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Bank Of America's Financial Planning App Draws $55 Billion Over Two-plus Years

By Lananh Nguyen and Nupur Anand

CONSTELLATION BRANDS, INC.

NEW YORK, March 29 (Reuters) - Bank of America Corp's digital personal finance tool, Life Plan, has attracted more than $55 billion in new money since its launch in late 2020, as customers use technology to set financial goals.

Life Plan, which has more than 10 million users, enables customers to set goals such as saving for a vacation or college or to build a retirement fund. The tool has gained popularity as consumers increasingly use apps for managing payments, budgeting and shopping.

BofA's app allows customers to move money around their bank and brokerage accounts, as well as pull in funds from other institutions, David Tyrie, chief digital officer at Bank of America, told Reuters.

"This is a very human experience that's designed to say what's important to you, and we're going to help you learn about it," he added.

While millennials and Gen-Z account for 63% of the app's users, Gen X and baby boomers make up 38%.

Over time, artificial intelligence has helped to make the tool easier for customers to use, helping it to gain traction, said Nikki Katz, head of digital at BofA, at the Consumer Bankers Association conference on Monday in Las Vegas.

Usage of the lender's AI-driven virtual assistant, Erica, has also surged, with more than 33.5 million clients interaction in 2022, the lender said.

(Reporting by Lananh Nguyen and Nupur Anand in New York; Editing by Josie Kao)

A Month After Payment App Said Banking Licence Was Imminent... Regulator Cautioned Over Revolut

Regulators are being urged to look very closely before granting Revolut a banking licence – a month after it said an announcement was imminent.

The fintech firm indicated at the start of March that a long-awaited licence was on the verge of being granted by watchdogs.

But concerns have since mounted over its long-delayed 2021 accounts while a crisis in the banking sector has raised wider industry problems.

Angela Eagle, the Labour MP and member of the Treasury select committee, said: 'I would be gobsmacked if they got a banking licence if they didn't pass a lot of stringent tests.

'Those questions need to be answered before they get a banking licence.

Setback: Revolut's Vlad Yatsenko and Nikolay Storonsky

'Getting a banking licence isn't easily done and you can't swindle the tests. There is a worrying backdrop to all of this which I think means the regulators will be super careful. I would expect the highest kind of work to be done.'

Last night, 30 days after stating that the granting of a UK banking licence would be imminent, a Revolut spokesman said: 'We don't comment on ongoing regulatory applications.' Gary Greenwood, banking analyst at Shore Capital, said: 'I would be amazed if the regulator would give them a banking licence in their current situation.

'They do seem to be a little accident prone at the moment.'

A month ago Revolut – worth £28billion according to its most recent valuation – reported its first ever profit, of £26m, for 2021, as turnover tripled to £636m during the cryptocurrency boom.

It believed a UK banking licence would be granted 'imminently' by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA). Those results were released after months of delays, missing a December 31 deadline.

They would soon unravel as auditor BDO said £477m of revenues – around three quarters of its turnover – could not be verified and may have been misstated. Revolut later hit out against what it described as 'misreporting' of the auditor's opinion but that may have backfired, with the Financial Times reporting that some independent board members viewed the statement as an 'overreaction'.

Meanwhile, a crisis in the banking sector that has claimed the scalps of a series of US lenders and 167-year-old Credit Suisse has intensified scrutiny across the financial sector and piled pressure on regulators to be on top of potential risks.

Regulators will not comment on the progress of Revolut's application. But they are certain to have pored over the 2021 results and noted BDO's reservations.

Earlier this week, an all-party parliamentary group made a strongly worded intervention over Revolut's application.

Heather Buchanan, executive policy director for the APPG on Fair Business Banking, said: 'I'd be utterly gobsmacked if Revolut is welcomed into the licensed banking sector.

'We could be letting in a wolf in sheep's clothing, and I don't think that would end well at all for the sheep.'

Hundreds Of Banking Apps At Risk From The New Nexus Android Trojan

Cybercriminals are at it once again. An alarming newly released report from the Italian cybersecurity firm Cleafy revealed a new Nexus Android banking trojan capable of targeting a staggering 450 different banking and financial apps.

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This new threat serves as a reminder of the constant need for vigilance and proactive measures by you to protect against these malicious cyber-attacks.

What does the new Nexus do?

The Nexus trojan is designed to operate stealthily, with the ability to hide from detection and evade security measures. Once installed on your device, the trojan can intercept and steal sensitive data such as login credentials, credit card details, and other financial information. It can also intercept both two-factor authentication codes sent via text and even codes from the Google Authenticator app.

The Nexus trojan is designed to operate stealthily, with the ability to hide from detection and evade security measures. (Kurt Knutsson)

The banking trojan is also able to erase text messages received on an infected device, stop its 2-factor authentication stealer module, and periodically update itself by pinging a cybercriminal-controlled command-and-control server.

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How is the Nexus Android banking trojan spread?

The threat intelligence firm Cyble revealed in a blog post that the malware is being distributed through phishing pages disguised as legitimate websites called YouTube Vanced. More and more hackers are gaining access to this malware by using a malware-as-a-service model, which is basically when hackers pay each other for access to more malware.

More and more hackers are gaining access to this malware by using a malware-as-a-service model, which is basically when hackers pay each other for access to more malware. (Kurt Knutsson)

Once Nexus gets access to those bank accounts, it can drain and steal from the bank accounts of victims by performing overlay attacks, which is when a fake version of an app is put on top of a legitimate banking app. So when victims try to log in to their banking accounts on an app, the overlay can capture their username and password. Nexus can also use a keylogger to steal any passwords a user may type in or autofill on their phone.

How can I stay safe from this malware? Have good antivirus software on all your devices

Antivirus software will protect you from accidentally clicking malicious links and will remove any malware from your devices. See my expert review of the best antivirus protection for your Windows, Mac, Android & iOS devices by searching 'Best Antivirus' at CyberGuy.Com by clicking the magnifying glass icon at the top of my website.

FREE ANTIVIRUS: SHOULD YOU USE IT?

See my expert review of the best antivirus protection for your Windows, Mac, Android & iOS devices by searching 'Best Antivirus' at CyberGuy.Com by clicking the magnifying glass icon at the top of my website. (Kurt Knutsson)

Be careful where you download apps

You should also remember never to download a third-party app over an official app. Third-party apps always have the risk of infecting your device with malware, so make sure that you're double-checking that every app you download is legit. Here are a few of my tips to ensure that the apps you download are legitimate and well-reviewed:

Download from official app stores: Always download apps from official app stores such as Google Play Store or Apple App Store. These app stores have security measures in place to ensure that the apps available for download are legitimate.

TOP IDENTITY THEFT SCAMS TO AVOID

Check app ratings and reviews: Before downloading an app, look at its rating and read through the reviews. You'll see that I always include this when I talk about an app. This can give you an idea of the quality of the app and whether other users have had any issues with it.

Research the app and developer: Do some research on the app and its developer to see if they have a good reputation. Look for any red flags, such as poor reviews or reports of scams.

Check permissions: When installing an app, pay attention to the permissions it requests. Be cautious of apps that ask for more permissions than they need to function.

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By following these few tips, you can greatly reduce the risk of downloading a malicious or low-quality app and avoid any headaches down the road.

Have you seen anything on this new Nexus banking trojan? Let us know below.

For more of my tips, subscribe to my free CyberGuy Report Newsletter by clicking the "Free newsletter" link at the top of my website.

Kurt "CyberGuy" Knutsson is an award-winning tech journalist who has a deep love of technology, gear and gadgets that make life better with his contributions for Fox News & FOX Business beginning mornings on "FOX & Friends." Got a tech question? Get Kurt's CyberGuy Newsletter, share your voice, a story idea or comment at CyberGuy.Com.

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