Investment

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.

Mitsubishi UFJ Financial Group is in talks to invest about $200 million in Akulaku, an Indonesian online lender backed by Jack Ma's Ant Group, according to people familiar with the matter.

Harris, who leads the New York State Department of Financial Services, will join the Financial Stability Oversight Council next year. She will replace Charles Cooper of Texas as the representative of state bank supervisors.

WaFd Bank is using conversational artificial intelligence to make the contact center and online chat experience smoother for both customers and agents.

The challenger bank for Black and Latino individuals introduced Elevate, a membership-only tier that includes access to private clubhouses and networking aimed at people of color.

The bank will apply the company's AI first to its risk models, an HR avatar and a metaverse presence.

It's only been two months since the Biden administration posted its blueprint for an AI Bill of Rights, but government agencies are starting to apply it in areas of financial services where discrimination is a concern, according to speakers at a Brookings Institution event.

Banking companies are increasingly using application programming interfaces that transfer customer information to third-party money-management apps popular with consumers. But fraudsters are exploiting vulnerabilities in the technology to steal information.