MPs urge compulsory refunds for victims of bank transfer fraud

Financial companies should be required by law to refund victims of bank transfer scams, and should consider reimbursing the many thousands defrauded since 2016, according to a report from MPs. They also said retailers and other companies that suffer data breaches that lead to fraud should be forced to pick up the bill for the costs of reimbursing customers and […]

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Number of IT failures at banks and other firms is unacceptable, say MPs

An influential committee of MPs has condemned as unacceptable the number of IT failures in the financial services sector, which it said have left customers “cashless and cut off”. With bank branches and cash machines disappearing, customers are increasingly reliant on online banking services, but these have been severely disrupted by IT failures at firms including TSB, Visa, Barclays and […]

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Wall Street drops; White House considers delisting Chinese companies

NEW YORK (Reuters) – U.S. stocks fell on Friday after news that the Trump administration was considering delisting Chinese companies from U.S. stock exchanges and limit U.S. investments into China. The tariff-sensitive Philadelphia semiconductor index .SOX extended its decline to 2.7%. The index was already under pressure from Micron Technology Inc’s (MU.O) tumble after it forecast a disappointing first-quarter profit. […]

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Xero banking on artificial intelligence

Xero chief executive Steve Vamos says the accounting platform’s reliance on artificial intelligence will continue to increase. "We see AI machine learning touching pretty much potentially every aspect of what we do," Mr Vamos said ahead of the platform's annual Xerocon conference in Brisbane. Xero chief executive Steve Vamos. Credit:Louise Kennerley Mr Vamos said Xero had greatly increased its use […]

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Mobile banking to overtake high street branch visits in two years

Mobile banking is set to be more popular than visiting a high street bank branch within two years, according to new forecasts, highlighting how technology is transforming the way Brits bank. The tipping point will arrive in 2021, according to analysis by the consultancy Caci, when the number of customers regularly using branches will be overtaken by those using apps. […]

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