Investment

In a data breach at OpenAI, some ChatGPT users were able to see other users' financial data. In other cases, users have invoked their dead grandmothers to access information that should have been sealed off.

Such concerns have taken on new importance with recent advances in artificial intelligence tools, which are "the most transformative technology of our time," Securities and Exchange Commission Chair Gary Gensler says.

The implementation plan the Biden administration released on Thursday seeks to shift liability for data breaches onto "the biggest, most capable" entities. Does that mean banks?

The Charlotte bank plans to use quantum computing to stiffen cybersecurity, run more advanced AI applications and create new commercial use cases alongside IBM engineers.

The announcement resolves the final outstanding order between Capital One and prudential regulators over its 2019 cyber incident.

A number of large banks, the Federal Reserve of New York and Swift participated in a proof of concept of a shared ledger that would allow cross-border transactions to settle instantly in U.S. dollars — with regulators literally in the loop. 

Twenty lenders from across the country are participating in Underwriting for Racial Justice, a collaborative effort to develop new criteria that will enable marginalized borrowers to gain access to credit.

Some of the biggest names in banking have started using large language models to organize their institutional knowledge, but use cases like chatbots remain experimental.

Deposits of Listerhill and Avadian credit union customers were compromised by fraud conspirators, one instance in a rise of card skimming cases across the country.

Lloyds Banking Group, Natwest Group, Bank of Scotland and others will use the artificial intelligence tool in preparation for new rules that will require them to compensate customers affected by "authorized push payment" scams.