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Yahoo
3 days ago
- Business
- Yahoo
Bank of America appoints new tech chief as Bhasin retires, memo shows
NEW YORK (Reuters) -Bank of America's chief technology and information officer, Aditya Bhasin, is retiring from the lender and will be replaced by Hari Gopalkrishnan, according to an internal memo seen by Reuters on Monday. Bhasin, whose career spans more than two decades at BofA, will take on a new role outside the bank advising and investing in mid-sized companies. He serves on the bank's executive management team and held roles in technology, marketing and other areas during his tenure, according to the memo signed by CEO Brian Moynihan. The incoming tech chief, Gopalkrishnan, joined BofA in 2011 after holding senior technology roles at Citigroup. Bank of America has invested heavily in technology in recent years. It has more than 59 million digital users and its patent filings exceed 7,800. Since the 2018 launch of its virtual assistant, Erica, the company's use of artificial intelligence has grown, including three billion client interactions via Erica, according to the memo. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Reuters
3 days ago
- Business
- Reuters
Bank of America appoints new tech chief as Bhasin retires, memo shows
NEW YORK, July 28 (Reuters) - Bank of America's (BAC.N), opens new tab chief technology and information officer, Aditya Bhasin, is retiring from the lender and will be replaced by Hari Gopalkrishnan, according to an internal memo seen by Reuters on Monday. Bhasin, whose career spans more than two decades at BofA, will take on a new role outside the bank advising and investing in mid-sized companies. He serves on the bank's executive management team and held roles in technology, marketing and other areas during his tenure, according to the memo signed by CEO Brian Moynihan. The incoming tech chief, Gopalkrishnan, joined BofA in 2011 after holding senior technology roles at Citigroup. Bank of America has invested heavily in technology in recent years. It has more than 59 million digital users and its patent filings exceed 7,800. Since the 2018 launch of its virtual assistant, Erica, the company's use of artificial intelligence has grown, including three billion client interactions via Erica, according to the memo.
Yahoo
3 days ago
- Business
- Yahoo
Arizona man hands over $27K after getting ‘fraud alert' from ‘Bank of America' — how to avoid falling for this trap
An Arizona resident who wishes to only be identified as Dave received a text while out running errands that looked like a standard fraud alert from Bank of America. The message asked if he had authorized a $399 purchase at Best Buy. He replied 'NO.' By the end of the day, he had unknowingly handed over his entire life savings of $27,000 to a scammer posing as a bank representative. What followed was a meticulously orchestrated con that turned his iPhone into a tool for fraud and left him fearing he'd never see his money again. Don't miss Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don't have to deal with tenants or fix freezers. Here's how I'm 49 years old and have nothing saved for retirement — what should I do? Don't panic. Here are 6 of the easiest ways you can catch up (and fast) You don't have to be a millionaire to gain access to this $1B private real estate fund. In fact, you can get started with as little as $10 — here's how The text that cost him everything After replying to the suspicious text, Dave received a follow-up message with a phone number to call. The person on the line claimed to be from Bank of America and warned that Dave's account was compromised, even giving him a fake ID number to seem legitimate. The caller then convinced Dave that the scammer targeting him was actually a Bank of America employee. To stop them, they said, he needed to immediately withdraw all of his money. Staying on the phone the entire time, Dave went to a local branch and withdrew his full balance in two transactions, totaling $27,000. Then came the twist: The scammer instructed Dave to 'secure' the money using his Apple Wallet. They walked him through creating a scannable card on his phone that was secretly linked to their account. Dave drove to the bank's drive-thru ATM and deposited the cash, believing it was being transferred into a safe new account. In reality, the funds were instantly funneled to the scammer. 'This is my life savings, and I don't have any assurances, but they sounded so real," Dave said. A rare win in a losing game When Dave realized what had happened, he called Bank of America's fraud department, only to be told nothing could be done. But he refused to give up. He contacted the Peoria Police Department and was connected with Detective Michael Finney, a veteran of financial crime investigations. Finney explained that the first 72 hours are critical in recovering stolen funds. After that window closes, the chance of success drops to under 10%. In Dave's case, Finney uncovered a new tactic: scammers using Apple Wallet as a real-time account-to-account transfer tool. The digital card created by Dave allowed the fraudster to siphon funds the moment they were deposited. Finney quickly obtained a search warrant, froze the linked accounts, and worked closely with the bank. After five months, about 90% of Dave's money was recovered. 'Without the help of Peoria Police, I'd be living with family,' Dave said. 'I'd be completely destitute.' Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says — and that 'anyone' can do it Scams are evolving — how to protect yourself In 2022, text scams drained $330 million from Americans, according to the FTC's Consumer Sentinel Network, with a median loss of $1,000 per victim. In fact, 40% of people who reported a text scam in 2022 said the text impersonated a bank. Text scams, phishing emails, and social engineering tactics are becoming more convincing and more dangerous, thanks to advancements in AI. In December 2024, the FBI issued a public warning outlining how criminals are leveraging AI to supercharge these scams. Criminals now deploy hyper-realistic voices, deepfakes, and targeted messages that are personalized enough to fool even the most careful consumers. Detective Finney offers one non-negotiable piece of advice: trust nothing that feels rushed or off-script. Instead, use the official number printed on the back of your card. Any email claiming you owe money or threatening legal action, especially from a 'government agency,' is likely a scam. Here are the FBI's top recommendations to protect yourself: Never click on links in unsolicited emails or texts, even if they appear to come from your bank. Don't share usernames, passwords, or verification codes with anyone. Use official phone numbers found on bank cards or official websites when verifying suspicious activity. Enable two-factor authentication on all accounts that offer it. Be cautious with social media. Scammers can use personal details to crack passwords or security questions. Check your credit reports annually at TransUnion, Equifax, or Experian. You're entitled to one free report from each bureau per year. Report suspicious activity immediately to your local police department. Dave was one of the lucky ones. Thanks to his persistence and a determined detective, he was able to recover most of what he lost. But many others aren't so fortunate. Scammers are constantly evolving their tactics, and once the money is gone, it's often gone for good. That's why staying informed, skeptical and proactive is the best defense against becoming the next victim. What to read next Robert Kiyosaki warns of a 'Greater Depression' coming to the US — with millions of Americans going poor. But he says these 2 'easy-money' assets will bring in 'great wealth'. How to get in now Accredited investors can now buy into this $22 trillion asset class once reserved for elites – and become the landlord of Walmart, Whole Foods or Kroger without lifting a finger. Here's how Rich, young Americans are ditching the stormy stock market — here are the alternative assets they're banking on instead Here are 5 'must have' items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you? Stay in the know. Join 200,000+ readers and get the best of Moneywise sent straight to your inbox every week for free. This article provides information only and should not be construed as advice. It is provided without warranty of any kind. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Yahoo
24-07-2025
- Business
- Yahoo
JPMorgan, BofA Leaders Subpoenaed by US Lawmakers Over CATL IPO
(Bloomberg) -- JPMorgan Chase & Co. and Bank of America Corp. were subpoenaed by US lawmakers over their role in the initial public offering of Chinese battery maker Contemporary Amperex Technology Co. Ltd. Trump Awards $1.26 Billion Contract to Build Biggest Immigrant Detention Center in US Why the Federal Reserve's Building Renovation Costs $2.5 Billion The High Costs of Trump's 'Big Beautiful' New Car Loan Deduction Salt Lake City Turns Winter Olympic Bid Into Statewide Bond Boom Milan Corruption Probe Casts Shadow Over Property Boom The House of Representatives' Select Committee on the Chinese Communist Party sent demands for documents to the banks' chief executive officers, the panel wrote Wednesday on X. The Wall Street Journal reported the request earlier in the day. 'We've had constructive engagement with the committee and will continue to engage,' a representative for Bank of America said in an emailed statement. A representative for JPMorgan declined to comment comment. But in a Bloomberg TV interview in May, CEO Jamie Dimon noted the US hadn't placed sanctions on the Chinese battery maker and that banks do thorough due diligence before handling such deals. 'If we thought it was wrong, we wouldn't do it,' he said at the time. The committee had called on both banks in April to withdraw from working on CATL's market listing in Hong Kong. The lenders stuck with the deal, and CATL went on to raise $5.2 billion the next month. By underwriting CATL's listing, the banks were exposing themselves and their American investors to 'significant regulatory, financial and reputational risks,' the committee's chairman, Michigan Republican John Moolenaar, said in the April letters addressed to Dimon and Bank of America CEO Brian Moynihan. Those letters highlighted CATL's inclusion on a Pentagon watch list in January, citing alleged links to the Chinese military. Robin Zeng, the billionaire founder and chairman of CATL, has pushed back on accusations it poses a threat to national security, saying the company has never sold any of its products to the military. --With assistance from Peter Eichenbaum. Elon Musk's Empire Is Creaking Under the Strain of Elon Musk Burning Man Is Burning Through Cash A Rebel Army Is Building a Rare-Earth Empire on China's Border It's Not Just Tokyo and Kyoto: Tourists Descend on Rural Japan What the Tough Job Market for New College Grads Says About the Economy ©2025 Bloomberg L.P. Sign in to access your portfolio
Bloomberg
23-07-2025
- Business
- Bloomberg
JPMorgan, BofA Leaders Subpoenaed by US Lawmakers Over CATL IPO
JPMorgan Chase & Co. and Bank of America Corp. were subpoenaed by US lawmakers over their role in the initial public offering of Chinese battery maker Contemporary Amperex Technology Co. Ltd. The House of Representatives' Select Committee on the Chinese Communist Party sent demands for documents to the banks' chief executive officers, the panel wrote Wednesday on X. The Wall Street Journal reported the request earlier in the day.
