The Greatest Financial Frauds of All Time

biggest frauds in finance

Financial scandals have taken off during the last decade, with the new frauds yielding billions of dollars worth of illegal profit. However, the history of these frauds is much longer than you might think. Instances of the largest financial frauds are far from developed modern markets and can be dated back to the unpleasant sale of the Roman Empire in 193AD.

In spite of increasingly strict laws aimed at fighting frauds and with government agencies trying to enforce those laws, the world hardly witnesses any decrease in the number of financial frauds. Quite the contrary, its number is constantly growing. Let’s look at some of the world’s biggest financial frauds a little closer.

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Debt Mistakes Everyone Makes

get out of debt

A lot of people have experienced difficult situations when they urgently needed extra financial help. For instance, you’ve spent a fortune on Christmas presents to all the friends and relatives. Or you’ve splurged too much on product advertising. In the case of any financial emergency, the most common misstep is maxing out the credit cards.

Everybody can make debt mistakes. The crucial thing here is what you should do once it happened. In this article, we will share with you the tips of three personal finance experts on what debt mistakes they’ve experienced and how they managed to overcome them.

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Generations on Social Media

We use it every single day. The day starts and ends with social media networks. To follow the modern trends, you need to know social media marketing directions, even if you run just a small local business. Every business needs a social media presence. There’s no way back!

With the help of this infographic, you’ll be able to understand if your business moves in the right direction. We also use social media every day, so we know what to talk about.

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What Happens If You Miss Your Student Loan Payments

student loan debt consolidation

It’s not a good idea to ignore your finances as it may lead to crazy fees and penalties. Students usually don’t realize it at once, but over the years, they will have to learn it the hard way. In this article, you will learn about what may happen if you’ve ignored your student loans, and actions you need to take immediately.

It can be really tempting to forget about loan monthly statements and let them get lost in your email inbox or among other bills. However, you should bear in mind that not paying your student loans can have long-term harmful effects on your credit as well as on your monthly paychecks.

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The Review of the 2016 Home-buying Season

buying house tips

The holiday season is over, but the home-buying season is quite the contrary. Let’s remember the predictions for the outgoing year, review the 2016 home-buying season and try to assume what it all means for 2017.

Customers Want “New” Homes

In comparison with the previous years, the good news is that customers want to buy their own home, so the sales of newly built homes are better now.

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Get Your Business Funded in 2017!

funding business in 2017

The great news for every businessman or beginner is that launching and funding your own business is possible. The bad news is that there is no person, who would come to you and give the particular sum of money.

Everything in a complicated financial world depends on your resourcefulness and ideas.Click To Tweet

Yes, there are dozens of success stories, where people reach an unbelievable success coming from the bottom. It happens but, in fact, it’s difficult to find a person, who is looking forward to your outstanding ideas.

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Taking a Loan Helps Boosting Your Business Revenue By 20% in 2017

boost income of your business


According to Small Business Administration (SBA), the US government agency, more than 500,000 small businesses tend to occur in the country monthly. Not all of them, though, can withstand competition having small budgeting.

Even business projects with great potentials can end up with no profits particularly because of no substantial capital in the beginning.

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Making For-Profit College Pay for Graduates

colleges pay for students

ITT Technical Institute has been shut down by the U.S. Education Department at the beginning of the autumn semester. When it was done, some people thought for-profit college will only benefit from it. The actions of U.S. government seem to be justified in rejecting to fund loans to ITT students.

The reason was a dubious use of delusive job placement numbers, low graduation rates, and high numbers of loan delinquencies and defaults.

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Viral Results of Mobile Banking Revolution

innovations in mobile banking

Recently mobile banking has improved its influence on the whole retail banking world, as traditional functions were taken over by goal-oriented start-ups. This can bring similar results to all other industries. Soon App Annie, a business intelligence company, plans to disclose some data that normal banks should be very concerned about. These facts are likely to show increasing popularity of fintech apps that is becoming mainstream, while the role of traditional banks reduces.

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Obamacare is Threatened by Insurance Giant

obamacare news

Right from the beginning, Obamacare was met by consumers with the criticism. But insurance companies needed to take their time to understand the disadvantages of such system. And finally, they did. After the decision of the biggest insurance company UnitedHealth Group to leave 34 states without the Obamacare medical insurances last April, Aetna eliminated itself from Obamacare exchanges as well but only in the 11 states.

The question is who will fall out next?

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New Age of Bank Verification: the End of Passwords

biometric password in bank

We have all got used to passwords, multistage safety inspection, but what if it becomes history? At least, in terms of the banking password, as this transaction may disappear – forever. Some best known and largest banks, like Bank of America, JPMorgan Chase, Wells Fargo, arrived at the conclusion that traditional verification tool is either too proboscis or no longer safe. That is why they started using customers’ fingerprints, facial scans and other types of biometrics to protect accounts.

Banks related:

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Is Transferring Money via Social Media Possible?

trasfer money via facebook
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Soon you won’t need your sort code and account number to transfer money to the banks! Next year, a trial project in Singapore launches a new option available in 20 banks. Their client will only need to link their social account on Facebook or Twitter with their bank accounts and skip the boring official steps. In today’s digital era, different apps that facilitate our lives are extremely popular.

They replace the traditional services and catch the attention with simple terms of use. Nevertheless, the new tool breaks the records. Let’s consider it conception in detail!

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Smartphones About to Substitute Credit Cards

smartphones over credit cards usage

Over the past decade smartphone and a wallet with cash and credit cards have become total essentials for everybody to carry around. Only several years ago using checkbooks along the rising popularity of plastic credit cards with a magnetic strip seemed to become outdated. Still, the evolution of business and technology has its own influence on the payment system. That’s when electronic payments have merged together to create solid payment methods with no additional use of cash and even cards making the last ones “a thing of the past”.

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PwC About to Use Blockchain Technology in Wholesale Insurance

PwC to Use Blockchain Technology in Wholesale Insurance

The PwC (PricewaterhouseCoopers) company, one of the Big Four accounting giants providing audit and assurance, tax and consulting services, has reportedly incorporated together with Z / Yen commercial research center that promotes societal advancement through better finance and technology, to have a global study devoted to the potential of blockchain technology in wholesale insurance.

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New Era of Online Banks: Google, Facebook, Amazon and Apple

customer want to refuse from traditional banks
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The recent study carried out by Fujitsu company, revealed surprising and unexpected responses from its respondents. With a participation of approximately 7,000 Europeans being asked if they’d like to bank with Apple, Google, Amazon, or Facebook?”, a fifth of consumers out of the whole number admitted they’d rather use banking services from big techs, like Facebook, Google, Amazon and even Apple.

Furthermore, more than 37% of the study respondents would gladly leave their current bank and insurer unless they move their services onto a new technological level.
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Harriet Tubman Displaces Andrew Jackson on 20-dollar American bill

change in $20 bill
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April 20, 2016, Washington D.C.  – Treasury Secretary Jacob J. Lew announced about one of the most shocking changes of this century – the replacement of traditional $1, $5, $10 and $20 banknotes with the newly designed American currency demonstrating new historical figures known as fighters for African American rights for the past few centuries in the United States. Personal Money Service dwelled more into details below.
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Business World Shows Its Support to Paris: #prayforparis

paris attacks 2015Companies of all kinds have responded to the terror attacks in Paris. Everybody has expressed their support and compassion.

On November, 13 Paris has faced a few coordinated attacks and as a result of it, more than 100 are dead. Less than a year ago there were terror attacks of the newspaper Charlie Hebdo and at a kosher store in Paris. Representatives of business world said words of support and some of them offered new tools to help people feel safer in Paris. Personal Money Service company – reputable provider of small personal loans – also would like to express its condolence and support.

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Hackers Did Social Security Numbers’ Theft

personal loansRecently it has been announced that 21.5 million Social Security numbers have been stolen by hackers in result of breaking the personal database of a federal agency. The situation is quite dangerous, as every person who has government background check during the last 15 years is likely affected with this event.

In order to have the necessary means to face this problem, people whose personal data has been stolen should know about the possibility to get personal loans online is protected on the highest level. The financial organization can really provide such level of security due to improving security systems and regular update of all security systems.

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Economic Progress Doesn’t Affect Half of Middle Class Americans

Emergency loansEverybody has already heard the good news concerning an impressive economic growth in the US. Since 2008 the situation in the country was unstable so many people felt unsecured regarding their financial state.  Needless to say that Great Recession has made huge impact on the American economy. Fortunately, the situation has finally changed into the better. Banks are ready to lend big amounts of money both to private consumers and big corporations while Americans show their financial confidence. But it’s hard to say that everybody can take an advantage of solid economic growth. According to the report of Federal survey, almost half of Americans (47%) complain that their income is not enough to make ends meet so they borrow money and get loans to be able to stay afloat. Is American economic growth as solid as the Federal Reserve says?

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Biggest Alternative Loan Provider Becomes Google’s Partner

loan lending clubThere is good news for small business partners of Google. The most popular search engine company joins Lending Club to provide loans with low interest rates to its partners from small business sector.

These partners are busy with extension and operation of applications and products created by Google.

Together with Lending Club they create a special program to make these loans available. Google provides funding and Lending Club gives the platform for the new project.

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Worst and Best Banks in America

worst US banks

The Great Recession of 2008 significantly changed American banking industry. Most banks have faced serious financial problems including those called “too big to fail”. Fortunately, the American economy has finally recovered after the world financial crisis and big banks are on top again.

They have recovered their strength and got back with improved assets and quite strong profits. US banks have made more than $40 billion within just the second quarter. This significant income growth is caused by loans sales, most banks feel confident and lend money to consumers and companies.

Also, we can notice consumers’ activity increase. Americans borrow more money because they believe in the stability of banks and see an economic growth. Small business lending is back in the game again.

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SNL Presented the New Rating of the Largest US Banks

One of the biggest providers of financial news and data SNL Financial has recently presented the new rating of top American banks. Recent financial news says that that the US economy has finally recovered after the Great recession of 2008 and got back to its old state. How did it affect American banking industry? Which big banks saved their positions and which one faced some negative changes? Continue reading to be aware of the latest financial news. Continue reading “SNL Presented the New Rating of the Largest US Banks”

RBI Provided Data Concerning Bank Credit Annual Increase

banl of indiaFinancial analysts think that credit development in the framework has finally started. But still it’s hard to call the growth impetuous and everything goes step by step.

Loan providers had many offers, but despite them, credit growth is gradual. According to the information provided by RBI, it’s possible to guess that for last two weeks of November credit of the bank has expanded minimum by half of per cent.

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Holiday Expenses Make Consumers Look for Fast Cash

shopping during the holiday tips

Except of fun and Christmas mood, holiday season usually brings a lot of expenses. Consumers who took their time and prepared for the holidays feel more or less financially secured. But those who live from paycheck to paycheck and have relatively small income face a need of borrowing money.

They are looking for ways of getting quick cash to cover holiday expenses and apply to pawn shops and financial institutions providing fast money. According to reports, around 8% of American consumers still have debt left of last year’s holiday season. This time is especially profitable for payday lenders (as you know, payday lenders may stop existing at all) offering short term unsecured loans. They suggest people who have tight budget to get quick and easy financial assistance.

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Cash Advance Lenders in the US Exceed the Number of Fast Food

payday cash

Last reports saying that there are more cash advance lenders than fast food restaurants like McDonald’s in the United Stated States. So it’s possible to make a conclusion that consumers need fast cash more than fast food. Cash advance stores provide customers with financial assistance between pay days and they exist on a lending market for already 25 years. And today there are around 25000 payday loan lenders across the US while McDonald’s has “only” 15000 stores.

By the way, learn 6 ways to save money on fast food.

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An Impressive Boost of American Banks’ Revenue

get e revenue

Banks of the Unites States posted the most impressive boost of income since 2010. And it shows that American banking is finally recovering after a long period of slow growth.

Income of 6600 banks rose 5% since the second quarter of last year and now it’s a little more than $170 billion. A year ago net income was 8% lower and it’s hard to disagree that such a result is impressive. The biggest part of this revenue received from sales of loans and financial services.

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Citigroup’s Unit Involved in Personal Loan Business is Filed for IPO

citigroup news

Citigroup Inc. is going to sell its OneMain Financial Holdings Inc. Such measures are taken in order to part with distressed assets and to work only with affluent consumers. OneMain Financial is a subdivision of the large Citigroup Inc. and it appeared in times of financial crisis. The unit’s target was to process assets that ultimately should have been eliminated or nullified. Thus the company made a big step by filing simple shares for initial public offering.

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Consumers May Get Low Interest Rates on Unsecured Personal Loans

get a loan fasr

Credit market suggests today the variety of options which help consumers to bridge the money need. And short-term borrowing options are the most popular. Though unsecured personal loans which serve to satisfy short-term consumers’ needs are famous because of extremely high interest rates and huge fees nevertheless they give consumers with high credit score the opportunity to avail of low interest rates.

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AIG Loan Was Reasonable

loans onlineRecently B. Bernanke, former Fed’s president, explained the situation with American International Group in 2008. He said that he had been disquieted with the position of the insurance company which had been on the verge of collapse and he had been thinking of not punishing but of rescuing AIG.

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Banks Raise Profits with Personal High-Interest Loans

personal-loan-applicationAccording to the information obtained from the Wall Street Journal, banks, financial organizations and online money stores providing unsecured personal loans returned to suggesting personal money loans with high interest rates after having curtailed the service after the credit crunch.

Banks aim to increase profits with the help of these high-interest loans due to the governmental regulations in the spheres of mortgages and credit cards services.

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Citizens, Be Careful with Payday Online Loans

get money onlineCitizens of Hawaii are urged to be careful with online money lending services. Such warning came from the Department of Commerce and Office of Consumer Protection.

People who apply for online loans are required to provide some sort of personal data which then may be sold to data brokers.

Then this personal data may be again resold to money lenders. This is the way how money lenders may get access to consumers’ bank accounts and to charge self-willed fees or to deposit loans which are not corresponding to the initial contract.

OCP representatives warn that citizens should be very careful with sharing such personal data like ID number, bank details, personal details, and other financial information to unchecked people or organizations online, in writing or orally.

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NY Lenders are Suspected of Predatory Lending

payday lenders in NY

It was noticed that the amount of short-term loans that New York banks had landed to their consumers has significantly increased during the last several months.

These high interest loans have to be secured by consumers’ real estate that is why local authorities started an investigation in order to find out whether such financial product breaks the law.

NY regulations prohibit predatory lending and financial institutions which commit such activity are strictly punished.

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City of El Paso – New Limitations on Payday Loans


The city is going to set the restrictions on the places, where auto loans and payday loans lenders will be able to set up their offices and shops. The city council meeting should consider the zoning amendment this week.

In case it passed the following regulations will be introduced: the lending institutions, pawn shops among them should not be situated nearer than within 1000 feet from one another, 300 feet from residential areas and 500 feet of any freeway.

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SEC Accuses Wilmington Trust of Accounting and Financial Disclosures Violation

fraud informationLarge holding Wilmington Trust Company associated with bank activity in Delaware and which was bought by M&T Bank in 2011 was accused of inaccurate bookkeeping and disclosure of overdue loans.

This was the statement made by the Securities and Exchange Commission on the 11th of September. The company did not submit a report about the number of loans which had increased since financial crisis upon the expiration of 90 days.

Financial frauds happen pretty often in spite of the strict regulation.

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Boost of Consumer Credit in the US

boost of credit in the US

Nowadays non-revolving loans are very popular and the amount of borrowing has significantly increased in July comparing to same periods in the three previous years. Non-revolving loans include auto loans and loans for tuition. The number of transactions is even more than it was forecasted in June.

Washington’s Federal Reserve reported today that the amount of non-revolving loans increased up to $26 billion. In June such number was estimated near $6 billion. The gain in $20 billion is unprecedented since 2011. By the way, the consumption of credit cards, as well as emergency money loans services, got higher too.

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Be Careful with Long-Term Auto Loans

car loan online information

Today, consumers get a real opportunity to repay their auto loans in the longer term. Data collected by Experian Automotive provides us with the information stating that terms for almost 25% of car loans varied between 72 and 84 months in the beginning of 2014.

In 2008 the average length of car loans was 60 months.

So today market is filled with record long auto loans. There is an opinion that such situation occurs due to auto dealers’ desire to keep sales growth which they experienced during the last few years.

But consumers should be careful with these long-term loans because they are not always so beneficial as it may seem.

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Credit Unions: “Loans are on the Rise”

loan credit unionThe growth of outstanding loan balances is fixed at 9.8% in the second quarter, even though the number of credit unions has decreased compared with a year ago data.

The National Credit Union Association estimates loan balances equal to almost $674 billion by the end of the quarter. The fact reflects the most intensive loan growth rate in the course of recent 8 years.

Short-term small loans increase reached the rate of almost 28% compared to the second quarter of the previous year, than follow non-governmental student loans, which exceed the previous year amount for almost 26 %.

The information comes from the most recent reports of NCUA, dealing with credit union regulations and supervision.


The report reflects the rise of new auto loans for 17% climbing the amount of approximately $77.7 billion, while the used auto loans showed about 12% year-over-year increase, totaling nearly $135.3 billion by the end of June. At the same time business loans balances reached 12 % to $48.8 billion.

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Cleveland Heights and Moratorium on Payday Loans

small loans ClevelandThe city council of Cleveland Heights in Ohio is going to vote on Tuesday as to the lifting the moratorium of more than 1 year on any new business providing loans till payday, not licensed according to the state’s Short-Term Loan Act, capping interest rates at 28%. Actually, the city is not the first to introduce the measures limiting the businesses providing money services.

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Health System To Offers Loans To The Patients

health insuranceThe patients with not covered bills for medical services in Missouri, Illinois, Oklahoma and Wisconsin are offered interest-free loans from banks, initiated by the health system, with hospitals in these states.

At present almost 4000 patients has received loans from Commerce Bank for total amount of $6.5 million, this has happened in just five months since SSM Health Care has started the procedures. The loans are issued without any credit checking and Commerce Bank gets certain fee for administrating them.

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Agricultural Board – Emergency Loans for Farmers

farmer loans online

The Hawaii Board of Agriculture has approved an emergency loan program, the farmers who have recently suffered from storm can use it.

Scott Enright from the Hawaii Board of Agriculture informed of the results of their field surveys and reports, which indicate not only substantial damage to crops, but to certain farm infrastructure facilities.

The approved loan program guarantees assistance to the farmers, aimed to get them back into production.

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Bank of America Robbed Taxpayers

lending laws

The lawsuit initiated in federal court blames Bank of America for certifying property modification loans as compliant with the law, trying to get $907 million in incentive payments from the government.

Courthouse News service informs that Michael J. Fisher of Southlake, Texas has filed a suit under the False Claims Act. From 2008 to 2012 he assisted attorneys to secure mortgages modifications for the homeowners. The complaint was filed in March in Manhattan Federal Court, but was just unsealed now.

J. Fisher claims that in hundreds of Bank of America and other lenders’ contracts he analyzed, he found a certain pattern of Truth in Lending Act violation.

As reported by Courthouse News Service, Bank of America regularly failed to let the borrowers know that they have the right to withdraw their request for modification of a loan, in accordance with Section 1635 of the TILA.

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