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Facebook might let you chat with your bank over Messenger
Facebook wants to incorporate your banking info into Messenger and has approached companies like JPMorgan Chase, Wells Fargo, Citigroup and US Bancorp over the past year, the Wall Street Journal reports. People familiar with the discussions told the publication that Facebook has sought data on card transactions and checking account balances and has proposed giving its users access to banking information such as account balances and fraud alerts through Messenger. The move comes as Facebook tries to boost engagement and banks grapple with how to reach more customers digitally. Since the original WSJ report, Facebook has clarified that while it may partner with banks so financial institutions can use Messenger for customer support, it doesn't have any interest in going beyond that.
Wells Fargo says hundreds lost homes after computing 'error'
Software mistakes are normally little more than inconveniences, but they had particularly serious consequences for some Wells Fargo customers. An SEC filing from the bank has revealed that a "calculation error" in its mortgage loan modification underwriting tool led to about 625 customers either being denied loan changes or not receiving offers when they would have qualified. Roughly 400 of those customers eventually lost their homes to foreclosure, Wells Fargo said. The bank stressed in a statement to CNN Money that the bug didn't necessarily cause the foreclosures, but it certainly didn't help.
You can't buy bitcoin with Wells Fargo credit cards anymore
Wells Fargo is pumping the brakes on customers using their credit cards to buy bitcoin -- the bank has banned credit card cryptocurrency purchases. However, this isn't a permanent measure, as Wells Fargo will monitor the crypto market and reassess the issue as needed, Bloomberg reports. Wells Fargo joins Bank of America, JP Morgan Chase and Citigroup, along with some UK banks, in banning credit crypto purchases.
Tap your phone to withdraw cash from Wells Fargo ATMs
Wells Fargo enabled smartphone-only ATM withdrawals back in March, but the need to punch in both an app-specific code and your PIN partly defeated the convenience of the feature. As of now, though, it's decidedly easier: the bank has enabled NFC access at more than 5,000 of its ATMs across the country. As with Chase, you just have to tap your phone (using Apple Pay, Android Pay or Samsung Pay) and enter a PIN code to start a transaction at a supporting machine. Suffice it to say this is considerably faster than entering two codes just to withdraw some cash.
Wells Fargo accidentally leaks 50,000 clients' records
Wells Fargo accidentally leaked thousands of sensitive documents, but not in the way you think. The bank wasn't hacked, and its computers didn't go on the fritz: it just inadvertently sent 1.4 gigabytes of files to a former financial adviser who subpoenaed the company as part of a lawsuit against one of its current employees. While 1.4GB of files doesn't seem that big, the collection includes at least 50,000 customers' names, Social Security numbers and sensitive financial info. According to The New York Times, which confirmed the contents of the documents, the affected clients are some of Wells Fargo's wealthiest, with investment portfolios worth tens of billions of dollars.
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.
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.
Blockchain gets its first test with international trade
Some financial gurus are convinced that blockchain (the underlying tech behind bitcoin) is the future of business, and they might already have some proof. The Commonwealth Bank of Australia and Wells Fargo have conducted the first international, inter-bank trade deal to use blockchain for the transaction. It was a relatively modest experiment that shipped $35,000 in cotton from Texas to China, but it demonstrated the advantages of taking humans out of the equation. The deal included smart contracts that automatically sent payments and transferred ownership as the cargo reached certain locations. The companies involved didn't have to waste time sending documents, processing money or worrying about potential fraud.
SEC sues Wells Fargo and Rhode Island for game loan disaster
Wells Fargo and Rhode Island state have been charged with fraud by the U.S. Securities and Exchange Commission (SEC) for their part in the 38 Studios debacle. The SEC alleges that both parties defrauded investors to the tune of $50 million in an attempt to finance the MMO Project Copernicus. You can be forgiven for forgetting about 38 Studios -- it's been defunct for years now -- but let's bring you up to speed. The game maker was founded in Massachusetts by baseball star Curt Schilling, but moved to Rhode Island as part of the state's economic development plan, securing a $75 million loan guarantee from to build the action-RPG Kingdoms of Amalur: Reckoning and an MMO codenamed Project Copernicus. It managed to borrow $50 million from a state agency, but couldn't secure the additional $25 million it needed. Although it released Kingdoms of Amalur, and sold over a million copies, it faced a massive shortfall and unable to pay back the money it had already borrowed. The studio was forced to close without completing Project Copernicus. When it finally filed for bankruptcy in 2012, it owed over $150 million, with less than $22 million in assets.
Over 65 million voice samples guard your bank data from scammers
Two-factor authentication might be all the rage these days, but it sounds like there could be an even more secure way of protecting against fraud -- your voice. It's being employed by major banks including Wells-Fargo and JPMorgan Chase to weed out scammers who call financial institutions armed with the info gleaned from cyber attacks, according to the Associated Press. The system combines recorded voice samples with blacklists of repeat calls from would-be criminals, and has reduced fraud attempts by as much as 90 percent so far. And if you're wondering where the banks have gotten these 65 million-plus voice samples, well, we've all likely heard the familiar notice that a call may be monitored or recorded before being connected to an operator. So, that explains that.
Isis Mobile Wallet now supports Wells Fargo Visa credit cards
Isis -- a joint mobile payment venture between AT&T, T-Mobile and Verizon -- has partnered up with banking juggernaut Wells Fargo, shortly after it rolled out nationwide. In addition to Chase, American Express, J.P. Morgan and random loyalty cards, users can now load their mobile wallets with Wells Fargo's Visa consumer credit cards. This allows them to purchase from participating merchants (there are "hundreds of thousands," according to the bank) that accept NFC payments without having to bring their plastic to the store. Want to use the system, but don't know where to begin? First things first: Make sure you have an Isis-ready Android smartphone from any of the three aforementioned carriers. Once you've received the special SIM and have activated the service, you can start going on nighttime trips to McD's or doing emergency CVS runs with only a phone in hand.
Wells Fargo offering text message receipts at its ATMs starting today
Forward-thinking financial institution Wells Fargo is offering its customers the choice of receiving a text message receipt -- in addition to its e-receipt and email options -- whenever you use one of the bank's ATMs. All that's required to take part in the environmentally friendly scheme is to attach your cellphone number to your account, either online, over the phone or at your local branch. The service is available starting today, and if you'd like to learn more, we've tucked the official release below the fold.
Google, PayPal, VeriFone and US carriers band together to form Mobile Payments Committee
There's little doubt that mobile payments hold a ton of potential for the future of commerce, but without proper direction (and willingness for adoption), the technology remains little more than an impractical curiosity for the majority of consumers. In an effort to define a way forward for the mobile payment industry, a large number of heavy hitters have banded together under the umbrella of the Electronic Transactions Association to form the Mobile Payments Committee. Not only does the group include all four of the top US carriers, but also Google, Isis, VeriFone and PayPal. Add to that financial institutions such as Wells Fargo and Capital One, along with American Express, Discover, MasterCard and Visa, and you'll quickly realize that this group is playing to win. Primary goals of the Mobile Payments Committee include fostering relationships with merchants, ensuring consumer access to modern payment methods, exploring best practices and ensuring interoperability of networks, equipment and financial institutions. The group will also engage in lobbying activities with legislators and regulators, and will additionally work to educate both merchants and consumers about the potential of mobile payments. With so many key players (and competitors) sitting around one big table, what wouldn't you give to be a fly on the wall during those meetings? For a little extra insight, just hop the break for the full PR.
Motorola's Atrix 4G update 4.1.83 breaks the bank (literally)
Fans of mobile banking are discovering harsh surprises after updating their Atrix 4G to v4.1.83. Amongst the numerous improvements in this release (including the widely touted HSUPA fix), Motorola added new SSL certificates to the mix. While such a change would normally be inconsequential, many banking apps have stopped functioning with the new certificates in place -- a rude shock for anyone needing to deposit a paycheck. So far, Moto confirms that American Express, Bank of America, Chase and Discover are affected -- while Wells Fargo and Citibank's apps run just fine. Motorola plans to issue a workaround for affected users, but currently suggests that everyone access their financial institution through Android's web browser. Maybe it's just us, but this sounds like a fine opportunity to take the new Firefox 4 for a spin. [Thanks, David]
PlayStation Network credit card info appears to be safe: 'No unauthorized activity relating to Sony'
It looks like the beleaguered Sony finally caught a break. The company, which has struggled for over a week following a hacker attack that stole massive amounts of player information, says that it looks as though user credit card information remains secure and encrypted. It turns out that Sony had encrypted some personal info but not all of it. Gamespot also reports that several financial companies, including MasterCard, WellsFargo and American Express, have witnessed "no unauthorized activity relating to Sony." Sony's Patrick Seybold passed along the positive news: "The entire credit card table was encrypted and we have no evidence that credit card data was taken. The personal data table, which is a separate data set, was not encrypted, but was, of course, behind a very sophisticated security system that was breached in a malicious attack." Sony's PlayStation Network is still offline while it's rebuilt with a higher level of security. The company saw its shares drop 4.5% today on the Tokyo exchange to $27.71.
Envelope-free ATMs popping up soon
With all the chicanery that's been going on with ATMs of late, it looks like the machines are finally getting back at the humans. In a move that's already confusing creatures of habit, envelope-free ATMs are starting to pop up in highly-trafficked areas, and as the name implies, they require that your deposits not be stuffed into an envelope beforehand. Diebold, NCR, and, Wincor Nixdorf (among others) are beginning to roll out these newfangled machines, which cost some 20-percent more than typical ATMs and sport specialized scanners that can detect how much cash you're actually inserting as you slide your check / bills into its theoretical mouth. The biggest boon here is the drop in processing costs to banks, while customers are likely to be pleased with instant receipts and nearly-instant access to the fundage. 'Course, we're just counting down the days until yet another ATM trickster figures out how to convert a Hershey's wrapper into a $20 bill.[Image courtesy of ABC]
Wells Fargo's new Envelope-Free ATMs scan your deposits
400 of Wells Fargo's WebATMs in northern California (Contra Costa, Alameda and Santa Clara counties) are in the process of getting a technological makeover that will allegedly cut down on the time it takes to make a deposit, increase security and eradicate those pesky bank errors, which unlike in Monopoly, hardly ever seem to be in your favor. The Envelope-Free system, which is similar to a system currently being used by Bank of America, allows you to insert stacks of up to 30 bills and 10 checks at a time which are promptly scanned, counted, displayed and printed to a receipt. While cellphone ATM access would be nice, other improvements like same day check clearance might make free lollipops your only motivation to set foot in a real bank.[Via CBR]
