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Tag: Covid-19

Investor Alert – Investment scams on the rise amid COVID-19 pandemic

Compliance tamir -
The U.S. Securities and Exchange Commission (SEC) reports a significant increase in complaints since the beginning of the COVID-19 crisis. Those frauds include Ponzi schemes, fake certificates of deposit, bogus stock promotions, and community-based financial scams. Scammers evidently use the current COVID-19 pandemic to lure victims into investment scams. Most broker and investment scams and MLMs are designed as Ponzi schemes using money from new investors to pay existing investors' fake profits.

Investor Alert – Investment scams on the rise amid COVID-19 pandemic

Compliance tamir -
The U.S. Securities and Exchange Commission (SEC) reports a significant increase in complaints since the beginning of the COVID-19 crisis. Those frauds include Ponzi schemes, fake certificates of deposit, bogus stock promotions, and community-based financial scams. Scammers evidently use the current COVID-19 pandemic to lure victims into investment scams. Most broker and investment scams and MLMs are designed as Ponzi schemes using money from new investors to pay existing investors' fake profits.

FinTech Alert: Monzo starts to close down business accounts amid COVID-19 Depression

Fintech bluechipper -
In the last few days, there have been several reports in the UK and US media that the UK FinTech star Monzo could be having problems. The company's loss has more than doubled from 2019 to 2020. In addition, the startup has announced that the procedures for the prevention of financial crime have to be reviewed the outcome of which could have a significant impact on its finances. Monzo is already starting to close business accounts as of September 1, 2020. Do we just see the beginning of the end of the FinTech Hype?

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