All articles tagged with #mobile banking
Scammers are targeting users of the Navy Federal Credit Union app, conning victims out of thousands of dollars by coercing them to hand over their phones and applying for fraudulent loans. Despite security measures, victims like Antoni Garza are left with significant financial losses and little recourse from the credit union. Police report a growing number of similar cases across Virginia and Florida.
Thousands of HSBC customers in the UK experienced an outage in online and mobile banking services, preventing them from authorizing online card purchases on Black Friday. The issue, which is attributed to an internal system problem, caused inconvenience for customers and could potentially hinder essential payments. As of the latest update, the problem has not been resolved.
Blackstone CEO Steve Schwarzman believes that the current US banking crisis is caused by the after-effects of the pandemic and technology, rather than a wave of bad loans. He points to mobile phone apps that have enabled people to communicate and move their money quickly, coupled with a massive increase in deposits after the global coronavirus health crisis, as the cause of the current tumult. Schwarzman believes that rising interest rates and deposit issues caused by technology are both solvable problems for the vast number of banks.