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Management

Artificial Intelligence is the buzzword of the year, beating out even "blockchain" and "add oil." A company that claims to be at the front of the pack when it comes to AI is Google. But, as this case shows, it doesn't matter what your algorithms do if what they do isn't properly targeted and the correct action results. It also demonstrates why financial institutions should be very wary of relying on technology which is, at best immature and at worst experimental.

In the meantime, Google and Microsoft, let's bypass the intermediary and you can just send us the "($1,000,000.00) One Million United States Dollars" today. Thank you.

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When internet security is talked about, it's usually either that someone is trying to sell you something, or something has gone wrong in the biggest possible way.

But it's all OK for your bank, etc. isn't it. After all, you trust your systems to Amazon's AWS cloud service and if anyone's got internet security taped, it's going to be Amazon.

Right?

Wrong......

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At 17:58 this evening, we received a warning about a fake website for Hang Seng Bank (see story. At 18:58, a second warning arrived, this time about Wing Lung Bank. Here are the details

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Once more, Hong Kong's Hang Seng website is the victim of a fraudulent copy. It does seem to happen quite often.

Hong Kong Monetary Authority has issued a warning notice and published a list of domain names that IT Security teams might wish to block at server / firewall level for both mail and web access.

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In May 2017, I addressed the global annual conference of the Institute of Enterprise Risk Managers. During that presentation, aimed at the CEOs of major corporations, I explained that board members are responsible for the whole of the Group, not merely a division or even the company of which they are expressly a director of. In this article, I publish those comments, as scripted.

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 Midland Bank Griffin Logo HSBC's takeover of Midland Bank was a nightmare of regulatory challenges. Now, 25 years after eventually being taken over, the last little bit of Midland identity is being removed.

 

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A report by the USA's Federal Bureau of Investigation following the conviction of an ATM skimmer reveals a relatively little-known technique that reduces the prospect of capture of the criminals involved.

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When Abdul Aziz Al Ghurair, CEO of Mashreq Bank, told the bank's 50th Anniversary meeting that it would become "the most progressive bank" in the Gulf and would become a "branchless bank" he was the latest in a line of bankers who has said this can happen. But while some internet only banks have been launched, no bank has ever succeeded in closing its branch network. Nigel Morris-Cotterill looks at some examples and says that Britain's Midland Bank developed, 30 years ago, the concepts that are now at the core of the delivery of real-world retail banking.

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Hong Kong's Independent Commission Against Corruption has charged a number of people with a range of offences alleged to have been committed against insurance companies.

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When Temple-Inland, a packaging and building products company in the USA spun off its Guaranty Bank subsidiary in 2009, the bank was "looted" and left in a parlous state, say the liquidators who have issued proceedings against Temple-Inland and several of its related companies, former officers and some executives who were still in post at the time the bank collapsed.

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