Coronavirus is as economically contagious as it’s medically

Earlier this month, G7 finance ministers and central bank governors vowed to use “all appropriate policy tools” to contain the economic threat posed by the coronavirus. The question left unanswered is what is appropriate and what will work. The immediate response took…

Mobile Banking in Iraq: A thought started a decade ago

The business of banking has dramatically changed during the last ten years. The fast development of technology has affected the industry of banking around the globe. Banking has a pillar role in the development of the economic sector. The information technology…

Goodbye LIBOR, Hello SOFR!

LIBOR has been an endangered species for some time now. LIBOR, the rate that banks charge each other to borrow money, is slated to go by the wayside in 2021 and taking its place for USD will be something called the Secured overnight financing rate, or SOFR. Almost every part of the financial world is touched by LIBOR; it is plausibly the world's most important number.

Hackers program ATMs to spew cash

As ATMs have become ubiquitous, so too have attacks that turn these automated tellers into robotic thieves. In July 2016, a group of masked cyber-criminals cashed out 34 ATMs operated by the First Commercial Bank, one of Taiwan’s largest banks. Criminals had collected more than 83.27 million New Taiwan dollars (US$2.6 million) in cash — without using ATM cards. The criminals did not physically damage the ATMs, nor did they use skimmers or bank cards.