Indian police arrest six as inquiry widens into bank fraud

India’s federal police have arrested six people, including employees of a billionaire jeweller, as an inquiry into one of the country’s biggest bank scams widens, investigators said Wednesday. The Central Bureau of Investigation is looking into allegations that Nirav Modi, a jeweller to Hollywood stars including Kate Winslet and Naomi Watts, was involved in scamming India’s… Read more

Bank will pay billions for dealings with crooked former racecar driver who ripped off poor

U.S. Bancorp — the parent company of U.S. Bank — will pay a whopping $528 billion fine imposed by the U.S. attorney’s office for failing to report the suspicious business dealings of former racecar driver turned felon Scott Tucker. The bank was also hit with two felony violations of the Bank Secrecy Act for willfully failing… Read more

Cryptocurrency rivals snap at Bitcoin’s heels

Bitcoin may be the most famous cryptocurrency but, despite a dizzying rise, it’s not the most lucrative one and far from alone in a universe that counts 1,400 rivals, and counting. Dozens of crypto units see the light of day every week, as baffled financial experts look on, and while none can match Bitcoin’s $200-billion euro… Read more

South Korea Mulling Tougher Cryptocurrency Regulation

South Korea may be a global hub for cryptocurrency trading, but that doesn’t mean the government is happy about the fact. If anything, the country’s financial regulator is in talks with counterparts in neighboring China and Japan to cooperate on regulating the industry. According to a report Monday by South Korea’s Yonhap News Agency, the Financial… Read more

The Bank Of England Is Planning A Bitcoin-Style Virtual Currency – But Could It Really Replace Cash?

Governments are extremely worried about cryptocurrencies such as bitcoin. These virtual currencies mean you can make payments without involving the banks that most economies and government financial models are built on. People can transfer large amounts of money without the authorities knowing, potentially making it easier to evade tax or launder money. So several countries’ central… Read more

Capital One Accounts Double Charged For Recent Transactions, Users Missing Thousands Of Dollars

Many Capital One Bank account holders learned today that the bank has been double charging many recent transactions resulting in hundreds if not thousands of dollars missing from banks accounts across the country. Debit card bank transactions have us seeing double today. Rest assured our support teams are engaged & working towards a fix. Hanging on… Read more

Financial Big Data: The Traces Of Trillions In Economic Activity

The financial world has always been about extracting value from information. The difference today is the sheer proliferation of data which can be modelled by scientists armed with lots of computing power. This ranges from numerical price information (which might now be called traditional data) to more exotic datasets, such as satellite imagery or location data… Read more

Bank of England hikes interest rate for first time in 10 years

The Bank of England on Thursday raised its main interest rate for the first time since 2007, or before the global financial crisis, as it tackles Brexit-fuelled inflation. Policymakers voted 7-2 to tighten borrowing costs to 0.50 percent from a record low of 0.25 percent, as a weak pound caused by Brexit uncertainty has hiked the… Read more

AIG stripped of ‘too big to fail’ label by US regulators

Insurer AIG will no longer face the stricter federal oversight of a “too big to fail” institution following a vote Friday by a panel of top US financial regulators. The Financial Stability Oversight Council voted 6-3 to strip AIG of the designation that its failure could “pose a threat to US financial stability,” according to a… Read more

Struggling With Credit Card Debt? There’s An App For That

With credit card debt climbing toward new post-recession peaks, a study published this week pointed to a possible answer — for millennials, anyway. Personal finance app users, particularly those between the ages of 18 and 36, are less likely to cough up overdraft fees and short-term debt interest payments, according to the paper, which was published… Read more

Cashless Dreams Feature Motorbike Bankers, E-wallets in Vietnam

Think of it as motorbike banking. For Vietnamese who live far from a retail bank branch, VietinBank scrambles scooters so its officers can meet clients where they live, tablet in hand. There’s also the strategy of DongA Bank, which decks out a van with four ATMs and parks it near factories to reach laborers. All across… Read more

Solidum Partners Completes First Catastrophe Bond On A Blockchain

Zurich-based Solidum Partners has completed a private catastrophe bond transaction, $14.8m of notes which it believes is first such securitisation to be settled using a private blockchain. The transaction was issued using Solidum Partners Guernsey-domiciled transformer vehicle Solidum Re ICC Limited, with one cell named Dom Re IC Limited hosting the underlying reinsurance contract and acting… Read more

Here Are 3 Swedish Fintech Startups To Watch

The Swedes have a dubious reputation for being better than Americans at pretty much everything but canned cheese consumption. Swedish economic policy and government efficiency are world renown. Sure, Silicon Valley is still home to PayPal and Coinbase. But Sweden is fostering several fintech game-changers of its own. The Swedish startup Klarna made waves this summer… Read more

SoftBank profit jumps 50 per cent on profitable Sprint

Tokyo (dpa) – Japan’s internet service giant SoftBank saw its operating profit in the April-to-June period rise 50 per cent from a year earlier to 479.3 billion yen (4.3 billion dollars) due to improving profitability at its US wireless carrier Sprint, the company said on Monday. SoftBank also posted a net profit of 5.5 billion yen… Read more

BMO Financial Group Wins “ESG Best Practices” Award

(3bL Media/Justmeans) — BMO Financial Group was named the winner of the Thomson Reuters/S-Network ESG Best Practices Award for 2017 at the annual “Summer in the City/CSR Investing Summit,” held in New York City. The award recognizes the company for “superior ESG ranking and corporate best practices.” BMO’s high ESG scores placed it above all ranked… Read more

Developers Believe IoT Presents New Risks, Government And Financial Sector At Risk

The internet-connected devices that make up the Internet of Things (IoT) is creating more vulnerabilities for consumers and for a number of industries that count on the technology, a new survey found. Netsparker, a web applications security company, run a poll of web developers with the help of Propeller Insights that found a majority of experts… Read more

The Fintech Arms Race Between Banks And Startups

Brick-and-mortar banks are in desperate need of a makeover. They know it too. Capital One is opening Capital One Cafes in major cities across the U.S., with hip decor and more laidback consulting vibes than traditional branches. JPMorgan is trying the same idea with its Manhattan technology hub. Bloomberg reported the bank’s $9.6 billion technology budget… Read more

The Fintech Arms Race Between Banks And Startups

Brick-and-mortar banks are in desperate need of a makeover. They know it too. Capital One is opening Capital One Cafes in major cities across the U.S., with hip decor and more laidback consulting vibes than traditional branches. JPMorgan is trying the same idea with its Manhattan technology hub. Bloomberg reported the bank’s $9.6 billion technology budget… Read more

Your Bank Is Lying to You

If you don’t trust your bank, you’re in good company. With financial regulations unraveling, and in the wake of several shocking banking scandals, it’s remarkable we haven’t all switched to a digital crypto-currency like Bitcoin and ditched our financial institutions. The latest EY Global Consumer Banking Survey finds customers around the globe have diminishing trust in… Read more

Cryptocurrency Goes Mainstream: Omise and Kik Both Plan ICOs

Initial coin offerings have officially gone mainstream. The Asian fintech startup Omise announced Wednesday a plan to raise $19 million with a cryptocurrency sale, a move TechCrunch deemed the first ICO from a “major VC-backed startup.” This the second such Ethereum-based project announced within the past eight days. The messaging app Kik debuted the plan for… Read more

Federal judge likely to approve class-action settlement against Wells Fargo with changes

A U.S. district judge on Thursday suggested he will sign off on a $142 million deal that would settle class-action lawsuits against Wells Fargo & Co. over unauthorized accounts, as long as the agreement is amended. Those changes could include sending settlement notices to more customers, allowing customers suing the bank over other matters to continue… Read more

Chile’s Biggest Stock Exchange Adopts IBM Blockchain Tech

International Business Machines announced Wednesday it is partnering with the Santiago Stock Exchange, Chile’s largest stock exchange, to implement Latin America’s first blockchain stock exchange solution. “In our understanding, t will be the first to implement securities lending blockchain technology anywhere in the world,” IBM Chile General Manager Francisco Thiermann told International Business Times. Thiermann said… Read more

Wells Fargo may have created 1.4 million more unauthorized accounts than estimated, attorneys say

Wells Fargo & Co. may have opened as many as 3.5 million unauthorized checking, savings and credit card accounts over the past 15 years, far more than the bank and federal regulators reported last year, according to a new court filing. For months, the number of potentially unauthorized accounts that bank employee credit card applications may… Read more

China May Be Ditching Paper Money

Bitcoin is booming in Asian markets and mobile transactions are increasingly popular in industries where cash used to be king, like shopping abroad. The Chinese mobile payment platform Alipay announced this week its tap-and-go system soon will be compatible for shopping at more than 4 million American stores, strategically marketing to Chinese students and tourists in… Read more

Former Wells Fargo workers say they targeted immigrants and Native Americans

LOS ANGELES — The latest allegations of unethical practices at Wells Fargo are so disturbing that even the bank has called them “offensive.” Former bank employees have signed sworn statements saying that they were told to target immigrants in the U.S. illegally, as well as Native Americans and college students as they sought to open sham… Read more

Israeli Fintech Startup Next Insurance Just Raises $29, And It Is Not The Only One

It’s been a great week for Israeli fintech. Insurtech company Next Insurance just raised $29 million in a Series A funding round with Munich Re/HSB Ventures. Meanwhile, YL venture capital, the group behind several security startups and the retail innovators Upstream Commerce, raised $75 million to fund Israeli software startups looking to enter the lucrative U.S.… Read more

Chinese Takeover Bid for US-based MoneyGram Scrutinized

The financial industry is closely watching Alibaba affiliate Ant Financial’s attempt to acquire Dallas-based MoneyGram International, the world’s second biggest money transfer company after Western Union. Ant is offering $1.2 billion, more than U.S.-based competitor Euronet Worldwide. If successful, the deal would turn Ant Financial into a financial behemoth with access to MoneyGram’s vast network of… Read more

Donald Trump’s dollar

President Donald Trump’s assertion this week that the “dollar is getting too strong” led to a sharp decline in the value of the greenback. The market’s reaction to Mr. Trump was a reminder that presidents often get the dollar they want. This has us worried Mr. Trump and his Treasury department will pursue a weaker currency… Read more

Best Credit Cards For Cash Back, Travel And More
This article originally appeared on the Motley Fool. Hands down, we think the following credit cards are the best among the popular offers we’ve vetted. So take a moment to review our handpicked short list, including the best travel, cash-back, and balance-transfer credit cards. Sign-up bonus for a travel credit card – Chase Sapphire Preferred® No-annual-fee… Read more

FRANCE – France set to fine UBS 1.1 billion euros for tax-dodging scheme

  1. French prosecutors are demanding 1.1 billion euros from banking giant UBS because it illegally solicited wealthy taxpayers to open secret Swiss bank accounts, a French newspaper reports. Financial investigators are demanding that the world’s biggest wealth management bank pay the whole of the bail it has deposited as a fine for touting for rich clients who… Read more

USC professor named first African-American president of a Fed regional bank

WASHINGTON — USC professor Raphael Bostic made history on Monday when he was named president of the Federal Reserve Bank of Atlanta, becoming the first African-American to lead one of the Fed’s 12 regional banks. The choice of Bostic, 50, director of the Bedrosian Center on Governance at USC’s Sol Price School of Public Policy, comes… Read more

Wells Fargo customers avoid bank amid accounts scandal

SAN FRANCISCO — Fewer customers opened checking accounts at Wells Fargo in January and more closed checking accounts, an indication that the embattled bank still faces challenges arising from a scandal linked to bogus accounts, the company reported Friday. San Francisco-based Wells Fargo has wrestled in recent months with customer skepticism, investigations, regulatory penalties and fines.… Read more