The Metropolitan Police is investigating the Post Office for fraud related to money taken from wrongly prosecuted subpostmasters, nearly four years after the force began investigating possible crimes of perjury committed by former Fujitsu staff. As revealed by Computer Weekly in April 2020, the Met Police began investigating whether tech executives at Fujitsu, which…
Visa wants to be at the forefront of the next phase of generative AI (GenAI) innovation through investment in tech startups that will apply the technology to payments and commerce. The financial services giant has launched a GenAI initiative that will see up to $100m invested in these startups. Visa said a new wave…
Lloyds Banking Group has launched a digital identity service in partnership with a tech startup it invested in this year. The app, which is available free of charge to all UK residents, can be used to prove who they are through a mobile phone. The Lloyds Bank Smart ID was developed using technology from…
The rate of cyber fraud dropped slightly over the first six months of 2023, falling 2% compared to the same period in 2022, but even so criminals and fraudsters still managed to steal approximately £580m via both authorised and unauthorised fraud during the period, according to UK Finance’s latest half-yearly report. At the same…
The meteoric increase of the use of artificial intelligence (AI) across all sectors is impossible to ignore. Whatever your feelings about AI, the use of these models is with us to stay and used in the right way it creates opportunities for businesses to improve efficiencies, reduce costs whilst at the same time streamline…
Fintech-based credit services, known as buy now, pay later (BNPL), were used by over a quarter of adults in the UK in the second half of last year, according to Financial Conduct Authority (FCA) figures. In its Financial Lives research, the FCA found that 27% of the UK’s adult population, some 14 million people,…
Lloyds Banking Group has described the opening of a tech delivery centre in Hyderabad, India, as a “pivotal moment” in the bank’s £3bn, three-year, digital transformation journey The tech centre, which was announced in June, will house around 600 IT professionals including data and cyber security experts. The Hyderabad Technology Centre will deliver artificial…
Banks should be setting up a quantum computing taskforce, a report from UK Finance has concluded. The Identifying and seizing the opportunities presented by quantum technology report, produced in conjunction with IBM, lists several areas where banks can benefit from quantum computing. These include risk analysis, compliance, and the use of quantum safe encryption…
UK fintech unicorn Thought Machine has cut 50 staff in roles it said were no longer needed, with sales and marketing positions mainly affected. The cloud-based core banking software provider, which now employs 590 staff, has grown rapidly and accumulated significant customers from the challenger and traditional bank sectors. Lloyds Banking Group, JPMorgan Chase,…
Visa is offering its customers artificial intelligence (AI) advisory services following the launch of an operation dedicated to the technology. As part of Visa Consulting and Analytics, the payments giant’s AI Advisory Practice will harness the skills and experience of 1000 experts across the world to provide customers with help to use AI to…
