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Recent Editions
Risk Channel
North America
The deployment of AI agents in online shopping raises concerns about scams and data privacy, according to a report from banks including NatWest and Bank of America. Some retailers have seen increased traffic from AI agents, but banks warn that technology is outpacing consumer protections. The report highlights risks such as AI agents soliciting payment details and directing users to less secure payment channels. Banks plan to propose measures for transparency and data protection to policymakers. "Consumers are unclear if AI will act in their interests," the report says. "They are concerned that AI agents may buy the wrong thing or spend too much – or even worse, lose their money to scams and fraud. They are not sure whether they will be protected or who they will need to go to if things go wrong."
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Risk Channel
UK/Europe
Swiss lender UBS has been fined €5m by the Dutch Public Prosecution Service for aiding clients in concealing undeclared savings from tax authorities. The case, which involves 12 clients, revealed that Credit Suisse - acquired by UBS in 2023 - filed 80 incorrect tax returns between 2005 and 2015. The investigation began in 2016, with prosecutors noting that Credit Suisse had previously assisted clients in using code names and setting up companies in tax-friendly jurisdictions. UBS said it has a zero-tolerance policy towards tax evasion and is satisfied to resolve the matter without admitting criminal liability.
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