Last summer, a viral social media stunt claimed to show people withdrawing huge amounts of cash by exploiting a “glitch” at JPMorgan Chase bank ATMs. The unverified rumor claimed that anyone could deposit a large check to their own account using a mobile device and then withdraw “unlimited money” from an ATM before the bank cleared the check. Some people tried the stunt with varying levels of success. In one case in Houston, a man wearing a mask deposited a Continue reading
A few months ago, we looked at the hardships facing the European olive oil industry as unpredictable weather led to poor harvests and diminishing supplies over the last year. Not only have olive oil prices risen across the globe as a result, but this production crisis has also given fraudsters a golden opportunity to exploit the lack of supply. For instance, this week authorities in Italy and Spain seized more than 68,000 gallons of olive oil that was deemed “unfit Continue reading
According to consumer watchdogs, for years Bank of America charged customers a variety of “junk fees” while also mishandling accounts. Not only did the financial giant withhold perks that were promised to some credit card holders, but it also double-charged overdraft fees and secretly opened cards in customers’ names without their knowledge. As a result, Bank of America received a $150 million fine from the Office of the Comptroller of the Currency and the Consumer Financial Protection Bureau (CFPB), which Continue reading
Do you pick up the phone when you receive a call from an unknown number? Considering that Americans receive an average of 28 spam calls per month, it would be understandable if you just let the phone ring. On top of all those phony calls, smartphone owners also receive an estimated 42 spam texts each month. And once you start receiving these messages, they’re unlikely to stop anytime soon: numbers that end up in spam databases often get sold and Continue reading
Over the last few years cryptocurrency has gone from the fringes of finance to the mainstream, complete with celebrity Super Bowl ads and widespread interest from Wall Street. But while more people know about crypto than ever before, that doesn’t necessarily mean that it’s a safe investment. According to the Federal Trade Commission (FTC), Americans have lost more than $1 billion to cryptocurrency scams since the beginning of last year. In fact, crypto con jobs now account for a fourth Continue reading
In the lucrative world of data analytics, few companies are more prominent than Comscore. The Virginia-based tech firm analyzes much of the country’s web traffic which then serves as a key reference for pricing online ads. Similar to the television ratings tracker Nielsen, Comscore measures how many people visit a website, the amount of time they spend on it, and other important metrics that can determine its popularity. As a result, the company’s data is vital for media companies and Continue reading
Last year, we looked at how General Electric lost its spot on the Dow Jones Industrial Average after more than a century on the index. At the time, experts blamed the legendary company’s decline on the collapse of its financial services division along with a number of failed investments. According to a recent report from a well-known whistleblower, however, the recent troubles at GE are far worse than the company previously claimed. In a report released yesterday, forensic accountant Harry Continue reading
By 2020, experts estimate that companies could pay social media influencers as much as $10 billion annually to market products online. These Internet personalities leverage their enormous followings on platforms like Instagram to earn big money through sponsored content. For instance, last year a British fashion influencer named Jess worked with 22 brands, charging $1,000 for every sponsored post that went out to her more than 230,000 Instagram followers.
But while the money that marketers paid Jess was real, the Continue reading
Last year we took a close look at how Wells Fargo fostered a culture of fraud that encouraged employees to open unauthorized credit and debit card accounts for customers. Investigators at the time estimated the bank had created more than 1.5 million fraudulent accounts, leading Wells Fargo to fire thousands of employees. Further inquiries from Congress also caused the company to replace managers and roll back executive pay as part of an overhaul of its retail division. The scandal Continue reading
For the past few weeks the business world has been buzzing with outrage over the Wells Fargo banking scandal. Executives at the company likely hoped the worst was over after getting hit with a $185 million fine for allowing such widespread fraud to occur. But as Senator Elizabeth Warren showed last week, regulators and commentators are far from finished with the company. During a hearing with Wells Fargo CEO John Stumpf in front of the Senate Banking Committee, Senator Continue reading