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<ul class="summary-list"><li>The Boeing strike is growing increasingly ill-tempered as both sides have filed NLRB complaints.</li><li>Talks resumed on Monday but collapsed the following day.</li></ul><a target="_blank" class="" href="https://www.businessinsider.com/boeing-strike-costing-50m-per-day-as-negotiations-restart-2024-10">Boeing</a> filed a complaint on Thursday with the National Labor Relations Board against the union representing 33,000 of its workers.Seattle-area members of the International Association of Machinists and Aerospace Workers have been on strike for four weeks. They walked out in September after rejecting a new pay deal from Boeing.Negotiations between <a target="_blank" class="" href="https://www.businessinsider.com/boeing-strike-negotiations-union-leaders-break-down-after-two-days-2024-10">Boeing and the IAM</a> fell apart on Tuesday, having restarted the previous day. Both sides have since filed charges with the NLRB, each saying the other is bargaining in bad faith.Rising tensions are palpable, and a longer strike would continue to hurt Boeing.Bank of America analyst Ron Epstein estimated that the strike is costing Boeing $50 million a day. The planemaker is also at risk of having its <a target="_blank" href="https://www.businessinsider.com/boeing-credit-downgrade-sp-moodys-strike-production-cash-debt-2024-10">bonds downgraded to junk status</a> by credit rating agencies.Boeing has implemented cost-cutting measures like asking some staff to take a rolling furlough of one week every four weeks.The union is asking for a 40% pay rise and hopes to win back a defined benefit pension that was replaced with a 401(k) in 2014 negotiations.<a target="_blank" class="" href="https://www.businessinsider.com/boeing-strike-iam-factory-workers-planes-losses-revenue-billions-union-2024-9">Boeing's first offer</a> included a 25% pay rise but was overwhelmingly rejected by workers. Its second offer on September 23 was upped to 30%, plus increased 401(k) contributions, but the <a target="_blank" class="" href="https://www.businessinsider.com/boeing-union-criticizes-new-offers-blatant-show-of-disrespect-2024-9">union accused Boeing</a> of "a blatant show of disrespect."It said Boeing used direct-dealing tactics by sharing the offer with the media while union leaders were still reviewing the details and that the planemaker didn't engage in discussions about it.In a memo to employees last Friday, seen by Business Insider, <a target="_blank" class="" href="https://www.businessinsider.com/boeing-new-ceo-kelly-ortberg-2024-7">CEO Kelly Ortberg</a> said a resolution "stands as a priority for me" ahead of resuming discussions on Monday.However, Boeing withdrew its second offer and said the union was making unreasonable demands."Given that position, further negotiations do not make sense at this point," Stephanie Pope, CEO of Boeing Commercial Airplanes, told employees in an email Tuesday.Reinstating the pension plan remains a key issue for many on the picket line — but Boeing's chief negotiator, Mike Fitzsimmons, told <a target="_blank" class="" href="https://www.seattletimes.com/business/boeing-aerospace/boeing-raises-its-offer-to-the-machinists-to-try-to-end-the-strike">The Seattle Times</a> there is "no scenario" where this will happen.In a statement shared with BI, Boeing said it remains committed to reaching a compromise."The union's public narrative is misleading and making it difficult to find a solution for our employees," it added.IAM District 751 did not immediately respond to a request for comment from BI.Do you work at Boeing? Reach out to this reporter at <a target="_blank" href="mailto:psyme@businessinsider.com">psyme@businessinsider.com</a>

Tensions are rising in the Boeing strike after the planemaker filed a complaint against the union

<ul><li>If your <keyword id="6355272" type="General" weightage="20" keywordseo="bank" source="Orion">bank</keyword> does not resolve the <keyword id="42974" type="General" weightage="20" keywordseo="complaint" source="Orion">complaint</keyword> within a month, you can approach the <keyword id="30067" type="General" weightage="20" keywordseo="rbi" source="Orion">RBI</keyword> Ombudsman</li><li>You can file your complaint online through the RBI's CMS portal or send it via email or post to the Ombudsman office </li><li>Make sure to include all relevant details and documents supporting your complaint while raising it</li></ul>If you are a regular user of banking services in India, you are likely to have faced some hassle when doing banking transactions. These could be levying charges without notice, credit card-related issues, no cash disposal at an ATM even after the money is deducted and so on. You are not alone! Recently, the Reserve Bank of India (RBI) reported that the complaints to the Ombudsman have gone up by 68 per cent in 2022-23, with a total of 7,03,544 complaints. One-fifth of the complaints were concerning mobile and internet banking, while another-fifth were concerning loans and advances. The central bank’s “One Nation One Ombudsman” principle provides a single window for complaints against regulated entities, including banks, Non-Banking Financial Companies (NBFCs), Payment System Participants and Credit Information Companies. So, if you have any grievance, what can we do to get it resolved? First, register your complaint with the bank The first line of complaint is the bank branch. One may call up the customer care service for resolution of the complaint. If that does not address the problem, one needs to approach the respective bank branch. “Fill in your complaint at the complaint register of the bank. If not available, ask for it or fill it up online on the bank’s website,” says Hina Shah, director, of LUHEM, a financial planning firm. Next, complain to the nodal officer To address unresolved complaints with a bank, customers can contact the nodal officer of the bank, designated to handle escalated issues. Locate the nodal officer's details on the bank's official website, typically found under "Customer Grievance Redressal”. Prepare a detailed complaint, including relevant dates and transaction details. Draft a formal complaint letter or email, specifying your expectations for resolution. Include previous complaint reference numbers if available. Submit the complaint to the nodal officer through the provided contact details. Approach the ombudsman if not resolved in a month If the bank does not resolve the complaint within a month, approach the ombudsman. “If you are not satisfied with the resolution or if you don't receive a response within 30 days, you can approach the RBI Ombudsman. You can file your complaint online through the RBI's complaint management system (CMS) portal or send it via email or post to the Ombudsman office jurisdictional to your bank's location,” says Adhil Shetty, CEO of BankBazaar. Make sure to include all relevant details and documents supporting your complaint while raising it. As a general guideline, the <keyword id="339657" type="General" weightage="20" keywordseo="banking-ombudsman" source="Orion">Banking Ombudsman</keyword> aims to resolve complaints within a reasonable time frame. The ombudsman should address the complaint within one month. However, this may be extended to two months in certain cases, considering the complexity of the matter. It's important to note that the timeline can also be affected by the cooperation of the complainant and the bank involved in providing necessary information promptly. If there are delays or additional information is required, the resolution process may take longer.

Did you know the RBI Ombudsman received 68% more complaints in FY2023? Here’s how to file your grievance

<ul class="summary-list"><li><keyword id="20475039" type="General" weightage="20" keywordseo="Tyson-Foods" source="keywords" meta.keywordsubtype="org" meta.entityname="Tyson Foods" meta.hostid="261" meta.entityid="Tyson Foods">Tyson Foods</keyword>' former CFO <keyword id="23150648" type="General" weightage="20" keywordseo="John-Randal-Tyson" source="keywords">John Randal Tyson</keyword> will not return to his position after a DWI charge.</li><li>Tyson who is an heir to the founder, was suspended following a DWI charge in June.</li></ul>Tyson Foods' chief financial officer is out of his job — but not out of the company. John Randal Tyson, an heir of founder John W. Tyson, was suspended from the company after being arrested on charges of driving while intoxicated in June. That marked <a target="_blank" class="" href="https://www.businessinsider.com/tyson-foods-cfo-embarrassed-sorry-after-arrest-wrong-home-bed-2022-11">his second alcohol-related arrest since his CFO appointment in 2022</a>. On Thursday, <a href="https://www.businessinsider.com/child-labor-tyson-foods-perdue-farms-chicken-investigation-2023-9" target="_blank">the meat juggernaut</a> announced that its longtime staffer Curt Calaway, who was the interim CFO, would take over. Tyson will stay on as an employee but will be on <keyword id="23150653" type="General" weightage="20" keywordseo="health-related-leave" source="keywords">health-related leave</keyword>, the food company said in a release. Tyson was appointed to the role in 2022 at age 32, making <a target="_blank" class="" href="https://www.businessinsider.com/tyson-foods-cfo-embarrassed-sorry-after-arrest-wrong-home-bed-2022-11">him the youngest CFO of any Fortune 500 company</a> at the time. The <a target="_blank" class="" href="https://www.businessinsider.com/who-owns-tyson-foods-history-2023-5">fourth-generation Tyson family member </a>became CFO three years after he joined the company. He previously worked in <keyword id="19939232" type="General" weightage="20" keywordseo="investment-banking" source="keywords">investment banking</keyword> at <keyword id="19967624" type="General" weightage="20" keywordseo="JPMorgan" source="keywords" meta.keywordsubtype="org" meta.entityname="JPMorgan" meta.hostid="261" meta.entityid="JPMorgan">JPMorgan</keyword> and graduated from Harvard and Stanford. Tyson Foods did not immediately respond to Business Insider's request for comment sent outside regular business hours. The company, known for its Hillshire and Sara Lee brands, is worth $23 billion, and the Tysons are worth $3.1 billion, per Forbes. <h2>Two arrests in recent years</h2>During the first incident in 2022, Tyson was found intoxicated and asleep in a stranger's bed around 2am, <a target="_blank" class="" href="https://www.businessinsider.com/tyson-foods-cfo-embarrassed-sorry-after-arrest-wrong-home-bed-2022-11">Business Insider previously reported.</a> The home where Tyson was found belonged to a woman who said she thought Tyson came through her unlocked front door. He was released later that evening after being charged with public intoxication and criminal trespass. In June, Tyson was charged with driving while intoxicated and careless driving after he misjudged a turn and rode up onto a curb. The scion's run-ins with the law are not the company's only <a target="_blank" class="" href="https://www.businessinsider.com/child-labor-tyson-foods-perdue-farms-chicken-investigation-2023-9">controversy in recent months</a>. In September 2023, The New York Times Magazine <a target="_blank" href="https://www.nytimes.com/2023/09/18/magazine/child-labor-dangerous-jobs.html">published an investigation</a> that showed children as young as 14 were knowingly employed as overnight cleaning staff at plants run by companies including Tyson Foods. Some were gravely injured on jobs that federal law prohibits children from doing. Tyson Foods did not respond to a request for comment from BI at the time. The Department of Labor subsequently investigated child labor at Tyson and Perdue Farms as part of a broader probe. No charges have been filed. In November, <a target="_blank" class="" href="https://www.businessinsider.com/tyson-recalls-frozen-chicken-nuggets-customers-find-metal-pieces-2023-11">Tyson Foods recalled</a> almost 30,000 pounds of its frozen dinosaur-shaped chicken nuggets after complaints that the nuggets contained small metal pieces, the US Department of Agriculture's Food Safety and Inspection Service <a target="_blank" href="https://www.fsis.usda.gov/recalls-alerts/tyson-foods-inc--recalls-chicken-patty-product-due-possible-foreign-matter">said</a>. Correction: August 30, 2024 — An earlier version of this story misspelled the name of Tyson Foods' new CFO. It's Curt Calaway, not <keyword id="23150652" type="General" weightage="20" keywordseo="Curt-Callaway" source="keywords">Curt Callaway</keyword>.

Tyson's finance chief is out of the job. The Tyson heir got the gig at 32, making him the youngest Fortune 500 CFO.

In the ever-evolving landscape of <keyword id="6354241" type="General" weightage="20" keywordseo="financial-services" source="Orion">financial services</keyword>, technology has become the cornerstone of innovation, efficiency, and customer service. Indian financial services company, <keyword id="6377963" type="General" weightage="20" keywordseo="freecharge" source="Orion">Freecharge</keyword>, offers over 100 million users a whole range of services, from purchasing gold and investing in mutual funds to paying utility bills and recharging their phones - all from the comfort of their digital devices. And this fast-moving company leverages <keyword id="1815769" type="General" weightage="20" keywordseo="slack" source="Orion">Slack</keyword> as its AI-powered platform for work, ensuring its team stays aligned, engaged, and productive, as it seeks to continue its growth in a competitive market. Consumers now have more alternatives for managing and investing their money. Gone are the days of choosing one major bank and paying a slew of fees. It is now a buyer's market and the success of financial technology (or fintech) is determined by which institutions can best adapt their services to specific consumers. For most businesses, embracing the “tech” in fintech has become imperative, be it altering internal operations with new digital tools and processes or launching new products powered by machine learning to meet longer-term, bigger-picture goals. Fintech executives can now better serve their staff and customers by implementing company-wide digital changes and innovations. In a recent conversation with Sanjay Jain, Freecharge's Chief Technology and Product Officer- DBAT, we discovered how the company has transformed its operations by leveraging the many functionalities of Slack. The conversation covered a variety of topics, including faster product development, increased cooperation, better issue resolution, and a favourable impact on compliance and <keyword id="145060" type="General" weightage="20" keywordseo="data-security" source="Orion">data security</keyword>. <div type="image" title="13" msid="110069505" hostid="261" sizebytes="20066" caption="&amp;lt;p&amp;gt;Sanjay Jain&amp;lt;/p&amp;gt;"></div> <cmsannotation type="cmsannotation" annotationid="Accelerated product development" comment="subhead" text="Accelerated product development">Accelerated product development</cmsannotation> According to Sanjay, you need best-in-class technologies if you want your DevSecOps teams to ship code swiftly and resolve issues promptly. However, development teams now deal with more tools, data, and geographically dispersed colleagues than ever before; this means that time is spent more on establishing context for each issue when it should rather be spent adding value. To achieve the objective of creating a lean, mean development machine, you need to create an environment in which the relevant team members have access to the data and resources they require at precisely the right time. Before integrating Slack into their workflows, Freecharge faced challenges with a prolonged product release lifecycle, taking 6 to 7 months. "With Slack, this timeline drastically reduced, allowing us to launch 3 to 5 products every quarter, marking a significant leap in our go-to-market strategy," says Sanjay. <cmsannotation type="cmsannotation" annotationid="Efficient collaboration and compliance" comment="subhead" text="Efficient collaboration and compliance">Efficient collaboration and compliance</cmsannotation> A star quality that made the case for Freecharge adopting Slack is its cross-functional collaboration, especially when managing multiple products across multiple teams. “It was just seamless,” quipped Sanjay. When Freecharge switched to using Slack in 2020, it became easier for the company to align with members across different teams, due to its ease of integration and user experience. Prior to Slack, Sanjay mentioned that getting all the team members along on daily standups was a nightmare but Slack’s workflow feature sends auto reminders and notifications on specific channels and that led to a simpler process and more effective time management. The other major challenge that Freecharge faced was documentation. When simultaneous discussions take place between product and business teams, a lack of proper documentation can create hurdles. But with Slack channels providing conversation histories, discussion points, and shared documents, it drastically improved the experience. Additionally, Slack’s canvas feature enhances collaboration, allowing teams to create, organise and share essential information. Instead of being buried deep in a sea of disparate email threads, all the information for each topic is centrally located and easily accessible. Additionally, app integrations such as calendars and emails, made it easier for teammates at Freecharge to access what they needed within Slack instead of having multiple tabs open. Sanjay says "Slack emerged as a catalyst for seamless collaboration within Freecharge, streamlining internal workflows and processes." When asked about data sharing and privacy, Sanjay explained that: "The platform not only facilitated communication, but also contributed significantly to maintaining regulatory compliance and data security, crucial aspects in the highly regulated industry of fintech." <cmsannotation type="cmsannotation" annotationid="Issue resolution and customer satisfaction" comment="subhead" text="Issue resolution and customer satisfaction">Issue resolution and customer satisfaction</cmsannotation> Rapid response is essential for financial customer support at Freecharge. Customers want help right away, and money is an emotional commodity. Freecharge can elevate support tickets to the relevant channels using Slack; this technique is crucial for VIP support requests from significant clients. Through Slack, Freecharge’s customer support teams are also able to obtain information from the appropriate sources in no time. If a customer support person cannot find the answer in a knowledge base, they can quickly connect via Slack with the relevant professional. Previously, alerts from customer support were sent by email, and as a result notifications were easy to miss, and every problem was a complex maze of searching for the appropriate individuals and looping them into different email threads. Today, Freecharge has integrated everything together in Slack. “Slack's quick response capabilities played a crucial role during high traffic events like big billion days and festive seasons. By swiftly addressing customer complaints and resolving issues, Freecharge achieved a notable boost in customer satisfaction, positively impacting overall metrics,” adds Sanjay. One of the biggest differentiators for Slack is the platform it provides for developers to create a sound <keyword id="6354778" type="General" weightage="20" keywordseo="banking" source="Orion">banking</keyword> experience by digitally transforming critical operations through custom apps. Sanjay emphasises: “Slack's impact has extended beyond operational efficiency. It has catalysed a culture of innovation at Freecharge, allowing us to test and implement new concepts rapidly.” Freecharge uses Slack as its digital headquarters, enabling its workers to automate procedures and find quicker solutions to problems. Developers can boost SLA performance and speed up time to resolution by coordinating their tools and communication on Slack. An added bonus would be that new responders have instant access to the historical context of an issue without interrupting ongoing investigations. Increasingly in fintech, where customer demands drive innovation and collaboration among teams, the role of workplace tools becomes paramount. And at Freecharge, Sanjay is gung-ho on Slack’s integration, primarily due to the vast impact that it has brought about – in the pace of product development, issue resolution, and the scale of innovation. Since integrating Slack into their operations over the past few years, Freecharge can attest to the positive impact it has had on their business. It has helped them deliver and thrive in an increasingly competitive environment. Freecharge is now able to launch products every quarter and that has provided them a boost in go-to-market strategies. The improved speed in issue resolution has led to stronger metrics and, most importantly, the collaborative environment fostered by Slack has allowed teams across the board to stay aligned and work together to map a stronger blueprint. As Freecharge continues to pave an innovative way forward in modern banking, Slack provides a solid platform to build both a cutting-edge product and culture. Disclaimer: This article is generated and published by the Insider Studios team. You can get in touch with them on <a href="mailto:insiderstudios@businessinsider.in">insiderstudios@businessinsider.in</a>

Beyond banking: How Slack is reshaping financial services for the digital age

<ul class="summary-list"><li>The FDIC chairman, Martin Gruenberg, has said he'll resign following a report on poor workplace culture.</li><li>An investigation found that the FDIC's culture was misogynistic and that wrongdoers weren't punished.</li></ul>The chairman of a key US bank regulator has said he'll resign after an independent investigation found <a target="_blank" href="https://www.businessinsider.com/fdic-toxic-work-culture-independent-report-leadership-gruenberg-probe-2024-5">widespread sexual harassment and other issues</a> at the agency, and politicians from both major parties criticized his leadership.The independent report from earlier this month found the Federal Deposit Insurance Corporation had a "patriarchal," "misogynistic," and "insular" work culture. The report also probed the strong temper of the FDIC chairman, Martin Gruenberg.The 71-year-old Democratic chairman has spent nearly a decade in the role under multiple presidential administrations.In an email to staff on Monday cited by The Wall Street Journal, Gruenberg said he'd resign once a successor had been found. Staying in office would prevent the FDIC vice chairman, Travis Hill, a Republican, from becoming the agency's acting chairman."In light of recent events, I am prepared to step down from my responsibilities once a successor is confirmed," Gruenberg said in the email, according to the Journal. He added that he'd continue to fulfill his responsibilities in the meantime, "including the transformation of the FDIC's workplace culture."The White House said that President Joe Biden would soon nominate a new FDIC chairman and that it expected the Senate to move quickly to confirm the nominee.At a hearing earlier this month, House of Representative members questioned the FDIC's ability to do its job as a bank regulator and stop bank failures if Gruenberg was yelling at employees who brought him bad news."I accept the findings of the reports, and as chairman, I take full responsibility to anyone who has experienced sexual harassment, discrimination, or other misconduct at the FDIC," Gruenberg said at the hearing.Lawmakers from both major parties asked for him to step down during the hearing.The <a target="_blank" href="https://www.fdic.gov/sites/default/files/2024-05/cleary-report-to-fdic-src.pdf">234-page summary</a> of the monthslong investigation, led by the external law firm Cleary Gottlieb Steen &amp; Hamilton, highlighted long-standing and recent issues at the agency. The report said that the FDIC had dismissed myriad harassment complaints and that wrongdoers had been moved around internally or promoted.Investigators said they set up a hotline in mid-January and received more than 500 complaints — largely from current employees — about sexual harassment, discrimination, and other issues. The FDIC has about 6,000 employees.The report characterized the FDIC's culture as "a 'good ol' boys' club where favoritism is common, wagons are circled around managers, and senior executives with well-known reputations for pursuing romantic relations with subordinates enjoy long careers without any apparent consequence."

FDIC chairman Martin Gruenberg to resign following investigations into sexual harassment at the bank regulator

In mid-March, a scammer in California tried to buy $150 worth of <a target="_blank" href="https://www.businessinsider.com/trying-wingstop-first-time-review-photos-2022-9">Wingstop</a> using my debit card. Aside from being impressed at the sheer size of the order, I was relieved because Citibank, which issued my card, declined the transaction on the spot and alerted me to the fraud. In minutes I was able to shut off my card, heading off any more purchases by the scammers, and order a new card. All's well that ends well.When I went to Buenos Aires in April, I figured I might <a target="_blank" href="https://www.businessinsider.com/personal-finance/why-was-my-credit-card-declined">run into a similar situation</a>. Sure, the banks say you don't have to call ahead when you travel anymore, but I assumed I'd still have some purchase flagged as potential fraud, as had happened in past trips abroad. Miraculously, everything went off without a hitch. I don't know how JPMorgan Chase knew that I would spend $200 on Botox in Argentina, but it did. (No, I didn't book my flight on the same card, and whatever, <a target="_blank" href="https://www.businessinsider.com/botox-injections-fillers-plastic-surgery-gen-z-social-media-filters-2024-5">everybody gets Botox now</a>.)It's great that banks and credit-card companies are getting better at discerning which payments are fraudulent and which are legit. Many people have some horror story about having their credit card stolen or having their own legitimate transactions flagged as suspicious. And it's nice not to have to spend 20 minutes on the phone before a vacation explaining where you're going and when. Credit-card fraud protection is still far from perfect, but there's no denying that the technology is improving. On the flip side, it's also kind of wild to consider just how much financial institutions must know about you to make the right calls.I was curious about how it all works — and, frankly, a little creeped out. So I reached out to some credit-card companies and academics to learn more. Why don't people have to alert their credit-card companies about travel anymore? And, more broadly, just how have banks gotten so good at figuring out what's normal about our spending habits and what isn't?The Federal Trade Commission receives thousands of card-fraud complaints each year. The Nilson Report, which tracks the card industry, says payment-card fraud resulted in $33 billion in losses worldwide in 2022 and $13.6 billion in losses in the US. As such, credit-card issuers and banks are keen to do what they can to spot fraud. They want to keep their customers happy, and, more importantly, they want to stem their losses. In the US, the major credit-card issuers and banks <a target="_blank" href="https://www.businessinsider.com/personal-finance/credit-card-lost-stolen-what-to-do">generally have a zero-liability policy</a>, which means that when a customer gets scammed, the organization, not the customer, has to eat the cost.Years ago, whether a transaction went through was based on things like whether a physical card was present, whether you had enough money to make the purchase, and (if the cashier wanted to look) whether your signature on the receipt matched the one on the back of your card. In some cases, the cashier may have even asked for ID or called the bank to verify the funds. We've come a long way from those bad old days by using the same tools that power most innovations: data and computers. Credit-card companies and banks know a lot about us — where we shop, when we spend, and how much we're usually willing to pay for things — and they're getting better and better at turning that knowledge into action. While it's <a target="_blank" href="https://www.businessinsider.com/generative-ai-exaggeration-openai-nvidia-microsoft-chatgpt-jobs-investors-markets-2024-3">all the rage to talk about newfangled forms of artificial intelligence</a>, fraud detection owes a lot to machine learning, a field within AI that's been around for years. A bunch of data gets dumped into computer systems, and algorithms figure out patterns and relationships. The algorithms create decision trees to predict the likelihood of different outcomes and identify what may be considered normal or fishy. It's not that your credit-card company knows that you, specifically, would blow a bunch of cash on A and not on B — it knows that customers with your profile are in the "likes A" camp and not the "likes B" one."It's looking at what's happening that is very much out of the ordinary for your general behaviors," said Tina Eide, an executive vice president of global fraud risk at American Express. "And when I talk about general behaviors, it is generalized, right? It is not down to the specific purchase or to the specific merchant." Eide added, "The models are evaluating a trillion dollars' worth of transactions a year."The machines know more now than ever. Mike Lemberger, Visa's regional risk officer for North America, said that over the past five years the number of data points people generate with their credit cards has grown tremendously. People are increasingly using cards over cash. And they don't just have a physical card they're pulling out at the store — they've got their card credentials in their Amazon account, Netflix account, iPhone, etc. The more purchases the card issuer can analyze, the more accurate the fraud detection will be."Visa, we don't have consumer information — that's your financial institution that has that — but what we have is this triangulation of all these data points," Lemberger said. "We can create more and better scores, layer on top of that machine learning and AI abilities, and it becomes a much, much more powerful predictor, which we then feed into all of our partners to say, 'Hey guys, if you want to make the best decisions, here's a whole bunch of really good information.'"Visa isn't going to block your card directly, but it'll alert your bank that your purchase looks suspicious or that fraud has been detected at the merchant you're dealing with.This all seemed pretty simple until I talked to Yann-Aël Le Borgne and Gianluca Bontempi, a pair of researchers at the Université Libre de Bruxelles in Belgium who <a target="_blank" href="https://fraud-detection-handbook.github.io/fraud-detection-handbook/Foreword.html#authors">work on machine learning and card fraud</a>. They emphasized the vast scale of this fraud-detection technology. Companies and their algorithms are ingesting millions of transactions and creating so many decision trees to categorize certain activities that it can defy human logic, they said. Basically, the computer may be right that your transaction looks funky even if it's made in your home city at a fairly innocuous vendor, or it may be right that the transaction is fine even though it's made in a faraway place — but when humans try to figure out what did or didn't sound the alarm, nobody will really be able to pinpoint why."Machines can consider many more features, and at the end of the day it's not clear if all those features have meaning for humans," Bontempi said. "Humans are used to working with two, three features, at most five features, while machines can work with hundreds of features. So there are really different levels between what a machine can do."There are human-written rules, which are generally interpretable, and there are machine-written rules, which can be a black box. They're more accurate, but they may be harder, if not impossible, for people to reverse engineer. And banks may be using several different algorithms, making this even more complicated. Data scientists are the ultimate decision-makers, but the information they're dealing with is based on highly complex tech. When I explained to experts my somewhat embarrassing wings-versus-wrinkles conundrum and asked what may have triggered one alert and not the other, they offered up different explanations. Eide, from American Express, said that even though I hadn't booked my trip to Argentina with the credit card I used to buy the Botox, something else had probably tipped off the system that I was there. I realized I'd also bought a package of spin classes in Buenos Aires on my phone with the same card. I had also paid for a meal in the city. Lemberger, from Visa, emphasized that it's about all the data and spending patterns and said that given my spending patterns, the Botox likely matched my profile more than the massive delivery order."I hate to say this to you, but at the end of the day, all these data points build personas. Just like in marketing somebody would use personas to market to you, we're using that same technology to protect you," he said. "And the fact is that we use those data points to not just secure you but the whole ecosystem."At some point it occurred to me that the supercomputers that credit-card companies and banks are working with could know more about me than I even know or understand about myself."It's probable that the exact reason why a transaction caused your card to be blocked has no straightforward interpretation," Le Borgne said.I also asked whether there was a big difference in credit-card protections and debit protections and was told not really — maybe banks will be a little more restrictive about credit because they're technically lending you money that's not limited by your actual cash balance. I also asked if companies don't worry about preclearing travel because they don't care as much about losing money to fraud anymore, to which the answer was a hard no."At the end of the day, somebody's got to pay for the fraudulent activity," Lemberger said. Credit-card companies will give you your money back if you're a victim of fraud, but they'll find another place to recoup that money, <a target="_blank" href="https://www.businessinsider.com/credit-card-late-fees-cap-swipe-mastercard-visa-jpmorgan-rewards-2024-4">just as they always do</a>.Instinctually, I am not a technology-is-awesome person — if the AI really is going to kill us, I feel like we should unplug it. I'm not super freaked out about the privacy stuff, but I also don't love the idea that AmEx and JPMorgan and Citi have me so pegged. But it's cool that companies really are making fraud detection better, especially in a world where fraudsters themselves are constantly getting better. I don't want to be like "Yay, banks!" but maybe here the answer really is a little "Yay, banks!" At least that's the case until the next major data-privacy breach, at which point I will regret everything.<a target="_blank" href="https://www.businessinsider.com/author/emily-stewart">Emily Stewart</a> is a senior correspondent at Business Insider, writing about business and the economy.

Banks have finally fixed the single most annoying thing about credit cards

<ul class="summary-list"><li>A man is accused of robbing a bank after handing a note to a teller, who gave him more than $2,000.</li><li>He was acquitted by a jury a few days earlier in a strikingly similar case.</li></ul>A man recently declared innocent of bank robbery robbed a different bank within days of the verdict, according to federal prosecutors.Mohamed Worku, 31, is accused of bank robbery and theft after silently handing a demand note to a teller at an Illinois Citibank on January 22, court documents show.Less than a week earlier, Worku was found not guilty in a strikingly similar case dating back to December 2021.The federal complaint from that time said that Worku showed up at an Illinois branch of Fifth Third Bank and approached the counter with a note saying something to the effect of "give me the money," prompting an employee to hand over $595.Worku's defense argued that his request was not intimidating enough to qualify as robbery, whose legal definition includes the use or threat of force, <a target="_blank" href="https://www.chicagotribune.com./news/criminal-justice/ct-second-bank-robbery-chicago-federal-20240123-2dhgvppkbfhx5cbfqsmzghnksi-story.html">the Chicago Tribune reported</a>.There was "no implicit or explicit threats of any kind," Worku's attorney, Mary Judge, said, according to the paper.A federal jury found him not guilty.Prosecutors have now said that on Monday, three days after his acquittal, Worku handed a Citibank teller a note that read: "Please give me the money. I'll pay it back soon. Banker's gife to me in advance."<div type="image" title="A penciled note on white paper allegedly written by Mohamed Worku and shown to an Illinois Citi Bank employee on January 22, 2024 saying: &quot;please give me the money. I'll pay it back soon. Banker's gie to me in advance.&quot;" height="1203" width="1000" msid="107154355" hostid="261"></div>The filing said that the teller "concerned about the possible escalation of the situation" handed him just over $2,000.Worku then left the building and was caught by police roughly 45 minutes later, it said.Federal officers, in an apparent attempt to prevent a replay of Worku's previous argument, have not only charged Worku with robbery but also theft, which does not need to involve intimidation.

A man robbed a bank days after being found not guilty of robbing a different bank, prosecutors say

<keyword id="6354335" type="General" weightage="50" keywordseo="reserve-bank-of-india" source="Orion">Reserve Bank of India</keyword>'s ombudsmen should ensure that consumer complaints are resolved quickly and in a fair manner, <keyword id="30067" type="General" weightage="80" keywordseo="rbi" source="Orion">RBI</keyword> Governor <keyword id="6359111" type="General" weightage="80" keywordseo="shaktikanta-das" source="Orion">Shaktikanta Das</keyword> said on Friday. Addressing the Annual Conference of <keyword id="8494679" type="General" weightage="80" keywordseo="rbi-ombudsmen" source="Orion">RBI Ombudsmen</keyword> in Jodhpur, he said that the RBI ombudsmen and regulated entities (REs) must identify the root causes of persisting customer complaints and take necessary systemic measures to correct them. The central bank governor said he was concerned about rising customer grievances, despite the RBI's efforts to resolve them. Some specific areas which have reported most complaints, include mis-selling, disproportionate service charges, and very high penal rates. Das also raised the matter of intimidating tactics used by representatives of financial institutions, citing media reports. He also expressed concern over various methods of payment frauds being used by undesirable entities like phishing, vishing, fake links and websites, and remote-access apps. "What is of concern is that still a large number of complaints pertain to traditional banking," Das said. "This calls for serious review of the working of the customer service and grievance redress mechanism in the regulated entities," he added. The root cause of the persistence of such grievances should be analysed and corrective measures taken, Das emphasised. At the same time though, he added that the ombudsman offices should be sensitive and judicious in their approach. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/apple-surges-to-add-178-billion-in-market-value-as-4th-quarter-earnings-help-drive-a-turnaround-in-the-stock-market/articleshow/95153518.cms">Apple surges to add $178 billion in market value as 4th-quarter earnings help drive a turnaround in the stock market</a> <a href="https://www.businessinsider.in/stock-market/news/the-fed-will-hike-rates-too-far-and-tip-the-global-economy-into-a-recession-survey-of-economists-says/articleshow/95151308.cms">The Fed will hike rates too far and tip the global economy into a recession, survey of economists says</a> <a href="https://www.businessinsider.in/thelife/news/see-inside-an-almost-1-million-prefab-tiny-home-village-near-seattle-trying-to-solve-the-ongoing-homelessness-crisis/slidelist/95153993.cms">See inside an almost $1 million prefab tiny home village near Seattle trying to solve the ongoing homelessness crisis</a>

Consumer complaints need to be resolved quickly, says RBI Governor

New Delhi [India], March 6 (<keyword id="19904948" type="General" weightage="20" keywordseo="ani" source="keywords">ANI</keyword>): The Enforcement Directorate (ED) has filed a prosecution complaint against 299 accused persons and entities (including 76 Chinese-controlled entities) and two other entities controlled by other foreign nationals in an ongoing money laundering case, the agency said on Wednesday. The case is linked to the duping of gullible investors who were promised astronomical returns on investing money (claimed to be used for mining bitcoins and other crypto Currencies) for which an app-based token by the name of "<keyword id="19984854" type="General" weightage="20" keywordseo="hpz-token" source="keywords">HPZ Token</keyword>" was used. The prosecution complaint filed before a Special Prevention of Money Laundering Act (PMLA) court in Nagaland's Dimapur named 299 accused persons and 78 entities. Out of the total entities named in the prosecution complaint, 76 are Chinese-controlled entities (in which 10 directors are of Chinese origin) and two other entities are controlled by other foreign nationals. The court took cognizance of the offence of money laundering in the prosecution complaint on Tuesday after finding that a prima-facie case has been made under PMLA, 2002, against the said 299 accused persons. ED initiated an investigation based on an FIR registered by Cyber Crime Police Station, <keyword id="20214444" type="General" weightage="20" keywordseo="kohima" source="keywords">Kohima</keyword> (Nagaland) under various sections of the Indian Penal Code, 1860 and the <keyword id="20003647" type="General" weightage="20" keywordseo="information-technology-act" source="keywords">Information Technology Act</keyword>, concerning the duping of gullible investors who were promised astronomical returns on investing money [claimed to be used for mining of bitcoins and other cryptocurrencies], for which an app-based token by the name of "HPZ Token" was used. The ED investigation revealed that various bank accounts and merchant IDs were opened by various shell entities having dummy directors and proprietors only for the rotation and layering of proceeds of crime representing funds fraudulently received for illegal online gaming betting and investment in <keyword id="19899404" type="General" weightage="20" keywordseo="bitcoin" source="keywords">Bitcoin</keyword> mining. For an investment of Rs 57,000, returns of Rs 4,000 per day for three months were promised but money was paid only once and thereafter, fresh funds were sought. Earlier, ED conducted search operations at 44 locations throughout the country and an amount of Rs 176.67 crore, maintained by shell entities in various banks and virtual accounts, was frozen. Further movable and immovable properties to the extent of Rs 278.70 crore held in the name of dummy entities were attached. Total seizure and attachment stand at Rs 455.37 crore in the case so far. (ANI)

ED files prosecution complaint against 299 accused, 76 Chinese-controlled entities in a money laundering case

New Delhi, The corporate affairs ministry is probing various Chinese companies, especially those with links to loan apps, for alleged violations and some of the investigations are at an advanced stage, according to a senior official. In recent times, Indian authorities have been cracking down on entities that are operating loan apps illegally and the ministry has also been acting against companies and related individuals for hiding beneficial ownership. The senior official told PTI that enquiries by the ministry are going on against various Chinese companies, especially those linked to loan apps, and some of the enquiries are at an advanced stage. The ministry, which is implementing the companies law, is mainly looking at whether frauds have been committed at these companies and some of the cases are being probed by the <keyword id="20001098" type="General" weightage="20" keywordseo="serious-fraud-investigation-office" source="keywords">Serious Fraud Investigation Office</keyword> (SFIO), the official said. Further, the official said that the ministry receives complaints from the <keyword id="19899810" type="General" weightage="20" keywordseo="reserve-bank-of-india" source="keywords">Reserve Bank of India</keyword> (<keyword id="19899808" type="General" weightage="20" keywordseo="rbi" source="keywords">RBI</keyword>) and the Ministry of Electronics and Information Technology (MeitY), among other entities, following which enquiries are initiated against the companies concerned. While it is difficult sometimes to track the funding sources for some companies, the official said efforts are made to ascertain the beneficial ownership. In January, the Registrar of Companies (RoC), <keyword id="20064135" type="General" weightage="20" keywordseo="nct" source="keywords">NCT</keyword> (National Capital Territory) of Delhi, and Haryana slapped penalties totalling more than Rs 21 lakh on an Indian company and its related individuals as well as entities. The move was part of cracking the whip for hiding the beneficial ownership links to a Chinese group. On February 6, the finance ministry informed <keyword id="19895397" type="General" weightage="20" keywordseo="parliament" source="keywords">Parliament</keyword> that Google has suspended or removed more than 2,200 fraudulent loan apps from its Play Store between September 2022 and August 2023. The government is constantly engaged with the RBI and other regulators and stakeholders concerned to control fraudulent loan apps. RBI has issued regulatory guidelines on digital lending, which aim at firming up the regulatory framework for digital lending while enhancing customer protection and making the digital lending ecosystem safe and sound.

Corp affairs ministry probing Chinese cos linked to loan apps; investigations at advanced stages

<ul class="summary-list"><li>Bloomberg reported new details about sexual harassment in Citigroup's equities division.</li><li>A former managing director filed a lawsuit last year, saying the toxic culture persisted until 2022.</li></ul>One unit at <a target="_blank" href="https://www.businessinsider.com/citi-new-executive-hires-viswas-raghavan-2024-2">Citigroup</a> has built a less-than-stellar reputation over the years.The bank's equities division, which helps hedge funds execute trades, has been plagued by a culture of "persistent harassment and discrimination," <a target="_blank" href="https://archive.ph/4750l#selection-1645.145-1645.185">Bloomberg reported</a> after interviewing 22 people who "worked in or closely with the equities division."The report recounts numerous examples of a toxic boys'-club environment where women were rated by their appearances, objectified, and subjected to lewd discussions and unwanted advances. Some kept quiet out of fear of retaliation. Others who spoke up about their experiences said they were dismissed by a corporate culture that valued a small "in crowd" and ignored others.Business Insider reached out to Citigroup for comment. Representatives for the bank said it had no further comment, but Mark Costiglio, a spokesperson for Citigroup, told Bloomberg that its "efforts to foster an inclusive and equitable workplace culture never stop, and ensuring that our standards are well understood and complied with by everyone at Citi is a continuous, proactive process.""We provide colleagues with a number of avenues to raise concerns in confidence, and when substantiated we will take appropriate action, up to and including termination of employment. While we will not comment on individual internal matters, simply put, where warranted, we exit employees who fail to meet our high standards of respectful treatment," he added.Bloomberg's investigation follows a <a target="_blank" href="https://assets.bwbx.io/documents/users/iqjWHBFdfxIU/rtnKs6zGCtQA/v0">lawsuit</a> that Ardith Lindsey, a former managing director at Citigroup, filed last year. She said in the lawsuit that she "faced horrifying sexual harassment, gender discrimination, and sexual assault during her tenure at the firm" that has "derailed her career — and her life."Among her complaints, Lindsey said she was coerced into a relationship with a senior male colleague who made "grotesque and violent sexual comments" about her and hounded her with "hundreds of text messages and incessant phone calls" after she ended the relationship. She also said she was repeatedly subjected to "extreme" sexual harassment and a hostile work environment, as well as pressured to attend strip clubs where "male managers used women solely for entertainment."One derivatives trader told Bloomberg about an incident during a client dinner where a colleague "reached under the table and put his hand on her leg." Another colleague asked the trader why she didn't wear "sexier shoes." When the trader approached her higher-ups about the incident, a female executive told her to shrug it off. Six other people who reportedly complained about their experiences to senior colleagues felt similarly let down by their colleagues' responses.Meanwhile, the division, which is relatively small within Citigroup, has also underperformed, Bloomberg reported. The unit's trading revenue trails behind the other <a target="_blank" href="https://www.businessinsider.com/wall-streets-hiring-plans-from-jpmorgan-goldman-blackrock-citi-more">big banks on Wall Street</a>.Despite the sordid history within its equities division, Citigroup has made strides to create a more tolerant environment compared to others in its industry, Bloomberg reported. The firm has also been more accepting of flexible-work arrangements, which have <a target="_blank" href="https://www.businessinsider.com/hybrid-work-bringing-women-back-to-the-labor-force-jobs-2024-3">boosted the number of women in the workforce</a>, than other financial firms, Fortune <a target="_blank" href="https://fortune.com/2023/06/22/citi-workers-flouting-return-to-office-mandate-to-face-consequences/">reported</a>. The bank also appointed <a target="_blank" href="https://www.businessinsider.com/meet-jane-fraser-the-first-woman-ceo-of-citigroup-2020-9">Jane Fraser as its CEO in 2021</a> — the first female CEO of a major bank in the United States.

The Citigroup division beset by sexual-harassment claims was also the worst performer among big banks

<ul><li>A man from Pune has reportedly lost ₹2.1 crore to a <keyword id="20049228" type="General" weightage="100" keywordseo="fake-investment-scam" source="Orion">fake investment scam</keyword>.</li><li>The victim reportedly joined an investment group after noticing an advertisement on a social media platform.</li><li>The invested amount includes a loan of ₹70 lakh and proceeds from sale of property.</li></ul> In yet another online scam, a Pune man reportedly lost a huge amount in a new <keyword id="4505806" type="General" weightage="20" keywordseo="fake-investment" source="Orion">fake investment</keyword> scam. A 45-year-old clinical researcher has reportedly lost ₹2.1 crore over the span of a month. According to a<a href="https://indianexpress.com/article/cities/pune/pune-researcher-loses-rs-2-1-crore-to-cyber-fraud-9090110/"> report</a> by The Indian Express, the victim fell prey to a fake <keyword id="903234" type="General" weightage="20" keywordseo="investment-scam" source="Orion">investment scam</keyword>, where the scammers used the name of a well-known US-based venture capital fund to deceive the victim. The victim has registered a complaint with the Wakad police station in Pimpri-Chinchwad, Pune. <cmsannotation type="cmsannotation" annotationid="What is the fake investment scam?" comment="subhead" text="What is the fake investment scam?">What is the fake investment scam?</cmsannotation> The victim started investing in the stock market in 2023 as he was working from home. In November 2023, the victim came across an advertisement on a social media platform. In this advertisement, a share market investment platform was advertised and the name of a well-known venture capital firm based out of the US was mentioned alongside. The platform offered online tutorials for share market investment and promised to help the victim build a good investment portfolio. When he clicked the ad, the victim was redirected to a WhatsApp group, which he joined. The admins of the group then shared online tutorials and guides for investment. The members were also encouraged to join the company’s platform for investment. The victim was then directed to download an application on their phone and then asked to make large investments on the application. Over the next few weeks, the victim reportedly transferred ₹2.15 crore to the platform to make investments. This includes money received from sale of property and loans worth ₹70 lakh taken for investments. The victim was then reportedly asked to invest an additional ₹4.33 crore in an initial public offering (IPO) of an oil company. When the victim was unable to do so, he was informed that his initial investment had been frozen. The victim then tried to call the numbers that he had communicated with on WhatsApp, but was unable to do so. Upon further investigation, he found that the platform had no connection to the venture capital fund. Upon realising this, the victim approached the police, who found the fraudsters had created fake social media profiles to scam the victim. Initial investigation has revealed that the fraudulent accounts are located in Delhi, Mumbai, Noida, Rajasthan and Telangana. <cmsannotation type="cmsannotation" annotationid="How to protect yourself from such scams" comment="subhead" text="How to protect yourself from such scams">How to protect yourself from such scams</cmsannotation> Here are some ways you can protect yourself from such scams – <ul><li>Do not click on investment advertisements you see on social media or other websites. If possible, report them to the platform.</li><li>Do not join groups on social media platforms if you do not know the person or the organisation running it.</li><li>Avoid dealing with unknown platforms offering high return on investments.</li><li>Use well-known and reliable platforms to invest in the stock market.</li><li>Do not invest in unknown platforms without proper verification.</li></ul> SEE ALSO: <a href="https://www.businessinsider.in/finance/news/upi-in-2024-five-rule-changes-that-you-need-to-know/articleshow/106508333.cms">UPI in 2024 – Five rule changes that you need to know</a> <a href="https://www.businessinsider.in/tech/mobile/news/samsung-galaxy-s24-pre-reservation-starts-how-to-pre-book-benefits-and-more/articleshow/106505615.cms">Samsung Galaxy S24 pre-reservation starts – How to pre-book, benefits and more</a> <a href="https://www.businessinsider.in/tech/mobile/webstories/new-upcoming-smartphones-in-india-in-2024-apple-samsung-google-mobiles-in-the-list/slidelist/106489936.cms">Apple to Samsung and many more – smartphones set for launch in 2024</a>

You Searched For "banks complaint" and got 12 results

Tensions are rising in the Boeing strike after the planemaker filed a complaint against the union

Pete Syme

Did you know the RBI Ombudsman received 68% more complaints in FY2023? Here’s how to file your grievance

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Tyson's finance chief is out of the job. The Tyson heir got the gig at 32, making him the youngest Fortune 500 CFO.

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Beyond banking: How Slack is reshaping financial services for the digital age

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FDIC chairman Martin Gruenberg to resign following investigations into sexual harassment at the bank regulator

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Banks have finally fixed the single most annoying thing about credit cards

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A man robbed a bank days after being found not guilty of robbing a different bank, prosecutors say

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Consumer complaints need to be resolved quickly, says RBI Governor

IANS

ED files prosecution complaint against 299 accused, 76 Chinese-controlled entities in a money laundering case

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Corp affairs ministry probing Chinese cos linked to loan apps; investigations at advanced stages

PTI

The Citigroup division beset by sexual-harassment claims was also the worst performer among big banks

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Pune man loses ₹2 crore to fake investment scam – what it is and how to protect yourself

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