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Barclays customers can now ask Siri to make payments for them
In today's edition of companies making it all too easy for us to spend money, Barclays has added a feature to its iOS app that will debit your account after hearing you utter but a few words. Or, less sinisterly put, Barclays' mobile banking app now lets you make payments with Siri commands. Provided you've granted Apple's assistant access to your account in the app, you can transfer money to any previously known payee, or anyone in your iPhone's contact list. And you needn't worry about that annoying friend saying "Hey Siri, pay Jamie £15 with Barclays," as you still need to tap your finger to the Touch ID sensor to confirm the transfer.
Shadow Brokers release also suggests NSA spied on bank transactions
Besides a cache of potentially damaging zero-day exploits against many versions of Windows, another element of today's Shadow Brokers release is a folder titled SWIFT. Inside, it has documents listing the internal structure at EastNets, a Dubai-based bank and anti-money laundering organization. Banks use the SWIFT messaging system to transfer trillions of dollars every day, and if the documents released are accurate, it appears the NSA wanted access to monitor transfers between banks in the Middle East.
Monzo is now a proper digital bank
UK banking startup Monzo has been given the green light by the Prudential Regulation Authority and the Financial Conduct Authority to operate, well, like an actual bank. Until now, the company has been working with a restricted banking licence, which meant you had to have a connected, external bank account to use its pre-paid card and money-saving software. The mobile-first approach attracted plenty of fans, but there were limitations to the setup -- Monzo could only hold deposits up to £50,000, for instance. For years, the plan has been to become a proper digital bank.
Wells Fargo activates cardless withdrawals for all its ATMs
Wells Fargo's pilot trial for cardless withdrawals must have gone well, because the bank is rolling out the feature to all of its 13,000 ATMs across the country. The company debuted the feature in select ATMs earlier this year. Starting on March 27th, though, you can withdraw cash from any of the bank's machines using only your smartphone. You'll have to request an eight-digit code from the Wells Fargo app to punch into the machine along with your PIN code every time you want to withdraw money. Take note, however, that the code can only be used once and won't be enough to open some branches' secure doors during non-business hours -- you'll still need your card for that.
HSBC trialling app that automates your savings
While all the major banks have pretty good online facilities, there's a whole breed of nimble startups using mobile apps and bank account data to create new, more personalised money management services. Hoping to learn some new tricks, HSBC announced today it has partnered with one of these fintech pups, Pariti, to launch a standalone iOS app geared towards "micro-savings." The SmartSave app, which you can link to any bank account HSBC or otherwise, will automatically transfer money into savings or investments accounts based on user-defined rules.
Hackers target bank account in 'tax haven' Lichtenstein
Tiny Lichtenstein is known for its adorable castles, alpine vistas and, until recently, being an unabashed tax haven for billionaires. However, some customers may regret stashing any funds in the principality because of a hack at the Valartis Bank, according to Bild am Sonntag (paywall). While the attackers didn't gain direct access to funds, they reportedly stole sensitive banking information. In letters obtained by the German site, they've threatened to release the data unless paid a staggering 10 percent of account balances in Bitcoin by December 7th.
Barclays' new ATMs let you withdraw money with your phone
Contactless technology is, we're told, destined to replace physical currency. In the meantime, you'll soon be able to use your phone to withdraw cash from an ATM -- if you're with Barclays that is. The banking giant announced today that it's in the process of rolling out new in-branch cash machines that will let you withdraw up to £100 with your smartphone or contactless card.
Wells Fargo will use 'robo-advisers' to dish out investment help
You won't have to go to a dedicated, tech-focused firm to get investment help from machines instead of humans. Wells Fargo has revealed that it's using SigFig's "robo-advisers" to offer guidance to investors. The sometimes troubled bank will launch a pilot program for the AI helpers sometime in the first half of 2017. It's not certain when you could see it widely available, but that will likely depend on the test's success.
Tesco Bank breached: Money stolen from 20,000 accounts
The UK's Tesco Bank has confirmed that tens of thousands of its customers' current accounts were compromised over the weekend, leading to fraudulent withdrawals to the tune of several hundreds of pounds, in some instances. Suspicious activity was seen across some 40,000 accounts, with money taken from around 20,000 of those, the bank's chief exec told the BBC. In reaction, Tesco Bank has temporarily frozen all online payment facilities for current accounts, and guaranteed affected customers will receive full refunds as soon as possible.
Clever SIM sticker makes no-signal mobile payments possible
Mobile wallets aren't just for getting in and out of Starbucks that bit quicker. In several parts of the world, many people rely solely on mobile wallets for all their financial needs. These are particularly prevalent in Kenya, for example, where 58 percent of adults manage their money with mobiles. And we're not talking about smartphone apps and contactless payments here, but simpler systems like M-Pesa that work on feature phones and verify transactions via SMS messages. These are entirely reliant on the presence and performance of mobile networks, though, which a project called DigiTally is trying to address with a SIM sticker that lets users make and receive payments when there's no network connection whatsoever.
Apple Pay bolstered by Co-op Bank and Metro Bank in the UK
Since it launched in July 2015, UK banks have steadily begun adopting Apple Pay. All of the big name institutions are on board -- including Barclays, Santander, HSBC and Natwest -- but there have been some notable exceptions. Today, The Co-operative Bank and Metro Bank confirmed they're jumping aboard the NFC payment bandwagon, becoming the twenty-first and twenty-second UK banks to enable the technology.
HSBC's 'selfie verification' helps customers open a bank account
In a bid to replace the password, banks have jumped about the biometric bandwagon and are experimenting with new ways to authenticate their UK customers. Between them, HSBC and Barclays have already trialled fingerprints and used Voice IDs over the telephone, but HSBC now wants to let business customers use "selfie verification" to pass identity checks for new accounts via its new smartphone app.
'Open banking' data will help Brits compare and switch accounts
Just as Ofcom is making it easy to switch broadband and mobile providers to inspire us to hunt for the best deals, the UK's Competition and Markets Authority (CMA) wants us to be similarly proactive about our bank accounts. Having completed a lengthy probe into retail banking, the CMA believes the secret to a more competitive industry lies in our data, and the sharing of it.
Barclays swaps passwords for voice IDs for telephone banking
Just as fingerprint sensors have made smartphones more useful and secure, voice-authentication tech is making the dreaded call to customer services that bit more convenient. Following TalkTalk and fellow bank HSBC's example, Barclays has also introduced voice identification to its telephone banking service in the UK. No stranger to biometrics, Barclays has been trialing voice recognition among a subset of customers for several years, only now making it available to anyone with a personal account.
Bank's dodgy cost-cutting led to $80 million hack
Earlier this month, hackers attempting to steal $850 million from Bangladesh Bank managed to only get away with $80 million. After an investigation into the breach, authorities determined that the culprits gained access thanks to $10 second-hand switches used to network the bank's computers and the lack of a proper firewall. Transfers of the stolen funds were halted as the result of a spelling error, otherwise the heist could've been much worse.
RBS will employ an AI chat bot to handle online banking queries
In response to recent moves by rivals to incorporate more technology in their customer operations, RBS has announced it's to deploy a new online virtual assistant to help deal with enquiries quicker. The bank says the AI, named "Luvo," was first tested among its 1,200 staff but will soon be used to help address common customer issues like lost debit and credit cards, locked PINs and how to order in a new card reader.
Get ready to use your smartphone to withdraw cash at ATMs
Soon, you won't need your card to withdraw cash from JPMorgan Chase ATMs. Upgraded machines arriving later this year will be accessible with your phone, using codes generated from its smartphone app. That's only the first stage: second-generation upgrades will offer up NFC access to bank accounts, like Apple Pay and Samsung Pay. Yep, you'll still be able to use your cards, but importantly, the new machines will also have higher withdrawal limits during banking hours — up to $3,000. Future upgrades include the ability to cash checks and pay bill through the machines, but expect to see those features some time in 2018. Chase isn't the only bank looking to involve your smartphone with your money.
Israel, US arrest four over a string of big bank hacks
After months of investigation, law enforcement has nabbed suspects believed to be behind hacks at JPMorgan Chase and other big banks... and they're not quite the master criminals you might expect. Both the FBI and Israeli police have arrested four people for what now appears to be a classic "pump and dump" stock fraud scheme. The group (which includes one still at large) artificially drove up share prices and volumes for 'quiet' companies through a mix of email campaigns and pre-arranged trades, and sold to reap the windfall. In certain situations, they even pushed for private companies to go public solely to turn them into targets.
Atom is a new UK bank that'll have no branches, just apps
Banking is a bit of an old boys' club dominated by a few huge, lumbering corporations, but up-start Atom thinks it's time for a new player with a different approach. Atom wants to take mobile banking seriously; so seriously, in fact, that it aims to exist almost solely as a mobile app. The company has just been granted a UK banking licence and plans to launch later this year, first using mobile apps to offer its services before graduating to desktops in due course. Atom will have a 24-hour support team available by phone, email, webchat and social networks, but the idea is you can do everything, even open an account, from within the mobile app.
IT glitch sees 600,000 RBS payments go missing (updated)
RBS has just stepped into another IT nightmare. The company, which owns the Royal Bank of Scotland, NatWest, Coutts and Ulster Bank, has admitted that 600,000 customer transactions weren't completed last night. It hasn't revealed the exact nature of the problem, referring to it only as "an issue with our overnight process." The electronic mishap means a large number of customers haven't had direct debits and credit applied to their accounts -- the sort of transactions that people normally use to make important payments, like household bills. The banking group says sorting its customer's balances is now a top priority and that delayed payments will be processed "no later than Saturday." That's quite a wait, although the larger question is how such a technology-centric failure was allowed to occur in the first place. Shouldn't there be fail-safes for these sorts of situations?
