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News Roundup
This is a roundup of news and other interesting pieces that I’ve come across over the last few days. High-tech banks are experiencing an increase in old-fashioned crime related to check fraud, which they must now grapple with. The collapse of banks could result in billions of dollars in FDIC fees for big banks. The Mastercard Economics Institute has also released its travel industry trends report for 2023. Additionally, a new High Line bridge is set to make commuting easier. Lastly, Southwest has released its first-ever brand film called “Alone in Tombstone.”
High-Tech Banks Grapple With a Rise in Old-Fashioned Crime: Check Fraud
In 2022, banks filed 680,000 Suspicious Activity Reports involving checks, nearly double the number of such SARs filed in 2021. Fraudsters often fish checks out of the mail and deposit them with fraudulent endorsements or alter them via “washing”. Using gel ink to write a check makes “washing” harder.
This new High Line bridge will make things easier for commuters
Dubbed the “High Line – Moynihan Train Hall Connector,” a pair of interconnecting 600-foot-long bridges will be added to the existing High Line structure, moving east along 30th Street and then up along Dyer Avenue, through the Manhattan West public plaza and continuing to Ninth Avenue and the Moynihan Train Hall. That means that pedestrians will essentially be able to walk, unobstructed, all the way from the Meatpacking District straight to Penn Station using the elevated park.
Big banks could face billions more in FDIC fees after bank collapses
The Federal Deposit Insurance Corporation is proposing raising the fees banks pay to have depositors’ money insured. This comes after the government insured depositors’ money that exceeded the $250,000 insurance cap at Silicon Valley Bank and Signature Bank to stem the panic that ensued from their failures. In total, that depleted $15.8 billion from the FDIC’s Depositor Insurance Fund (DIF). Banks that are FDIC-insured pay fees to the fund in exchange for coverage in the event that they fail. To recover the $15.8 billion, the FDIC is proposing levying higher fees on banks that have more than $5 billion in uninsured deposits.
Mastercard Economics Institute Releases Travel Industry Trends 2023
New insights from the Mastercard Economics Institute reveal that consumers are taking advantage of a more traditional travel ecosystem in 2023, prioritizing leisure travel and pioneering new corridors around the world.
Southwest Debuts First-Ever Brand Film “Alone in Tombstone”
Southwest premieres the short film “Alone in Tombstone,” a first-ever brand film for the airline and the first Wattpad Brand Original. The film, based on a short story, was written by Wattpad author E.A. Comiskey, and was adapted into a short film, “Alone in Tombstone,” by Tongal community member Kelsey Taylor (“Alien: Specimen,” 20th Century Fox). “Alone in Tombstone” is now available on Southwest’s YouTube Channel and via the free movie offerings onboard Southwest® flights beginning June 1.
Guru’s Wrap-up
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