u.s. market if greece goes the wrong way. adam: bob rice, thank you very much. >> we do want to let you know, want to know how you will be talking and interacting with your car say in the not-too-distant future or what uber-cool-time saving gadgets hit the market this year. gerri: hello everyone, i'm gerri willis and this is the "willis report." the show where consumers are our business. the first full week for the markets gets off to a bad start. >> you are seeing selling across the board. gerri: after a record run, is this bull market over? investing advice tonight and where to put your money in 2015. advanced new credit and debit card. they're used all over the world to keep your money away from criminals but american banks are saying no to the new technology. why is that? we'll investigate. it is going to be a trickier tax season thanks to obamacare. we're going through the new tax forms you will have to fill out. if you think you can call the irs for help, you can forget

it. >> due to high demand you may experience longer than usual wait times. please call back on wednesday or thursday. >> also on the show, it is the new breed of crime internet extortion. regular folks forced to pay ransom or else. one family's terrifying story and why they ended up paying the bad guys. prices for new cars are going up. what you can expect. what you should be paying and how to get the best deal before you drive away. it is all coming up on "the willis report" where consumers are our business. we begin tonight with stocks tanking on wall street. the dow posting a triple-digit loss of 331 points, dragged down by plummeting oil prices which dipped below $50 a barrel for the first time since 2009. with a rough start to the new year should investors be changing their strategies?

we have up-to-the-minute advice with markham rick, washington bureau chief for bank rate.com. anthony who is a consultant with providence financial and sam stovall, u.s. equity capital iq. sam, start with you. big selloff in the markets today. a lot of people talking about the possibility of a correction in the new year yet the pros in their crystal balls they see at least 8% gain in the markets. do you agree? >> i agree with both of those statements that we definitely could get a correction of 10% or more. face it we've gone 40 months since the last one and usually the spread is between 18 months between such declines. gerri: this is a long bull market, an old bull market, now nearly six years old. anthony, to you are you preparing your clients your customers for some kind of a change here, big change in the markets? >> yeah i am, actually. the reality is, as we've gone six years or so with this current run, and we're going into your 7th year and it is not something to get freaked out

about at exact moment. you want to be positioned in such a way to where when that correction does happen, and it is going to happen, you're not hurt. gerri: i reserve the right to be freaked out at anytime i have to say. mark, i want to turn to you and change up the conversation here a little bit and talk about interest rates. lots of concerns of course that we'll get this interest rate hike in the middle of the year. a lot of people think. that i'm curious what you forecast for interest rates? absolutely. our most recent bank rate quarterly indicator, a survey of economists found the expectation for interest rate hike in june of this year in 2015. but having said that this has been the longest and best telegraphed move by any central bank i think in history and we've been talk about this for at least a year now. gerri: anthony to you a lot of people out there believe, like it is written in the stars that they're absolutely going to raise rates mid-year. bill gross said he doesn't see

it. probably won't happen. who is right? >> i think they will try to start to raise rates at some point. something will tip the market to cause the market have the major corrections they will either if they haven't raised rates at that point they will not raise rates or if they have, they may even scale back on that or sit on a quarter point -- gerri: that is absolutely possible they don't go there. >> it is possible. i think they will as long as we keep doing what we're doing i when we have the correction, i said when we have it, they won't raise rates at that point. gerri: not if we have it, when you have that, did you hear that. frank, feds raise rates out the fed because market can do it themselves. >> the reason rates will go up because economic growth is going to be improving. we're going to end up having stronger earnings growth and as interest rates rise and investors are going to say, i don't really want to be in bond. i want to gravitate towards those areas where they will

benefit from the improvement in the economy and corporate earnings. gerri: what would you look at? what kinds of stocks? >> usually you look at the stocks like technology because they have relatively low dividend commitments. they have low debt ratios, et cetera. so they're not going to be adversely affected by paying higher rates on those debts. you probably benefit from the consumers because of lower oil prices. now wages are that much higher than inflation. so they have more discretionary spending capabilities. and also i think that industrials could start to improve again because if the economy is kicking in, then these kind of companies will do well also. gerri: mark i want to turn to you now about these interest rates. let's get to the nitty-gritty. face it, interest rates are supremely important to consumers. let's talk about mortgage rates. what is the outlook there? how fast would rates move higher? what should consumers expect due to the credit cards? >> to your broader point not so much the fact that rates will be headed slightly higher.

rather that the fed does not want to raise rates aggressively he is fed is telling us basically on what they can reason i expect and all the evidence out there rates will move higher slowly, probably over next two or three years that the economy will essentially outpace rise in interest rates. gerri: why so slowly? i don't get that. >> there is lot of damage been done to the economist. the middle class has not recaptured a substantial part of the economic assets that it lost during the financial crisis and the recovery. the other part is, you know we have second, to of the economy that are not faring as well as others. housing sector certainly having substantially improved over the last several years. still struggling in many ways. gerri: true. >> young people not being able to get access to new housing. >> that is absolutely true. i want to pick a knit with you guys. here is the reality. forecasters never get it right. you look back at last year, nobody said 11.4% growth in the

stock market. nobody called 50 bucks a barrel in the oil market. sam to you, why can't you get guys better forecasting? >> we focus where the trend is. should you stick with stocks and many cases we hold the hand of investors to say look you're investing for the long term. don't really worry about short term volatility. gerri: i give you a hard time. you are pretty accurate i have to tell you that. >> thank you. >> antly you struggle with the same thing i'm talking about. you want to get the best information to your clients and people are making right choices. if somebody could call the oil market or stock prices they wouldn't be working today and living off an island, right? >> yes. there is lot more involved than price it earnings and earnings per share and oil. gerri: that is important. >> absolutely critically important. common sense if something goes up and has real fast like it has last couple years it has to have a correction.

how long can we keep at this pace it can't last forever. gerri: giving awe hard time, sam what do you think it will close. >> 2250. gerri: that is specific. >> and change. gerri: that's good. >> basically the feeling is that we're still going to be getting good earnings growth. inflation will remain relatively low and we'll still have a lack of alternatives. gerri: interesting. mark before you go what is the forecast for 10-year treasury end of the year? >> our survey of economist look for it to go up 100 basis points next 12 months. so above 3%. gerri: it had to end sometime, right? mark anthony sam you guys did a great job. thank you for coming on. really appreciate your time. >> thank you gerri. gerri: and bitter cold temperatures will be sweeping over nearly 70% of the u.s. over the next few days as a dip in the jet stream brings in arctic air from canada of course. it is already cold in places like minnesota where lows are forecast to plunge minus 30 overnight. ew. that is not including windchill

even. fox news meteorologist janice dean joins us with the very latest. >> hi gerri. i heard you talking about forecasting. anything past five days we talk about weather forecasting well that can be up for grabs too. let's take a look at frigid temperatures. win thing foresure, the next 48 hours we'll have freezing temperatures for a lot of country. look at. that morning lows for minneapolis, minus 14 on wednesday. that is the air temperature of the that is the no the windchill. minus 12 in chicago on thursday. minus 7 in indianapolis. you get it. the coldest air we have felt so far this season. here are current temperatures right now. single digits below zero in minneapolis and green bay. zero in marquette. the real danger is the windchill. what it feels like, dangerous to be outdoors for any length of time. your skin can freeze in minutes. minneapolis, minus 15 what it

peoples like. minus 10 in chicago. we've got a quick shot of cold air today, then wednesday one into the weekend and next week we'll see there could be moderating with those temperatures. there is the 12-hour radar. we also have a quick moving storm system that will bring in cases six to eight inches of heavy snow over the next 12 hours for the midwest. that is of course prompting all these winter weather advisories for all of these big cities. in the pink-shaded areas six to eight inches possible. three to six in the blue-shaded areas. again, very, very cold temperatures. even though kids want to get outside to play in the snow it will be dangerous. the cold air will move southward and eastward. looking at pittsburgh, the average is 36. you will be 15 on wednesday. in the 20s in new york. those are the forecast high temperatures overnight. in some cases below zero. so as we get into tuesday morning and wednesday, there are forecast lows, upper midwest northern plains. that is where cold air core is.

reaching as far as south as gulf coast thursday morning we're in teens an single digits, below zero. another shot of cold air on friday and saturday. as we head into monday and tuesday of next week, gerri anything past a five-day forecast sometimes up for grabs. looks like long-range forecasts showing a little bit more of a warm-up relatively speaking. >> fingers crossed janice. i'm waiting for the warm. i like the warm. i just got back from florida. >> it is worth mentioning that 66 in miami is forecast low is not doing too badly. gerri: yeah, that is good stuff. thank you, ma'am. >> okay. gerri: appreciate it. still a lot more to come this hour including your voice. your voice is important to us. that's why during the sew we want to you facebook me or tweet me @gerriwillisfbn. send an email, go to gerriwillis.com. at the bottom of the hour i will read your tweets and your emails. next, not only is obamacare raising your health care costs starting starting this year it will raise

your taxes. what you need to know before you file after the break.

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gerri: if you thought filing taxes was a pain in the neck before you are in for quite a surprise this coming tax season. because of new obamacare provisions explained right here. this is irs form, a little explanation of everything you're going to need to know, millions of obamacare employee subsidy recipients will have to muddle through new forms to provide proof they had health insurance last year or face penalties. with more on this manhattan institute scholar, paul howard. welcome back. you're the perfect person for this segment although you have a little trepidation about the taxes. talk about this form this 1095-a we have here this is the form that people who get the subsidy will have to file. is this easy to understand? >> if you have employer provided insurance, thank your lucky stars, there is box you check

not worry about it. if you covered through the exchange you will face confusion and complexity, if you overestimated or underestimated your income to the got tax credit. gerri: what is interesting about that h&r block says 50% of folks who got that subsidy underestimated their income which means they're going to owe more in taxes. >> absolutely. that is a big problem. people could wind up with the tax shock. you can being expecting a refund. got one last year, got one this year. if you have too big of a tax credit you could owe uncle sam money. gerri: there will be a lot of unhappy people. 6.8 million people enrolled. a lot of folks will have questions about their tax. other thing that is going on here that i know people fine incredibly upsetting and disturbing you would owe money if you don't have coverage. talk about that. >> right. there will be a lot of confusion here. there are a lot of potential exemptions if you make too little to file, you're exempted if you're illegal citizen you're exempted. if you're in a state that hasn't expanded medicaid provision up to obamacare's 138%, you're

exempted. on the other hand, you know if you didn't get coverage you are elgible for a fine or have to pay a fine up to 1% of your income. gerri: i will work out some these numbers for folks. if you're single with a $50,000 income, that is $498.50. that is penalty tax, your fine, your fee, whatever you want to call it these days. say you're married filing jointly with a 250,000 income, that fine jumps to $2297. now that is just this year, paul. that goes up in sub general years. what are we looking at over long term? >> it goes up to 2.5% of adjusted gross income. for that family making $250,000, that is potentially several thousand dollars in penalty payments. >> that is annoying. that is really, really annoying. a lot of people don't like that in particular. how good of a job do you think irs will do processing this information? >> i think everybody this year will be terrified and confused. irs is understaffed.

they're under a lot of strain. their budget has been frozen since 2010. gerri: my heart is not bleeding. they have a job to do. they should do their job. >> it has been complicated by things the obama administration done especially on reporting side to say to business. you don't have to report how many people are covered. if irs don't know how many people are have employer provided insurance -- gerri: that's right. there is a kind of a missing link in terms of information right? there is lots of info the irs doesn't have at its fingerprints. it is sort of guesswork. >> guesswork and don't forget the all the grandfathered plan the administration extended until 2016. only people who are winning are tax preparation firms who have pot to love this. gerri: they sure do. they're making more money every single day. say i have employer provided coverage or some other coverage i don't have to worry about that issue. what do i have to do to let the government know that. >> there is a box on your 1040, box 61.

check if you have medicare, medicaid tricare, employer provided insurance. medicare advantage hopefully you're done. gerri: hopefully that qualifies. obamacare has stinky provisions when it comes to what you have to have. paul happy new year. >> you too. gerri: later in the show. how falling gas prices are actually helping car sales and prices. and next, they were this close. credit card companies and banks falling short of a promise to issue new chip and pin cards to help protect consumers from fraud. they could have done it. they didn't. we'll tell you what they did instead. these ally bank ira cds really do sound like a sure thing but i'm a bit skeptical of sure things. why's that? look what daddy's got... ahhhhhhhhhh!!!!! growth you can count on from the bank where no branches equals great rates.

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gerri: remember target, staples? last year was the biggest on record for hacks of consumer financial data. now banks are backing off using most effective technology available to keep your money safe. despite the hype and promises card issuers will not roll out new credit cards that require a pin. that is a four digit code to secure your money. they say, the signature is secure enough. but will that still put shoppers at risk? here to weigh in, jerry detwiler, directioner to of consumer education at credit.com. welcome to the show. why do you think these banks are packing off what could be the most secure technology? >> there is a very simple reason and that is they know that cardholders have multiple cards in their wallet. they do not want to be the one that doesn't get used because the card holder can't remember their pin number. gerri: just an issue making sure that you're still the favorite in the wallet is that right? that is all that is holding them

back? the fear that americans can't remember four digits? >> i think it's a big, big part of it because americans, unlike europeans, tend to have multiple cards and remembering a slew of pin numbers or worse writing them down in your wallet, is a problem. and so, again no one wants to say, you snow what? you can't use my card because you can't remember your pin number. gerri: so new cards will have a chip. they will have a microchip that embeds and encodes information and makes it easier to stay safe but in your view is that enough? do we need something else other than the signature? >> chip and pin will cut down on counter fitting and skimming. that is where they put little devices on the thing at cash register that steal your information and make cards look for all intents and purposes like yours. what it will not cut down on and what i think we'll see increase in gerri card not present fraud. that is where someone steals

your information and they go online and start shopping and they steal without a physical card involved in the transaction. gerri: so it has some benefits but doesn't have all the benefits. i want to talk about the outlyer for a minute which is target. now, last december, we heard some 60 million people had some of their information compromised, target shoppers because of a data breach, a data breach there. they're the only ones coming out saying we'll do chip and pin. we'll go the full monty. do you think they get credit from consumers? do you you think consumers will say thank you very much for keeping us safe and we'll patronize your stores? >> i think consumers are very leery about fraud and if they're not out money and in most cases you aren't when your credit cards are lost or stolen much we experienced some data breachers and we know what a hassle it is, you have been a victim, contact card issuer, get new cards. contact companies you set up

automatic payments on. they really do want security. i think that is a big plus in favor of handful of issuers who are going with pure chip and pin. gerri: amazing to me that credit card fraud losses are going down. how is that possible. >> i really think what we're going to see over the next year is an increase in fraud losses due to card information being stolen. so while yes we will see decreases in certain types of fraud i think we're going to see increases in other types of fraud. and, you know, the data breaches are just a sign of that because so much of our information is out there and available. we have to be very vigilant about monitoring our credit. gerri: right. >> monitoring our accounts. setting up alerts. gerri: to that point detail your best advice here for folks who want to make sure that 2015 isn't the year of their hack. >> yeah. so monitor your credit certainly. happy to help you with that at credit.com. set up alerts with all of your card issuers to alert you by text or email if there is

unusual activity, activity outside of normal parameters. if cards that you don't use very often, monitor those too because the number itself is what's valuable to thieves these days. gerri: gerri detwiler, thanks for coming on tonight. >> thank you. gerri: now we want to know what you think. here is our question tonight. are banks and credit card companies doing enough to protect consumers? log on to gerriwillis.com. vote on right-hand side of the skeen. i will share the results at the end of tonight's show. coming up next, it was a december to remember for automakers. sales are up to prerecession levels and transaction prices on the rise so what about the recovery? we'll have answers after the break. ♪

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gerri: it was a december to remember for automakers. car sales surging at the end of 2014. jeff flock is in chicago with the details. jeff? >> reporter: not just lexus december to remember, but for everybody. here are the overall numbers, and they were pretty good numbers for just about everybody out there, starting with the fca, you know them as fiat chrysler automobiles, a great december and a great 2014 altogether. a double-digit increase in both. gm had a great december, ford not so much. they were actually down for the year by about half a percent. toyota, a pretty good year too. the winnerrer for ford though -- winner for ford, though, the f15the best-selling vehicle for 33 straight years now 38 straight years for the truck. but december truck wars take a look at gm which says, you know what? when it comes to december we actually won the truck battle. that's because gm totaling the sales of chevy civil silverado as

well as the gmc sierra the same truck rebadged, you get a bigger total than the f-150, but i'm sure the folks at ford would dispute that. i also thought it would be interesting to take a look at some of the biggest gas guzzlers out there. take a look at the numbers on three of the biggest gas guzzlers with mpg withs around 16 17 18 miles per hour. chevy corvette, doubled in sales. the mustang up 66%. and the cadillac escalade gives you 14 miles to the gallon sales up almost 40% for 2014. you know, most vehicle segments did pretty well in 2014 but one that didn't, you know, even the small cars did pretty well but one that didn't was full-sized cars. the full-sized car offering from each of the detroit three actually all were down. the ford taurus, the impala and the chrysler 300 also.

nobody seems to like that middle ground in there. small car one thing, trucks, fancy cars another thing, but nobody likes the middle ground i guess. gerri? gerri: so you talk about the trucks i think that -- 33 years, that's amazing to me. but i want to ask you about mercedes and bmw, they're duking it out. who won? >> this was the latest numbers. the germans always report late, and the winner is this year, you know last year it was mercedes winning over bmw, this year it's mercedes. they were up 11% -- or, no, i'm sorry, bmw, i got it wrong. bmw up 11%. mercedes won last year, bmw this year. mercedes only up 3% so a big win for bmw. they're still fighting it out. gerri: so are you. thanks for coming on tonight, great to see you. >> thank you. gerri: car sales weren't the only thing to remember in december. new car transaction prices hit a new record at the end of the

year. with more on the this, alex gutierrez of kelly blue book. say it ain't so, we're going to have to pay more for these cars. how much are they going up? [laughter] >> unfortunately, it is true. transaction prices continue to rise. in december we saw the average consumer pay about $34,300 on average, that's about 2.5% higher than last year and well above the 28 $29,000 that consumers were paying prior to the recession. gerri: my father paid that for his house. the prices and inflation over time is amazing. why are these prices rising now, in your view? >> there's several reasons i think that are driving prices up. one, we have to recognize that the cars that are out there are far better made, far better produced than anything we've seen in the industry even compared to cars produced just five years ago. you look at the features and amenities that you get today you look at a ford fiesta a chevrolet sonic, an entry-level hatchback, and you can get leather, a moon roof, it'll sync

with your phone, it has anything and everything you could possibly imagine. gerri: well, alec, i've got to tell you a lot of the things i'd like to see them do too like clean up my house, but at some point they're going to hit their head on a ceiling, there's a point where people won't pay the prices, i would assume. do you think they're close to that? >> yeah. i think at some point there is a limit to the sorts of gains we can see on transaction prices and i think that's related to what folks are able to finance. you have record low interest rates, consumers taking longer and longer loans 66 months on average. you have about a third of all cars purchased this year going through a lease so consumers are getting creative with ways to offset rising transaction prices, but if interest rates rise or the lease environment isn't quite so friendly next year, i wouldn't be surprised to see transaction prices start to flatten out. gerri: i thought it was interesting in a report we had from jeff flock earlier he said some of the big gas guzzlers people are buying them out.

is low gas prices having a big effect on what's moving off car lots? >> to some degree, yeah. i would say that gas prices with as much as they've fallen in the last couple of months, that has driven folks back towards truck back towards larger suvs. not to say that these segments weren't already doing really well. you look at trucks, sales were already up at the midway point in the year, and as soon as gas prices started to come down all it really did was add additional fuel to the fire that was already burning pretty hot. gerri: how about hybrids? is this something nobody wants to buy now? the electric car, is it sitting on lot dusty? >> yeah, that's an interesting one. you look attritional hybrids like your camry and your prius, and sales are down pretty significantly. granted, i'll put a little asterisk on prius, they're due for a redesign next year, but you look at the leaf and the volt, and they have been doing phenomenally well, and you look at electrics, and because they have such aggressive lease programs and in california it gets you access to drive in the

carpool lane, i think that's what's helped to move those segments okay while hybrids have suffered. gerri: interesting. before you go, tell me a little bit about which of the automakers are posting the biggest price gains. and just a little bit more, i assume this is pent-up demand fueling all this because prior to this year the cars on the road were 11 years old on average. i mean that's the oldest we've ever seen i think. >> yeah, that's right. i mean, i think we're looking at an aging inventory out there in the u.s., and i think consumers are finally out there and buying i new cars. if you look at those manufacturers that have done the best hyundai kia, they were up about 6% so far this year, a lot of it has to do with the new sonata which is a little bit better a little bit bigger it's got tons of amenities like apple pay, and you have to look at gm who saw significant gains again because of silverado up 35% this month, buick had a decent year for gm, chevrolet as

well because of the trucks and suvs, so those are two that stand out as gaining price more than the others. gerri: that's not nothing that's bigger than inflation, those gains, that's for sure. alec, great to see you. >> great to see you. thank you for having me on. gerri: and coming up tomorrow car technology will be a big part of the consumer electronics show in las vegas and our very own liz claman will be talking to all the hey hitters starting tomorrow morning at 10:45 a.m. eastern time and throughout the day right here on fox business. good stuff. and now we want to hear from you. the "wall street journal" reporting most banks and credit card companies won't be following the rest of the world and issuing what they call chip and pin cards this year. instead, they will still require a signature. are these institutions doing enough to keep us safe? here's what some of you are tweeting me about our poll question tonight. rick writes: no, they are not. we need to convert to chip and pin cards. but ernie says: it is their responsibility to protect consumers, i think the consumer

must protect themselves. ernie, i wish i could agree but it's darn hard to protect yourself the way this whole operation works. and on facebook, john posts this comment: i think that the banks and credit card companies are doing a great job considering the odds against them. in addition to following me on twitter and facebook be sure to like fox business on facebook. and when we come back, one woman's terrifying experience with computer hackers. you're going to want to hear. that and troubles abound with obama's latest push for your retirement. how it doesn't really help working americans. details next. but first, here's your consumer gauge with the numbers that mean the most to you. stay with us. ♪ ♪

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find out today why ziprecruiter has been used by over 250,000 businesses. they even offer a 100% satisfaction guarantee. and right now, you can try ziprecruiter, for free. go to ziprecruiter.com/free90 gerri: would you entrust your retirement dollars to uncle sam to manage? president obama's i new retirement plan called myra has

officially launched enticing millions of new workers to start savings, but what exactly are savers investing in, and could this do more harm than good for your hard-earned money? we're asking jeff levine welcome back to the show. explain this thing to me because there's ira there's the roth ira, there's 401 -- people have so many options out there, and now the administration in all its wisdom throws the my-ra out there. what is it exactly? >> the first people should know is it's a flavor of roth ira. it's not a brand new type of retirement account it's a type of roth ira. so all the regular roth rules the contribution rules as well as the distribution rules -- gerri: it all applies -- but once you hit 15,000 you've got to take the money out. >> that's right. it's meant as a primer account. the government wasn't looking to have this be the account that's the end all and be all for people, but what they're looking at is people who can't afford to

put money with a private institution right now, they can't make those larger contributions, the my-ra will allow people to make very small contributions, somewhere in the neighborhood of $5 a paycheck can go into this account. that lets them accumulate enough money in this account where at some point in the future they can take it to the private sector. gerri: so what are they invested in? >> well there's one investment option and that's been the biggest knock. it's going to be relatively similar to the g fund that government employers are used to seeing in their thrift savings plan. gerri: this thing mystifies me because it's not really investing. we're not talking about investing here. and here you're targeting young people who should be starting to invest for the first time the people who can afford to take a lot of risk in the marketplace and you're putting them in a treasury-like investment. that makes absolutely no sense to me. these are the people who have decades and decades and decades of time to invest, see the gains and enjoy what is typically a

rising stock market over time. >> well, i certainly see your point, and i understand where you're coming from. but what i would try to point out is a lot of young savers, the first thing you have to do is to accumulate enough money to have a cash reserve, right? if there's an emergency you need to have that emergency fund -- gerri: but you're not even making more than inflation -- >> you're not making that in the bank either -- gerri: isn't this a job better left to the private sector? don't these people need to get their feet wet in the real world instead of some kind of investment that's training wheels that has nothing to do with what they're going to see once they get out and invest with like, your company a private sector company? >> well it's a fair point but what i would look at is the fact that i have a six month old, and we just started feeding him solid foods. we're not giving him a steak right away. he starts off with baby food. this is an entry level. if the first thing you do is put money into an investment and lose it, you may not go back. that's why so many studies show that the most conservative

investors are those under 30 years of age, exactly the opposite -- gerri: but that's precisely the opposite of what they should be doing, and this product is teaching them to do wrong thing in my view, and that's tragic. one of the problems with this program is we don't know how much it costs. [laughter] you know, the most transparent administration in the history of the nation won't tell us what they're paying for this. >> i would con to seed that's definitely something -- concede that's definitely something i'd like to know. we don't know. we know they announced the custodian of these account, we don't know how much they're paying them. i expect we'll get more information on them but, yeah that is one significant issue. we'd like to have more transparency on the fees because taxpayers are ultimately footing this bill. gerri: you've got to comed talk about the private sector version of these, and we'll talk more about ira and what to do specifically given the market today the big selloff. thanks for coming in, good to see you. >> thanks gerri. gerri: time for a look at stories you're clicking on tonight on foxbusiness.com.

morgan stanley says an employee stole data from about 900 clients and posted it online. client names and account numbers were shared but not passwords or security number, social security number, that is. morgan stanley says the information has been taken down and the employee fired. the pilots' union at american airlines has agreed on a five-year contract proposal. the vote will be saturday just before a midnight deadline set by the company. airline profits have been soaring to record highs partly because of falling gas prices. and a technology company's laying off more than 1500 employees at a boise call center handling questions about obamacare. the company, maximus, had a 30 month federal contract providing customer service for the health care exchanges. that contract just expired. and hollywood kicking off the new year the same way it ended the old, with hobbit at the top of the box office. it took in $22 million remaining at number one for the third straight weekend.

the film edged out "into the woods" and "unbroken." and those are some of the hot stories right now on foxbusiness.com. still to come, my two cents more, and next, a woman's personal experience with hackers who demanded a ransom for her mother's entire online life. she joins us after the break. these ally bank ira cds really do sound like a sure thing but i'm a bit skeptical of sure things. why's that? look what daddy's got... ahhhhhhhhhh!!!!! growth you can count on from the bank where no branches equals great rates. you get sick you can't breathe through your nose suddenly, you're a mouth breather. a mouth breather! well, put on a breathe right strip and shut your mouth. cold medicines open your nose over time, but add a breathe right strip and pow, it opens your nose up to 38% more. so you can breathe and do the one thing you want to do

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♪ ♪ gerri: well, if you've ever lost any documents or files on your competer, you know how devastating that is, right? well, cyber criminals know that too, and they're taking full advantage. they're using a virus that sneaks into your computer, locks up your data and holds it for ransom, no kidding. my next guest's mother experienced this firsthand and she's joining me now elena

simone. it's like being sony right? it's the same thing, but it happened to your mom. tell us how she found out she had been hacked. >> well, it was the tuesday before thanksgiving, and she woke up her computer, and there was -- she couldn't access any of her files. she'd been locked out of everything. and there was a note there saying if you want your files decrypted, then you have to wire $500 in bitcoin to this address. gerri: i think we even have a picture of that. so if this happens to you here's what you might see. it looks like something official but it's really a bunch of criminals trying to get at your money. so what happened next and who is this crypto wall anyway? >> it's a form of virus called ransom ware, and it attacks your computer either because you clicked on an attachment that looked legitimate but was actually malware or you have existing malware kind of lurking on your computer that you don't

realize is there that's maybe gathering information or slowing things down, and it can infect your computer that way. gerri: so i don't understand why you would want to pay the ransom. isn't there any way to get at these -- they've got to be a bunch of hacker guys somewhere? >> that's the question everyone has, they can't believe there's just nothing you can do about it, that you're literally at the mercy of these hackers. but unfortunately, with these particular variant of the virus, 2.0, it's really near impossible to crack. it doesn't seem like anyone can do it. unless you have your files backed up, clean versions in which case young swap them out. but if you don't like my mom, she hadn't background up for six months then it's really, you know -- gerri: did she call the cops? did you guys try to get in touch with anybody official? >> she fist went to i.t -- first went to i.t. professionals, and then she went online -- gerri: there shs right there. >> yeah, there's my mom and my dad, and then she went online. and if you google this online

it's really heartbreaking because there are a couple of police departments that have paid this ransom that have been on the news. gerri: i saw that, i could not believe it. so she pretty quickly ran out of time and she didn't tell you until the last minute, so she got another message from the bad guys, this time saying, all right, if you don't make the deadline, you're going to have to pay us $1,000. >> i think it was in the original message. you have a week to pay us $500 if you don't then you've got another week to pay us $1,000 and if you don't make that deadline we delete your encryption key and you can never get your files ever. gerri: now, why did your mom think that her personal data was so valuable? >> i think it's just a really personal thing. i tried talking to her about this and i think to everyone you know, she had a lot of tax documents on there -- gerri: that's important. >> she helps my dad keep track of his business expenses, it could have ended up costing her more to lose this data than to get it back --

gerri: so to me, one of the amazing twists in this story this yarn, this amazing shaggy dog tale is that you ended up having to go to a bitcoin atm to pay her money. now, so the bad guys doing business bitcoin, and it was difficult to even use their atm. tell us about the experience. >> well, my mom wired, put in like a cash money order at some point -- gerri: we're looking at that atm right now. >> that's the atm i used. it's a little scary there's no button. if something goes wrong, there's nothing to hit. so she wired the money to this bitcoin outfit based in brooklyn, and the problem is bit coyne's price so volatile that the funds fell short by $25 and the only immediate way to top off her ransom was for me to run down to green point and put $25 into the this bitcoin atm, and that was the only way she could make her deadline. gerri: it's amazing to me.

your mother eventually got her data back. she did not pay a thousand she paid $500. she wrote sort of an apology note to these guys saying please take my money and give me my data back. they did. elena, great stuff. fascinating story. appreciate your time. >> thank you. gerri: and we'll be right back. how could a luminous protein in jellyfish impact life expectancy in the u.s., real estate in hong kong and the optics industry in germany? at t. rowe price we understand the connections of a complex, global economy. it's just one reason over 70% of our mutual funds beat their 10-year lipper average. t. rowe price. invest with confidence. request a prospectus or summary prospectus with investment information, risks, fees and expenses to read and consider carefully before investing.

♪ ♪ gerri: well, the wall street pros, they're not that accurate when it comes to their forecasts, right? for example, for at least two years experts have told us to expect a rout in the bond market spiking interest rates, they say, will create a panic among people with low-rate bond holdings. could have happened, but it hasn't -- not yet. and where were the energy experts predicting $50 oil? nowhere. truth is, professional money isn't always so smart. you know that, that's why most of you have invested in index funds which have outperformed wall street stock pickers again.

congrats to you. that's my two cents more. and that's it for tonight's "willis report." have a great night, we will see you back here tomorrow. ♪ ♪ charles: i'm charles payne, and you're watching "making money." dow down 331 points today. what a way to start the new year. stocks getting hammered, oil getting hammered, bonds acting like main street is getting hammered. straight out to nicole petallides on the floor of the new york stock exchange. all right, nicole a huge day. what was the real feeling down there today? >> charles, what happened? i don't think the traders on wall street expected this kind of selloff today. this is the most selling we've seen in three months. dow was down over 330 points, all ten sectors were lower, of course, energy was the big laggard again with oil below $50 a barrel. caterpillar came under significant pressure, the big loser as you had a strong dollar right? they make their money abroad