Behind the scenes in #banking, it seems bankers (either ignoring or having forgotten the lessons of the global financial crisis of 2008) are looking for new 'more sophisticated' ways of getting #credit risk off their books, to further enhance their capacity to lend.
At the same time that Basel III (the international banking regulatory mechanism) is tightening up regulations on previous credit risk models, 'innovative' banks are looking for new routes to achieve the same.
@ilyess You might be wrong in 2 ways, at least if I relate this to how mobile banking is working in Europe:
Weak passwords are only a risk if brute forcing is possible. In Europe, after 3 or 5 false attempts to enter the password, access is blocked. Complex passwords do not help when so. is shoulder surfing.
There might have been a second factor: the phone as a possession factor (activated through some other trust factor), and/or biometrics (so maybe even 3 factors).
My opinion... PayPal sucks.
High fees, then they charge you extra to get your money right away instead of in 3 - 5 days.
Why does the US Banking system not have e-transfer yet? Is there any good way for someone in the USA to send money to someone in Canada that is free?
During a visit to RBC today, they attempted to upsell me on a promotional savings account rate >5%.
I asked for it to be applied to my current balance.
They said it's only for "new deposits".
I offered to withdraw my balance and re-deposit it after some time...how long? They wouldn't say.
So now I have to withdraw that balance and park it elsewhere.
EU governments on Wednesday signed off on controversial plans intended to cut their dependence on UK clearing houses in the wake of Brexit.
EU policymakers believe UK-based clearing houses could pose a risk to the bloc’s own financial stability, and are looking for ways to tempt EU banks to domestic providers.
"This involves reshaping the #economy to be less dependent on #growth while ensuring prosperity for all. In a post-growth economy, there is room for #restorative#businesses."
#Labour have hit upon a policy which will popular in areas like this, where there has been a general exodus of #banks & #banking services... #RachelReeves is taking about accelerating the roll our of 'banking hubs' that deliver services for a range of banks.
The #Tories want to know how it will be paid for but this is one thing the banks should be doing as part of their service commitment & should be made mandatory so as to avoid 'banking deserts'.
"Yet the FDIC continues to show a hesitance to impose harsh discipline on managers accused of misconduct, employees said.
Female examiners left the FDIC because of what they say was a sexualized, boys’ club environment and the belief they were consistently given fewer opportunities than their male counterparts, according to interviews with more than 100 current and former employees, including more than 20 women who quit."
Anyone in the UK opened a #chase bank account recently?
I'm thinking of moving my account and was going to go with Starling or Monzo (my company account is with the former) but thought I'd see if Chase was worth a look
psa to anyone with a #citibank account, they've introduced this new "simplified banking" thing that works out to a) zero interest on checking accounts b) new fees
Digital Customer Expectations in Banking: What should financial businesses consider in order to offer a service that will meet digital customer expectations from a bank and financial services?
There's a special hell for sites which have password requirements that are like 16 letters, one or more numbers, upper case and lowercase, at least one special character, and we disabled pasting/password managers
@foone extra super bonus for apps that also disable the system keyboard and force you to use their own, randomised keyboard to enter your password (in addition to all the winning conditions that you described) 🤢 #banking#Chinatrust....
Just to put into context how utterly insane the crypto landscape is, imagine going back to 2005 and saying this out loud to anyone. They would lock you up far away from society, and keep you sedated.
@selzero It's just so absurd, because unlike with #banking one can't decline funds.
So even if someone would know my IBAN & BIC they could technically sent all the ill-gotten money they want to it: Chances are my bank will just block the transaction and hand over the sum to a custodial account for investigators and unless I'd knew about it and ask for it, they won't even bother questioning me as suspect and most likely do their investigations in the background anyway.
NPCI stepping in to stop AePS frauds, suggests ways to banks
The National Payments Corporation of India (NPCI) wants companies offering Aadhaar-enabled Payment System (AePS) to bring in additional security measures to check rising incidents of fraud attacks on the network. In a notification issued to all banks and payment companies offering this service on October 26, NPCI wrote that just like mandatory security features on debit cards, banks need to introduce mandatory security norms for AePS transactions.
"Elon Musk wants X to be the center of your financial world, handling anything in your life that deals with money. He expects those features to launch by the end of 2024"