Investment

Loandepot and Mr. Cooper said they've spent tens of millions of dollars this year following recent, major hacks.

The personal data collection company, which offers its database for background check and private investigation services, acknowledged the major breach.

Krish Swamy, Dan Jermyn and others on a just-released AI 100 list say they expect investment in AI to keep increasing.

The National Institute of Standards and Technology finalized long-awaited standards for encryption algorithms that can withstand quantum computers.

Automatic updates and data encryption have their advantages. As many CrowdStrike customers learned on July 19, they also have disadvantages.

Air Canada was penalized for misinformation generated by its chatbot; Patagonia has been accused of letting a vendor's AI model analyze customer service conversations without consent. These cases have parallels in banking, where many institutions use AI-based chatbots and contact center software.

The federal Project Fortress initiative provides defensive tools for banks. Community banking groups and regulators' associations say small banks in particular need the free and accessible help.

Financial institutions have trouble pinning down a common definition of AI and figuring out which of their processes incorporate the technology. That can lead to trouble with regulators.

The cybersecurity company promised more rigorous tests for software updates after a widespread IT outage last month.

Generative AI is exciting, but has limited fraud-busting utility. Instead of rushing to implement gen AI-powered anti-fraud initiatives, banks should focus on strengthening their existing security measures.