BankThink

Even the most familiar people can be easily impersonated online by a determined scammer. This can lead to thousands of dollars in fraud.

When Michel Barnier of the European Commission singled out auditors for enhanced scrutiny this week, he was reacting to anger, in Europe at least, over the "no bark, no bite" behavior of accounting "watchdogs" before, during, and after the financial crisis.

Is Bank of America charging for debit cards because it is shortsighted or because it is too bloated to compete against smaller institutions for consumer accounts?

"In financial ecosystems, evolutionary forces have often been survival of the fattest rather than the fittest." So says Andrew Haldane, Executive Director for Financial Stability at the Bank of England. He is right.

Receiving Wide Coverage ...No European Vacation: As The Scan was being prepared, German lawmakers approved a bill to expand the euro zone's bailout fund, the Times reported. Finland's parliament did so a day earlier. But talk has already begun on "a more radical increase in the scope of bailouts" and possible debt restructuring for Greece, the Journal said. Debate on that subject is expected to gain more momentum in October, and it could get dicier. German Chancellor Angela Merkel is taking heavy political flak in pushing the current bailout, and a revolt among lawmakers "underscores a broader shift among Germans about their nation's role in Europe since the crisis erupted nearly two years ago." Meanwhile, the European Union detailed its plan for a tax on financial transactions. It would cover all transactions among financial institutions when at least one party is located in the EU, the Journal reported. Financial and business groups are already mounting an attack, the FT reported.

A cloud is hovering over bankers due to the Durbin Amendment and its impending impact on their revenue. However, for bankers who focus on unique opportunities to grow their customer base, these regulatory changes coupled with emerging technologies can present a profitable silver lining.

Companies are swarming to provide added security for mobile phones – but their services might not yet be needed.

Receiving Wide Coverage ...The Tobin Tax: Momentum appears to be building in the European Union for a tax on financial transactions. The idea is referred to as the “Tobin tax,” after the late James Tobin, an economist who suggested a tax on currency transactions after the Bretton Woods system broke down in the early 1970s. The aim, in Tobin’s words, is to “throw some sand in the wheels” of the markets as a check on volatility. The tax European leaders are now discussing would cover much more than currency trades, though, and while supporters do still cite the potential stabilizing effects for markets, replenishing public coffers in the midst of the sovereign debt crisis is also a goal. In an address to the European Parliament Wednesday, José Manuel Barroso, the European Commission president, framed the issue as “a question of fairness”: “It is time for the financial sector to make a contribution back to society.” Critics of the proposal have said it could drive business elsewhere. As one of the writers for the FT’s “Lex” puts it in this video, “you might want to buy shares in property for Bermuda.” (Warning: aside from losing some of the mystique around “Lex” by seeing the people who produce it identified on camera, you’ll have to sit through a treacly ad for Goldman Sachs before the actual clip starts. Nevertheless, we felt smarter, on balance, after watching.)

Blogosphere reactions to a self-described trader's BBC interview range from “what a jerk” to “well, at least he’s candid” to “that guy’s smart” to “this has to be a hoax.”

Bankers, directly and through their lobbyists, have been expressing outrage related to the Basel III rules designed to ensure the safety and soundness of the global banking system. A top spokesman at the American Bankers Association, for example, was recently quoted saying that Basel III should be "put on a shelf."