financial literacy tips
Money and you
What are blockchain payments, and how can businesses use them?
Blockchain payments are part of a financial revolution that is changing how technology is used in many different parts of our lives. The blockchain is used to process crypto transactions that are recorded on encrypted distributed ledgers. It ensures that the transactions can be sent directly and safely from one person or business to another without using an intermediary such as a bank or financial institution. The Bitcoin blockchain is the most famous example of this, as this was the original cryptocurrency, and it has captured the imagination of millions of people across the planet since its launch in 2009.
Business services
How to make VAT payments online as a business owner
Value Added Tax (VAT) is a standard component of business operations in 175 different countries, including the EU countries. In fact, the European Commission plays a central role in shaping VAT rules across the EU countries. It is a type of consumption tax that is often confused with sales tax, but it differs significantly in structure. Countries use either sales tax or VAT to tax consumer spending, but they collect them in different ways. Still, VAT is more complex due to its refund system for businesses, which makes those fiscal responsibilities even more critical. To sum up, VAT differs from
Money and you
Transaction pending? What it means when money is taken but not yet processed
What happens when a transaction is pending but money is deducted from your bank account or credit card? This situation can occur with electronic transfers and card payments, but why does it happen? A bank pending transaction isn’t usually a problem and may be a sign of one of the different issues we’ll be looking at here. Common causes of pending transactions It is typically the amount of a purchase you’ve made, often with a debit or credit card. You’ll see that it’s listed as pending, but it’s not on your list of posted transactions that have been completed. That’s
Money and you
How much cash can you legally travel with? Limits explained
How much cash can you travel with? The answer depends on various factors, such as where you’re going. Each government imposes limits on how much national and foreign currency people can carry when crossing its borders. It is why there’s a legal obligation to declare how much cash you hold when traveling from one country to another. Before you leave home, you must know how much cash you can legally take. General cash-carrying limits across various regions If you’re getting ready to take an international flight, you should find out how much cash you can carry before reaching the stage
Money and you
How much cash can you deposit: a complete guide
Cash deposit limits are set on bank accounts to allow financial institutions to monitor any large or unusual transactions. It can help them to spot possible suspicious activity such as money laundering or tax evasion attempts. Find out how this type of deposit limit works and how the amounts vary. You’ll also see the importance of managing your large deposits effectively to avoid any of the potential issues we’ll be looking at. Understanding bank cash deposit limits The cash deposit limits placed on bank accounts are set by each bank based on the country’s financial regulations and guidelines. For instance,
Money and you
Insufficient funds explained: causes, fees, and how to avoid them
Insufficient funds (also known as non-sufficient funds or just NSF) is a term that refers to a situation when a bank account lacks the necessary balance to cover a transaction. Without enough money on credit or debit cards, payments bounce, which naturally leads to declined transactions. In this article, our team will explain the causes of insufficient funds and why you have to deal with associated fees. We will also provide practical strategies to avoid unfortunate situations of insufficient funds. What does insufficient funds mean Insufficient funds mean that your account balances don’t have enough money to cover a transaction.
Security
Love is scammed: what is romance fraud
Have you recently received any random messages professing eternal love for you? Well, don’t be in a rush to respond – this is likely a primitive romance scheme. But sometimes, this type of fraud is not so obvious. Let Genome help you figure it out. In this article, we uncover the meaning behind romance scams and explain how these can be avoided. What is a romance scam? Like in many other fraudulent cases, the criminal creates a fake identity and starts surfing dating sites or social media. There, the fraudster starts corresponding with people, trying to quickly establish a “romantic
Security
What is loan fraud? When all participants risk being deceived
Not all fraud types are created equally, so to speak. Some are decades old, others are very simplistic, and even those that require deeper knowledge of technology. Loan fraud also has some specific characteristics. Its complexity is mainly due to the types and involvement of different parties. But don’t let us at Genome get ahead of ourselves. Let’s take on the topic one step at a time to better understand the risks of loan fraud and how to prevent it. Loan fraud: definition of the term In general terms, loan fraud (sometimes called lending fraud) is a fraudulent activity when
Security
What is an account takeover: how to protect your personal data
The internet is too much sometimes: you answer emails, browse the web, scroll social media, get messages, and so on. All these can make you let your guard down, which is what scammers want. Especially when it comes to account takeover fraud. However, there are ways to prevent it, and Genome‘s team is ready to share our insights. What is an account takeover? An account takeover (ATO) occurs when a malicious actor gains unauthorized access to someone’s personal account, varying from social media to a banking app. After that, the scammer steals the individual’s money or personal information. How serious