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Part Two! Finance Friday – 1/31/2014
This week saw an arrest of a wanted cyber-criminal, bad passwords, a division on minimum wage, new business grants from Chase and Google, and invoice automation for mid-to-large businesses.
Federal authorities in Atlanta today are expected to announce the arrest and charging of a 24-year-old Russian man who allegedly created and maintained the SpyEye Trojan, a sophisticated botnet creation kit that has been implicated in a number of costly online banking thefts against businesses and consumers. (via Krebs on Security)
The number combination “123456″ replaces the only slightly more obvious “Password” at the top of the “Worst Passwords” list compiled annually by password security company SplashData. The list of 25 is compiled from millions of stolen passwords posted online during the previous year. (via SmallBizTrends)
Could Real-Time B2B Payments Supplant Traditional Letters of Credit?
Traditional letters of credit can be expensive, difficult to obtain and manipulated for fraud. For these reasons, they also may soon be a thing of the past, as real-time B2B payment systems are increasingly offering greater efficiency at lower cost. (via PYMNTS.com)
When JPMorgan Chase released its fourth quarter earnings for 2013, it announced that it had provided $19 billion of credit to U.S. small businesses. The figure sounds impressive, but it pales in comparison with the $589 billion of credit that it provided to big corporations. (via SmallBizTrends)
President Obama is expected to push for a federal minimum wage increase in his State of the Union address Tuesday — and it’s likely he’ll get a mixed reaction from small business owners. They are divided on the issue, according to an exclusive CNNMoney-Manta survey. About 49% of the 1,278 respondents said they do not support a proposal to raise the federal minimum wage from $7.25 to $10.10. About 44% said they support the proposal. The remaining 7% were unsure. (via CNN Money)
For 12 small business owners, 2014 is shaping up to be a banner year. On Tuesday, Chase and Google announced the winners of the Mission Main Street competition, which provides grants of $250,000 to 12 small business owners, in addition to a Google marketing workshop. (via Fox Business)
PNC Financial Services Group Inc. on Wednesday said it has enhanced its invoice automation technology for midsize and large businesses. (via BizJournals)
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