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<ul><li>The government has warned about a new way <keyword id="19962622" type="General" weightage="20" keywordseo="scammers" source="keywords">scammers</keyword> are trying to obtain <keyword id="20189059" type="General" weightage="20" keywordseo="personal-information" source="keywords">personal information</keyword>.</li><li>Users have reportedly received an SMS asking them to update their PAN to unblock their <keyword id="20417750" type="General" weightage="20" keywordseo="bank-account" source="keywords">bank account</keyword>.</li><li>Here's everything you need to know about the <keyword id="22918614" type="General" weightage="100" keywordseo="fake-PAN-SMS" source="keywords">fake PAN SMS</keyword> and how to stay safe.</li></ul>Increased usage of the internet has also resulted in an increase in <keyword id="20025584" type="General" weightage="20" keywordseo="online-fraud" source="keywords">online fraud</keyword>. Scammers are finding new ways to fool people and steal from them. A new method has now been revealed, which preys on users with an account in <keyword id="19985316" type="General" weightage="20" keywordseo="India-Post-Payments-Bank" source="keywords" meta.keywordsubtype="org" meta.entityname="India Post Payments Bank" meta.hostid="261" meta.entityid="India Post Payments Bank">India Post Payments Bank</keyword>. According to a post by PIB Fact Check, several users have received an SMS which claims to be from India Post Payments Bank. However, the message is fake and is an attempt to steal user data. “This claim is #Fake. @IndiaPostOffice never sends any such messages. Never share your personal &amp; bank details with anyone,” PIB Fact Check said in its post on X. <div type="twitter" handle="PIBFactCheck" handlename="PIBFactCheck" favoritecount="0" retweetcount="0" id="1825494609881170290"></div> <h2>What is the fake PAN SMS?</h2> In the SMS, the user is warned that their India Post Payments Bank account has been blocked. It then asks the users to update their PAN to get their account unblocked. The user is then given a link, asking them to click on the link to update their PAN. <div type="Article" hostid="261" msid="111512587" title="Jio vs Airtel vs Vi recharge plans comparison – plan benefits and price comparison after tariff hike" mstype="2" mssubtype="0"></div> The link then redirects the user to a <keyword id="20182216" type="General" weightage="20" keywordseo="phishing" source="keywords">phishing</keyword> page, aimed at stealing user data such as their bank account login details to gain access to their account. Once you enter your bank account login details, they will be sent to the scammer. <h2>What is phishing?</h2>Phishing is a cyber-attack where attackers impersonate legitimate organisations or individuals to trick people into revealing sensitive information like passwords or credit card details. This is usually done through deceptive emails, messages, or fake websites. <h2>How to stay safe from phishing attacks?</h2>Here are some ways you can identify phishing attacks and stay safe: <ul><li>Verify the sender: Check the sender’s email address or phone number carefully. Phishers often use addresses that look similar to legitimate ones but have small differences.</li><li>Look for red flags: Be wary of unexpected messages, especially those requesting sensitive information or containing urgent or threatening language.</li><li>Verify before opening: Only open attachments from trusted sources. Phishing emails often contain malware disguised as legitimate files.</li><li>Add two-factor authentication: Enable two-factor authentication on your accounts. This adds an additional layer of security even if your password is compromised.</li><li>Contact directly: If you receive a request for sensitive information, verify the request by contacting the organisation directly through known and trusted channels.</li><li>Report phishing attempts: Report phishing emails to your email provider or the relevant authorities. This helps in tracking and stopping phishing schemes.</li></ul>SEE ALSO: <a href="https://www.businessinsider.in/tech/how-to/how-to-add-music-to-instagram-profile/articleshow/112732934.cms">You can now add music to your Instagram profile – here's how</a> <a href="https://www.businessinsider.in/business/auto/webstories/2024-tvs-jupiter-vs-honda-activa-6g-which-110cc-scooter-should-you-buy/slidelist/112730069.cms">2024 TVS Jupiter vs Honda Activa 6G – which 110cc scooter should you buy?</a> <a href="https://www.businessinsider.in/tech/mobile/webstories/iqoo-z9s-pro-vs-moto-edge-50-fusion-which-is-the-best-smartphone-under-25000/slidelist/112703633.cms">iQOO Z9s Pro vs Moto Edge 50 Fusion – which is the best smartphone under ₹25,000?</a>

Govt warns about fake SMS asking users to update their PAN – what it is and how to stay safe

<div type="image" title="Are Indians depositing less money in banks, or more in mutual funds? Turns out, it&amp;#39;s neither of those." msid="113663806" hostid="261" sizebytes="1121785"></div> Over the past few months, there’s been a lot of brouhaha about the lagging pace of <keyword id="20202062" type="General" weightage="20" keywordseo="bank-deposits" source="keywords">bank deposits</keyword> in India. Simply put, the rate at which Indians are depositing their hard-earned money in banks has been falling constantly, and some blame the increasing financialisation of <keyword id="20751315" type="General" weightage="20" keywordseo="household-savings" source="keywords">household savings</keyword> in the country or the rising preference of Indians towards <keyword id="19929240" type="General" weightage="20" keywordseo="mutual-funds" source="keywords">mutual funds</keyword> and shares. So, the hypothesis is that people are choosing to invest more in mutual funds and the Indian <keyword id="19949641" type="General" weightage="20" keywordseo="equity-markets" source="keywords">equity markets</keyword> through direct investments, IPOs, or NFOs, the money flowing into Indian banks in the form of deposits is slowing down. But is that really the case? <h2>A crisis or a phase?</h2><keyword id="19899808" type="General" weightage="20" keywordseo="RBI" source="keywords" meta.keywordsubtype="org" meta.entityname="RBI" meta.hostid="261" meta.entityid="RBI">RBI</keyword> data suggested that for the quarter ended June 2024, bank deposits grew at 11.7%. On the other hand, credit growth has outpaced this at 15%. This means that the outflow from banks as loans is far greater than the inflow into them in the form of deposits in Q1 of FY 2024-25. The situation largely saw cut-copy-paste in the first week of September as well, with loans registering a 13.3% YoY growth during the period, while deposits rose only 11.1%. This gap has only been widening for the last 3 years. Since deposits are how banks gather assets to further lend and earn interest income as a consequence, even a slight dip could set the alarm bells ringing for banks, and rightfully so. And truth be told, mutual funds are indeed taking on bank deposits in a big way. Per a report by Franklin Templeton, in August 2024, the AUM (assets under management) of Indian mutual funds, or the total funds managed by them, stood at 31.3% of total bank deposits in the country, up from 24.20% during the year-ago period. As of August 2024, the AUM of mutual funds stood at Rs 66.17 lakh crore, an all-time high. But all said and done, is this really the reason why the rate of bank deposits is falling behind? SBI has dismissed this to be a “statistical myth”, and experts point out that since equity and fund houses also keep the cash in their respective bank accounts, there’s no cause for concern. So, is financialization really to be blamed for the trailing tempo of deposits? Or is something else happening behind the scenes? We take a closer look: <h2>First, are household deposits really slowing down? And is that a cause of concern?</h2>Data from Motilal Oswal suggests the contrary. Deposits grew by around 10.4% between March 2020 and August 2024. Data from RBI also highlights that as of August 9, 2024, bank deposits witnessed a YoY growth of 10.8%. The loan-to-deposit ratio for the retail segment, which indicates what percentage of its total deposits the banks lend out as loans, has stayed at 77.5%, above the 77% mark for the tenth straight month. <div type="image" title="Yes, household deposits (as % of total deposits) have dipped, but the drop is far from significant" msid="113663882" hostid="261" sizebytes="306706"></div> Also, we can’t forego the fact that the share of Indian households in bank deposits has indeed slowed down. However, data from Axis AMC shows that the dip is marginal—from 63% in 2022 to 62% in 2023 and 61% in 2024. What has slowed down even more considerably is the share of government deposits in the aggregate bank deposits, which has dipped from 14% in 2018 to 9% in 2024. So, it's not just household deposits, you see. Moreover, as of March 2024, the collective CASA ratio (current and <keyword id="114757" type="General" weightage="20" keywordseo="savings-account" source="Orion">savings account</keyword> deposits) of all commercial banks in India stood at 41.00%, down from 43.1% in March 2023 and 45.2% in March 2022, marking a nearly 5% point decline over the past year, while still staying over the 10-year average of 39.2%. This implies that Indian banks are relying more on higher-cost funds (savings accounts), which can limit their profitability. <h2>What is this financialisation of savings we are talking about?</h2>Then again, there is no doubt about the growing affinity of Indians towards mutual funds and stock markets. Recent data from CBDT (Central Board of Direct Taxes) highlights that India’s net direct tax collection surged by around 22%, driven exclusively by the significant uptick in the collection of Securities Transaction Tax (STT), which doubled to Rs 26,154 crore, from Rs 13,352 crore in the year-ago period. Why does this matter? STT is levied when you buy or sell equity shares on stock exchanges, sell <keyword id="6361918" type="General" weightage="20" keywordseo="equity-mutual-funds" source="Orion">equity mutual funds</keyword>, and trade in futures and options in the equity segment. Such taxes, including the multiple other taxes in equity market investments, are considered as leakages as the money moves out of the economy into government coffers. Data from a ValueQuest report explains that over the last 20 years, the markets have handsomely rewarded the investors, generating over $900 billion in incremental value for them. This is the major driver behind the dramatic rise in investment flowing towards the equity markets. There’s further proof of this budding romance, if you check the demat pudding. The number of demat accounts, which are a primary requisite for participating in the stock markets, also burgeoned by 42.3 lakh in August 2024, taking India’s total tally of demat accounts beyond 17 crore. To put this in perspective, this is almost equivalent to the population of just 8 nations in the world, including China, the US, Brazil and more. Vivek Iyer, Partner, Grant Thornton Bharat thinks it's rather important, as well. “Financialisation of household savings in India is an indication of deepening capital markets in the market, especially from a retail investor standpoint. Bank deposits with a modest rate of return are no longer the only option for savings for investors. Investors today have more avenues for wealth creation in the form of public capital markets, which have democratized wealth creation and provided equality of opportunity to retail investors”, he says. Yes, Indians are investing more and more in the markets, and in mutual funds. But is it a sin to look out for inflation-beating returns, which the stock markets offer, and vanilla bank deposits don't? After all, the allure of 12-13% annual returns offered by <keyword id="45369" type="General" weightage="20" keywordseo="equities" source="Orion">equities</keyword> can certainly pale the stability offered by good old deposits, which generally do not go beyond 9% when it comes to annual returns. But all of this is not what is behind the slowdown. India is still a toddler in the school of savings financialization, with less than 10% of the population holding a demat account, and less than 5% of us saving in equities. That's a drop in the ocean of deposits, far inadequate to trigger a tsunami. <h2>Tell me why lagging deposits have nothing to do with Indians investing more in mutual funds!</h2>Says Shweta Rajani, Head - Mutual Funds, Anand Rathi Wealth Limited, “Households' equity holdings composition grew from 11.1% in FY 23 to 14.7% in FY 24. This trend reflects a growing awareness of investment options, empowering individuals to take control of their financial futures. Despite this transition towards equities, banks still hold a significant share of household financial savings—33.5% in FY24 compared to 34.9% in FY23”. Also, household savings and their subsequent financialization do not have much to do with deposit creation, which is entirely made by banks. What actually drives increased deposits is credit growth or increased lending. When interest rates are eased, people tend to borrow more and spend more, which circulates more money in the economy. For the past 4 years, RBI has been tightening the screws on interest rates, which raises the cost of borrowings, and makes it more expensive to take loans, putting a dampener on credit growth, but effectively curbing inflationary pressures. The last time RBI cut the repo rate by 40 basis points was back in May 2020, 4 years ago. The lag in <keyword id="19998084" type="General" weightage="100" keywordseo="deposit-growth" source="keywords">deposit growth</keyword> we’re witnessing is almost 3 years old. Coincidence much, or just good old economics at work? But with the Fed recently setting a rate cut precedent by slashing 50 bps off its interest rate, RBI is expected to follow suit in the next MPC (Monetary Policy Committee) meeting, scheduled for November 2024. A rate cut would ease the aforementioned high cost of borrowing, and increase loan-taking for corporates and institutional investors, thereby stoking consumption in the economy. And then, deposit creation in banks is likely to return to its former glory. If not, then that would be a curious case to unravel! But that worry is for another day. Do you have insights or personal experience to share on your personal finances or money? Contact us at <a target="_blank" class="c-link" href="mailto:businessinsider@timesinternet.in">businessinsider@timesinternet.in</a>.

Simply Put: A Deposit Dilemma — What's the fuss about a crisis in Indian bank deposits? Are mutual fund investments to blame?

<ul class="summary-list"><li><a target="_blank" href="https://www.businessinsider.com/personal-finance/chase-bank-review">Chase Bank's</a> boss warned that new federal fee caps could make everyday banking more expensive.</li><li>Marianne Lake said the bank is planning to pass the pain of their lost profits on to customers.</li></ul>Everyday banking might be about to get more expensive for consumers.Marianne Lake, the CEO of consumer and community banking at Chase Bank, said federal regulations to cap overdraft and late fees would take a bite out of the company's bottom line.And she warned that making up that loss would be passed on to consumers, <a target="_blank" href="https://www.wsj.com/finance/regulation/jpmorgan-financial-regulations-charge-customers-d86ca9e4">according to a report from The Wall Street Journal.</a>Lake said the changes would be "broad, sweeping, and significant," the report said.Some of those costs would be tacked onto services that have been free so far, like checking accounts and financial planning tools, the report said.Business Insider reviewed a Chase presentation that covered the expected impact of proposed regulations. The presentation estimated that two out of three consumers would have to pay a fee for checking accounts if the cap went through.Lake also said those impacted will be the ones "who can least afford to be" and credit access will also be more challenging.Some of the regulations include a proposed <a target="_blank" href="https://www.businessinsider.com/lower-credit-card-late-fees-limits-savings-us-economy-impact-2024-3">$8 cap on late credit card payment fees</a> and a $3 cap for overdrafting bank accounts. The limit is part of President Joe Biden's crackdown on hidden fees.<a target="_blank" href="https://www.businessinsider.com/big-banks-profit-overdraft-fees-surprise-biden-administration-wants-curb-2024-1">The Consumer Financial Protection Bureau estimated</a> that about 45 million people are charged credit card late fees annually, and the change could save those people up to $220 a year.Other changes include limiting debit-card fees and how much banks can charge apps like Venmo and CashApp for accessing customer data, the report said.New regulations would also make it more difficult for banks to lend money by <a target="_blank" href="https://www.businessinsider.com/commercial-real-estate-lending-basel-distress-refinancing-bank-regulation-2024-2">requiring banks to set aside more money as reserves</a>. That could make it more complicated for borrowers to qualify for loans in the future.Chase is the biggest bank in the US and it's also one of the largest issuers of credit cards in the country. But other banks are expected to follow the same path — and several have already issues warnings.According to the Merchants Payments Coalition, Mastercard announced in April it was <a target="_blank" rel=" nofollow" href="https://news.bloomberglaw.com/daily-labor-report/mastercard-still-raising-some-fees-on-retailers-after-settlement">planning to increase</a> certain credit-card fees.Citi's chief financial officer, Mark Mason, said in a January earnings call that the bank planned to make up lost revenue with "offsets and mitigants" that he didn't specify.Capital One CEO Rich Fairbank also said in January that the new regulation would impact its profits and it would implement "mitigating actions" to counteract it.<a target="_blank" href="https://www.businessinsider.com/credit-card-late-fees-cap-swipe-mastercard-visa-jpmorgan-rewards-2024-4">Analysts at UBS wrote in a note</a> to investors in April that capping credit-card late fees and swipe fees in addition to lowering debit-card swipe fees, would push companies like JPMorgan Chase and American Express looking to make up the revenue elsewhere.It's not the first time banks have threatened to take out the cost of new regulations on consumers.After the financial crisis in 2008, <a target="_blank" href="https://www.businessinsider.com/big-banks-threaten-debit-card-cap-2011-7">banks threatened to put caps on card charges</a> if Congress approved rules limiting swipe fees. However, the threats were a bluff; few institutions followed through after customers themselves said they'd just switch banks.But now, with Biden's crackdown on credit card companies, banks may keep to their word — especially if the banks all decide to add new costs for consumers, giving them no place to turn.

Why your checking account may no longer be free 

<ul class="summary-list"><li>Mastercard, an international card-payment-services company, interacts with banks worldwide.</li><li>The company has used AI to try to identify when customers may be about to be defrauded.</li></ul>For "CXO AI Playbook," Business Insider takes a look at mini case studies about AI adoption across industries, company sizes, and technology DNA. We've asked each of the featured companies to tell us about the problems they're trying to solve with AI, who's making these decisions internally, and their vision for using AI in the future.Since 1966, Mastercard has been a provider of payment-card services to the world's biggest banks and millions of consumers. The company is adapting to the constantly evolving threats scammers and criminals pose to its customers.<h2 id="ec04abf8-6dc5-4015-93f4-02f9ad5ed95c">Situation analysis: What problem was the company trying to solve?</h2>"For decades, payment fraud used to be people using your card details that they'd either bought, found, or counterfeited, either in person or online," Chris Reid, the executive vice president of identity solutions at Mastercard, told Business Insider.But trends in payment fraud have changed — and banks and card providers have to keep up. One of the key new trends in fraud, Reid said, is what's known as authorized-push-payment fraud, where a scammer persuades someone to send them money by pretending to be a reliable figure, such as a bank, public authority, or romantic partner.Understanding when a card user is about to send a lot of money — and lose it — to a scammer is tricky, Reid said. "How can we detect you are a victim or about to be a victim of crime?" he asked. The company believes artificial intelligence can help identify when that fraud is about to occur.<h2 id="b3cf2d12-27c1-409c-b92f-616d9a187a34">Key staff and partners</h2>The development of an AI fraud-detection system began as a pilot program in the UK. At Mastercard, the teams working on the project included Reid's identity group, the security and cyberinnovation team, and the open-banking team, which works on connecting competing banks with one another.<div type="image" title="chris reid headshot" height="1463" width="1951" msid="111691425" hostid="261" sizebytes="75034"></div>Reid said he believed the work couldn't have been done without buy-in from banks in the UK, including Lloyds Bank, NatWest, and TSB Bank, which put aside their rivalries to work together."This only works when we all come together," Reid said. "The nice thing we see around fraud and security is, every day, the banks are competing to win. On fraud and security, we're all competing to beat fraudsters."<h2 id="6fd30701-463a-4b66-b855-30c65acda283">AI in action</h2>With the support of those banks, the teams at Mastercard began developing an AI system to identify signs in the accounts of both victims and scammers that someone was about to be defrauded."We give our bank customers a three-dimensional view of the two accounts in question," Reid said.Mastercard's AI system is trained on data from both legitimate and fraudulent payment activities. Using this information, it monitors and identifies suspicious transaction behaviors and looks at data, such as payee names, to identify suspect transactions.It can also look at secondary and tertiary relationships linked to a fraudster's bank account."Crime needs to find a way out of the legitimate financial ecosystem," Reid said. "You tend to find funds flow out into various mule or drop accounts."The system provides an AI-powered risk score for transactions and accounts in real time, alerting the banks if Mastercard suspects a payment is being made to a known fraudster.<h2 id="0de6e3ad-c6e8-47ff-8ec6-6585acb0a367">Did it work, and how did leaders know?</h2>Reid said TSB "has been really transparent in helping us understand the efficacy of the solution."Based on the scale of the fraud prevented among TSB's customers, if it was extrapolated across the UK banking sector, "everything else being equal," the AI system would save an estimated £100 million, or $126 million, in the UK alone, Reid told BI.He added that Mastercard's tech was "really good" at identifying "impersonation scams, romance scams, and purchase scams."<h2 id="4b10d7e8-3d1f-4e76-a240-334aa7a6ce4a">What's next?</h2>Mastercard needs to keep up with scammers, Reid said."Fraud is an incredibly successful industry," he added. "Fraudsters are investing in product development and their own efficiency."For that reason, Mastercard plans to expand its AI systems. Currently, the system provides an AI-identified risk score for the potential victim's account. By the end of 2024, Mastercard wants to provide a risk score for scamming suspects to try to raise awareness among banks about their customers."That doubles the ability for us to stop the money getting to the criminals," he said. "We can tell the scammer's bank, 'This is a high-risk transaction; you might want to delay releasing the funds."Mastercard is also working to create more practical applications for the risk score, which is useful to banks at a high level but perhaps not for rank-and-file bank employees tasked with supporting victims."Contact-center agents, in this case, are trained and knowledgeable in fraud, but we need to be able to turn the score into something that's useful," he said. "We're working to be able to ultimately stop that crime."We want to hear from you. If you are interested in sharing your company's AI journey, email <a target="_blank" href="mailto:jhood@businessinsider.com">jhood@businessinsider.com</a>.

Mastercard's AI system is helping banks keep fraudsters in check — and it could save millions of dollars

<ul class="summary-list"><li>My parents gave me good financial advice while I was growing up.</li><li>They helped shape how I think about and spend — or save — money today. </li></ul>As a Gen Zer in my early 20s, I'm starting my career and thinking about my future, and money is an important part of that. Many factors have influenced how I view and handle money, like my education, socioeconomic status, and being <a target="_blank" href="https://www.businessinsider.com/gen-z-kid-baby-boomer-parents-generational-differences-parenting-lessons-2024-4">raised by baby boomers</a> who are first- and second-generation immigrants. I've also realized that being raised by older parents has given me a different perspective than that of many of my peers.There's so much <a target="_blank" href="https://www.businessinsider.com/money-advice-no-one-wants-to-hear-2024-03">personal finance advice</a> out there, but as I settle into adult life, I rely more and more on the fundamentals my parents taught me. Though the economy has changed since they were young, my baby boomer parents' lessons of hard work and the importance of saving still ring true for me today living as an independent young adult.<h2 id="25a2899c-6867-4256-b800-48b979715dc7">They encouraged me to work hard</h2>One of the most critical values my parents encouraged — and still do today — is to work hard. I started babysitting as my first job as soon as I could, went on to work part-time jobs in high school, and eventually got full-time jobs during my summer breaks.Aside from birthday and holiday gifts, the money I saved or spent was money that I worked for. When I went to university, my parents had saved for my tuition (which lasted me a while, thanks to being <a target="_blank" href="https://www.businessinsider.com/only-child-parent-wish-people-less-judgmental-2024-4">an only child</a>) and I also applied for scholarships at my school.When I first started living on my own at 18, my parents would help me if I was ever in a pinch, but most of the money to <a target="_blank" href="https://www.businessinsider.com/adults-financially-independent-boomers-gen-z-parents-support-adult-kids-2023-4">pay rent and bills</a> was that which I saved. Nothing was ever handed to me. This encouragement to learn how to manage what I earn and work hard is a value that extends not just to the number in my bank account but to my work ethic and career.<h2 id="62d87e13-9f89-439e-bcac-c5a8899f0fa3">They taught me to save what I earned</h2>It's undisputed that <a target="_blank" href="https://www.businessinsider.com/personal-finance/how-to-save-money">saving money</a> is smart, and it's true that you can find this particular financial advice anywhere. But this is another one of the key money lessons my baby boomer parents taught me. It can't be overstated how easy it is to spend these days any time you walk out your door, and this is a fundamental practice, regardless of how obvious it may be.Ever since I can remember, when I received money as a kid, my parents would encourage me to save it. I even saved up enough and bought our family dog with my own money when I was eight. This practice of saving and reflecting before spending shaped my perception of money as something valuable, finite, and worth safeguarding.<h2 id="f7312829-c41b-45e7-91a6-991a5e705c5d">I learned from watching their relationship with money</h2>Observing my parents' <a target="_blank" href="https://www.businessinsider.com/personal-finance/rules-spender-saver-relationship-build-wealth-2021-9">relationship with money</a> and their reflectiveness when it came to spending throughout my childhood has also shaped my consumption patterns. For example, eating out at restaurants was a rarity growing up, an added expense saved for special occasions or travel — including fast food (though that may not have been entirely about money). It wasn't until I moved out that I realized how normalized dining out or picking up food is. But often, for my parents, it came down to the good old excuse, "We have this at home."I also began formally managing my personal finances at a young age. I opened my <a target="_blank" href="https://www.businessinsider.com/personal-finance/how-to-open-checking-account">first checking account</a> when I was 13. I distinctly remember going to the branch with my mom and getting my first debit card. Going through this banking process at a young age gave me the independence to monitor how I was handling my money and learn how to navigate the basics of financial literacy as a teen.Being economical often gets a bad rap, but I think it's one of the most valuable money habits my baby boomer parents instilled in me, especially given the cost of living today. Now that I'm older and have more expenses, my experience and relationship with money influenced by my baby boomer parents have hopefully set me up for success.

My baby boomer parents gave me great financial advice. They taught me to budget and helped me open a checking account at 13.

Over the past few months, there’s been a lot of brouhaha about the lagging pace of bank deposits in India. Simply put, the rate at which Indians are depositing their hard-earned money in banks has been falling constantly, and some blame the increasing financialization of household savings in the country, or the rising preference of Indians towards mutual funds and shares. So, the hypothesis is that people are choosing to invest more in mutual funds and the Indian equity markets through direct investments, IPOs, or NFOs, the money flowing into Indian banks in the form of deposits is slowing down. But is that really the case? <h2>A crisis or a phase?</h2><keyword id="19899808" type="General" weightage="20" keywordseo="rbi" source="keywords">RBI</keyword> data suggested that for the quarter ended June 2024, bank deposits grew at 11.7%. On the other hand, credit growth has outpaced this at 15%. This means that the outflow from banks as loans is far greater than the inflow into them in the form of deposits in Q1 of FY 2024-25. The situation largely saw cut-copy-paste in the first week of September as well, with loans registering a 13.3% YoY growth during the period, while deposits rose only 11.1%. This gap has only been widening for the last 3 years. Since deposits are how banks gather assets to further lend and earn interest income as a consequence, even a slight dip could set the alarm bells ringing for banks, and rightfully so. And truth be told, mutual funds are indeed taking on bank deposits in a big way. Per a report by <keyword id="20250971" type="General" weightage="20" keywordseo="franklin-templeton" source="keywords">Franklin Templeton</keyword>, in August 2024, the AUM (assets under management) of Indian mutual funds, or the total funds managed by them, stood at 31.3% of total bank deposits in the country, up from 24.20% during the year-ago period. As of August 2024, the AUM of mutual funds stood at Rs 66.17 lakh crore, an all-time high. But all said and done, is this really the reason why the rate of bank deposits is falling behind? SBI has dismissed this to be a “statistical myth”, and experts point out that since equity and fund houses also keep the cash in their respective bank accounts, there’s no cause for concern. So, is financialization really to be blamed for the trailing tempo of deposits? Or is something else happening behind the scenes? We take a closer look: <h2>First, are <keyword id="4000333" type="General" weightage="100" keywordseo="household-deposits" source="Orion">household deposits</keyword> really slowing down? And is that a cause of concern?</h2>Data from Motilal Oswal suggests the contrary. Deposits grew by around 10.4% between March 2020 and August 2024. Data from RBI also highlights that as of August 9, 2024, bank deposits witnessed a YoY growth of 10.8%. The loan-to-deposit ratio for the retail segment, which indicates what percentage of its total deposits the banks lend out as loans, has stayed at 77.5%, above the 77% mark for the tenth straight month. Also, we can’t forego the fact that the share of Indian <keyword id="20319599" type="General" weightage="20" keywordseo="households" source="keywords">households</keyword> in bank deposits has indeed slowed down. However, data from Axis AMC shows that the dip is marginal—from 63% in 2022 to 62% in 2023 and 61% in 2024. What has slowed down even more considerably is the share of government deposits in the aggregate bank deposits, which has dipped from 14% in 2018 to 9% in 2024. So, it's not just household deposits, you see. Moreover, as of March 2024, the collective CASA ratio (current and savings account deposits) of all commercial banks in India stood at 41.00%, down from 43.1% in March 2023 and 45.2% in March 2022, marking a nearly 5% point decline over the past year, while still staying over the 10-year average of 39.2%. This implies that Indian banks are relying more on higher-cost funds (savings accounts), which can limit their profitability. <h2>What is this financialisation of savings we are talking about?</h2>Then again, there is no doubt about the growing affinity of Indians towards mutual funds and stock markets. Recent data from CBDT (<keyword id="19942037" type="General" weightage="20" keywordseo="central-board-of-direct-taxes" source="keywords">Central Board of Direct Taxes</keyword>) highlights that India’s net direct tax collection surged by around 22%, driven exclusively by the significant uptick in the collection of <keyword id="20930760" type="General" weightage="20" keywordseo="securities-transaction-tax" source="keywords">Securities Transaction Tax</keyword> (STT), which doubled to Rs 26,154 crore, from Rs 13,352 crore in the year-ago period. Why does this matter? STT is levied when you buy or sell equity shares on stock exchanges, sell equity mutual funds, and trade in futures and options in the equity segment. Such taxes, including the multiple other taxes in equity market investments, are considered as leakages as the money moves out of the economy into government coffers. Data from a ValueQuest report explains that over the last 20 years, the markets have handsomely rewarded the investors, generating over $900 billion in incremental value for them. This is the major driver behind the dramatic rise in investment flowing towards the equity markets. There’s further proof of this budding romance, if you check the demat pudding. The number of demat accounts, which are a primary requisite for participating in the stock markets, also burgeoned by 42.3 lakh in August 2024, taking India’s total tally of demat accounts beyond 17 crore. To put this in perspective, this is almost equivalent to the population of just 8 nations in the world, including China, the US, Brazil and more. Vivek Iyer, Partner, Grant Thornton Bharat thinks it's rather important, as well. “Financialisation of household savings in India is an indication of deepening capital markets in the market, especially from a retail investor standpoint. Bank deposits with a modest rate of return are no longer the only option for savings for investors. Investors today have more avenues for wealth creation in the form of public capital markets, which have democratized wealth creation and provided equality of opportunity to retail investors”, he says. Yes, Indians are investing more and more in the markets, and in mutual funds. But is it a sin to look out for inflation-beating returns, which the stock markets offer, and vanilla bank deposits don't? After all, the allure of 12-13% annual returns offered by equities can certainly pale the stability offered by good old deposits, which generally do not go beyond 9% when it comes to annual returns. But all of this is not what is behind the slowdown. India is still a toddler in the school of savings financialization, with less than 10% of the population holding a demat account, and less than 5% of us saving in equities. That's a drop in the ocean of deposits, far inadequate to trigger a tsunami. <h2>Tell me why lagging deposits have nothing to do with Indians investing more in mutual funds!</h2>Says Shweta Rajani, Head - Mutual Funds, Anand Rathi Wealth Limited, “Households' equity holdings composition grew from 11.1% in FY 23 to 14.7% in FY 24. This trend reflects a growing awareness of investment options, empowering individuals to take control of their financial futures. Despite this transition towards equities, banks still hold a significant share of household financial savings—33.5% in FY24 compared to 34.9% in FY23”. Also, household savings and their subsequent financialization do not have much to do with deposit creation, which is entirely made by banks. What actually drives increased deposits is credit growth or increased lending. When interest rates are eased, people tend to borrow more and spend more, which circulates more money in the economy. For the past 4 years, RBI has been tightening the screws on interest rates, which raises the cost of borrowings, and makes it more expensive to take loans, putting a dampener on credit growth, but effectively curbing inflationary pressures. The last time RBI cut the repo rate by 40 basis points was back in May 2020, 4 years ago. The lag in deposit growth we’re witnessing is almost 3 years old. Coincidence much, or just good old economics at work? But with the <keyword id="19900043" type="General" weightage="20" keywordseo="fed" source="keywords">Fed</keyword> recently setting a rate cut precedent by slashing 50 bps off its interest rate, RBI is expected to follow suit in the next <keyword id="19918491" type="General" weightage="20" keywordseo="mpc" source="keywords">MPC</keyword> (Monetary Policy Committee) meeting, scheduled for November 2024. A rate cut would ease the aforementioned high cost of borrowing, and increase loan-taking for corporates and institutional investors, thereby stoking consumption in the economy. And then, deposit creation in banks is likely to return to its former glory. If not, then that would be a curious case to unravel! But that worry is for another day.

A Deposit Dilemma — What's the fuss about a crisis in Indian bank deposits? Are mutual fund investments to blame?

One of the oldest banks in India, <keyword id="6368628" type="COMPANY" weightage="20" keywordseo="syndicate-bank">Syndicate Bank</keyword> started serving the customers in the country with a range of financial and banking services in 1925. Earlier, it was called Canara Industrial and Banking Syndicate Limited. Eventually, the bank was merged with Maharashtra and South Indian Apex bank and was then renamed as Syndicate Bank with its headquarters situated in Manipal. If you are a Syndicate Bank customer, here are a few ways provided by the bank to check your account balance. Missed call banking Syndicate Bank provides the missed call method to check the customer’s account balance. To use this facility and check your balance, give a missed call from your registered mobile number to 9210332255. Your call will get automatically disconnected after a few rings. You will receive an SMS on your mobile indicating your balance information. This is a free service provided by the bank. SMS banking balance check To check your syndicate bank account balance through the SMS balance check method, you can follow the steps given under and send a message from your registered mobile number to 9210332255. To check the present balance: SBAL or sbal &lt;CustomerID&gt; To get the last 5 transactions: STXN or stxn &lt;CustomerID&gt; Balance check through Syndicate Bank App Syndicate Bank mobile app is free to download from the app stores. Once you download and install this app on your phone, you can check your account balance by logging in using your credentials and landing on your specific account page. Net banking balance check method Syndicate Bank provides a net banking facility to its customers. With Syndicate Bank net banking facility, you can do some important banking and financial functions. You need to register for this service first and then you can check your account balance or do payment transfer using the NEFT, IMPS and RTGS facilities. Balance check through USSD banking method This is a mobile banking facility available for the syndicate bank customers. IN fact, this method can be used by any bank’s customer for checking the account balance. Most interestingly, this facility lets you check your bank account balance from any handset. You just have to dial *99# and the mobile banking session will start. You can check your bank balance along with gaining access to some other banking services. Check balance at the ATM Syndicate Bank customers can also check their account balance at the ATMs. You can check your Syndicate Bank account balance on any bank’s ATM. Use the following steps to check your balance at the ATM. Insert your ATM card in the slot provided in the ATM machine. Follow the steps as asked on the machine. Input your 4-digit PIN number. Select the option ‘View Account Balance’. When you check your balance on the ATM machine, no charges will be debited from your account as this is a free service. Balance check using UPI payment app Syndicate Bank customers as well as the customers of any bank can use the UPI Payment app for checking balance. You will find a large number of UPI payment apps which you can download and install on your phone. Across most of these UPI apps, the process to check your balance is almost the same. See Also - <a href="https://www.businessinsider.in/steps-to-check-account-balance-in-sbi/articleshow/69607243.cms">How to check account balance of SBI</a> <a href="https://www.businessinsider.in/personal-finance/news/how-to-activate-the-new-state-bank-of-india-atm-card-online/articleshow/74965906.cms">How to activate new SBI ATM card Online</a>

How to check Syndicate bank balance

<ul class="summary-list"><li>Warren Buffett and Charlie Munger let slip some interesting facts during the Berkshire meeting.</li><li>Buffett likely has over $250,000 in a single bank account, and spotted red flags at First Republic.</li></ul>Warren Buffett and Charlie Munger <a href="https://markets.businessinsider.com/news/stocks/buffett-munger-berkshire-meeting-banks-real-estate-musk-ai-dollar-2023-5">weighed in</a> on <a href="https://markets.businessinsider.com/news/stocks/buffett-munger-meeting-banks-real-estate-occidental-ai-apple-dollar-2023-5">dozens of hot topics</a> during <a href="https://markets.businessinsider.com/stocks/brk-b-stock">Berkshire Hathaway</a>'s annual shareholder meeting last week, ranging from the <a href="https://markets.businessinsider.com/news/stocks/warren-buffett-svb-bank-deposits-fdic-berkshire-hathaway-annual-meeting-2023-5">current banking turmoil</a> to the challenges in commercial real estate, and <a href="https://markets.businessinsider.com/news/stocks/warren-buffett-apple-iphone-stock-berkshire-hathaway-annual-meeting-businesses-2023-5">Apple's strengths</a> to <a href="https://markets.businessinsider.com/news/stocks/elon-musk-tesla-spacex-buffett-munger-berkshire-meeting-success-failure-2023-5">Elon Musk's dreams</a>.Berkshire's billionaire CEO and vice-chairman let slip a variety of notable facts. Buffett said he probably has over $250,000 stashed in a single bank account, while Munger <a href="https://markets.businessinsider.com/news/stocks/charlie-munger-oil-royalties-warren-buffett-berkshire-hathaway-wealth-investing-2023-5">collects $70,000 a year</a> from a $1,000 investment he made six decades ago.The pair also preferred banks to insurers at one point, and planned to own a bunch of lenders before the passage of a law stopped them.Here are six interesting nuggets from the Berkshire meeting:<h3>1. Unmatched assets</h3>Berkshire held an astounding $504 billion in net assets on March 31."Now what might surprise you is that there's no other company in the United States that has a number that is that large," Buffett said.The Berkshire chief noted that doesn't necessarily mean Berkshire is the most valuable business in America. Other corporations might have even greater shareholders' equity if they had repurchased fewer shares in recent years, he said.<h3>2. Munger's gusher</h3>Munger <a href="https://markets.businessinsider.com/news/stocks/charlie-munger-oil-royalties-warren-buffett-berkshire-hathaway-wealth-investing-2023-5">receives</a> $70,000 a year from oil royalties he purchased for only $1,000 in 1962, he disclosed during the meeting.Buffett's 99-year-old business partner has likely raked in north of $1 million from the investment over the past six decades. He only got wind of the royalty auction because of a chance encounter during a husband-and-wife golf tournament.<h3>3. Money in the bank</h3>Buffett likely has more than $250,000 in a single bank, he said.The Federal Deposit Insurance Corporation doesn't guarantee it will refund depositors beyond that amount if their lender fails — a key reason why people have been pulling their money out of regional banks after Silicon Valley Bank and Signature Bank collapsed in March."I've got my bank, I've got my own personal money, and I'm probably above the FDIC limit," the investor said. "I've got it with a local bank, and I don't worry about it in the least."The Berkshire chief was trying to reassure Americans that their government won't allow depositors to lose any money in a bank failure. But the fact he's not worried about cash isn't surprising, given he ranks among the world's 10 richest people with a net worth of more than $110 billion.<h3>4. Red flags at First Republic </h3>Buffett underscored that First Republic, the embattled regional lender which JPMorgan recently acquired, was clearly at high risk of running into problems."You could look at their 10-K and you could see that they were offering non-government-guaranteed mortgages in jumbo amounts at fixed rates, sometimes for 10 years," he said, referring to the bank's annual report. "That's a crazy proposition.""You don't give options like that, but that's what First Republic was doing," he continued. "It was in plain sight. And the world ignored it until it blew up."<h3>5. Banks over insurers</h3>Berkshire finds its investments using "float" — the difference between premiums collected and claims paid out — from its insurers including Geico, Alleghany, Gen Re, and National Indemnity.However, Buffett and Munger might have taken a different tack if allowed."If the Banking Holding Company Act of 1970 hadn't been passed, we might have ended up owning a lot of banks instead of a lot of insurance companies," Buffett said.Indeed, Berkshire owned a bank in the 1960s but was forced to divest it after the law passed."We've done okay in insurance," Buffett said. "But banking was more attractive to us. It was bigger and there were more targets to buy and you could run a perfectly sound bank then."<h3>6. An ode to Ben Graham</h3>Buffett underscored his deep admiration for Benjamin Graham, his late mentor and former teacher and employer."Ben Graham did all kinds of things for me, and he never expected one thing in return," he said.The Berkshire chief noted that Graham's seminal book, "The Intelligent Investor," has been a mainstay among Amazon's best-selling titles for many years, consistently ranking around 300th whereas most financial titles quickly drop off the list."I wrote Harper Collins a note the other day because they're bringing out another edition," Buffett said. "And I asked them how many copies have been sold, and they said the records didn't go back far enough, but they had 7.3 million copies of this little book that changed my life.""Everybody keeps bringing out new books and saying a lot of other things, but they aren't saying anything that's as important as what he said in 1949 in this relatively thin, little book," he continued.Buffett added that he hopes Berkshire will enjoy similar longevity."There's no reason why it can't be perpetuated just like Ben's book, and maybe be an example to other people," he said. "And if so, we'll be very happy."Read more: <a href="https://markets.businessinsider.com/news/stocks/warren-buffett-berkshire-hathaway-inflation-recession-rates-credit-business-economy-2023-5?utm_medium=ingest&amp;utm_source=markets" rel="">Warren Buffett's businesses are battling historic inflation, hefty interest rates, and tighter lending. 5 Berkshire Hathaway CEOs break down why they're thriving despite a brutal economic backdrop.</a>

Warren Buffett's bank account, Charlie Munger's oil checks, and an Amazon bestseller: 6 nuggets from Berkshire Hathaway's annual meeting

<ul class="summary-list"><li>A former Mastercard executive almost lost $100,000 to an account takeover scam.</li><li>Scammers accessed her real-estate agent's email and impersonated a title company.</li></ul>It can happen to anyone, it seems. Even those who work in the finance industry.A former Mastercard executive told Business Insider she nearly lost $100,000 to an account takeover scam last year.Catherine Woneis, former vice president of CipherTrace, a service owned by MasterCard that helps secure crypto transactions, says she almost lost most of her life savings after scammers accessed her real-estate agent's email.Account takeover fraud is when scammers gain access to your social media, email, banking, or other personal accounts. Criminals usually gain access to accounts with stolen credentials that they purchase through <a target="_blank" href="https://www.businessinsider.com/small-town-scam-idaho-contractor-payment-social-engineering-2024-6">the dark web or social engineering</a> tactics that trick you into sharing your password, Woneis said. They then use these accounts to siphon away your hard-earned cash.The number of known account takeover scams grew by 354% year over year in 2023, resulting in $13 billion in losses, according to AI fraud detection service <a target="_blank" href="https://pages.sift.com/rs/526-PCC-974/images/Sift-2023-Q3-Index-Report_ATO.pdf">Sift Science</a>.In Woneis's case, Scammers accessed her real-estate agent's email using "credential stuffing," a tactic that uses AI bots to try every possible username and password until they fall on the correct answer.The fraudsters used information found in emails about Woneis's transactions to impersonate the title company for her home. The fake title company then emailed Woneis, asking for an "accelerated" payment."This is a very typical thing that criminals use in frauds: They try to implement some time piece," Woneis said.Woneis said she checked to see if the email address was real and noticed it was appended with another address, but she assumed it was part of the company's automated email system."They sent me wire instructions that perfectly mimicked the wire instructions from the title company. They had an example of what that looked like," Woneis said. "It was the exact same typography, the exact same letterhead, and everything else."The only differences from the real wire instructions were a fake phone number and email, along with incorrect bank information. Woneis said she thankfully called the phone number she originally received from the title company, who informed her the bank account information was incorrect on the form."Had I been in a rush and called the phone number on the form, that would have been them, and they would have pretended to be the real estate company saying, 'Yes this is authentic, and it's come from us,'" she said. "We could have potentially been caught in wire fraud."Woneis said she would have lost about $100,000 if the transaction went through.Woneis now works for a cybersecurity company called Fingerprint, which she says is developing tools to combat the rise of account takeovers. Some of the keys to fighting this kind of fraud are algorithms that can determine where a website visitor is located (if they're using a VPN) and systems to identify when bots are trying to access a website through brute force, Woneis said.If you think any of your accounts may be compromised, Woneis says to quickly change all of your usernames and passwords, set up two-factor authentication for any sensitive accounts, and report any fraud to the <a target="_blank" href="https://reportfraud.ftc.gov/">FTC fraud reporting</a> website.

An ex-Mastercard executive was nearly scammed of $100,000. Here's how she spotted it.

<ul class="summary-list"><li>This post originally appeared in the Insider Today newsletter.</li></ul>Are you ready for some football?! The NFL season kicks off tonight with the reigning Super Bowl Champions/Taylor Swift's favorite team, the Kansas City Chiefs, playing the Baltimore Ravens. If you're like many Americans, you might be placing a bet on the action. I wrote about why sports gambling's rise <a target="_blank" href="https://www.businessinsider.com/sports-gambling-weird-quirks-bets-nfl-nba-draftkings-fanduel-2024-9">has also made it a bit weird</a>.In today's big story, where the US economy is headed <a target="_blank" href="https://www.businessinsider.com/jobs-interest-rate-cuts-recession-outlook-federal-reserve-soft-landing-2024-9">could finally be answered with Friday's jobs report</a>.What's on deck:<ul><li>Markets: Nvidia investors should be <a target="_blank" href="https://markets.businessinsider.com/news/stocks/nvidia-stock-price-outlook-technical-analysts-eye-danger-zone-levels-2024-9">focused on these two numbers</a>.</li><li>Tech: This healthcare startup's got a VC CEO doing <a target="_blank" href="https://www.businessinsider.com/healthcare-weirdest-startup-commure-blank-check-general-catalyst-hemant-taneja-2024-9">whatever it takes for it to succeed</a>.</li><li>Business: Inside America's wildest — and most lucrative — <a target="_blank" href="https://www.businessinsider.com/mass-torts-lawsuits-lawyers-settlements-strippers-hard-partying-money-2024-9">lawsuits</a>.</li></ul>But first, one data point to rule them all.If this was forwarded to you, <a target="_blank" href="https://www.businessinsider.com/subscription/newsletter/insider-today">sign up here.</a><h3 id="7fa5f018-5b05-4a37-a8dc-d3f89138bcb3">The big story</h3><h2 id="5fd547b9-ec52-41fc-8e08-4f4b27dd8097">All eyes on jobs</h2><div type="image" title="George Washington stands warily behind a fork in the road sign." height="877" width="1754" msid="113099191" hostid="261" sizebytes="144538"></div>It's so close you can almost taste it.The Federal Reserve is finally on the precipice of cutting interest rates. We're less than two weeks out from the Fed's September 18 meeting where the central bank is set to provide Americans with some much-needed relief.But one hurdle remains between now and then: Friday's job report.While the data won't jeopardize the central bank's decision to cut rates, it will help it decide how deep it will go. More broadly, a weak or strong report will also provide color on whether <a target="_blank" href="https://www.businessinsider.com/jobs-interest-rate-cuts-recession-outlook-federal-reserve-soft-landing-2024-9">the economy is headed toward a soft or crash landing</a>, write Business Insider's Juliana Kaplan, Madison Hoff, and Ayelet Sheffey.The last jobs report before the Fed's decision was always bound to be a big one. But August's report became even more important after how things went last go around.<a target="_blank" href="https://www.businessinsider.com/unemployment-rate-job-growth-july-labor-market-economic-data-2024-7">Unemployment unexpectedly jumped to 4.3%</a> and fewer jobs were added than economists expected in July's report. Coupled with some weak manufacturing data and shaky earnings, <a target="_blank" href="https://markets.businessinsider.com/news/stocks/stock-market-selloff-today-jobs-report-recession-unemployment-tech-earnings-2024-8">the stock market started melting down</a>.Ultimately, the market was able to rally back. But the fear of the US slipping into a recession still remains. Friday's job report could go a long way in dispelling those fears or emboldening them.<div type="image" title="Photo illustration of Jerome Powell" height="750" width="1000" msid="113099194" hostid="261" sizebytes="41878"></div>Regardless of Friday's report, it's important to remember cutting interest rates won't create economic miracles.If unemployment spikes for a second month in a row, the Fed could offer a deeper rate cut than the typical 25 basis points. But it takes time for the effects of the policy to work its way through the economy.Bigger also isn't necessarily better when it comes to rate cuts. If the Fed believes it needs to take drastic measures, that's a bad sign for the state of the economy. And don't expect rate cuts <a target="_blank" href="https://markets.businessinsider.com/news/stocks/fed-interestrate-cuts-stock-market-bull-run-upside-outlook-jpmorgan-2024-9">to send stocks soaring</a>.I don't blame you if you're sick of this back-and-forth economy. Experts have waffled to and fro about where things are headed for more than a year.But at least Friday represents the end of the tunnel. The question is if it'll be bright or dark.<h3 id="77f31a4c-8462-4e3d-a71f-838cb79493fb">News brief</h3><h2 id="1fcd294b-3f53-425f-9f20-4093e8623b59">Top headlines</h2><ul><li>Elon Musk tweeted something <a target="_blank" rel="noopener" href="https://www.businessinsider.com/elon-musk-hitler-tucker-carlson-advertisers-2024-9">even he can't defend</a>.</li><li>Longtime Unilever media exec Luis Di Como is leaving <a target="_blank" href="https://www.businessinsider.com/unilever-top-media-exec-luis-di-como-leave-amid-restructuring-2024-9">amid a broader shake-up of the business</a>.</li><li>Russia built a secret trade channel with India, <a target="_blank" href="https://www.businessinsider.com/russia-india-payment-issues-us-west-sanctions-rupees-ukraine-war-2024-9">leaked documents</a> show.</li><li><a target="_blank" href="https://www.businessinsider.com/millennium-technology-prize-baliga-semiconductor-invention-igbt-changed-world-2024-9">Meet the professor</a> who just won the Millennium Technology Prize — and $1.1 million.</li><li>A top New York official was <a target="_blank" href="https://www.businessinsider.com/linda-sun-new-york-governor-top-aide-salted-ducks-china-2024-9">paid off by China</a> with salted ducks, a job for her cousin, and millions to her husband's business: DOJ.</li><li>Barron Trump is <a target="_blank" href="https://www.businessinsider.com/barron-trump-attending-new-york-university-college-2024-9">going to NYU</a>.</li></ul><h2 id="8120060b-ae66-48dc-b149-f0489a30ffa2">3 things in markets</h2><div type="image" title="Photo illustration of Jensen Huang" height="1000" width="1333" msid="113099203" hostid="261" sizebytes="150634"></div><ol><li>Nvidia's two all-important numbers. After a volatile few days of trading, technical analysts are looking at the <a target="_blank" href="https://markets.businessinsider.com/news/stocks/nvidia-stock-price-outlook-technical-analysts-eye-danger-zone-levels-2024-9">psychological $100 level and then the 200-day moving average</a>, which is just below $90. If Nvidia's share price drops below the latter, "NVDA's market leadership status may be lost," LPL technical strategist Adam Turnquist told BI.</li><li>The latest casualty of AI: Oil prices. Goldman Sachs analysts believe the tech will improve logistics and boost oil recovery. Even with the higher demand to power AI, the increased supply <a target="_blank" href="https://markets.businessinsider.com/news/commodities/ai-oil-prices-productivity-logistics-supply-demand-energy-goldman-sachs-2024-9">will drive prices down over the next decade</a>. But the "Dr. Doom" economist sees oil prices going the other way amid <a target="_blank" href="https://markets.businessinsider.com/news/commodities/economy-oil-prices-outlook-stagflation-israel-iran-war-nouriel-roubini-2024-9">deepening conflicts in the Middle East</a>.</li><li>The road to November will be rocky for stocks. Market vet Ed Yardeni sees market "choppiness" in the lead up to the US presidential election. But don't worry. Record highs could be back on the menu, <a target="_blank" href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-volatility-presidential-election-ed-yardeni-gridlock-selloff-2024-9">depending on how things go</a>.</li></ol><h2 id="f4b54806-7f81-450c-ba32-92560d4fae9b">3 things in tech</h2><div type="image" title="Photo illustration of Hemant Taneja." height="1500" width="2000" msid="113099197" hostid="261" sizebytes="249928"></div><ol><li>The weirdest startup in healthcare has a blank check from a top VC firm. Usually, startups must fight tooth and nail to prove they're worthy of investors' attention. The healthcare startup Commure has an unusual advantage: its cofounder is the CEO of General Catalyst. He'll do <a target="_blank" href="https://www.businessinsider.com/healthcare-weirdest-startup-commure-blank-check-general-catalyst-hemant-taneja-2024-9">whatever it takes</a> to see the startup win.</li><li>How to survive online in the age of AI. AI models and chatbots are changing how online information is consumed, affecting website traffic. In order to stay relevant in this new digital ecosystem, website owners need speed and <a target="_blank" href="https://www.businessinsider.com/frontier-content-survive-online-ai-2024-9">exclusive "frontier content"</a> their viewers can't get anywhere else.</li><li>Apple and Meta can't stop fighting over who's in charge of protecting the kids. Everyone and their mother is mad at Mark Zuckerberg's company for contributing to the youth mental health crisis. Meta says it should be up to the App Store to verify users' ages, but <a target="_blank" href="https://www.businessinsider.com/meta-apple-feud-app-store-child-teen-mental-health-2024-9">Apple won't budge</a>.</li></ol><h2 id="9260fa45-d397-4b3c-b4f8-4bb193976216">3 things in business</h2><div type="image" title="A skull in the middle of objects that have been subject to mass torts." height="1800" width="2400" msid="113099201" hostid="261" sizebytes="797548"></div><ol><li>You may be entitled to financial compensation. Mass torts allow hundreds of thousands of people to seek damages for harm caused by things like asbestos, contaminated water, or carcinogenic baby powder. <a target="_blank" href="https://www.businessinsider.com/mass-torts-lawsuits-lawyers-settlements-strippers-hard-partying-money-2024-9">Here's how they took over America's courts</a>.</li><li>ESPN's Big Apple betting dreams. The sports network is <a target="_blank" href="https://www.businessinsider.com/espn-bet-new-york-launch-online-sports-betting-fanduel-draftkings-2024-9">launching ESPN Bet in New York</a> as football season begins. Though the betting app may be regaining some momentum, it's going to be tough to beat FanDuel and DraftKings.</li><li>Andreessen Horowitz says adios to Miami. The VC firm has reportedly <a target="_blank" href="https://www.businessinsider.com/andreessen-horowitz-leaves-miami-florida-office-report-2024-9">abandoned its South Florida office</a> just two years into a five-year lease, a sign that the recent tech and crypto migration to Miami may be short-lived.</li></ol><h2 id="1ad7b482-3f4b-44b4-81b6-a864aa386478">In other news</h2><ul><li>You don't have to be a millionaire to retire before 50, an accountant says. <a target="_blank" href="https://www.businessinsider.com/accountant-retired-before-50-without-1-million-savings-2024-9">Here's how she did it</a>.</li><li>Why 'fake heiress' Anna Sorokin, quietly released from house arrest, can <a target="_blank" href="https://www.businessinsider.com/anna-sorokin-house-arrest-dancing-with-the-stars-ankle-monitor-2024-9">compete in 'Dancing With the Stars'</a> with an ankle monitor.</li><li>Raising Cane's just offered a rare glimpse into its finances — <a target="_blank" href="https://www.businessinsider.com/raising-canes-revenue-private-debt-offering-todd-graves-net-worth-2024-9">and the chicken-finger giant is growing like crazy</a>.</li><li>This leaked 2007 DoubleClick pitch deck is set to play a central role in <a target="_blank" href="https://www.businessinsider.com/leaked-deck-doubleclick-acquisition-pitch-google-adtech-antitrust-trial-2024-9">Google's blockbuster adtech antitrust trial</a>.</li><li>George R. R. Martin criticized the changes made by 'House of the Dragon' <a target="_blank" href="https://www.businessinsider.com/george-rr-martin-house-of-the-dragon-changes-criticism-maelor-2024-9">in a quickly deleted blog post</a>.</li><li>Airbnb CEO Brian Chesky says women founders say they can't go 'founder mode' like men and <a target="_blank" href="https://www.businessinsider.com/airbnb-ceo-brian-chesky-women-say-cant-go-founder-mode-2024-9">that it needs to change</a>.</li></ul><h2 id="9f5d80ac-3466-429f-a50a-2ffbb70c65ff">What's happening today</h2><ul><li>Court hearing in Donald Trump's Jan. 6 case after Supreme Court ruled acts covered by presidential immunity.</li><li>Toronto International Film Festival (TIFF) begins.</li></ul>The Insider Today team: Dan DeFrancesco, deputy editor and anchor, in New York. Hallam Bullock, senior editor, in London. Milan Sehmbi, fellow, in London. Amanda Yen, fellow, in New York.

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