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Tag: banking

Scammers steal half a billion pounds from UK banking customers

Scammers steal half a billion pounds from UK banking customers

Business
More than £500m was stolen from customers of British banks in the first half of 2018, figures have shown.Industry group UK Finance said £145m of that was due to authorised push payment (APP) scams, in which people are conned into sending money to another account.But £358m was lost to unauthorised fraud, which includes transactions made without account holders' knowledge.Unauthorised fraud victims are usually refunded by their banks, but victims of APP fraud rarely get their money back.This is because current legislation means they are liable for any losses incurred if they authorise a payment themselves."Purchase scams", in which people are duped into paying for products or services that do not exist, were the most prevalent form of APP ...
RBI employees' 2-day mass leave to paralyse banking operations

RBI employees' 2-day mass leave to paralyse banking operations

Finance
The two-day mass casual leave on September 4 and 5 called by the United Forum of Reserve Bank Officers and Employees (UFRBOE) is likely to paralyse operations of the central bank and other major lenders across the country. "UFRBOE has called the mass casual leave on September 4 and 5 which will be participated by all officers, paralysing the central bank's functions for two days," UFRBOE member and All India Reserve Bank Employees Association General Secretary Samir Ghosh told reporters here. The main demands of the forum are providing an option to contributory provident fund (CPF) retainers to switch over to pension scheme, and grant of additional provident fund (APF) to those recruited in the bank from 2012. "In October 2017, RBI Governor Urjit Patel formally wrote to the government, quo...
Banking by smart speaker arrives, but security issues exist

Banking by smart speaker arrives, but security issues exist

Technology
Hey Alexa, what's my bank account balance? Big banks and financial companies have started to offer banking through virtual assistants — Amazon's Alexa, Apple's Siri, and Google's Assistant — in a way that will allow customers to check their balances, pay bills and, in the near future, send money just with their voice. And with the rapid adoption of Zelle, a bank-to-bank transfer system, it soon could be possible to send money to friends or family instantly with voice commands. But the potential to do such sensitive tasks through a smart speaker raises security concerns. Virtual assistants and smart speakers are still relatively new technologies, and potentially susceptible to being exploited by cyber criminals. Regional banking giant U.S. Bank is the first bank to be on all t...
RBI governor appears before Parliamentary panel; assures steps to strengthen banking system

RBI governor appears before Parliamentary panel; assures steps to strengthen banking system

Finance
RBI Governor Urjit Patel today faced tough questions from a parliamentary panel on bad loans, bank frauds, cash crunch and other issues even as he assured the members that steps were being taken to strengthen the system, sources said. Sources present at the meeting of the Parliamentary Standing Committee on Finance said the RBI Governor expressed confidence of tiding over the crisis regarding non-performing assets (NPAs). Some members of the committee, headed by senior Congress leader Veerappa Moily, sought to know about the reasons for recent instances of ATMs running out of cash and why enough steps were not taken to tackle banking frauds. Patel told the panel that steps were being taken to strengthen the banking system. "We are confident that we will be able to tide over the crisis," a ...
HDFC Bank aims expand investment banking, taps talents

HDFC Bank aims expand investment banking, taps talents

Finance
HDFC Bank, the country‚Äôs largest lender by market value, is hiring top investment banking talent to boost its presence in a business holding major promise and close the gap with bulge-bracket Wall Street names that dominate placements at South Asian B-schools. In the past few months, the bank has hired at least 10 top rainmakers from global banks such as HSBC, Standard Chartered Bank, and Macquarie, and the home-grown ICICI Bank. While its ranking in the debt market has been climbing, HDFC Bank is slotted lower in equity offerings where Citi and BoFA-ML dominate. Among local banks, Axis, ICICI and Kotak have significant presence in the equity markets. The bank ranks second in the Bloomberg Bond League table for India while it is way below in the Equity Offering table at 19. “The expa