Investment

Interacting with ChatGPT is like hanging out with the best-informed, brainiest acquaintance you've ever had. Surprisingly, it's that characteristic that makes it a boon to the banking industry.

In a recent survey, financial institutions named artificial intelligence their top priority for investments against increasingly sophisticated fraud.

Crypto startups are facing a harrowing time attracting private financiers after the collapse of the digital-asset exchange FTX. Venture capital investment in the industry plunged to its lowest level in almost two years during the fourth quarter of 2022, according to data from the research firm PitchBook.

Bank of America was an anchor investor for a new $100 million fund managed by Mendoza Ventures, which backs companies with founders from minority and other diverse backgrounds in the financial technology, artificial intelligence and cybersecurity industries.

Nadine Chakar will take the helm at Securrency from current CEO Dan Doney, who will become chief technology officer.

JPMorgan Chase Bank NA will have to face a lawsuit by a unit of the French maker of Ray-Ban glasses that claims the bank ignored suspicious transactions as cybercriminals drained $272 million from its New York bank account.

The rate of venture funding to startups run by women continues to decline.

Phishing and ransomware attacks were among the deadliest for financial institutions in the past year.

Hacks of banks, credit unions and insurance companies compromised the data of millions of consumers, who filed a flurry of class actions in response.

The National Credit Union Administration can no longer examine third-party vendors and service providers. That leaves the industry vulnerable to cybercriminals and other bad actors.