US Banks Don’t Show Efforts To Recover $24 Billion Stolen From Customers In 2023
2023 was not the best year for people who lost tons of cash, and in this article, we debate the issue. Check out the latest reports about how the US banks are not trying to give back the money to the people. US banks don...
Archive context
Older archive item. Useful for background and entity history, but not a fresh market-moving signal.
2023 was not the best year for people who lost tons of cash, and in this article, we debate the issue. Check out the latest reports about how the US banks are not trying to give back the money to the people.
US banks don’t struggle to give back money to the peopleAccoridng to the latest reports, it seems that the American banks are doing “very little” to recover and reimburse billions upon billions of dollars stolen from customers each year, according to a new report.
People are struggling to get their banks to protect them from massive and systemic checking fraud, according to the NBC Los Angeles.
“The specific type of theft – which is expected to reach $24 billion this year – is carried out by criminals who cash stolen checks endorsed with fake names,” the notes reveal.
According to the reports, the fraud is driven in large part by “mail fishing”, which is essentially the act of stealing checks directly from the mailbox. We suggest that you check out the original article posted by the Daily Hodl in order to learn more details about this.
US banks to restrict cash withdrawals?Macro guru Hugh Hendry has just addressed the US banking system amid lingering turmoil in the financial sector.
In a new interview on Stansberry Research with Daniela Cambone, the hedge fund manager said the Fed’s tight monetary policy has increased the probability that banking customers could one-day face restrictions on the amount of cash they can pull out.
“If we went back a year ago, the probability you would assign to that would be almost zero. And all I’m saying is that probability, like mercury, is rising.”
He continued and said the following:
“Why is it rising? It’s rising because we have experienced, I call it the Fed folly. One can say factually that this Fed hiking is the fastest and of the greatest magnitude. They’ve never done this before…
We no longer live in an environment where it seems prudent to have all of your money in the banking system, and certainly not congregated around one lender.”
Why this matters
This security story adds another data point to the current market tape and is useful when read alongside nearby source coverage.
Original source
Read on CryptoGazetteRelated market context
Ethereum Price Prediction: Could Aztec’s zk.money Drive ETH Higher as Zcash Fuels Privacy Narrative?
Ethereum is trading at $2,665, flat over 24 hours, leaving it below the $2,700–$2,735 resistance band as our recent price predicti...
Coinbase Faces Hack Cover-Up Allegations as Customers Claim Huge Losses
A public dispute over how Coinbase handles customers who say they lost funds on the exchange has grown over the past week on X, dr...
The SEC’s Buyback Guidance Is Narrower Than It Looks. Does Yours Pass the Test?
Crypto projects that buy back their own tokens have operated under a dour legal cloud within the US for nearly a decade. A buyback...
Aave’s $50 million lending plan could lose money without a single default
Aave’s proposed institutional lending business would put crypto collateral on both sides of the financing chain. Institutions woul...
SEC changes token buyback guidance as spending hits $638M
The US Securities and Exchange Commission tightened its guidance for crypto token buybacks just three days after publishing it. On...
David Lawant: Bitcoin Entering New “Bullish Regime” According to Options Market
Bitcoin Magazine David Lawant: Bitcoin Entering New “Bullish Regime” According to Options Market Bitcoin futures open interest is...