How much do you know about your banking services? To get the advice you need for your banking success, just ask Alex, our expert banker. Learn more about the digital currency called Bitcoin. Check out who regulates most major banks and why. Find out about the most recent scam and how it preys on people.
Question: What is Bitcoin? – Will from Brockton, Massachusetts.
Answer: Bitcoin is the best known and most popular cryptocurrency in the world today. Created in 2008 by a mysterious person or group using the name Satoshi Nakamoto, Bitcoin is a form of digital currency that exists outside the control of a centralized authority. It is a computer file that is stored in a digital wallet application on a smartphone or computer. Each transaction is recorded in a digital ledger, also known as a blockchain, that is duplicated and distributed across the entire network. These ledgers are stored in massive files using thousands of computers worldwide. Bitcoins can be used to buy goods and services anonymously and are generally cheaper than physical currencies because they are not subject to fees and regulations.
Question: Who regulates the banks? – Angela from Wilmington, Delaware.
Answer: The Office of the Comptroller of the Currency (OCC) is and independent bureau of the United States Treasury. Established in 1863, the OCC is responsible for regulating, supervising and chartering all national banks. The OCC currently supervises 1,145 banks including Bank of America, Citibank, U.S. Bank, Wells Fargo and JPMorgan Chase. According to the OCC’s website, their mission is to ensure that banks “operate in a safe and sound manner, provide fair access to financial services, treat customers fairly, and comply with applicable laws and regulations.” They do this by issuing rules and regulations, visiting and examining banks to ensure compliance, and assessing bank charter applications.
Question: What is the Amazon Scam? – Christine from Layton, Utah.
Answer: The most recent scam I have witnessed is the Amazon phone call scam. In this scam, a fraudster calls pretending to be Amazon customer service. They tell the mark that there was a fraudulent charge on their Amazon account and offer to help. In order to assist, the con artist will ask for remote access to the victim’s computer. Once access is granted, the criminal steals personal and financial information including usernames, passwords and account numbers. If you receive this type of call, hang up immediately. If you are worried that your Amazon account has been compromised, contact Amazon customer service. Their telephone number is 888-280-4331.
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Written by: Alex Sanchez, Branch Manager
Important: For your specific questions about banking, contact your banking expert, Alex, at: alexexpertbanker@gmail.com
Alex is starting his 18th year in the banking industry. He has worked for such notable banks as Bank of America, US Bank, and Chase. Alex has his bachelor’s degree in Business Economic from the University of California Riverside.