Banking Services

Global Banking Scams Surge 65% as SMS Phishing Explodes Tenfold

Banking scams have increased dramatically worldwide, with SMS-based phishing attacks growing by a factor of ten according to new data. The comprehensive report from BioCatch shows organized criminal operations driving a global fraud epidemic affecting millions of consumers across five continents.

Global Banking Scams Reach Crisis Levels

Financial institutions worldwide are facing an unprecedented surge in financial crime, with new data revealing banking scams have increased by 65% globally over the past year. According to reports from behavioral biometrics company BioCatch, the dramatic escalation affects nearly 350 million consumers across five continents and shows no signs of slowing.

by Megan CarterOctober 15, 2025November 2, 2025

Banking Services Business

Wells Fargo Profitability Surge Follows Asset Cap Removal as ROTCE Target Jumps

Wells Fargo has significantly raised its return on tangible common equity target to 17-18% following the removal of longstanding regulatory constraints. The bank’s updated guidance reflects improved earnings efficiency for shareholders after seven years under asset cap restrictions. This strategic shift positions Wells Fargo for accelerated growth in the post-regulatory era.

Wells Fargo has dramatically increased its key profitability target following the removal of regulatory constraints that had limited the bank’s operations for over seven years. The San Francisco-based lender now aims for return on tangible common equity of 17% to 18% in the medium term, up significantly from its previous 15% guidance that the bank has already achieved. This strategic update marks Wells Fargo’s first major growth announcement since regulatory authorities lifted the asset cap that had restricted its balance sheet expansion.