How artificial intelligence is helping banks

Investment in AI by banks and financial institutions for risk-related functions such as fraud and cybersecurity, compliance, and financing and loans has grown dramatically in the last half-decade compared to customer-facing functions.

We recently launched our AI in Banking Vendor Scorecard and Capability Map report, our largest report on the state of artificial intelligence in banking. During the course of our research, we worked with experts including PhDs in AI and corporate heads of AI at top US banks to categorize AI vendor products based on the banking functions into which they are applied. We found that many of the AI products we categorized could be applied to more than one business function.

Facebook co-founder: Libra currency could give firms excess power

One of Facebook’s co-founders has warned the social network’s plans for a digital currency called Libra could allow corporations involved in the scheme to wield power over nation states.

Chris Hughes, whose role in the early days of Facebook has given him a net worth estimated at $430m (£340m), said global regulators should intervene to slow the progress of the cryptocurrency.

Facebook is developing Libra from a base in Switzerland, in partnership with 27 other corporations – including Mastercard, Paypal, Uber and Vodafone – collectively known as the Libra Association.

Central bank calls on financial institutions to sign up on cybersecurity sharing platform

TO HELP strengthen the banking industry’s resilience to cyber attacks, the Bangko Sentral ng Pilipinas (BSP) has ordered BSP-supervised financial institutions (BSFIs) to participate in a cybersecurity sharing platform hosted by the Bankers Association of the Philippines (BAP).

“In order to further strengthen the industry’s cyber-resilience amidst growing threats, the BSP reiterates the need for BSFIs to have a collective, coordinated and strategic cyber response through information sharing and collaboration,” according to BSP Memorandum No. M-2019-016 issued on June 11 and published last June 13 as signed by Sector-in-Charge Restituto C. Cruz of the Financial Supervision Sector.

Personal Information of Nearly 900,000 Banking Customers of Three Major Russian Banks Leaked Online

Customer data belonging to OTP Bank, Alfa Bank, and HCF Bank have been made publicly available on the internet.

The data includes customer names, phone numbers, addresses, credit limit, passport details, and in some cases the place of work, year of birth, passport data, and account balance.

Over 2.3 billion sensitive business data were exposed online in the last 12 months

• This is a 50% increase when compared to the 1.5 billion files exposed during 2017-18.
• The United States exposed the most data, accounting for over 326 million files.

Misconfigured online file storage technologies have exposed more than 2.3 billion corporate files in the last 12 months. This is an increase of 50% when compared to the 1.5 billion files exposed during 2017-18.