Latest news with #FICA
The Citizen
2 days ago
- Business
- The Citizen
Rising scam alert: Fake FICA notices and extortion tactics target bank customers
There has been a significant rise in extortion, email, and text scams (phishing) targeting banking customers in recent months. Standard Bank's Head of Fraud Risk Management, Adv. Athaly Khan, warns against the growing sophistication of these schemes, with fraudsters continually adapting their tactics to deceive individuals into sharing sensitive information. In some cases, victims are even coerced into transferring money into the fraudsters' accounts. Standard Bank offered these general tips to avoid falling victim to fraudsters: Verify authenticity: Always verify the authenticity of any app or communication claiming to be from a financial institution. Always verify the authenticity of any app or communication claiming to be from a financial institution. Do not share confidential information: Never share credentials such as PINs, passwords and one-time passwords (OTPs) with any third-party. Never share credentials such as PINs, passwords and one-time passwords (OTPs) with any third-party. Report suspicious activity: If you encounter any suspicious activity or believe you have been targeted by a scam, report it immediately to your financial institution and the relevant authorities. If you encounter any suspicious activity or believe you have been targeted by a scam, report it immediately to your financial institution and the relevant authorities. Use strong passwords: Ensure that you use strong and unique passwords for your online or digital banking platforms. Ensure that you use strong and unique passwords for your online or digital banking platforms. Enable two-factor authentication: Where possible, enable two-factor authentication for an added layer of security. Here are common tactics used by scammers in recent months and ways to protect yourself: Fake non-compliance notifications Fraudsters are exploiting the bank's need for compliance with the Financial Intelligence Centre Act (FICA). They are purporting to be the bank, sending customer's emails and SMSs, claiming that their accounts are not FICA compliant. 'Their emails and SMSs include malicious links, urging customers to click on or risk their account being blocked or closed,' Khan explained. 'Upon clicking on the link, customers may be routed to a fake login site or prompted to capture sensitive information such as their card number, expiry date, customer verification value (CVV), or One-Time-Pin (OTP). In some instances, the link may cause disruption on the customer's device, giving the fraudsters remote access and total control.' Extortion Scams Extortion scams often involve threats to harm individuals, expose sensitive personal information about them or tarnish their reputations unless a ransom is paid. 'We're increasingly seeing fraudsters impersonate respected bodies such as the South African Reserve Bank (SARB), SARS or the SAPS,' Khan explained. 'They claim to be investigating customers for serious offences, anything from fraud to money-laundering. In some schemes, victims are given a fake account number and instructed to transfer all their funds for the duration of the investigation. In others, the criminals allege they possess compromising material such as private photographs, financial records or other personal details, and demand payment in exchange for keeping it confidential.' Khan further said that these fraudsters go to extreme lengths to convince the targeted individual that they are from legitimate authorities. This includes telephone calls, emails, documents and they sometimes suggest physical meetings. 'The internet has become a prime hunting ground for fraudsters. Customers need to be wary of information they share on social media platforms as cybercriminals are becoming increasingly sophisticated in their orchestration,' Khan added. What to do if you are targeted: Stay calm, do not panic. Fraudsters often use fear to manipulate victims. Take time to verify the legitimacy of the claims. Never send money or click on a link in response to unsolicited messages. Legitimate organisations, including banks, will never ask for payments or sensitive information this way. If you believe your bank account may be compromised, contact your bank's fraud department right away. They can help you secure your account and investigate the issue. Regularly review your bank and credit card statements and report any suspicious activity. Read original story on At Caxton, we employ humans to generate daily fresh news, not AI intervention. Happy reading!
Boston Globe
3 days ago
- Business
- Boston Globe
Readers write in about caring for the elderly, what's in store for colleges
Sandra Batra Needham Taking Attendance As we confront shrinking college enrollments and a looming talent shortage, we must be proactive in cultivating the next generation of STEM workers ( Get Starting Point A guide through the most important stories of the morning, delivered Monday through Friday. Enter Email Sign Up Dr. Bonnie Bertolaet Executive director, Science Club for Girls Advertisement I think that AI has come at the right time. With [fewer] educated workers, more productive use of AI may prevent the dive over the demographic cliff. Notmdny posted on I don't buy it. We have known for decades that the demographic cliff was coming. I've been reading articles about it since 2000 at least. And everyone understood at the time that the solution was to have a higher percentage of students attend college. That required making college less expensive and more useful. Instead, colleges have gone the other way, turning themselves into pricey resorts. Working Wizard posted on Every country that becomes more educated and more wealthy ends up having fewer children. . . . You can see this in Japan and in wealthier countries in Europe — they saw this drop in children before the US did and it had nothing to do with any economic downturn, people simply chose to have fewer children. Is this a bad thing? The world is full of people who want to come here for work and college. NicksterNH posted on [America's low birth rate] can and does lead to problems because, as the population ages, we won't have enough people working and paying taxes to support a vibrant society. This is where immigrants can help tremendously. Even temporary workers help the US because they pay taxes, including FICA, from which they may well never earn enough points to collect anything from Social Security. So, it's not just schools that will be hit by a drop in population; schools need students just as business needs workers and there's going to be a shortage of both. garymichael posted on Advertisement CONTACT US: Write to magazine@ or The Boston Globe Magazine/Comments, 1 Exchange Place, Suite 201, Boston, MA 02109-2132. Comments are subject to editing.
IOL News
4 days ago
- Business
- IOL News
How to spot and avoid banking scams: fake threats and extortion explained
Momentum Group, a prominent player in South Africa's financial services sector, has alerted the public to an alarming increase in scams leveraging the power of 'deepfake' technology. Discover the alarming rise in banking scams targeting customers through fake compliance threats and extortion tactics. Image: File photo. There has been a significant rise in extortion, email, and text scams (phishing) targeting banking customers, resulting in considerable financial and emotional distress for thousands in recent months. The growing sophistication of these schemes, with fraudsters continually adapting their tactics to deceive individuals into sharing sensitive information. In some cases, victims are even coerced into transferring money into the fraudsters' accounts. Here are common tactics used by scammers in recent months and ways to protect yourself: Fake non-compliance notifications Fraudsters are exploiting the bank's need for compliance with the Financial Intelligence Centre Act (FICA). They are purporting to be the bank, sending our customers emails and SMSs, claiming that their accounts are not FICA compliant. Their emails and SMSs include malicious links, urging customers to click on them or risk their accounts being blocked or closed. Upon clicking on the link, customers may be routed to a fake login site or prompted to capture sensitive information such as their card number, expiry date, customer verification value (CVV), or One-Time-Pin (OTP). In some instances, the link may disrupt the customer's device, giving the fraudsters remote access and total control. Extortion scams Extortion scams often involve threats to harm individuals, expose sensitive personal information about them, or tarnish their reputations unless a ransom is paid. We're increasingly seeing fraudsters impersonate respected bodies such as the South African Reserve Bank (SARB), Sars, or the SAPS. They claim to be investigating customers for serious offences, anything from fraud to money laundering. In some schemes, victims are given a fake account number and instructed to transfer all their funds for the duration of the 'investigation.' In others, the criminals allege they possess compromising material such as private photographs, financial records, or other personal details, and demand payment in exchange for keeping it confidential. These fraudsters go to extreme lengths to convince the targeted individual that they are from legitimate authorities. This includes telephone calls, emails, and documents and they sometimes suggest physical meetings. The internet has become a prime hunting ground for fraudsters. Customers need to be wary of the information they share on social media platforms as cybercriminals are becoming increasingly sophisticated in their orchestration. What to do if you are targeted Stay calm, do not panic. Fraudsters often use fear to manipulate victims. Take time to verify the legitimacy of the claims. Never send money or click on a link in response to unsolicited messages. Legitimate organizations, including banks, will never ask for payments or sensitive information this way. If you believe your bank account may be compromised, contact your bank's fraud department right away. They can help you secure your account and investigate the issue. Regularly review your bank and credit card statements and report any suspicious activity. Standard Bank encourages its customers to stay informed on the latest scams, and adopt and enable features on their banking app to help protect themselves. Khan is the head of fraud risk management at Standard Bank. PERSONAL FINANCE
Yahoo
6 days ago
- Business
- Yahoo
Trump's tariffs make manufacturing workers more expendable than ever
Whenever President Trump's tariff fiasco comes to an end, we will turn attention to the lasting impacts. It is not a pretty picture. One of the many contradictory explanations of the Trump tariffs is that this will bring manufacturing jobs back to the U.S. That is asinine. The dominant effect of the Trump tariffs will be to raise production costs on almost every American manufacturing firm. This includes many that don't even know it yet. One way to predict consequences for factories is to consider how families will adapt. The Yale Budget lab estimates the average family will see costs rise between $1,900 and $7,600 this year, depending on income and consumption. As a result, families will delay some purchases and choose lower-cost substitutes for others. They will shift toward services, which are not subject to a tariff. This will reverse the pandemic-era move toward goods consumption, which benefited domestic manufacturers. I expect a 2-3% decrease in long-term demand for goods. That will be very bad for manufacturing firms. On the production side, American factories will scramble to regain consumer demand. That means cutting costs. Trump hopes that this means onshoring factories. But, why would an American business onshore a factory when the tariffs are likely to disappear, then reappear and disappear, by the end of next week? They won't. The biggest target of cost-cutting will be the American manufacturing workforce. American manufacturing workers are the best in the world, and it isn't even a close call. But a $25-an-hour American worker actually costs the business more like $37 or $38 per hour in labor costs, including health care, FICA taxes and more. Hicks: Braun cut taxes for businesses, but most Hoosiers will pay more The simplest way to cut supply chain costs, without worrying about Trump's melodramatic decision-making, is to automate. The workforce accounts for about 40% of the cost of production, and there's no presidential whimsy associated with cutting it. Automation happens in fits and starts as technology and borrowing costs change. Labor cost also plays a role, as do import costs, tariffs and taxes. All signs point toward a rush of automation. I once asked a seasoned manufacturing executive how often his business recalculated the decision to fully automate his factory and warehouse. His answer stunned me — he said quarterly. We Midwesterners ought to expect this. America's densest use of robotics is in Toledo, Detroit, Grand Rapids and Louisville — the latter mostly on the Indiana side. Last year saw more than 10% growth in robotics. I expect 2025 and 2026 to be the two biggest years in workplace automation in U.S. history. It is worth noting that U.S. manufacturing production peaked in 2024. It will peak again in a few years; we'll just be doing it with fewer workers. Of course, there is more than just U.S. tariffs. We are in a trade war with the world, while the rest of the world is just in a trade war with us. Most countries will offer retaliatory tariffs. That is an economic mistake, yet politically useful. As recent elections in Canada and Australia have demonstrated, standing up to Trump brings huge political benefits abroad. Most of our trading partners will suffer a bit of pain to hurt us a little. The U.S. is a huge exporter of services — tourism, education, financial services, professional services and movies. These will be targeted by tariffs, as well as boycotts. The 2018 Trump tariff experience illustrates much of the long-term damages of tariffs. From roughly 1650 until 2017, the U.S. was a net exporter of agricultural goods. Trump ended that in 2018, as China invested in Brazilian soybean farms. We are now a net importer of food. It is not an emergency or national crisis that we import more food than we export. We aren't going to starve. But, it demonstrates how shockingly little the Trump administration understands about high school economics. And how little he really cares about the places he claims to care about. Hicks: IEDC needs to get out of the real estate development business We are a resilient nation. Sanity, congressional action and thoughtful diplomacy can restore much of the damage done to our economy. Still, these effects will be felt for decades. On average, we will all be worse off for it. The effects won't be evenly distributed. The biggest losers in this turmoil will be rural communities and small cities, particularly those with a large share of manufacturing and agricultural production. Importers and exporters will be clobbered, and so will communities that produce energy, particularly oil and coal. Those that will be hurt less are urban places, with large concentrations of knowledge workers in service sectors. That geographic divide will make the lasting impacts of Trump tariffs the biggest electoral self-own in American history. Michael J. Hicks is the director of the Center for Business and Economic Research and the George and Frances Ball distinguished professor of economics in the Miller College of Business at Ball State University. This article originally appeared on Indianapolis Star: Tariffs are the death of America's manufacturing boom | Opinion
Indianapolis Star
6 days ago
- Business
- Indianapolis Star
Trump's tariffs make manufacturing workers more expendable than ever
Whenever President Trump's tariff fiasco comes to an end, we will turn attention to the lasting impacts. It is not a pretty picture. One of the many contradictory explanations of the Trump tariffs is that this will bring manufacturing jobs back to the U.S. That is asinine. The dominant effect of the Trump tariffs will be to raise production costs on almost every American manufacturing firm. This includes many that don't even know it yet. One way to predict consequences for factories is to consider how families will adapt. The Yale Budget lab estimates the average family will see costs rise between $1,900 and $7,600 this year, depending on income and consumption. As a result, families will delay some purchases and choose lower-cost substitutes for others. They will shift toward services, which are not subject to a tariff. This will reverse the pandemic-era move toward goods consumption, which benefited domestic manufacturers. I expect a 2-3% decrease in long-term demand for goods. That will be very bad for manufacturing firms. On the production side, American factories will scramble to regain consumer demand. That means cutting costs. Trump hopes that this means onshoring factories. But, why would an American business onshore a factory when the tariffs are likely to disappear, then reappear and disappear, by the end of next week? They won't. The biggest target of cost-cutting will be the American manufacturing workforce. American manufacturing workers are the best in the world, and it isn't even a close call. But a $25-an-hour American worker actually costs the business more like $37 or $38 per hour in labor costs, including health care, FICA taxes and more. Hicks: Braun cut taxes for businesses, but most Hoosiers will pay more The simplest way to cut supply chain costs, without worrying about Trump's melodramatic decision-making, is to automate. The workforce accounts for about 40% of the cost of production, and there's no presidential whimsy associated with cutting it. Automation happens in fits and starts as technology and borrowing costs change. Labor cost also plays a role, as do import costs, tariffs and taxes. All signs point toward a rush of automation. I once asked a seasoned manufacturing executive how often his business recalculated the decision to fully automate his factory and warehouse. His answer stunned me — he said quarterly. We Midwesterners ought to expect this. America's densest use of robotics is in Toledo, Detroit, Grand Rapids and Louisville — the latter mostly on the Indiana side. Last year saw more than 10% growth in robotics. I expect 2025 and 2026 to be the two biggest years in workplace automation in U.S. history. It is worth noting that U.S. manufacturing production peaked in 2024. It will peak again in a few years; we'll just be doing it with fewer workers. Of course, there is more than just U.S. tariffs. We are in a trade war with the world, while the rest of the world is just in a trade war with us. Most countries will offer retaliatory tariffs. That is an economic mistake, yet politically useful. As recent elections in Canada and Australia have demonstrated, standing up to Trump brings huge political benefits abroad. Most of our trading partners will suffer a bit of pain to hurt us a little. The U.S. is a huge exporter of services — tourism, education, financial services, professional services and movies. These will be targeted by tariffs, as well as boycotts. The 2018 Trump tariff experience illustrates much of the long-term damages of tariffs. From roughly 1650 until 2017, the U.S. was a net exporter of agricultural goods. Trump ended that in 2018, as China invested in Brazilian soybean farms. We are now a net importer of food. It is not an emergency or national crisis that we import more food than we export. We aren't going to starve. But, it demonstrates how shockingly little the Trump administration understands about high school economics. And how little he really cares about the places he claims to care about. Hicks: IEDC needs to get out of the real estate development business We are a resilient nation. Sanity, congressional action and thoughtful diplomacy can restore much of the damage done to our economy. Still, these effects will be felt for decades. On average, we will all be worse off for it. The effects won't be evenly distributed. The biggest losers in this turmoil will be rural communities and small cities, particularly those with a large share of manufacturing and agricultural production. Importers and exporters will be clobbered, and so will communities that produce energy, particularly oil and coal. Those that will be hurt less are urban places, with large concentrations of knowledge workers in service sectors. That geographic divide will make the lasting impacts of Trump tariffs the biggest electoral self-own in American history.
