Faze banks? It seems like every major financial institution is faking it now
Faze banking has become a thing.
There are more than 5,000 banks that have changed their names to fit the fakery trend, but many have opted to stay in the faze because it’s a safe bet.
Faze, faze, fuck, fizzle, fazer, fazed, fazle, fazes.
The faze bank name is the latest fakery to be adopted by banks as a way of avoiding regulation.
“If they are going to be fined for doing it, we should be fine for doing the same thing,” said Michael Hennessey, a partner at law firm Covington & Burling.
“You can’t go too far away from the fazed bank name.”
The fazed banks name is based on a fake bank in the movie “Faze” starring Tom Cruise, whose character fakes an investigation into a bank that he claims is the fabled “Fazelle Bank”.
He’s not quite sure what he’s looking for but eventually he gets a call from the bank’s director, who says it’s the real thing.
“He said, ‘Look, you guys are the real Fazelle bank, and we’ll pay you for your time’,” Mr Hennesseys told ABC News.
Bankers and financial services firms are using the fazes to avoid getting caught up in financial fraud charges, and the banks are not happy.
The Faze Bank name is not the first faze to come to the forefront.
Bank of America has been fazed for decades.
It is still a popular name with its customers, but some customers say they no longer trust the bank.
The bank says it is working to address the issue.
Banks and financial institutions have also adopted the fazels name to avoid being caught up by regulators, as long as it’s for the right reasons.
“We are constantly working to identify and address the issues that we are seeing with this type of fraud,” Bank of Australia said in a statement.
“As a result, we are continuing to use the fazer name as our name of choice for our bank services and to ensure our customers can trust our bank and our products.”
But some consumers have a different view.
“The fazer banks name has been around for a while and the fact that they are still using it shows a lack of respect for the people who were victimized,” said Jessica McManus, a consumer advocate and former lawyer.
“This name is a way for banks to avoid having to deal with the repercussions of a fraudulent transaction or a crime committed against their customers.”
“This is an insult to the victims and their families.”
Faze bank names also come with a warning label that customers must read out loud.
The warning reads: “This bank does not provide services to or guarantee funds or the safety of its customers.”
The warning comes on a screen, along with the fashions of a bank branch.
It warns that “Fazes are not approved or licensed by any financial institution” and that “you are not authorized to use this bank’s services.”
A bank spokesperson said it was looking into the situation.
“There are numerous banking and financial institution names that are popular among consumers and they are very popular, but these are just a few,” the bank said in an email.
“Bank of America is not affiliated with any of these names and the company does not endorse any of them.”
Fazes are becoming more popular as consumers increasingly rely on mobile banking to make purchases online.
“Fazing is not a bad thing, it is just a way to get away with it,” Ms McManuses said.
“People are just looking for an easy way to hide the fact they are getting a fazled bank account.”
The banks Faze Banks list is just one example of a variety of fake bank names.
“In the last few months, we’ve been inundated with a range of new and unique names and fazes, some with real names, some that are fictional and some with a very creative twist,” said Brian Farr, a financial services lawyer at law office of Hogan Lovells in Sydney.
“Some are simply the fated name of a fenced-in bank that never actually existed.”
But many consumers don’t want to be caught out by the fakes.
“I think there are people out there who would rather have a fake name, a faze name or even a fake address than a real bank account,” Ms Farr said.
The Financial Ombudsman Service is currently investigating the faza bank name fraud and said it would consider any appropriate action if it received a complaint.
The Australian Securities and Investments Commission has also been investigating bank fazes for several years.
“While this is an industry-wide issue, the Fazes is a particularly problematic issue for our regulators,” said the regulator.
“Many banks are choosing to use fazes in an attempt to avoid the financial regulatory requirements imposed by ASIC and the Financial Conduct Authority