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Trump administration weighs retroactive citizenship proof for bank accounts
politics1 day ago

Trump administration weighs retroactive citizenship proof for bank accounts

The Trump administration is reportedly weighing a retroactive mandate for banks to collect proof of citizenship from all current and new customers, excluding REAL IDs; the policy would likely be pursued via executive action rather than legislation, and White House/ Treasury positions are unclear. Industry groups warn the move would be costly and logistically unworkable, raising concerns about nationwide implementation and potential GOP pushback.

via Semafor|
#bank-accounts#citizenship-verification#financial-regulation
Financial Institutions and Humanitarian Crisis in Gaza
world7 months ago

Financial Institutions and Humanitarian Crisis in Gaza

The Gaza Humanitarian Foundation (GHF), backed by the US and Israel, attempted to open bank accounts in Switzerland with UBS and Goldman Sachs but was declined due to compliance and transparency issues. GHF has since shifted its operations to the US, where it maintains a bank account with JPMorgan, amid scrutiny and internal challenges, including the resignation of its executive director and difficulties in establishing a Swiss presence.

via Reuters|
#bank-accounts#gaza-aid#ghf
legal-entertainment-crime8 months ago

Sean 'Diddy' Combs Faces Mistrial Motions and New Testimony in Sex Trafficking Case

Sean Combs' trial involves serious allegations including sex trafficking and racketeering, with key testimonies from alleged victims and evidence such as audio recordings and financial records. The defense has filed a second motion for mistrial, citing alleged false testimony and misconduct. The trial also reveals insights into Combs' financial dealings and personal relationships, with potential for a verdict in the coming weeks.

via Rolling Stone|
#bank-accounts#legal-entertainment-crime#mistrial
"Opposition Alleges Government Freezing of Accounts Ahead of Indian Elections"
politics1 year ago

"Opposition Alleges Government Freezing of Accounts Ahead of Indian Elections"

India's main opposition party, the Congress party, accused Prime Minister Narendra Modi's government of stifling democracy and crippling the party by freezing its bank accounts in a tax dispute ahead of national elections. The BJP rejected the allegations, stating that the Congress party's bank accounts were partially frozen due to failure to file an income tax return for cash donations. The Congress party's treasurer said the party had received significant donations and that income tax authorities had imposed a lien and confiscated a substantial amount. The Supreme Court is scheduled to take up the Congress party's complaint early next month, and voting in India will stretch over seven phases, with results announced on June 4.

via NBC News|
#bank-accounts#congress-party#democracy
"Chinese Hackers Target iOS Users with Deepfake Trojan to Steal Face ID Banking Data"
technology2 years ago

"Chinese Hackers Target iOS Users with Deepfake Trojan to Steal Face ID Banking Data"

A new trojan called GoldDigger is targeting iOS users to steal sensitive data, including facial recognition data, ID documents, and SMS, which can be used to create deepfakes and gain access to victims’ bank accounts. The trojan was initially distributed through Apple’s TestFlight and later through a Mobile Device Management profile. While it mainly targets users in Vietnam and Thailand, it poses a threat to users worldwide. Apple has been informed about the trojan, and users are advised to avoid installing apps from untrusted sources.

via 9to5Mac|
#bank-accounts#cybersecurity#data-theft
"Thief spills secrets on hacking iPhones to steal $300,000 from strangers' bank accounts"
cybersecurity2 years ago

"Thief spills secrets on hacking iPhones to steal $300,000 from strangers' bank accounts"

A thief named Aaron Johnson has revealed how he stole over $300,000 from strangers' bank accounts by hacking into their iPhones. Johnson would befriend young people at bars, watch them enter their passcodes, and then steal their phones. He would change the passwords, lock the victims out of their Apple IDs, and enroll his own face into the Face ID. This gave him access to the phone's password keychain, where he found banking app credentials. Johnson and his accomplices drained thousands of dollars from the victims' accounts before they even realized their phones were missing. Apple has since launched a new setting called Stolen Device Protection to prevent cyber-criminals from locking iPhone users out of their accounts or accessing their passwords.

via Daily Mail|
#apple#bank-accounts#cybersecurity
finance2 years ago

The Impact of the Fed's Rate-Hike Pause on Bank Accounts, Loans, and Credit Cards

The Federal Reserve's decision to pause rate hikes will provide a temporary relief for savers and borrowers, as interest rates are expected to remain steady. Checking and savings accounts will likely maintain their current interest rates, while high-yield savings accounts and money market accounts may see slight increases. Certificates of deposit (CDs) have become more lucrative with rising rates, and a CD ladder strategy can help maximize returns. On the other hand, borrowers can expect higher interest rates on personal loans and student loans, while home loan rates may gradually decrease if inflation eases. Credit card interest rates have already risen during the rate-raising cycle and are likely to remain high, so paying off credit card debt should be prioritized.

via Yahoo Finance|
#bank-accounts#credit-cards#federal-reserve
Check Fraud on the Rise: Americans Urged to Take Precautions.
finance2 years ago

Check Fraud on the Rise: Americans Urged to Take Precautions.

Check fraud has been on the rise since 2020, with stimulus checks becoming a target. Banks reported 680,000 cases of check fraud in 2022, up from 350,000 in 2021. The US Postal Inspection Service also reported roughly 300,000 complaints of mail theft in 2021. Scammers are using sophisticated, multi-person schemes to steal checks and drain bank accounts. Postal authorities and bank officials are warning Americans to avoid mailing checks if possible, or at least to use a secure mail drop such as inside the post office.

via Business Insider|
#bank-accounts#check-fraud#finance
SEC Takes Legal Action Against Binance and CEO Over U.S. Rule Violations
cryptocurrency2 years ago

SEC Takes Legal Action Against Binance and CEO Over U.S. Rule Violations

Bank records show that a senior Binance executive, Guangying Chen, controlled five bank accounts belonging to Binance.US, the purportedly independent US affiliate of the cryptocurrency exchange, including an account that held American customers' funds. This allowed Chen and her team to move funds held in the bank accounts, and employees at Binance.US had to ask Chen's team to process payments, even to cover the firm's payroll. Binance.US has denied that Binance ever operated its bank accounts, but the new findings offer further detail into how Binance exercised tight control over Binance.US, despite both firms maintaining that they have always operated independently.

via Reuters|
#bank-accounts#binance#control
CFPB warns against storing money in Venmo and PayPal.
finance2 years ago

CFPB warns against storing money in Venmo and PayPal.

The Consumer Financial Protection Bureau (CFPB) has warned that digital payment apps like Cash App, PayPal, and Venmo pose a financial risk to consumers as the money stored on these apps may not be held in accounts with federal deposit insurance. This means that if there's a financial crisis, users could lose their funds. The CFPB also noted that these apps lack the same regulatory oversight as insured banks or credit unions, and their user agreements tend to lack clarity and specifics about how they handle users' money. The agency advises consumers to consider keeping their money in a high-yield savings account insured by the Federal Deposit Insurance Corp.

via CNET|
#bank-accounts#cfpb#digital-payment-apps
Russia Freezes Finland's Bank Accounts in Retaliation.
politics2 years ago

Russia Freezes Finland's Bank Accounts in Retaliation.

The Kremlin has said that the decision to freeze the bank accounts of Finnish embassies and consulates in Russia was a response to what it called the unfriendly acts of "the collective West", including Finland. Russian embassies across Europe have had problems with their bank accounts since, and in some cases have had funds confiscated to punish Moscow for its actions in Ukraine.

via Reuters.com|
#bank-accounts#diplomatic-relations#finland
Finnish Embassy Bank Accounts Frozen by Russia.
politics2 years ago

Finnish Embassy Bank Accounts Frozen by Russia.

Russia has frozen the bank accounts of Finland's embassy in Moscow and consulate in St. Petersburg, according to Finland's Foreign Minister Pekka Haavisto. The reason for the freeze is unclear, but Haavisto suggested that it may be related to EU sanctions on financial transactions. Finland has not frozen the accounts of Russian diplomatic missions in Finland. The freeze coincided with the seizure of control of Finnish state-owned utility Fortum's Russian subsidiary by Moscow. Finnish representatives have been able to operate normally in Russia so far, but the situation may require new solutions if it continues for a long time.

via The Moscow Times|
#bank-accounts#diplomatic-relations#eu-sanctions