Skip to main content

CFPB Sues America's Largest Banks For 'Allowing Fraud To Fester' on Zelle

14 hours 36 minutes ago
The Consumer Financial Protection Bureau is suing America's three largest banks, accusing the institutions of failing to protect customers from fraud on Zelle, the payment platform they co-own. From a report: According to the suit, which also targets Early Warning Services LLC, Zelle's official operator, Zelle users have lost more than $870 million over the network's seven-year existence due to these alleged failures. "The nation's largest banks felt threatened by competing payment apps, so they rushed to put out Zelle," said CFPB Director Rohit Chopra in a statement. "By their failing to put in place proper safeguards, Zelle became a gold mine for fraudsters, while often leaving victims to fend for themselves." Among the charges: 1. Poor identity verification methods, which have allowed bad actors to quickly create accounts and target Zelle users. 2. Allowing repeat offenders to continue to gain access to the platform 3. Ignoring and failing to report instances of fraud 4. Failing to properly investigate consumer complaints The CFPB's suit seeks to change the platform's operations, as well as obtain a civil money penalty, that would be paid into the CFPB's victims relief fund.

Read more of this story at Slashdot.

msmash

Apple Pulls Lightning-Equipped iPhones From Swiss Stores Ahead of EU USB-C Mandate

15 hours 16 minutes ago
Apple has started pulling its iPhone SE and iPhone 14 models from sale in Switzerland, signaling broader discontinuation across the European Union ahead of new USB-C charging requirements taking effect December 28. The devices, which use Apple's proprietary Lightning port, disappeared from Swiss online stores today. Switzerland, while not an EU member, follows EU market rules. Apple-authorized resellers can continue selling existing stock until depleted. A new USB-C compatible iPhone SE is expected in March.

Read more of this story at Slashdot.

msmash

Michael Dell Says Adoption of AI PCs is 'Definitely Delayed'

15 hours 17 minutes ago
Dell CEO Michael Dell has acknowledged delays in corporate adoption of AI-enabled PCs but remains confident in their eventual widespread uptake, citing his four decades of industry experience with technology transitions. The PC maker's chief executive told Fortune that while the current refresh cycle is "definitely delayed," adoption is inevitable once sufficient features drive customer demand. Meanwhile, Dell's infrastructure division saw 80% revenue growth last quarter from AI-server sales. The company is supplying servers for xAI's Colossus supercomputer project in Memphis and sees opportunities in "sovereign AI" systems for nations seeking technological independence. "Pick a country ranked by GDP, the [top] 49 other than the U.S., they all need one," Dell said.

Read more of this story at Slashdot.

msmash

We're About To Fly a Spacecraft Into the Sun For the First Time

15 hours 57 minutes ago
NASA's Parker Solar Probe will make its closest approach yet to the Sun on Christmas Eve, flying within 3.8 million miles of the solar surface and entering its atmosphere for the first time. The spacecraft, which travels at speeds up to 430,000 miles per hour, aims to study the origins of solar wind -- the stream of charged particles emanating from the Sun's corona. The probe's heat shield will endure temperatures exceeding 2,500-degree Fahrenheit during the flyby, requiring specialized materials like sapphire crystal tubes and niobium wiring to protect its instruments.

Read more of this story at Slashdot.

msmash

Apple called on to ditch AI headline summaries after BBC debacle

16 hours 2 minutes ago
'Facts can't be decided by a roll of the dice'

Press freedom advocates are urging Apple to ditch an "immature" generative AI system that incorrectly summarized a BBC news notification that incorrectly related that suspected UnitedHealthcare CEO shooter Luigi Mangione had killed himself.…

Brandon Vigliarolo