Security

Tech Q&A: How an online bank knows who you are

Q: Besides entering my user ID and password, my financial institution makes me verify my identity by entering a personal identification number (PIN) that is sent via text, email or phone call. Even after that, I'm always ...

Business

COVID-19 hastens fintech adoption while industry seeks guidance

Unique circumstances created by the COVID-19 pandemic forced more Americans to get comfortable with financial technology, while leaving the industry wondering whether regulators will devise a reliable legal framework to support ...

Security

Australian police make first arrest in Optus hack probe

A police investigation of a cyberattack on an Australian telecommunications company in which the personal data of more than one third of Australia's population was stolen has resulted in its first arrest, investigators said ...

US puts sanctions on N.Korea hacking groups behind major thefts

The US Treasury on Friday placed sanctions on three North Korea government-sponsored hacking operations which it said were behind the theft of possibly hundreds of millions of dollars and destructive cyber-attacks on infrastructure.

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Financial institution

In financial economics, a financial institution is an institution that provides financial services for its clients or members. Probably the most important financial service provided by financial institutions is acting as financial intermediaries. Most financial institutions are highly regulated by government bodies. Broadly speaking, there are three major types of financial institution:

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