Tag Archives: Secrets

Banking

Secrets of bank frauds

 

Money has become one of the main humans’ passions many years ago. No wonder, every day people make up sophisticated kinds of fraud. Identity theft, online auction frauds, bait and switch – all these words name different ways of stealing your money. Fraudsters are everywhere, even in your bank. Yes, I’m not joking. No matter what financial operations you are going to have in a chosen bank, be ready to get scammed. I do not say that all banks are full of frauds, I just want to warn you that losing money is much easier than you can imagine that. Here are some kinds of bank fraud that you may face:

Concealing a part of gain from securities sale. People who sell their securities through bank broker usually do not compare percentage gain indicated in the securities sale report with market rate. This allows to understate real price and this provide personal income.

Such activity is very hard to control. Usually, id clients have any complaints, they come to broker and say what they are unsatisfied with. In this case it’s absolutely easy for broker to change the results of deals and settle an affair. Meticulous client will be treated carefully, and other clients will become broker’s new victims. As a result, bank’s management will have no idea about such fraud.

Be careful and spend a few minutes to compare the prices.

Deliberately ineffective purchase of securities. Broker enters into an agreement with issuers of now very profitable securities or securities price on which is artificially overrated. Then broker convinces a client to buy offered securities and enjoys brokerage.

Using funds of temporary inactive accounts. Remains of temporary inactive accounts are transferred to the account of fake firm. This account is debited on sums stolen by bank worker.

But not only bank workers can cheat.

There are hundreds of bank fraud cases. One of the most well-known is a case of Austrian Bank Bank Fuer Arbeit und Wirtschaft AG. The bank was owned by Austrian federation of trade unions. The scandal took place in 2006, and since then the case hasn’t been solved. The case can be divided into two parts. First of all, the bank lost 1 billion Euros on currency operations and gave money to the former executive director of American broker company Refco Inc just before his company bankrupted. Two former directors – Wolfgang Fletl and Robert Raitner of the bank are involved in this case. One of the former directors Helmut Elsner tried to find a refuge in France, but was given to the Austrian government.

The story is not finished, and no one knows when and whether it will be finished. There are too many questions and very few answers are left.

Anyone can become a victim of bank fraud. There is no 100% guarantee you can secure yourself, but still you can try to save your money. Be very careful when dealing with banks, try to choose well-known and respected ones and never ignore reading contracts and other documents. Your patience and attentiveness can save you from scam.

 

 

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Banking

Insider Secrets – Here’s How To Land Your Job In Investment Banking

Investment banks facilitate the issuing of securities by companies and governments, sell securities to investors, manage the financial assets for high net-worth individuals and companies, and give financial advice on investments and securities. Long hours are the norm in the high-risk, high-reward job of an investment banker. The numbers of positions that open each year are very small yet there are usually 30 to 50 applicants for each opening. Many people want to become an investment banker. The competition for these positions is very competitive. Here is a guide on how to improve your chance of landing a job as an investment banker.

The first step is to determine what type of position you would prefer as an investment banker. The industry is segmented into bulge bracket companies, boutique companies and international companies. Boutique companies focus on a small segment of the market or a vertical market. This is a great way to gain experience. Turnover is usually lower in boutique companies and you have a better chance of getting training working for these types of companies. Bulge bracket companies are the large companies like Chase and Wells Fargo. The hours and demands at these companies are greater, the turnover is much higher and the pay is usually more. International companies are located outside of the US in cities with major finance centers like London, Tokyo and Paris. These positions usually require the ability to speak multiple languages fluently.

The best way to get a job as an undergraduate is to secure an internship with an investment banking firm. The internship will give you an opportunity to work one or two summers with the company. The company will be able to evaluate your ability to perform the duties of the position. If the company is pleased with your work, you have an almost guaranteed chance of being hired after graduation. This is the best way to eventually land a job in investment banking.

Another method of getting a job is to graduate with a high GPA from a school that is targeted by an investment banking company. These companies will interview almost exclusively at selected universities. It is not unusual for the company to fill almost 90 percent of the vacancies with students from these selected universities. Attending these universities will give you a better chance at being hired by one of these companies.

If you do not have an internship or graduate from an Ivy League school, the best chance you have to get a job in investment banking is through networking. You should actively use the alumni network at your school to make contacts with graduates that are currently working in the industry. They may be willing to give a chance to a graduate of their alma mater.

With the proliferation of social media, it is possible to network with people in the industry using tools such as Facebook, LinkedIn and Twitter. The best recommendation is to start networking your first year in school. This will allow you to build a very large network of contacts that you can call upon when you reach graduation.

Sometimes getting a position in investment banking depends on where you went to school, where you worked or who you know.

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Money

Money Making Idea Secrets

 

Do you know money secrets? Once they had produced enough to satisfy their needs they traded the surplus for other goods they needed and thus commercial trade was born. Once people realised that the more you had the more you could buy and that’s where the first money making idea originated.

Since then dreamers and entrepreneurs alike have wrestled with this age old dilemma. The ideas ranged from completely impractical, such as turning lead to gold to the slightly outlandish. More fortunes were lost than made with such dubious schemes.

Add to this mix con men through the ages who were always willing to part a fool from his money. Many greedy people who did not heed the advice that if it looks too good to be true then it probably is have been tricked into parting with large sums of money. A modern day version of the notorious 419 scam that originated in Nigeria is still doing the rounds via email today.

But history also shows us plenty of examples of people who have taken bold risks in business that have paid off and rewarded them with lots of money. The one characteristic that these people all share is the courage to follow their convictions. Everybody has a winning idea but few have the guts to gamble their time money and resources on it. In this case fortune truly favours the brave.

The next ingredient is hard work and sheer determination. Unless one wins the lotto or inherits it making lots of cash is never an overnight thing. After the first burst on inspiration it takes sheer perspiration to get the job done. One must remain focused and not lose hope in spite of all obstacles, setbacks and disappointments that happen along the way. The mark of someone who is serious about making money is persistence in the face of all odds.

Another thing that puts off potential moguls is the mistaken belief that in order to amass great wealth one must come up with an original concept. While there are plenty who have made their fortunes this way a quick look around shows that modern markets are built on competition, in other words many companies selling a very similar product, each with something they believe distinguishes them from the pack.

The moral of that story is reinventing the wheel is not the solution. Taking a fresh look at an existing product can also be a great way to earn a lot. If one can put a unique spin on something or create a unique need for a product that’s also a great way to start. With hard work and patience that can be leveraged into a profitable business.

The truth is that there is no quick fix or magical money making idea that can create fabulous wealth overnight. Which is not discouraging because there are plenty of ways for people with great ideas who are willing to work hard to make their dreams come true.

 

 

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Finance

3 Secrets To Start Your Finance Internships

An internship is an opportunity for a student to gain work experience with a finance company. The goal of a finance internship is to gain work experience that can be parlayed into full-time employment after graduation. There are 3 secrets that will improve your chances of being selected for an internship.

1. Focus your efforts on companies that already offer internships

Companies that already have an infrastructure in place to support internships are where you should focus the majority of your efforts. It is easier to be accepted into an established internship program that it is to convince a company to start a program with you as their first intern. Year after year there are major firms that offer internships to finance students. You should apply to as many of these companies as you possibly can.

If you want to work for a company that does not have an established internship program, you will have to convince them to start a program. This process can take anytime from several months to a year or more. You will be required to write to the company and follow up with phone calls in order to convince them to create an internship. You will have a better chance at convincing the company to create an internship if you have prior work experience in their industry.

2. Improve your resume and qualifications

Finance students at your university will all have taken the same courses as you. You need to have something other than your academics that will let you stand out from the crowd and improve your chances of being selected for an internship. Extracurricular activity, volunteer activities and work experience are the best ways to improve your resume. Companies want to hire internships that are well rounded and have shown leadership in club or group activities on campus. If you have been involved in a large number of activities, this will put your resume at the top of the pile.

Another way to improve your chance of getting a finance internship is to have prior work experience. It is possible to work for a company during the summer before starting college and the summer after your freshman and sophomore years. This work experience will be beneficial to companies that hire you as an internship.

3. Networking

Many companies that hire interns will recruit on college campuses. Make sure you are able to grab one of the interview positions with the recruiter when they visit your college campus. This campus interview is the first step in securing an internship with the company. Some companies only hire interns from their on-site college recruiting and will reject any resumes from students who did not interview at their college.

If your targeted company is not interviewing on your college campus, then utilize the resources of your career placement office to find a contact within the company. Write to this person to inquire about the possibility of being selected for an internship.

An internship allows college students to gain real world experience working in the finance department of a company. An internship can lead to a permanent position after graduation so utilized these 3 secrets to land your internship.

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