for setting category limits and Look Ahead Calendar for visualizing upcoming payments.

Regions Bank: Provides a suite of budgeting tools called My GreenInsights, accessible via mobile app and desktop, allowing customers to track expenses, set spending targets and receive suggestions for reducing expenses.

These bank-provided tools offer the advantage of being integrated directly with your accounts, potentially providing more accurate and up-to-date information while maintaining a higher level of privacy compared to third-party apps.

If you decide to stick to a budgeting app, though, make sure to check its privacy section on the App Store or Google Play, where you can see what data it collects and shares. Then, read the app’s privacy policy carefully, as tedious and often deliberately overcomplicated as that can be.

A man using his phone and laptop to work on his budget     (Kurt “CyberGuy” Knutsson)

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4. Shopping anywhere online

Online shopping is convenient and tempting, especially during major sales events like Black Friday. But diving headfirst into deals without knowing the retailer could cost you more than you bargained for.

When you shop on unfamiliar websites, you’re sharing sensitive information like your financial data, address and contact details. If the retailer doesn’t have strong privacy or security measures in place, this data could end up in the hands of cybercriminals or be sold to data brokers.

Even popular retailers aren’t always safe. For instance, platforms like Temu, which attract millions of shoppers, have faced scrutiny for questionable data practices. Popularity doesn’t guarantee good privacy or security standards. To protect yourself, shop only on websites with a solid reputation for security and privacy. Here’s how you can verify a site before making a purchase:

• Check their privacy policy to understand how they collect, use and share your data.
• Read consumer reviews to spot red flags, like poor customer service or complaints of data misuse.
• Whenever possible, use a virtual credit card or payment service like PayPal to add an extra layer of protection for your financial information.

A man using his phone for budgeting purposes  (Kurt “CyberGuy” Knutsson)

5. Allowing data brokers to keep and sell your information

Unless you go completely off the grid digitally — no internet, online accounts or smartphones — it’s nearly impossible to avoid leaving a digital footprint. Most companies collect and share your personal information, which ends up in the hands of data brokers and people-search websites that aggregate and sell it to even more third parties.

Data brokerage is a $245.8 billion industry that profits off your personal information at the expense of your privacy and security. Some data brokers have even been caught intentionally selling information to scammers. People-search sites also provide an accessible way for anyone, including fraudsters, to get their hands on your personal information.

To mitigate these risks, it’s crucial to periodically remove your information from these databases. While it’s not a perfect solution, consistent removal can significantly reduce your exposure and safeguard both your financial data and personal safety. Check out my top picks for data removal services here. 

Kurt’s key takeaways

From my experience, it’s easy to overlook these risks in our fast-paced, convenience-driven world. But taking just a few minutes to review your security practices can save you from a world of trouble. Don’t wait until it’s too late to protect yourself and your loved ones. Neglecting basic security like two-factor authentication, reusing passwords or shopping on untrustworthy websites can leave you exposed. Using finance apps that share your data, like allowing data brokers to profit off your personal information, also increases your risks of experiencing fraud and identity theft. By staying vigilant, you can protect both your finances and your loved ones.

Have you made any of the mistakes on this list, or do you have others you’d add? Let us know by writing us at Cyberguy.com/Contact

For more of my tech tips and security alerts, subscribe to my free CyberGuy Report Newsletter by heading to Cyberguy.com/Newsletter

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Asus has announced the Asus NUC 14 Pro AI, the first Copilot Plus-capable AI mini PC that crams an Intel Core Ultra 9 processor into a form factor resembling a black M4 Mac Mini. First introduced at IFA in September, Asus is providing a little more detail about the mini PC’s specs than it did before, but still isn’t saying it will become available or how much it will cost.

The NUC 14 Pro AI will come in five CPU configurations, from the Core Ultra 5 226V processor with 16GB of integrated RAM to a Core Ultra 9 288V processor with 32GB of RAM. The company says it has up to 67 TOPS of GPU performance and 48 NPU TOPS, and that its M.2 2280 PCIe Gen 4 x 4 slot supports 256GB to 2TB NVMe SSDs.

All of that is packed into a PC that measures 130mm deep and wide and just 34mm tall; comparatively, the Mac Mini is 127mm deep and wide and 50mm tall. Here are some pictures from Asus’ website:

The Asus NUC 14 Pro AI features a fingerprint sensor on top and a Copilot button on the front for speaking voice commands to Microsoft’s AI assistant. Also on the front are two USB-A ports, a Thunderbolt 4 port, a headphone jack, and a power button. Around the back, you’ll find a 2.5Gbps ethernet jack, another Thunderbolt 4 port, two more USB-A ports, and an HDMI port. For connectivity, it features Wi-Fi 7 and Bluetooth 5.4.

Asus still hasn’t said when the NUC 14 Pro AI will be available, nor how much it will cost.