All posts tagged: banking

Cybercriminals are stealing Face ID scans to break into mobile banking accounts

Cybercriminals are stealing Face ID scans to break into mobile banking accounts

The latest wave of cybercriminals are targeting iOS users in Thailand with Face ID thefts that allow them to steal money from victims. iPhone owners in Thailand fall prey to cybercriminals stealing Face ID scans that are then used to break into their bank accounts in a world first in cybercrime. A Chinese-speaking cybercrime group, dubbed GoldFactory, started distributing trojanized smartphone apps in June of last year, as reported by the Register. GoldPickaxe and GoldPickaxe.iOS targets Android and iOS systems, tricking users into performing biometric verification checks and harvesting that information. This biometric data is then used to bypass the same security checks used by actual finance apps in Vietnam and Thailand. This gives cybercriminals access to bank accounts and the ability to siphon off funds. So far, this specific type of crime is limited to these two countries, but there is fear of it spreading worldwide. Having initially started in Thailand by appearing as the Thai government’s official digital pensions app, it then quickly spread to Vietnam. Authorities have had reports of very similar …

Singapore leaders pay tribute to late banking tycoon Wee Cho Yaw

Singapore leaders pay tribute to late banking tycoon Wee Cho Yaw

Mr Wee made “significant contributions” to the education sector, uplifting many students from all walks of life, said Education Minister Chan Chun Sing. “Mr Wee was known both for his business acumen and for giving back to society,” he wrote in a Facebook post. “Over the years, he contributed to our schools and various education initiatives, including Hokkien Huay Kuan affiliated schools, the Nanyang Junior College Zhong Zheng Ren Scholarship, and the Wee Cho Yaw Future Leaders Award scholarship programme. “UOB and the Wee family also made donations to the Lee Kuan Yew Centennial Fund, which aims to develop young leaders and support underprivileged students in Singapore.” NTU president Ho Teck Hua described Mr Wee as a “great advocate of education, philanthropy and community service”. He said the banker, together with Wee Foundation and UOB, have gifted S$16 million (US$11.9 million) to the university over the years. This was in support of education and research development, financial assistance to students from disadvantaged backgrounds, as well as grooming future leaders. “Those who have had the opportunity …

Lloyds Banking Group to cut 1,600 jobs as it shifts towards online banking | UK News

Lloyds Banking Group to cut 1,600 jobs as it shifts towards online banking | UK News

Lloyds Banking Group is to cut about 1,600 jobs across its branch network as it continues to shift its business towards online banking. Some 830 new roles will also be part of the strategy, resulting in a net reduction of 769 jobs. “We’re introducing a number of new roles and making changes to our branch teams so our customers can see us how and when they want to,” a spokesperson said. The new jobs will be customer facing and provide services across branches, via video meetings and over the phone. Only 8% of customers choose to visit high street branches as the only way to manage their money while more than 21 million customers use online or mobile banking, Lloyds Banking group said on Thursday. Lloyds, in common with other major high street banks, has been closing branches across the country. Subsidiaries of the Lloyds Banking Group include Royal Bank of Scotland and Halifax. In June the group said it would shut the doors on 21 Lloyds Bank sites, along with 15 Halifax high street …

Goldman Beats Estimates Despite Dire FICC, Investment Banking And Net Interest Income Results

Goldman Beats Estimates Despite Dire FICC, Investment Banking And Net Interest Income Results

Goldman reported Q4 results that topped expectations (thanks to a jump in Equity sales and trading which however was offset by a miss and slump in the all-important FICC group), yet the bank also reported its lowest annual profits in four years, as losses caused by its pullback from retail banking compounded a slowdown in its core business. But while net income for the full-year 2023 fell 24% to $8.5BN, the lowest level since 2019, as full-year revenue dipped 2% to $46.3BN “reflecting lower net revenues in Global Banking & Markets, largely offset by higher net revenues in Platform Solutions and Asset & Wealth Management”, net earnings in the 4th quarter climbed a solid 51% from a year earlier to $2bn, resulting in EPS of $5.48 which handily beat estimates of a $3.51 print (and up 65% from the $3.32 year prior); Q4 revenue of $11.318BN rose 7% YoY and also came in stronger than the $10.8BN expected. Some more highlights on the quarter: 4Q23 net revenues were higher YoY reflecting higher net revenues in …

Prometeo raises M from PayPal, Samsung and more to bring open banking to Latin America

Prometeo raises $13M from PayPal, Samsung and more to bring open banking to Latin America

Open banking — where traditional banks can share data, and build new services, by way of APIs that bring their ageing systems into the 21st century — has seen its biggest traction to date in mature economies, where the vast majority of consumers and businesses already have bank accounts; are au fait with digital transactions; and are receptive to trying out new approaches to everyday problems if that can save them time and money. But with even the most advanced markets still seeing very slow adoption — in the U.K., for example, only 11% of consumers, and 18% of small businesses, have ever used open banking — some are betting that the real promise for these new services lies in developing economies. Prometeo, a startup out of Uruguay building channels to enable open banking across Latin America, is today announcing that it has picked up $13 million in funding to expand its business. Valuation is not being disclosed but the company says the round is at a “standard” dilution for Series A, meaning it’s now …

FAQ: Are your fixed deposit accounts safe from scammers?

FAQ: Are your fixed deposit accounts safe from scammers?

How do I “lock” my fixed deposit account? In November, DBS, OCBC and UOB announced their money-locking features for customers to guard against scams. Customers can lock up their funds using their app or internet banking, and these funds can only be unlocked in person at bank branches. OCBC customers can also use ATMs to do so. DBS DBS’ feature, called digiVault, enables customers to lock up their money digitally in a designated account, from which funds cannot be digitally transferred out. To access the funds in the vault, they will need to visit a DBS or POSB branch to verify their identity. Once verified, the funds will be transferred to their DBS or POSB account. Closing the vault account will also need to be done at a branch. DBS customers also have the option to lock up their fixed deposit accounts. Once locked, it prevents any premature digital withdrawals or changes to maturity instructions. “This reduces the risk of scammers prematurely withdrawing fixed deposit funds digitally, should they gain unauthorised access to customers’ phones …

Treasury to end oversight of £425m scheme to help banks after RBS bailout | Banking

Treasury to end oversight of £425m scheme to help banks after RBS bailout | Banking

Lenders that received payouts from a £425m pot of public cash set aside after Royal Bank of Scotland was bailed out in 2008 will not be held accountable over delayed projects, after the Treasury refused to extend supervision arrangements beyond the new year. Under so-called state aid rules, which applied when the UK was still a member of the European Union, RBS money was given to smaller challenger banks to spend developing their services for business customers, in an effort to promote competition and offset the market-skewing effects of RBS’s £45bn government bailout in 2008. But the Banking Competition Remedies (BCR) body, which distributed funds and monitors how they are spent, is set to be wound down in February. Data published by the BCR reveals that, of the 24 recipients of the funds, 15 have “deliverables outstanding”, meaning they have yet to deliver the projects they were paid for. In a public warning issued months before its planned liquidation, the BCR said: “No alternative reporting mechanism has been put in place for those awardees with …

No evidence Coutts closed accounts due to political views, report says | Banking

An independent review has found no evidence that NatWest Group’s private bank Coutts has been closing customer accounts due to their political views, but found it may have breached rules by failing to give due notice or explain why they were being shut. A report compiled by external lawyers, hired by NatWest after a dispute with the former Ukip leader Nigel Farage, said their team “found no evidence of discrimination in any of the exit cases, including no evidence of a customer’s account being escalated for exit, or ultimately being exited, due to their political views or party-political affiliations, or any other protected characteristic”. However, it said Coutts may have breached City regulations by failing to give 60 days’ notice before closing accounts, and by failing to tell clients why they were being ousted. The law firm Travers Smith also urged the lender to create more formal rules and procedures for cases where accounts are closed for reasons other than financial crime. That includes commercial decisions, where maintaining an account is actually loss-making for the …

Comun channels local banking approach to serve Latino immigrants

Comun channels local banking approach to serve Latino immigrants

Identification requirements, high fees and a language gap have long been barriers to preventing some Latino immigrants from opening a banking account in the United States. Comun wants to change that. The New York-based neobank is the latest to provide banking services customized to the needs of immigrants. While most traditional banks require customers to have a U.S. Social Security card or proof of address, for example a mortgage or utility bill, Comun enables its customers to apply for an account using 100 different identification types from Latin America, including foreign country passports. Andres Santos and Abiel Gutierrez started Comun in early 2022 to offer digital banking services, including instant payments, check deposits and early paychecks. They also wanted to provide customers with access to native Spanish-speaking reps seven days a week. “Our mission is to bring back local banking to immigrants in the U.S.,” Santos told TechCrunch. “We think that is a model that has been dying at alarming rates over the last 30 years. You’ve basically seen ‘too big to fail banks’ taking …

‘My whole world revolves around cash’: why some Australians fear being left behind by a cashless future | Banking

Heather Lewis has an unusual budgeting method in the age of online banking, but it works for her. When the disability support pensioner gets paid, she heads to her local bank branch in Melbourne, withdraws the cash and places it into plastic pockets according to each bill or expense. “My whole world revolves around cash,” says Lewis, who has a learning disability and says she would struggle to budget if she didn’t have physical money. “When you’re on a pension every dollar needs to be accounted for.” Future access to physical cash is now under a cloud, according to Australia’s primary cash transit company, amid a sharp decline in the use of notes and coins. The Linfox-owned Armaguard has warned that its distribution operations are unsustainable due to falling demand, sparking emergency meetings with Australia’s major banks. The Reserve Bank, which prints and issues currency, is also involved in the discussions. The concern is that if Armaguard, which has a near monopoly over physical cash distribution in Australia, were to reduce or cease deliveries, there …