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False news in the financial industry

According to a survey conducted by Statista in 2018 52% of respondents believed that news sites on the internet often publish fake news. It’s a scary situation!

Being a part of the information age isn’t easy! As you sift through the ocean of information, it is difficult to discern whether the information you encounter is true or false information. The rapid advancement of technology has caused the problem as the creation, distribution and consumption of information is now much more simple. This is a perfect scenario for websites that publish fake news and hoaxes to make personal gain.

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We’ve heard of false news within the realm of politics however, it has taken over the political realm and is damaging other areas such as the financial sector.

One of the hot topics regarding fake information in the financial sector is fake news related to CBH and PDVSA in which Venezuelan petroleum and natural gas firm PDVSA is accused of laundering money in the name of Swiss Bank CBH.

The news broke on the internet, and was then reported and shared on social media with no confirmation or validation. The entire Pandora box affected high-end customers of CBH bank, and news relating CBH Alejandro Betancourt, CBH Alejandro Betancourt as well as CBH Welka was widely shared on the web.

Fake it to break it:

Financial analysis websites that are independent as well as independent websites for investigation write misleading articles and claim to be legitimate websites providing truthful and objective information. These websites do not just alter people’s opinions but also improve or damage the reputation of companies. This must be prevented!

What will take place? If increasing numbers of people switch their sources of news consumption between traditional and social, it’s easy to come across false news and believe it since a lot of people are sharing their stories. Social media, which is the replica of false news is bringing us into an age of fake news that is a major factor in our media environment. But what is the status of the institutions that are victimized by fraudulent individuals who are working for their profit?

Direction for Lost Minds:

This has a direct impact on the financial decisions made by people. A survey carried out by the American Institute of Certified Public Accountants (AICPA) the results was discovered that 63 percent of American are of the opinion that fake news about financial markets affects their financial decisions including insurance, investments as well as retirement plan, as well as the beginning of a company and changing jobs.

While it isn’t easy for us to completely navigate the enticing lure of false news media, we have a few strategies to thwart this swindle:

  • Always check the source before you believe and disseminating the news. Find it from multiple sources, and also from trusted sources.
  • Be sure to check for the name of your domain! Many scam sites clone the domain names of legitimate websites by making small modifications to the name in order to prevent them from being able to be registered at first glance.
  • Check for references within the text. If there aren’t any references or references aren’t from trustworthy websites, then they could be suspect.
  • Review the written language of the article’s language. Fake websites aren’t handled by professionals, which means that the content is often unprofessionally written and contain grammar errors and syntax mistakes.

The flood of fake news appears to be on the rise! Instead of becoming the prey of predators, we must do our best to increase the media literacy of our citizens to help people learn to discern from fake and genuine news. Our financial sector can defend itself from the flood of fake news websites.

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