Technology News from American Banker

Threat group ShinyHunters claimed responsibility for the attack, which reportedly targeted third-party platforms rather than Betterment's own systems.

Artificial intelligence developments are stoking investor fears about software companies. Banks' limited exposure to the sector and general stability is proving attractive to investors.

Federal Reserve Vice Chair Philip Jefferson said in a speech Friday that long-term productivity gains brought on by artificial intelligence could compel the central bank to maintain higher rates to keep prices stable.

While the e-commerce giant has deemphasized the technology, banks and payment firms are testing the biometric option.

CEO Max Levchin said the lender is testing technology that allows merchants to perform more advanced testing of promotional financing offers.

Renat Abramov, a former relationship manager in Brooklyn, bypassed know-your-customer protocols to open accounts for shell companies involved in a $14.6 billion scheme.

The support from the stablecoin provider follows a string of tech firm acquisitions as Anchorage Digital broadens its crypto services.

The mortgage technology unit at Intercontinental Exchange posted a profit for the third straight quarter, even as lower minimums among renewals capped growth.

American Banker's 2026 Predictions report finds that nonbank entities and check fraud are major threats to local banks in the coming months.

Fraudsters and modestly dishonest employees can use generative AI to quickly create convincing fake utility bills, pay stubs, passports and other documents banks rely on.

Prosecutors allege Curtis Weston and a bank insider used fraudulent loans to fund stock market trades, leaving the bank with $20 million in losses.

The search giant has added Klarna to its growing list of companies that are supporting standards for agentic commerce. Also, Payoneer has added Indonesia and Mexico to its collections network and more in American Banker's global payments and fintech roundup.

The crypto and payment fintechs both debuted on the stock market in late January with strong openings, then traded down ahead of a four-day partial government shutdown.

Prosecutors claim the Forbes 30 Under 30 honoree maintained two sets of books to hide Kalder's actual revenue of just $60,000.

Banking trade associations told the Office of the Comptroller of the Currency that regulators should reform rules around third-party risk, saying concentration and limited choice of core service providers places an undue burden on banks.

It won't be long before bank customers can ask an AI agent to optimize their returns on idle cash. When it happens, banks' net interest income is going to come under direct threat.

The digital bank added two new board members and raised $123.9 million as it continues to manage regulatory costs amid its push for profitability.

While stablecoins aren't widely used for merchant payments, blockchain tech firms such as BVNK and Polygon Labs are seeking opportunities to add speed to slow-moving international transfers.

As tokenization increasingly brings instant settlement to transactions, the liquidity buffer that batch settlement has provided for decades is going to shrink and then disappear. Banks will need to rethink liquidity management.

Court documents reveal how a teller used the drive-through window and work email to aid a scheme that bypassed TD's fraud defenses.