Tag: Bank
ITEM: Cyber criminals are reportedly exploiting long-existing security flaws in the SS7 signaling network to hack SMS-based two-factor authentication for banking services and successfully steal money from their customers. That’s according to Motherboard, citing a report in a German newspaper: In short, the issue with SS7 is that the network believes whatever you tell it. SS7 […]
The relentless decline in the number of bank branches in the UK and elsewhere features regularly in the press. In May 2016 BBC News stated that 600 branches had closed in the previous year. It’s no surprise that customers are using apps and online for managing their banking and using branches less and less; it’s […]
ZURICH (Reuters) – UBS, the world’s biggest private bank, is spending around 1 billion Swiss francs ($1 billion) to standardize the IT platform across its flagship wealth management business, an investment it hopes will ultimately help lower costs. “This is about integrating our historically fragmented infrastructure that we have globally into one platform,” the Swiss […]
A friend of mine went to open a savings account with a UK building society. She had had an account there for more than 20 years, but wanted (for purposes of administrative convenience) to have a separate account to put cash in for her son’s college money. Armed with a passport, she went to her […]
Changing banks is one of those activities that most people seem to avoid. Despite the industry moving to seven day account switching, the number of customers switching bank accounts in the UK is virtually flat and according to the Payments Council, in 2014 there were only 1.2 million switches. The recent FCA report (Making Current […]
One of the most contentious subjects in UK retail banking is around branch closures. According to the Campaign for Community Banking Services, more than 8,000 UK bank branches have closed since 1990. This decline will continue (Lloyds has announced they are closing 200 more branches although curiously they are opening 50!) and potentially accelerate because […]
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