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November 22, 2024 |
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 Features
Bankers are considering not only their own institutions’ use of AI but that of their technology partners and vendors.
More than half of Americans know friends and family members who have been victims of scams, according to a new survey by the credit scoring services firm FICO. Fifty-one percent of respondents said they had a friend or family member targeted by a scam, up from 43% in 2023. At the same time, 76% of respondents said they had received an email, text or phone call that was part of a scam.
More than one in four bank customers have experienced fraudulent activity on their accounts in the past 12 months, according to a new survey on U.S. financial protection satisfaction by J.D. Power. The survey also found customers value banks that help them resolve fraud-related problems.
The Financial Crimes Enforcement Network recently issued an alert with recommendations for financial institutions on how to detect deepfake identity frauds created using generative artificial intelligence.
A proposed rule by the Federal Communications Commission to limit voice calls and text messages made using artificial intelligence would restrict banks’ ability to communicate important information to customers, such as suspicious activity alerts and one-time passcode requests, the American Bankers Association said Friday in comments to the agency.
As part of its anti-fraud policy agenda, the ABA continues to push the Federal Communications Commission to issue new rules to help stem the flow of illegal texts and calls to consumers, sending a letter to the agency after meeting with staff for FCC Commissioners Geoffrey Starks and Anna Gomez.
The U.S. banking system remains sound and resilient, with strong asset quality and earnings, but pockets of elevated risk pose challenges for some banks with commercial real estate remaining an area of concern, the Federal Reserve said in its most recent supervision and regulation report.
The FDIC has extended by 45 days the comment period for a proposed rule to establish new recordkeeping requirements for banks that enter into arrangements with third-party fintech firms to provide deposit products and services. As a result, comments on the proposal must be received by Jan. 16, 2025.
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