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PayPal’s Emails Encourage Dangerous Habits | Cantoris Computing
Epic failure by PayPal: their emails contained links to a different domain and their own fraud department falsely claimed that they were not legitimate!
paypal  via:HackerNews  phishing  security  banking 
2 days ago by mcherm
Can America ever rid itself of Wells Fargo?
A rant about many of the things Wells Fargo has done wrong and lamenting the fact that they've suffered almost no consequences.
banking  WellsFargo  evil  via:HackerNews 
26 days ago by mcherm
Chinese Hackers Charged in Equifax Breach — FBI
FBI claims that the Equifax breach was perpetrated by Chinese state-backed hackers.
security  banking  cyberwar  via:rachel 
7 weeks ago by mcherm
German Banks Are Hoarding So Many Euros They Need More Vaults - Bloomberg
Gee, it seems that if you set negative interest rates banks and wealthy individuals will try to hold on to cash.
economics  banking  via:HackerNews 
8 weeks ago by mcherm
Cashless businesses are now banned in NYC
Several cities have laws against businesses that refuse to accept cash. The justification is that it excludes many people (like minors) from commerce.
via:reddit  banking  payments  law 
10 weeks ago by mcherm
The great American tax haven: why the super-rich love South Dakota | World news | The Guardian
South Dakota got rid of the rule against perpetuities (for trusts). They also have not state taxes. So now the super rich around the world are flocking to set up permanent South Dakota trusts.
taxes  banking  TheGuardian  via:TheGuardian  finance  law 
november 2019 by mcherm
Apple Card issuer investigated after claims of sexist credit checks | Technology | The Guardian
Is the algorithm biased? Seems like it probably is -- several married couples who have no independent finances report the husband being offered 20x the credit line of the wife on Apple's new credit card.
banking  apple  sexism  ai 
november 2019 by mcherm
Exclusive: Fake-branded bars slip dirty gold into world markets - Reuters
Gold isn't completely fungible. People with gold that is mined in restricted places or is proceeds of crime are forging bars complete with fake serial numbers.
banking  forgery  via:HackerNews 
august 2019 by mcherm
Safe Deposit Boxes Aren’t Safe - The New York Times
Safe deposit boxes are mostly unregulated and cases of loss caused by the bank abound.
banking  via:HackerNews  nytimes 
july 2019 by mcherm
Revolut doesn't care about you - Stavros' Stuff
Some online-only bank in the UK did a horrible job of handling fraud, blamed the victim, and now that victim is griping about how bad banks are.
banking  via:HackerNews 
june 2019 by mcherm
The sim swap the US isn’t using | Ars Technica
To prevent the theft of SIM numbers for defeating text-based multi-factor authentication, mobile phone carriers around the world are letting banks know when a number has been recently changed. Except in the US, where the phone carriers won't participate.
security  banking  ArsTechnica  via:ArsTechnica 
april 2019 by mcherm
Flat Earth Credit Union - Let's Find the Edge, Together
Yes, this exists. Wow. (The website exists, not the bank.)
via:reddit  banking  funny 
april 2019 by mcherm
A (brand new, may never get traction) site like Flattr or Patreon. Is international (based in France) and doesn't charge anything at all. Usable only for donations.
payments  banking  patreon  via:HackerNews 
february 2019 by mcherm
Kleptocracy Is on the Rise in America - The Atlantic
US banking KYC laws exempt real estate transactions. In fact, the US banking system is now the world's best for hiding stolen money abroad. And US ethical standards are falling.
TheAtlantic  via:reddit  banking  corruption 
february 2019 by mcherm
The 30-Year Mortgage is an Intrinsically Toxic Product
Very interesting economic analysis of the 30 year mortgage.
banking  finance  financial-crisis 
january 2019 by mcherm
A New York City Official Working for Predatory Lenders Made $1.7 Million Last Year
Two things I learned about: government officials paid in bounties by lenders to seize money (and thus abusing their powers) and lenders requiring a pre-signed confession of guilt so no trial is needed to seize cash.
law  banking  debtcollection  via:reddit 
december 2018 by mcherm
The U.S. Secretly Halted JPMorgan’s Growth for Years - Bloomberg
1. I don't think this sort of regulatory restriction should be done in secret. 2. Biggest US bank now going for "more branches".
banking  via:HackerNews  DonaldTrump 
december 2018 by mcherm
Launch HN: Brex (YC W17) – Corporate Credit Card for Startups | Hacker News
A Y-combinator startup company offering a credit card for startup businesses.
payments  banking  mypostings  via:HackerNews  startup 
june 2018 by mcherm
Coinbase’s first investment, Compound, earns you interest on crypto | TechCrunch
A company that will allow overnight lending of cryptocurrencies, pay interest on cryptocurrencies, and allow shorting. Appears pretty legit in this article.
banking  startup  cryptocurrency  coinbase  via:reddit 
may 2018 by mcherm
Credit card fraud warning signs | Hacker News
Could merchant purchase data help detect credit card fraud and save the merchants from shipping goods in cases of fraud?
creditcard  fraud  mypostings  via:HackerNews  banking 
april 2018 by mcherm
Wall Street’s Big Banks Are Waging a Technological Arms Race - Bloomberg
There are just three big investment banks that offer most stock market trading. They are fiercely competing.
banking  stocktrading  via:HackerNews 
april 2018 by mcherm
What Is Your Bank’s Security Banking On? — Krebs on Security
A great number of smaller Banks use Fiserv for online banking and it has terrible, horrible security practices.
banking  security  via:HackerNews 
march 2018 by mcherm
Borrow $5,000, repay $42,000 — How super high-interest loans have boomed in California
In California, installment loans can charge any interest rate. Half are now charging over 100% interest.
banking  via:boingboing 
january 2018 by mcherm
Pubs replaced banks in Ireland in 1970 and the economy was fine - Business Insider
The banks in Ireland closed. People just sent checks to the local pub or politician.
banking  history 
january 2018 by mcherm
How to prepare financially for time in prison
Prisons do not permit inmates to handle their financial affairs, so prison typically destroys a person's finances.
via:reddit  prison  banking 
december 2017 by mcherm
Wells Fargo execs sealed their bonuses by gouging the bank's business customers / Boing Boing
They charged businesses much bigger fees than advertised (also much bigger than industry standards) and lied about why the costs were high.
WellsFargo  banking  via:boingboing 
december 2017 by mcherm
Millions Are Hounded for Debt They Don’t Owe. One Victim Fought Back, With a Vengeance - Bloomberg
One dogged victim spent over a year tracking down the person who created fake debts and sold them to debt collectors.
banking  via:HackerNews  law 
december 2017 by mcherm
DOJ To End Operation ChokePoint; Porn Stars Free To Bank Once More! | Techdirt
Trump administration rolls back Obama policy that banks should be told to refuse to do business with (legal) companies the government didn't like (such as porn).
banking  law  rights  via:Techdirt  techdirt  politics 
august 2017 by mcherm
Wells Fargo Is Accused of Making Improper Changes to Mortgages -
They extended the time of customers' mortgages (thus lowering their payments) without notifying the bankruptcy court in the correct fashion.
banking  mortgage  WellsFargo  nytimes  via:HackerNews 
june 2017 by mcherm - Disposable Credit Card Numbers
A company founded by the privacy officer of AmEx. Seems legit.
payments  banking  privacy 
june 2017 by mcherm
What Happens When You Send a Zero-Day to a Bank? | Privacy Log
He tries to report a REALLY SERIOUS security flaw to a bank, and the bank tries to muzzle him instead of trying to fix it. 9.5 years later, he decides to violate the NDA he signed and tell everyone about it.
banking  security  via:HackerNews 
april 2017 by mcherm
The IRS took millions from innocent people because of how they managed their bank accounts, inspector general finds - The Washington Post
The government didn't just prosecute innocent companies for "structuring" when they made sub-$10,000 deposits -- they deliberately targeted innocent companies because they could close those cases more easily.
banking  forfeiture  law  via:boingboing 
april 2017 by mcherm
How Bank of America gave away my money – So Raven
Someone sent a garnishment order for his bank account which BofA honored despite it having totally the wrong SSN and only a partial match for name. Oh, and they didn't notify him until after it was taken, and he couldn't contest it with the court.
banking  law  via:HackerNews 
april 2017 by mcherm
Why check-cashing stores are a good deal, according to a UPenn professor
Check caching stores may actually be better for some poor people. They are transparent about their fees and policies and they offer money faster.
banking  via:rachel 
march 2017 by mcherm
‘Barclays took my £440,000 and put me through hell’ | Money | The Guardian
Some banks are being really terrible to innocent customers in their zeal to stop fraud and money laundering.
banking  law  TheGuardian  via:HackerNews 
january 2017 by mcherm
The bank lent me $2m so I spent it on strippers and cars - BBC News
The interesting thing is that he never technically mislead the bank (just spent money he knew wasn't his). So in the end he gets off.
banking  law 
december 2016 by mcherm
Why Is UBS Whistle-Blower Birkenfeld Headed to Prison? - TIME
An even-handed article about why the person who revealed UBS's fraudulent activity was then prosecuted for it. The US government comes out looking quite poor in this one.
whistleblower  via:HackerNews  banking 
october 2016 by mcherm
Cathy O’Neil on Weapons of Math Destruction | Hacker News
My posting on why we don't want banks using unrestricted algorithms for making credit decisions, particularly not using race or family income as criteria.
mypostings  banking  ethics  race  via:HackerNews 
october 2016 by mcherm
Wells Fargo fired the whistleblowers who reported massive fraud, and that's a crime / Boing Boing
Several stories of people who say they were fired on a pretext after reporting the massive fraud at Wells Fargo. I agree that this is something a prosecutor ought to look into. I'll bet it doesn't happen.
politics  whistleblower  banking  via:boingboing  law 
september 2016 by mcherm
PayPal Stops A Payment Just Because The Payee's Memo Included The Word 'Cuba' | Techdirt
Talk about overregulation, including the words "cuba" and/or "Castro" in the memo on a payment apparently requires writing an essay on why this is a legal payment. And how on earth is that going to catch anyone?
banking  payments  paypal  techdirt  via:Techdirt  censorship 
august 2016 by mcherm
Interviewing my mother, a mainframe COBOL programmer — Medium
Some comments on what it's like to program for a bank. We use Mumps, not Cobol, but it's otherwise quite a good description of my experience where I work.
banking  softwaredevelopment  programming 
july 2016 by mcherm
How they imagined 'banking from home' in 1967
I'm sure I could use this film snippet in some presentation for work.
history  banking  computers  via:reddit 
june 2016 by mcherm
So Sue Them: What We’ve Learned About the Debt Collection Lawsuit Machine - ProPublica
Low filing fees have led to places where very poor people are having their money seized for payment of debts.
via:boingboing  banking  law  CapitalOne  racism 
may 2016 by mcherm
Why Goldman Sachs just started offering savings accounts for the masses - Vox
Goldman Sachs is starting to offer consumer savings accounts, because government gently pushed it in that direction because they want banks to diversify.
banking  vox  via:vox 
april 2016 by mcherm
$10 router blamed in Bangladesh bank hack - BBC News
The hackers made a spelling error so they only got $80M, not $1000M.
banking  security  via:boingboing 
april 2016 by mcherm
After Cash: All Fun and Games Until Somebody Loses a Bank Account - Bloomberg View
We're moving to a cashless society (at different rates in different countries). But there is a danger that governments will have too much power to seize people's assets, as once happened to the author due to a government mixup about tax filings.
privacy  payments  banking  via:HackerNews 
march 2016 by mcherm
A typo costs bank hackers nearly $1B | Ars Technica
Electronic bank heist could have netted $1B but was caught after only $81M -- caught because a person investigated a typo in the payment instructions.
banking  hacking  cracking  ArsTechnica  via:ArsTechnica  security 
march 2016 by mcherm
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