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Big tech is cashing in on the banking sector

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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.

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Money

Australian Treasurer and RBA chief clash over economy

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A rare dispute has emerged between Australia’s Treasurer Jim Chalmers and Reserve Bank Governor Michele Bullock over the nation’s economic trajectory.

Governor Bullock argues the economy remains overheated, even as growth data shows recent slowdowns.

Treasurer Chalmers, however, warns that sustained high interest rates are “smashing the economy.”

This debate is critical for Australians, as it will influence the future of interest rates and inflation.

Data shows a mixed economic picture: while inflation is down, it’s still above target, and the jobs market remains historically strong.

Ultimately, deciding who’s right may come down to theory and perspective on economic health.

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Central bank expected to ease interest rates as election nears

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The Federal Reserve is expected to cut interest rates again this week, a move aimed at cooling inflation.

This quarter-point rate cut would bring the benchmark rate to about 4.6%, the second reduction this year.

Analysts expect that additional cuts could come in December, which would benefit borrowers by reducing loan costs.

If Trump were to win the election, economists say his proposals on trade and immigration could reignite inflation.

The Fed is balancing a strong economy and low unemployment with its inflation-calibrated rate cuts.

As Election Day approaches, all eyes are on both the Fed and the presidential race.

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Big Tech pushes AI investments

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Tech giants like Microsoft and Meta are accelerating AI data center spending, with massive capital pouring into these projects.

Microsoft and Meta reported on Wednesday that AI investments are spiking their expenses, while Alphabet announced similar trends.

Amazon, due to report earnings shortly, is expected to mirror these projections, foreseeing further pressure on profit margins.

Wall Street is getting wary of the financial strain, as each company’s stock took a hit this week despite strong quarterly numbers.

Shares of Meta fell over 3%, and Microsoft saw a 6% drop, underscoring Wall Street’s jitters.

“It’s expensive to keep up with AI technology demands,” says GlobalData’s Beatriz Valle, emphasising a competitive race in AI capacity.

The high-stakes investments are starting to test investor patience in Big Tech’s ambitious AI journey.

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