Financial

SIM swapping crimes are on the rise globally, according to a new report. These crimes are primarily committed using eSIM (Embedded Subscriber Identity Modules) users. eSIMs are digitally stored SIM cards which are embedded into a device using a software. Hackers are now reportedly exploiting vulnerabilities within this technology to brute force into the victim's phone account to port the number to their own device. The findings also revealed that the bad actors are mainly interested in victim's online banking accounts and…

Editor’s note: The second column in this two-part series will run next month on April 21. Every three years, the Federal Reserve publishes a report about the finances of U.S. families. Based on data and interviews, the triennial “Survey of Consumer Finances,” “…collects information about family income, net worth, balance sheet components, credit use, and other financial outcomes.” In short, it reports how Americans are faring financially. But their recent report was a little different. Published in November 2023, it…

Credit: Pixabay/CC0 Public Domain "They knew we had separated. Why did they let him cancel the policy and refund him the money without giving me a call to let me know the house and contents were no longer insured, or not do it before speaking to me first?" These are the words of Maddy (not her real name). Her experience of domestic and family violence…

Credit: Unsplash/CC0 Public Domain When you're financially strapped, selling plasma can be an appealing option to drum up some quick cash. Pharmaceutical companies often pay around $50 per donation for the pale-yellow blood component, a key ingredient in medications that treat immune disorders and other illnesses. Plasma pay can reach as high as $200…

The rapid digitalisation of finance in Asia could pose new risks to financial system stability, Bank of Japan (BOJ) governor Kazuo Ueda said on Wednesday, stressing the right balance is needed between the benefits and costs of financial innovation.Digital financial services have spread dramatically in the Asia-Pacific region as many people living in emerging nations, who still do not have access to face-to-face financial services, jumped at the convenience of smartphones to make daily payments.Elevate Your Tech Prowess…

Credit: Pixabay/CC0 Public Domain When your parents had financial troubles or questions about planning for the future, they may have sought the help of a financial adviser, their bank, or other professional. Today, many people turn to social media. TikTok in particular has become a hub of financial advice, from money saving hacks and personal stories…

The finance ministry's Financial Intelligence Unit-India (FIU-IND) has imposed a fine of Rs 5.49 crore on Paytm Payments Bank for "violating its obligations" under the Prevention of Money Laundering Act. In a statement on Friday, the finance ministry said that the FIU-IND initiated a review of the Paytm Payments Bank on receipt of specific information from law enforcement agencies about few entities and their network of businesses that engaged in illegal acts, including organising and facilitating online gambling. Elevate…

In the dynamic landscape of finance, where intricate tasks ranging from credit management to risk analysis demand meticulous attention, the burden on financial teams is substantial. Microsoft recognizes the evolving challenges faced by finance leaders striving to balance mandatory operations with strategic initiatives, prompting the launch of Microsoft Copilot for Finance-a revolutionary AI-driven solution integrated into Microsoft 365.Transformative Solution for Finance TeamsEmpowering financial professionals with AI…

Nestlé Nigeria reported that its liabilities loomed past assets by N78.1 billion (13.4 per cent) last year after a free slide in the value of the naira-stressed operations. The development threw the company into record loss, according to its audited accounts published on Wednesday. Total liabilities for 2023 accelerated to N659.8 billion from N384.8 billion a year ago in reaction to a monumental surge in foreign exchange loss. Fellow multinational PZ Cussons Nigeria made a disclosure of a similar nature last…

Financial Times: Klarna reports 2023 revenue up 22% YoY to ~$2.28B, a $241M net loss, down from $1.01B in 2022, with credit losses falling by 32% in 2023 to $369M — Klarna has reported a fifth straight annual loss as the Swedish fintech that was once Europe's most valuable private tech group stuck … Financial Times: Klarna reports 2023 revenue up 22% YoY to ~$2.28B, a $241M net loss, down from $1.01B in 2022, with credit losses falling by 32% in 2023 to $369M — Klarna has…