Finance

Tech Insight: $1 trillion poured into fintech, but why has financial literacy fallen?

With more than $1 trillion flowing into fintech over the past decade, financial literacy has slipped in the United States and remained low among young people in Britain, MAIA founder Michael Gilmore wrote in the Financial Times. He said most money has gone to payment systems, complex trading platforms and buy now, pay later services, not education. Gilmore pointed to MAIA winners backing AI help, anti-fraud work and tailored financial learning.

Fintech

KB Kookmin Bank steps up AI suspicious-transaction detection, police cooperation to block financial fraud losses

KB Kookmin Bank has prevented about 150 billion won in financial fraud losses through the end of September this year using an artificial intelligence-based fraud detection system and closer cooperation with police, it said. The bank is also providing financial education for older people on voice phishing tactics and how to respond. It held a fraud-prevention campaign with the National Police Agency at a senior welfare center in Seoul.