TNB Tech Minute: U.S. Regulator Sues Three Major Banks Over Zelle Fraud
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AI is coming to your industry if it isn't already here, but AI needs lots of speed and computing power. So how do you compete without costs spiraling? Upgrade to Oracle Cloud Infrastructure, or OCI. OCI is the blazing fast and secure platform for your infrastructure, database, application development, and AI workloads.

Right now, Oracle is offering to cut your current cloud bill in half if you move to OCI. For new U.S. customers with minimum financial commitment, offer ends 12-31-24. See if your company qualifies at oracle.com slash wallstreet. Here's your TNB Tech Minute for Friday, December 20th. I'm Danny Lewis for The Wall Street Journal.

The U.S. Consumer Financial Protection Bureau is suing three major banks for failing to protect users of payments platform Zelle from fraud. JPMorgan Chase, Bank of America, and Wells Fargo are part of a consortium that owns Zelle. The regulator says the three banks, which make up about 70% of activity on the app, rushed Zelle's release to compete with Venmo and Cash App, which harmed the app's guardrails against fraud.

The lawsuit alleges the bank's customers have lost more than $870 million since Zelle launched in 2017. In a statement, Zelle operator Early Warning says scams on the platform have dropped significantly. A Zelle spokeswoman said the regulators, quote, "...attacks on Zelle are legally and factually flawed." The European Union has approved NVIDIA's takeover of an Israeli streamlining provider.

The block's regulator said NVIDIA's merger with Run.ai didn't raise competition concerns because it wouldn't give the chipmaker the ability or incentive to hamper its GPU's compatibility with rival software. It cleared the deal without conditions. NVIDIA said it looks forward to welcoming the Run.ai team into the fold. And Italy's privacy watchdog says it fined OpenAI $15.5 million over its use of personal data to train its flagship chat GPT service.

The Data Protection Authority says the company processed users' data to train its popular chatbot without an adequate legal basis, violating the country's transparency rules. The regulator also says OpenAI did not notify it of a data breach in March 2023 and had not provided ways to verify users' age. An OpenAI spokesperson says it will appeal the fine. News Corp., owner of The Wall Street Journal, has a content licensing partnership with OpenAI.

For a deeper dive into what's happening in tech, check out Monday's Tech News Briefing podcast. AI is coming to your industry if it isn't already here. But AI needs lots of speed and computing power. So how do you compete without costs spiraling? Upgrade to Oracle Cloud Infrastructure, or OCI. OCI is the blazing fast and secure platform for your infrastructure, database, application development, and AI workloads.

Right now, Oracle is offering to cut your current cloud bill in half if you move to OCI. For new U.S. customers with minimum financial commitment, offer ends 12-31-24. See if your company qualifies at oracle.com slash wallstreet.