News for Bank after L.
Date: September 3, 2024, 5:01 AM GMT
Executive summary: This week, the banking industry is grappling with the fallout of a viral TikTok trend that encouraged users to exploit a supposed "glitch" at Chase Bank to withdraw "infinite free money." Chase has issued a strong warning against this practice, calling it "fraud, plain and simple" and threatening legal action against those who participate. Meanwhile, other news highlights the continued impact of rising interest rates on banks’ profits, as well as ongoing concerns about data security and anti-money laundering (AML) compliance.
Chase Bank Glitch
Chase warns against using system glitch to filch cash: it’s ‘fraud, plain and simple’
The Guardian reports that Chase Bank has issued a warning against users exploiting a supposed "glitch" in its system to withdraw more money than they have. This warning comes after viral TikTok posts showed customers purportedly trying to take advantage of this "glitch." Chase has stated that this activity constitutes "fraud, plain and simple," and that it will take legal action against those who engage in it.
The Guardian (8 hours ago)
TikTok viral videos claim Chase Bank money hack. Company says it’s fraud
KOAT reports that TikTok users have been committing bank fraud after exploiting a Chase Bank "glitch." A Chase spokesperson confirmed that the bank is aware of the trend and is taking action to address it.
KOAT (10 hours ago)
Viral ‘Chase Bank Glitch’ promised people free money – but left them in thousands of debt and facing jail
The Independent reports that the viral TikTok trend encouraging people to commit check fraud through a supposed Chase Bank "glitch" has left some users in thousands of debt and facing jail.
The Independent (10 hours ago)
‘Viral Chase Bank ‘money glitch’ is ‘fraud, plain and simple,’: Bank’
NewsNation reports on the Chase Bank "glitch" trend, emphasizing that the bank considers it "fraud, plain and simple." They explain that the trend involves people depositing fraudulent checks into their accounts and withdrawing the money before it is flagged.
NewsNation (2 hours ago)
Chase ENDLESS Money Glitch | Banks in BIG Trouble …
This YouTube video by ThisisJohnWilliams discusses the Chase Bank "glitch" and its potential impact on the banking industry.
YouTube (13:42) (9 hours ago)
Bank Profits and Rates
Lloyds Bank posts record profit amid higher interest rates
The lender reported a pre-tax profit of £7.5bn ($9.5bn ) over 2023, surging by 57% compared with the £4.8bn made in 2022.
Yahoo Finance UK (5 hours ago)
TD Bank reports $181M quarterly loss in preparation for U.S. fines
TD Bank Group has reported a $181 million loss for the quarter that ended on July 31 after it had to set aside $2.6 billion for expected fines by U.S. regulators.
Providence Business News (3 hours ago)
Japan Bank Shares Rise as 10-Year JGB Yield Hits Nearly One-Month High
The index measuring Japanese bank shares on the Tokyo Stock Exchange rose 2% in early trading.
WSJ (3 hours ago)
‘Russian central bank set to hike key rate by another 100 bps: Reuters poll’
Russia’s central bank is expected to raise its benchmark interest rate by 100 basis points to 19% at its Sept. 13 meeting to combat inflation and cool the economy.
Reuters (16 hours ago)
‘Egypt central bank seen holding interest rates steady: Reuters poll’
The Central Bank of Egypt CBE will leave its overnight interest rates unchanged when its monetary policy committee meets on Thursday as inflation continues to ease.
Reuters (17 hours ago)
Data Security and AML Compliance
New Zealand’s data fog leaves its central bank flying blind
Lags in New Zealand’s official economic data are creating a fog for policy makers that recently forced them to veer off course and cut interest rates a month earlier than planned.
Reuters (8 hours ago)
NEWS: TD Bank warned to avoid its AML woes spiralling into existential crisis
Toronto-based TD Bank has been urged to study the mistakes of former prominent U.S. firm Riggs Bank to avoid making similar errors.
AML Intelligence (10 hours ago)
Bank fined after trader makes $444 billion ‘fat finger’ error
The error, worth more than the GDP of Denmark, was partially blocked by Citigroup, but almost $200 billion worth of shares were still sent to a trading counterparty.
Yahoo Finance UK (5 hours ago)
Other News
Russia’s largest bank says it has no problems transacting with India
Sanctioned Sberbank has managed to pivot to processing transactions in rubles and rupees.
Business Insider (7 minutes ago)
Here’s Why Having 2 or 3 Bank Accounts Isn’t Enough, According to Money Expert Martin Lewis
Although there are vast differences in the amount of wealth Americans have amassed, one thing almost everyone has in common is a banking relationship.
Yahoo Finance (9 hours ago)
UN hosts talks in Tripoli to resolve Libya’s central bank crisis
The United Nations Support Mission in Libya said it held talks in Tripoli on Monday to help resolve a central bank crisis that sparked a blockade of oil exports.
Reuters (6 hours ago)
India’s ICICI Bank says it did not give salary or employee stock options to regulatory chief
India’s ICICI Bank said on Monday it did not pay any salary or grant employee stock options to the current markets regulator chief Madhabi Puri Buch after she joined the bank in 2017.
Reuters (14 hours ago)