Money

Big tech is cashing in on the banking sector

Published

3 years ago

June 15, 2023

Australians have been granted access to a digital platform, which will facilitate the reporting of fraudulent payments en route or transferred to another bank.

The Fraud Reporting Exchange offers more targeted communication to help banks stop and recover as much money as possible when customers have paid scammers. 

Seventeen banks have joined the platform, which is operated by the Australian Financial Crimes Exchange.

The Commonwealth Bank recently found 64 per cent of Australians believe they receive more scam attempts today than 12 months ago.

The same survey found Australians reported receiving, on average, five scam calls, emails or messages a week, equating to over 250 attempts a year.

Ms Bligh is the CEO at the Australian Banking Association, who said it is imperative that consumers report a fraudulent or scam payment to their bank as soon as possible.

“The sooner that banks know about a fraud, the sooner they can take swift action to try to halt the payment before it gets to the scammers.” 

It comes as global tech platforms seek to unlock a new era of smart payments, where users can bank using apps or cards connected to their phones.

“Whether it’s your Apple phone or smartwatch, the number of transactions has increased by 8,000 per cent in the last three-and-a-half years,” Ms Bligh said.

“Banks actually have contracts with Apple that facilitate that. But certainly banks would say very loudly and clearly, and I think customers should too, if Apple had a deposit product in Australia that should be subject to all of the protections that a customer would get if they deposited with a bank,” she said.

Money

Markets tumble as Trump tariffs, Greenland rhetoric and Europe backlash collide

U.S. stocks plummet over 800 points amid renewed tariff threats and political tensions from Trump, sparking global trade concerns.

Published

2 days ago

January 21, 2026

Harvey Vargas

U.S. stocks plummet over 800 points amid renewed tariff threats and political tensions from Trump, sparking global trade concerns.

U.S. equities took a sharp hit as markets reacted to renewed tariff threats and heightened political rhetoric from President Donald Trump. The Dow plunged more than 800 points, with the S&P 500 and Nasdaq also sliding as investor nerves rattled risk assets.

The sell-off highlights growing concern around global trade tensions and geopolitical uncertainty, with markets struggling to price in what comes next for U.S. economic leadership and policy direction.

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Money

Gold hits record highs as investors flee risk

Gold surges amid global uncertainty, with February futures rising 1.71% to $4,674.20 per ounce, signaling safe-haven demand.

Published

3 days ago

January 20, 2026

Harvey Vargas

Gold surges amid global uncertainty, with February futures rising 1.71% to $4,674.20 per ounce, signaling safe-haven demand.

Gold is shining brighter than ever as investors flock to safe-haven assets amid global uncertainty. U.S. gold futures for February delivery jumped 1.71% to $4,674.20 per ounce, while spot gold rose 1.6% to $4,668.14.

The surge comes as geopolitical tensions continue to worry traders, prompting a rush into metals perceived as stable and secure. Analysts say gold is proving its status as the ultimate hedge during turbulent times.

Investors are closely watching markets as gold sets new benchmarks, signalling growing caution across the financial landscape.

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Money

Markets edge higher as 10-year yields hit new highs

Major stock indices rise slightly; 10-year Treasury yield hits 4.23% amid Fed Chair speculation, affecting small and mega-cap stocks.

Published

4 days ago

January 19, 2026

Harvey Vargas

Major stock indices rise slightly; 10-year Treasury yield hits 4.23% amid Fed Chair speculation, affecting small and mega-cap stocks.

All major stock indices are starting the week slightly higher, giving investors cautious optimism. Analysts are keeping an eye on movements in small caps and mega-cap tech stocks amid these early gains.

The yield on the 10-year Treasury note has climbed to 4.23%, the highest since last September. This follows Kevin Warsh emerging as the frontrunner for the next Federal Reserve Chair, sparking speculation on future monetary policy.

Rising yields could trigger a pullback in small-cap stocks, while investors may pivot toward mega-cap tech, expected to deliver strong earnings growth. Overall, the market is likely to see a neutral to slightly bearish trend next week due to overbought conditions.

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