In the last few months, millions of dollars have been stolen from unemployment systems during this time of immense pressure due to coronavirus-related claims. A skilled ring of international fraudsters has been submitting false unemployment claims for individuals that still have steady work. The attackers use previously acquired Personally Identifiable Information (PII) such as social…
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FinTech – On March 18, 2020, a couple of days after New York City public schools closed due to the coronavirus, Jasmine Freeman Jones had to resign from her crossing-guard job to take care of her children. Her rent on her Brooklyn apartment was overdue, and she worried about her kids’ education. Although the city…
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Finance professionals are focusing on innovation and adaptability in 2020, according to a survey. Fintech – Finance professionals are focusing on a number of trends this year, including product development, business model changes, systems, and staffing in an effort to add value to their organizations this year, according to a new study from BillingPlatform. “The…
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Fintech – The coronavirus outbreak is having a wide range of side effects, from pasta shortages at U.S. grocery stores to a rise in stock prices for videoconferencing companies. The widening ripples could reach far-off distances and unexpected industries, including financial technology. If people aren’t traveling due to virus fears, they’re spending less on their…
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Varo Money is poised to become a full-fledged bank, making it the first of a new wave of fintech upstarts to win that approval in the US. The company’s long and expensive journey through a thick barrier of regulation is a reason why America’s banks have repelled the tech disruption sweeping through other industries. The…
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JPMorgan Chase is planning to ban fintech apps from using customer passwords to access their bank accounts and data, according to the Financial Times. Instead, the banking giant is working on a system that uses tokens to send third parties a narrower range of data in a secure form, per Chase’s head of digital Bill…
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Bitcoin and cryptocurrency have this year successfully provoked central bankers and governments to take digital currencies seriously—though many remain skeptical. The bitcoin price, which has failed to return to its all-time highs set in late 2017 despite a late December rally, was given a substantial boost in the first half of this year by social…
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OBSERVATIONS FROM THE FINTECH SNARK TANK As we approach the end of the 2019, it’s a good time to look back and see who won and lost—or more appropriately, who’s winning and losing—in the fintech world. The WinnersGoldman Sachs. The Vampire Squid took a few lumps this year with reports of $1.3 billion in loan…
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Tax season is still months away, but the IRS will want to know about your cryptocurrency holdings. The IRS just released a new Schedule 1 for the 2019 tax season, spelling out the details on above-the-line deductions, including the tax break for student loan interest and health savings account contributions. Eagle-eyed taxpayers will notice that…
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