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The Banker Almost Credits Billions to Wealth Account in Copy-Paste Error

A near-error occurred at Citigroup after a staffer copied and pasted an account number into a field for the dollar figure, which was detected on the next business day. The company has since set up a tool to help vet large, anomalous payments and transfers. Citigroup did not immediately respond to a request for comment.

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Banking Glitch Costs Citigroup $80 Billion Δ1.84

Citigroup recently experienced a near miss when it mistakenly credited a customer's account with $81 trillion, despite intending to send just $280. The error was caught 90 minutes after posting and reversed several hours later without any impact on the bank or its client. This incident is part of Citi's ongoing efforts to improve risk and controls following years of operational errors.

"Citigroup's $81 Trillion Mistake: Operational Risk Lurks in the Shadows" Δ1.82

Citigroup accidentally credited a customer account with $81 trillion instead of $280 last April, highlighting the bank's operational weaknesses and the potential for catastrophic mistakes. Experts say such errors are extremely rare but can incite mistrust in banking. Despite the lack of actual funds being transferred, the error has significant implications for Citigroup's risk management practices.

$81 Trillion Mistake: Citigroup Credits Wrong Account with Record Amount Δ1.82

Citigroup accidentally credited $81 trillion to a customer’s account last year, a mistake that took hours to reverse and was only caught by a third employee who detected a problem with the bank's account balances. The error was part of a trend of costly mistakes at the bank, including a 2020 incident where Citigroup mistakenly used its own funds to pay off a $894 million loan owned by Revlon. The bank has been conducting a massive reorganization since late 2023 and is investing heavily in data and technology investments.

MPs' Investigation Reveals Millions in Compensation for Banking IT Failures Δ1.72

Nine major UK banks and building societies accumulated at least 803 hours of tech problems in the past two years, figures published by MPs show. The Treasury Committee's investigation found that the outages affected millions of customers between January 2023 and February this year, with Barclays facing compensation payments of £12.5m. The committee's chair, Dame Meg Hillier, highlighted the impact on families living "pay check to pay check", who lost access to banking services on payday.

Jim Cramer on CrowdStrike Holdings, Inc. (CRWD): ‘I Think That Crowdstrike Is Up’ Δ1.72

Jim Cramer expressed optimism regarding CrowdStrike Holdings, Inc. during a recent segment on CNBC, where he also discussed the limitations he encountered while using ChatGPT for stock research. He highlighted the challenges of relying on AI for accurate financial data, citing specific instances where the tool provided incorrect information that required manual verification. Additionally, Cramer paid tribute to his late friend Gene Hackman, reflecting on their relationship and Hackman's enduring legacy in both film and personal mentorship.

How Major Bank Rolls Out Multi-Layered Security for Millions of Customers. Δ1.70

Commonwealth Bank is introducing a new layer of security to its internet banking, requiring millions of customers to approve each login attempt via the app. The bank claims this will make it harder for fraudsters to access customer accounts. However, critics argue that the added complexity may push some users away from mobile banking altogether.

The Rise of Trust in AI Among CFOs: A Path Forward for Finance Teams Δ1.70

CFOs must establish a solid foundation before embracing AI tools, as the technology's accuracy and reliability are crucial for informed decision-making. By prioritizing the integrity of input data, problem complexity, and transparency of decision making, finance leaders can foster trust in AI and reap its benefits. Ultimately, CFOs need to strike a balance between adopting new technologies and maintaining control over critical financial processes.

Zapier Data Breach Raises Concerns Over Customer Information Security. Δ1.70

Zapier, a popular automation tool, has suffered a cyberattack that resulted in the loss of sensitive customer information. The company's Head of Security sent a breach notification letter to affected customers, stating that an unnamed threat actor accessed some customer data "inadvertently copied to the repositories" for debugging purposes. Zapier assures that the incident was isolated and did not affect any databases, infrastructure, or production systems.

Detecting Deception in Digital Content Δ1.70

SurgeGraph has introduced its AI Detector tool to differentiate between human-written and AI-generated content, providing a clear breakdown of results at no cost. The AI Detector leverages advanced technologies like NLP, deep learning, neural networks, and large language models to assess linguistic patterns with reported accuracy rates of 95%. This innovation has significant implications for the content creation industry, where authenticity and quality are increasingly crucial.

Billionaires Watching $10 Billion Daily Windfall Vanish Δ1.70

The world's richest individuals, including Mark Zuckerberg and Larry Ellison, are experiencing a drastic decline in their net worth just one month after enjoying a staggering increase of $10 billion per day in January. DeepSeek's revolutionary AI model has wiped nearly $100 billion from the pockets of these billionaires, with estimated collective losses totaling $94 billion. The tech industry is reeling from the impact of DeepSeek's success, with CEOs like Jensen Huang and Michael Dell experiencing significant losses.

Misfiring Wall Street Wealth Machine Is Anxious Omen for Economy Δ1.70

Wall Street traders are facing their biggest cross-asset losses since 2023 due to a combination of factors including tariffs, softening growth, and a potentially revitalized Europe. The outsize role market gains have played in Americans' sense of prosperity in recent years is under scrutiny, as the "wealth effect" suggests that asset buoyancy can boost consumption but also lead to economic trouble when markets crash. As equity holdings make up 64% of US households' financial assets, a record high held by the biggest spenders, concerns are growing about the impact on consumer spending and the economy.

ECB Dodges Payment Disaster in 10 Hours of Tech Meltdown Δ1.70

The European Central Bank's recent payment crisis could have had catastrophic consequences if not resolved quickly. The root cause of the issue was identified after hours of work by technicians, who eventually fixed the problem to prevent widespread disruptions. Fortunately, the system's backup mechanisms kicked in just in time to avoid a major disaster.

The Finance Industry Risks Being Left Behind in the AI Race Δ1.70

Finance teams are falling behind in their adoption of AI, with only 27% of decision-makers confident about its role in finance and 19% of finance functions having no planned implementation. The slow pace of AI adoption is a danger, defined by an ever-widening chasm between those using AI tools and those who are not, leading to increased productivity, prioritized work, and unrivalled data insights.

Banking App Issues Cause Frustration Across UK Δ1.70

Technical issues have affected UK banking app users on payday for the second month running in 2025, causing frustration and potential financial consequences for thousands of customers. The Lloyds Bank and Halifax apps went down on Friday morning, while users also reported technical issues with other banks' apps. A spokesperson from Lloyds Banking Group has since confirmed that the issue has been resolved.

Microsoft's Copilot AI to Stop Helping Pirates Δ1.69

Microsoft's AI assistant Copilot will no longer provide guidance on how to activate pirated versions of Windows 11. The update aims to curb digital piracy by ensuring users are aware that it is both illegal and against Microsoft's user agreement. As a result, if asked about pirating software, Copilot now responds that it cannot assist with such actions.

The Rise of Digital Payments May Spell End for Physical Transactions Δ1.69

Mastercard's president for the Americas, Linda Kirkpatrick, predicts that one day every transaction will be digital, marking the potential retirement of physical transactions like credit card swipes. The rise of contactless payments has driven the financial sector to prioritize digital channels, which are now a target for cybercriminals and malicious actors. As Mastercard invests $10 billion in safety and security tools, it aims to create a seamless and secure environment for consumers.

Centrelink Warning Over Common Mistake That Could Impact Your Payments: 'We Don't’. Δ1.69

Centrelink recipients are urged to inform Services Australia of any changes in their personal circumstances to avoid potential overpayments and subsequent repayment issues. A common misconception persists that Services Australia can access individuals' financial information, leading many to neglect their responsibility to report changes. Timely updates regarding income, relationship status, and financial assets are essential to ensure accurate payment calculations and compliance with regulations.

Nasdaq Confirms Correction as Tariff Worries Weigh Δ1.69

The Nasdaq Composite has confirmed a correction since peaking last December, driven by concerns over global trade and the pricey valuations of Wall Street's AI-heavy specialist traders. Losses on the index have been fueled by worries about tariffs and interest rate hikes, which have led to a decline in investor sentiment. The 10.4% drop from its record high close on December 16 meets a widely used definition of a correction.

The Nasdaq Is in a Correction – Here Are 2 Stocks You Can Buy on Sale Right Now Δ1.69

The Nasdaq Composite has entered a correction phase, experiencing a drop of over 10% from its recent highs, which presents unique buying opportunities for long-term investors. Among the stocks highlighted, Advanced Micro Devices (AMD) and Alphabet (GOOGL) are particularly attractive due to their substantial revenue growth prospects despite recent declines in share prices. These companies, while facing market pressures, demonstrate strong fundamentals that could lead to significant recovery as the tech sector rebounds.

Partnering with AI Giants Could Revolutionize Banking and Insurance Δ1.69

Palantir Technologies Inc. (PLTR) has formed a strategic partnership with TWG Global to transform AI deployment across the financial sector, focusing on banking, investment management, insurance, and related services. The joint venture aims to consolidate fragmented approaches into a unified, enterprise-wide AI strategy, leveraging expertise from two decades of experience in defense, government, and commercial applications. By embedding AI into its operations, TWG Global has already seen significant benefits, including enhanced compliance, customer growth, and operational efficiency.

Accidentally Texting with Scammers? Google's AI Is Here to Stop the Chat Cold Δ1.69

Google has introduced AI-powered features designed to enhance scam detection for both text messages and phone calls on Android devices. The new capabilities aim to identify suspicious conversations in real-time, providing users with warnings about potential scams while maintaining their privacy. As cybercriminals increasingly utilize AI to target victims, Google's proactive measures represent a significant advancement in user protection against sophisticated scams.

Why Jpmorgan Might Be Hiding Its Trading Size Δ1.69

JPMorgan has been accused of evading capital requirements created to prevent another financial crisis—a claim the bank denies. The Federal Reserve has allowed U.S. banks, including JPMorgan, to flout some of the norms established by common standards to regulate financial institutions critical to the health of the global economy. If the Fed is looking the other way, experts say it could diminish the meaning of these rules and lead other countries to follow suit.

Bank of America Corporation (BAC) Crashed on Tuesday Δ1.68

Bank of America Corporation's share price dropped by 6.34 percent on Tuesday due to growing trade tensions between the US and its largest trading partners, weighing down investor sentiment. The company is set to release its next earnings results in April, with provisions for credit losses potentially increasing due to higher taxes in place. As investors park funds to mitigate risks, Bank of America's stock performance is being closely watched.

Bayer Told Analysts of Cash Call Plan a Day Before Official Statement Δ1.68

Bayer informed several brokerages of its intention to seek shareholder approval for a substantial share issue just one day prior to its formal announcement, which caused a notable decline in its stock price. The proposed increase of approximately 35% in shares outstanding is aimed at covering potential U.S. litigation costs, leading to a drop of up to 10% in share value following the news. Analysts expressed surprise at the market reaction, suggesting that the cash call could have been interpreted positively as a step towards resolving ongoing legal challenges.

Anthropic's Claude Code Tool Had a Bug that 'Bricked' Some Systems Δ1.68

Anthropic's coding tool, Claude Code, is off to a rocky start due to the presence of buggy auto-update commands that broke some systems. When installed at certain permissions levels, these commands allowed applications to modify restricted file directories and, in extreme cases, "brick" systems by changing their access permissions. Anthropic has since removed the problematic commands and provided users with a troubleshooting guide.