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Banking

All articles tagged with #banking

South Korea declares AI-assisted bank breaches a national security priority
cybersecurity3 days ago

South Korea declares AI-assisted bank breaches a national security priority

South Korean President Lee Jae Myung warned that AI models were likely used in a recent wave of cyberattacks against seven financial institutions, exposing customer data but not stealing funds. Authorities suspect attackers targeted less secure third-party portals rather than core banking systems, with evidence pointing to the use of the open-source AI tool Artex. The government has launched a full-scale police investigation and a 24-hour emergency response, urging the sector to develop AI-based defensive measures to counter this 'completely new kind of crisis.'

South Korea declares AI-driven bank hacks a national crisis
technology3 days ago

South Korea declares AI-driven bank hacks a national crisis

South Korean President Lee Jae Myung declared that artificial intelligence tools were likely used in a recent wave of cyberattacks against major commercial banks, prompting a full-scale police investigation and emergency government response. The breaches exposed customer data at seven financial institutions, including Shinhan Bank and KB Kookmin Bank, but no funds were reported stolen. Authorities suspect attackers targeted less secure third-party portals rather than core banking systems, using AI to identify vulnerabilities. The incident has triggered a 24-hour emergency response from the science ministry and calls for AI-based defensive measures.

Family First Credit Union CEO Jane Smith exits after viral AI 'Lake America' post
finance14 days ago

Family First Credit Union CEO Jane Smith exits after viral AI 'Lake America' post

Jane Smith, the CEO of Family First Credit Union in Saginaw, Michigan, has left her position effective immediately following a viral social media controversy. Smith posted an AI-altered photo of her family wearing 'Lake America' sweatshirts on September 11, 2026, while traveling to Canada. The image, which mocked President Donald Trump's recent executive order to rename Lake Ontario, sparked intense backlash in Canada and the US. The credit union disavowed the post, and Smith has been replaced by interim CEO Jason Acosta.

Regulators scrutinize banks' exposure to trading firms after Jane Street's $15B hit
business19 days ago

Regulators scrutinize banks' exposure to trading firms after Jane Street's $15B hit

Regulators including the US Federal Reserve and Bank of England are asking banks for details on exposures to large trading firms after Jane Street's $15 billion loss tied to the AI-focused Situational Awareness hedge fund, seeking information on risk appetite, how exposure evolved during the trading day, and how risk controls operated; the report notes August SEC subpoenas of banks over Situational Awareness, with Reuters not yet able to verify the FT story.

White House pushes landmark crypto bill amid bank pushback and GOP hesitation
politics25 days ago

White House pushes landmark crypto bill amid bank pushback and GOP hesitation

The White House is pressing a landmark cryptocurrency bill through the Senate, rolling out an interactive tool to counter banking worries and arguing that stablecoins do not drive bank deposit flight. GOP lawmakers signal opposition or skepticism, and several Democrats urge stricter ethics provisions, leaving the bill’s fate uncertain in a Senate that requires 60 votes. The crypto industry is poised to spend heavily as campaigns approach, while undecided senators weigh the latest draft and its political implications.

UK tightens Iran sanctions to curb nuclear program and hostile activities
world1 month ago

UK tightens Iran sanctions to curb nuclear program and hostile activities

Britain announced expanded sanctions on Iran, targeting energy, metals, banking, insurance and shipping to curb Tehran’s nuclear program and other hostile activity. The government will introduce legislation to tighten financial and trade restrictions, broaden powers to sanction ships linked to Iran, and bar Iranian aircraft from landing in the UK with exemptions for certain energy operations. The measures follow Iran’s advancement of its nuclear program, including uranium enriched to 60% and stockpiles over 400 kg, and are aimed at reducing Tehran’s access to the UK financial system while pursuing diplomacy as a long-term solution.

Dallas Becomes Wall Street’s New Frontier as Banks Go All-In on Texas
business1 month ago

Dallas Becomes Wall Street’s New Frontier as Banks Go All-In on Texas

Texas, led by Dallas, is becoming a new Wall Street hub as Morgan Stanley, Goldman Sachs, Bank of America, JPMorgan, Nasdaq, and the NYSE roll out major campuses and thousands of jobs, attracted by low taxes, lighter regulation, and a growing Dallas‑area talent pool, with initiatives like local hiring targets and partnerships with Dallas College; the state’s finance footprint also extends to the Texas Stock Exchange and regional offices in Austin and beyond.

Apple Card Turns Seven as Chase Looms for the Issuer Switch
business1 month ago

Apple Card Turns Seven as Chase Looms for the Issuer Switch

Apple marks seven years of the Apple Card, while a plan emerges to switch the issuer from Goldman Sachs to Chase by early 2028; Mastercard remains the network, and open balances will migrate to Chase with Goldman Sachs continuing customer service in the interim. For now, cardholders can continue using Apple Card as usual, with no confirmed changes beyond the issuer transition and no expansion beyond the U.S. yet.

Russians Withdraw Billions as Fear of Putin Seizure Grows
world1 month ago

Russians Withdraw Billions as Fear of Putin Seizure Grows

Russian citizens are pulling billions from banks amid fears the Kremlin could seize deposits to fund the war in Ukraine, triggering liquidity strains. The Washington Post cites data from the Russian central bank showing about 286.4 billion rubles ($3.4 billion) withdrawn in the first two weeks of August, on top of roughly $7.3 billion withdrawn last month and more than $4.5 billion in June, underscoring a deep erosion of trust in Russia’s financial system.

Senate Dems Move to Block Banks Tied to President Amid Crypto Charter Scrutiny
politics1 month ago

Senate Dems Move to Block Banks Tied to President Amid Crypto Charter Scrutiny

Sen. Elizabeth Warren and nine Senate Democrats introduced the Ending Presidential Corruption in Banking Act to bar the president, vice president, their immediate family, and other top officials from owning or controlling banks after federal regulators gave preliminary approval to a Trump-linked crypto firm, World Liberty Trust Co., to operate as a charter bank that would issue and manage digital assets rather than take deposits or loans. Democrats say the decision poses conflicts of interest and risks to the financial system, while the White House maintains there are no conflicts and the company would be subject to ongoing regulatory oversight.

JPMorgan Cuts Polymarket Banking Ties Amid Regulatory Scrutiny
business1 month ago

JPMorgan Cuts Polymarket Banking Ties Amid Regulatory Scrutiny

JPMorgan Chase reportedly ended its banking relationship with Polymarket last year due to regulatory concerns; Polymarket has since found a new lender and says it maintains a close, ongoing relationship with JPMorgan across multiple entities, leaving the door open for JPMorgan to take an underwriting role if Polymarket pursues a public listing. Regulators continue to debate how to oversee prediction-market platforms.