US sues 16 big banks, including Royal Bank, that set key global interest rate + MORE Mar 14th

Did you know that March is Fraud Prevention Month in Canada? This initiative is held annually by the government’s Competition Bureau, with the goal of spreading the word on emerging scams, and educating Canadians on protection. The problem? No one likes to admit they’ve been a victim – even though nearly half of us (46%) have encountered a financial scam of some kind, according to our recent #RSMWIN poll.
In the spirit of preventing fraud, we’ve rounded up the top 3 scams to watch out for, and how to protect yourself. Check out our coverage below, along with the rest of the week’s headlines.
Fraud Prevention Month Spotlight: Top 3 Scams
The fraud landscape is evolving – scammers are always looking for the next new way to part Canadians with their hard earned cash. Today’s fraud methods are becoming increasingly sophisticated, and are targeting social media users.
Here are the top 3 frauds to watch out for this year, according to The Little Black Book of Scams.
Read Andrew’s Blog | Fraud Prevention Month Spotlight
How I Used Lump Sums To Pay Off My Mortgage
Not only is Money Wise writer Sean Cooper a homeowner at age 30 – not a small feat with today’s market conditions – but he’s well on his way to having his mortgage completely paid off!
How did he do it? Read on for his mortgage payment plan, and the lifestyle changes he made to amp up his equity – fast…

Fixed mortgage rates aren’t just the secure option for home buyers – they’re a better deal too, according to a study released by BMO titled “Mortgage Choices: the Fix(ed) is In”. The report states that due to improving Canadian and U.S. economies, locking into your mortgage rate now will provide better value over the long run, compared to a variable rate.
This flies in the face of the long-held belief that variable rates, while riskier, historically prove to be cheaper 90.1 per cent of the time. The chart below shows the spread between the lowest fixed and lowest variable options over 2013 – note the widening gap at the end of the year, when fixed rates sky rocketed. This trend has reversed somewhat since January, making fixed a bargain once again.

BMO Chief Economist Douglas Porter and Senior Economist Benjamin Reitzes say better economic conditions could mean the Bank of Canada will hike the Prime Rate as early as next year.
2015: Prime’s Big Year?
Variable rates haven’t changed since September 2010 as inflation has lagged below benchmark goals, and the U…

WASHINGTON – The U.S. Federal Deposit Insurance Corp. has sued 16 big banks, including the Royal Bank of Canada (TSX:RY), for alleged rigging of a key global interest rate.
The banks, among the world’s largest and also include Bank of America, Citigroup and JPMorgan Chase, are accused by the FDIC of fraud and conspiring to keep the rate low to enrich themselves.
The FDIC says it is seeking to recover losses suffered from the rate manipulation by 10 U.S. banks that failed during the financial crisis and were taken over by the agency.
The civil lawsuit was filed Friday in federal court in Manhattan.
The banks rigged the London interbank offered rate, or Libor, from August 2007 to at least mid-2011, the FDIC alleges. The Libor affects trillions of dollars in contracts around the world, including mortgages, bonds and consumer loans.
A British banking trade group sets the Libor every morning after the 16 international banks submit estimates of what it costs them to borrow. The FDIC also sued that trade group, the British Bankers’ Association…