The Financial Ombudsman Service (FOS) has reported a significant surge in fraud and scam complaints, reaching levels not seen in the past six years. Between April 1 and June 30, consumers lodged 8,734 cases, marking an astonishing 43% increase compared to the same period in 2023. This surge is the
The rapid growth of digital banking, alongside increasing incidents of account takeover (ATO) fraud, has propelled banks to seek more advanced security measures. Traditional biometric systems, such as facial and fingerprint recognition, have been a popular choice, but they come with inherent
The financial industry is at the cusp of a significant transformation, driven by Generative AI (GenAI), which is rapidly becoming a crucial tool in the fight against modern financial frauds and crimes. The article by Ellen Roberson delves into the innovative applications of GenAI, highlighting
Bank of America (BoA) recently faced a corporate culture crisis, bringing to light critical disconnections between business metrics and ethical responsibilities. This misalignment severely impacted employee well-being and raised concerns about the firm’s long-term sustainability. Insights from c
The approval of OakNorth, a digital bank with a keen focus on supporting lower mid-market businesses, by the Federal Reserve and the New York State Department of Financial Services to establish a Representative Office in New York is a significant milestone. This pivotal development allows the bank
In today's digital age, banks are intensifying their security measures to prevent fraud and safeguard customer funds. However, this sometimes leads to instances where security protocols clash with customer convenience and privacy. One such incident involving British banking giant Starling Bank
