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/security

Meta forms data-sharing programme with UK banks to tackle scammers

Tech giant Meta says it will expand an information sharing partnership with UK banks after a pilot with NatWest and Metro helped take out thousands of scammers on its platforms.

/retail

Santander bids to create TikTok vibe with Gen Z

Santander is looking to burnish its credenttials with Gen Z, embarking on a search for talent on TikTok to create an online-native international music band.

/security

Banks and payments hit as faulty CrowdStrike update causes global Microsoft outage

Banks and card payment systems are among the victims of the worldwide tech outage on Microsoft platforms.

/security

EBAday 2024: Collaboration is key to fraud management

In one of the closing sessions of EBAday 2024 in Lisbon, panellists Marc Corbalan, VP of RTP analytics at Visa; Erwin Kulk, head of service development and management at EBA Clearing; Simone Löfgen, global head of payment platforms and managing director at Commerzbank; and Kannan Rasappan, founder and CEO of Banfico, explored innovations in cybersecurity in a panel titled ‘New approaches to fraud management’.

/crime

Lloyds warns against fraudsters on Booking.com and Airbnb

With summer holidays on the horizon, Lloyds Bank is cautioning customers against scams as they book their vacations.

/crime

Google sues crypto scammers using Play Store to lure victims

Google is suing two app developers who lured victims into downloading fraudulent investment apps on the Google Play Store.

/regulation

FCA warns FS firms and finfluencers to keep social media ads lawful

As it warns firms and so-called 'finfluencers' to keep their social media ads lawful, the UK's Financial Conduct Authority has published guidance for memes, reels and gaming streams promoting financial services.

/crime

'Pig-butchering' tops payment scam threats

Pig-butchering, an investment scam involving fake crypto companies, has emerged as one of the top payment threats facing consumers.

/regulation

Finra fines M1 Finance over misleading social media influencer posts

M1 Finance has been fined $850,000 by the Financial Industry Regulatory Authority (Finra) for social media posts made by influencers on the fintech's behalf.

/crime

MPE 2024: AI-driven misinformation and consumer education in fraud

In an exclusive interview at Merchant Payments Ecosystem 2024, trust and safety architect at Sift Brittany Allen spokes with Finextra on new challenges in the fraud space, and how the spread of misinformation on social media is a major concern with AI-driven technology.

/crime

CFTC cautions against AI: 'be wary of the hype'

The Commodity Futures Trading Commission (CFTC) has issued a customer advisory warning to the public to keep an eye out for artificial intelligence (AI) scams.

/security

SEC says SIM swap attack behind X hack

The Securities and Exchange Commission says a "SIM swap" attack was to blame for the hack on its X account earlier this month.

/payments

Nu Mexico lets customers receive payments from US via WhatsApp

Nubank customers in Mexico can now receive money from the United States via WhatsApp thanks to a partnership between the digital banking giant and Felix Pago

/payments

X plans P2P payments this year

Social media platform X, formerly known as Twitter, says it will introduce peer-to-peer payments this year.

/security

SEC X account hacked and used to send bogus bitcoin news

The US Securites and Exchange Commission has confirmeed that its X account was hacked and used to post spurious approval for the listing and trading of spot Bitcoin exchange-traded products.

/retail

Monzo Wrapped prompts outpouring of shame and anger

Monzo's end-of-year Wrapped campaign informing customers of how they've spent their money this year has prompted an outpouring of hand-wringing shame and anger on social media.

/payments

Elon Musk’s X granted payment processing license in 13 US states - and counting

The social media platform formerly known as Twitter received approval for payments services from Pennsylvania, building on Musk’s ambitions of transforming X into an “everything app” where users can conduct their “entire financial life” on the app.

/retail

Elon Musk wants X to replace users' bank accounts within a year

Elon Musk wants X to manage users' "entire financial life" so that they "won't need a bank account" by the end of next year.

/retail

Barclays warns students about money mule risks

As the academic year gets underway, Barclays is warning of a sharp rise in the number of cash-strapped students being targeted by criminals to act as money mules.

/retail

NatWest suffers ATM glitch

UK high street bank NatWest has resolved an IT problem with its ATMs that left thousands of customers believing they were missing funds.