Technology

Amazon.com Inc. said it was hit by an "extensive" fraud, revealing that unidentified hackers were able to siphon funds from merchant accounts over six months last year.

Binance, one of the world’s largest cryptocurrency exchanges, said hackers withdrew 7,000 bitcoins worth about $40 million via a single transaction in a “large scale security breach,” the latest in a long line of thefts in the digital currency space.

A digital challenger bank is relying heavily on artificial intelligence to provide low-cost banking to low-income people and small businesses.

For Western Union and MoneyGram, the threat of digital payments must be transformed into an opportunity if either company is to survive.

Japanese credit card brand JCB is working with Viva Wallet to build its merchant base in Europe as part of its ongoing expansion to new global markets.

Facebook Inc. intends to drive a global expansion of mobile payments on WhatsApp from London, accelerating its efforts to make money off the popular messaging service.

Departments across large institutions remain siloed, which leads to poor customer service. Fintechs are poised to take business from unhappy consumers unless banks address this problem.

Consumers expect financial institutions to provide mobile applications that combine ease of use with top-class security features. Biometrics could help credit unions keep up with these high-stakes technology demands.

The Fed is moving to prepare banks for unexpected shocks tied to weather; rules would be eased for trades between affiliates.

Every organization has some kind of plan for the future, but advances in technology, cyber threats, changes in regulation and political uncertainty make it extremely difficult to plan for what lies ahead, writes Ian Stone, CEO of Veualta.