Source: https://cointelegraph.com/news/consumers-losing-trust-in-banks-moving-towards-bitcoin
Consumers are losing trust in major banks and financial service providers. Many institutional investors, traders and most millennials are moving toward Bitcoin and fintech due to the fraudulent activities and inefficiencies of existing banks.
Banking scandals
Recently, the Wells Fargo car loans scandal swept across the finance industry, in which Wells Fargo allegedly defrauded 800,000 car loan customers, stole 25,000 cars. Various trusted sources including Boing Boing revealed that Wells Fargo forced unwanted car insurance on borrowers, owed money to wrong accounts and increased the monthly payments of car loan payers.
“Say, for example, that a customer agreed to a monthly payment of $275 in principal and interest on her car loan, and arranged for the amount to be deducted from her bank account automatically. If she were not advised about the insurance and it increased her monthly payment to, say, $325, her account could become overdrawn as soon as Wells Fargo added the coverage,” reported Boing Boing.
More to that, a report obtained by Boing Boing further revealed that the bank owed $73 mln to wronged customers after the attempt to defraud millions of customers was revealed.
In response to the Wells Fargo scandal, prominent Bitcoin advocate, security researcher and expert Andreas Antonopoulos stated:
