Hasta La Gadget!

On Friday, the Consumer Financial Protection Bureau (CFPB) sued four financial companies involved with Zelle. The CFPB’s lawsuit (via CNBC) accuses Zelle’s operator (Early Warning Services) and three of the service’s partner banks — JPMorgan Chase, Bank Of America and Wells Fargo — of failing to protect consumers from widespread fraud on the peer-to-peer payment system.

The CFPB says customers of those three banks have lost over $870 million during Zelle’s seven years as a payment service. The suit claims hundreds of thousands of customers who filed fraud complaints were denied meaningful assistance, with some being told to “contact the fraudsters directly to recover their money.” (Pro tip: Don’t do that.)

“The nation’s largest banks felt threatened by competing payment apps, so they rushed to put out Zelle,” CFPB Director Rohit Chopra wrote in a statement. “By their failing to put in place proper safeguards, Zelle became a gold mine for fraudsters, while often leaving victims to fend for themselves.”

The CFPB says one of the system’s loopholes is that its “tokens” (linked US phone numbers or email addresses) can be used and reassigned across different banks. The agency claims fraudsters can exploit this by connecting a victim’s number or email to the perpetrator’s deposit account, causing payments meant for the consumer to go to the scammer’s account instead.

The suit accuses Zelle and the banks of allowing repeat offenders to bounce between financial institutions with impunity. “Banks did not share information about known fraudulent transactions with other banks on the network,” the CFPB wrote. “As a result, bad actors could carry out repeated fraud schemes across multiple institutions before being detected, if they were detected at all.”

The CFPB also claims the defendant banks didn’t heed red flags to prevent further fraud, report incidents consistently or on time, properly investigate customer complaints or take appropriate action.

On Friday, Zelle framed the government’s lawsuit as a political hit that would help criminals and force them to charge fees. “The CFPB’s attacks on Zelle are legally and factually flawed, and the timing of this lawsuit appears to be driven by political factors unrelated to Zelle,” Jane Khodos, Zelle spokesperson, wrote in a statement. “Zelle leads the fight against scams and fraud and has industry-leading reimbursement policies that go above and beyond the law. The CFPB’s misguided attacks will embolden criminals, cost consumers more in fees, stifle small businesses and make it harder for thousands of community banks and credit unions to compete.”

In September, JPMorgan Chase wrote in a quarterly filing (via CNBC) that it would consider counter-litigation if the CFPB took action against the bank for its role with Zelle.

Last month, The Washington Post reported that President-elect Donald Trump and Congressional Republicans plan to limit the CFPB’s funding and powers, aligning with the agendas of large financial institutions. Elon Musk and Vivek Ramaswamy, his “government efficiency” advisors, have said they want to eliminate the agency, which was established in 2011 in response to the 2007-08 financial crisis and resulting recession.

Killing the agency would require a congressional vote that wouldn’t likely pass, given Republicans’ thin majorities. But they could do what Trump did in his first term: appoint a new director to slow or stop regulatory actions, effectively kneecapping the agency as long as they’re in charge.

This article originally appeared on Engadget at https://www.engadget.com/cybersecurity/the-us-consumer-financial-protection-bureau-sues-zelle-and-four-of-its-partner-banks-175714692.html?src=rss

This week, we’re looking back at our hellish 2024 and trying to figure out where to go from here. We began the year with enormous hype around artificial intelligence, but that’s cooled off after seeing how useless many AI features have been. It’s also clear that many companies, including Microsoft and Apple, are trying to push half-baked AI concepts onto users. Looking forward, we’re expecting a rough few years for the tech industry (not to mention the world as a whole).

Listen below or subscribe on your podcast app of choice. If you’ve got suggestions or topics you’d like covered on the show, be sure to email us or drop a note in the comments! And be sure to check out our other podcast, Engadget News!

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Topics

• 2024 in review: AI hype hasn’t led to much and the social media vibes are in flux – 1:12

• What we’re looking forward to in 2025 – 21:43

• Tiktok appeals its ban all the way to the US Supreme Court – 29:53

• TP-Link routers are being investigated by US authorities – 32:39

• Quick thoughts from last week’s Game Awards – 35:35

• Working on – 38:26

• Pop culture picks – 39:17

• Interview with Tim Miller and Dave Wilson of Prime’s Secret Level – 49:20

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Hosts: Devindra Hardawar and Cherlynn Low
Producer: Ben Ellman
Music: Dale North and Terrence O’Brien

This article originally appeared on Engadget at https://www.engadget.com/big-tech/engadget-podcast-the-ai-hype-train-stalled-in-2024-123042348.html?src=rss

Bluesky has rolled out an update that fixes one important issue that could lead to impersonation on the decentralized social network. Now, when you verify your identity on the platform with your own domain, Bluesky will no longer free up your old .bsky.social username. In the past, going through the authentication process will make your original .bsky.social name available again, which means you’ll have to sign up again to secure your old handle if you don’t want impersonators to scoop it up. 

The social network has been trying to fix its verification issues, which became a significant problem after the service welcomed an influx of new users in recent months. A third-party entity from Cornell Tech who analyzed the app’s userbase previously found that 44 percent of Bluesky’s 100 most-followed accounts have a doppelganger. As a response, Bluesky adopted a more aggressive impersonation policy and required parody, satire or fan accounts to label themselves as such in both their handles and their bio in late November. It also explicitly prohibited identity churning, in which users would start off as impersonators to gain followers and then switch their identity later to avoid enforcement action.

In addition to reserving your old handle, the updated Bluesky app adds a “Mentions” tab in notifications, making it much easier to find replies to your posts. As The Verge notes, it also has a new button that lets you choose how replies show up, so you can choose to see them in a linear order or in threaded discussions. 

This article originally appeared on Engadget at https://www.engadget.com/social-media/blueskys-latest-update-addresses-an-important-verification-problem-140055367.html?src=rss

PlayStation Lead Architect Mark Cerny is back again to explain the nitty-gritty details of how the PlayStation 5 Pro achieves its various graphical improvements. Cerny first introduced the PS5 Pro in September and in a new 37-minute video, he gets into how the Pro’s improved GPU uses tech from AMD and announces a “deeper collaboration” between Sony and the chip maker.

The PS5 uses AMD’s RDNA 2 GPU architecture originally released in 2020, while the PS5 Pro uses what Cerny refers to in the video as RDNA 2.X. The new GPU is a mixture of what was already offered on the PS5, with some cherry-picked features from the more advanced RDNA 3 architecture AMD introduced in 2022. That’s paired with ray tracing techniques that Cerny says are from future RDNA tech on AMD’s roadmap, and custom machine learning features created for the PS5 Pro. Those machine learning components are also apparently a key part of AMD and Sony’s future work together.

“AMD has been a fantastic partner for SIE for many years now,” Cerny says. “And I’m honored to announce that we have begun a deeper collaboration with a focus on machine learning-based technology for graphics and gameplay.”

“Amethyst,” the name the companies chose for their new project together, is primarily concerned with creating “a more ideal architecture for machine learning,” according to Cerny. The new hardware architectures the companies are developing could benefit future consoles and AMD’s own GPUs, but they’re just one part of the plan. Sony and AMD are also working towards the “democratization of machine learning,” which sounds like possible software tools to make it easier for developers to implement AI in gameplay and graphics.

The whole video is jam-packed with information on the thinking and engineering that went into the PS5 Pro and worth a watch if you’re looking for more detail on what “Pro” means in this case. It might not convince you to upgrade to the new $700 console, but it certainly makes the case that Sony didn’t take designing it lightly.

This article originally appeared on Engadget at https://www.engadget.com/gaming/playstation/playstations-mark-cerny-did-a-deep-dive-on-the-ps5-pro-and-sonys-new-partnership-with-amd-193613727.html?src=rss

Almost a year ago, I was prompted to look for another budgeting app. Intuit, parent company of Mint, the budgeting app I had been using for a long time, shut down the service in March 2024. The company encouraged Mint users to migrate to its other financial app, Credit Karma, but I found it to be a poor Mint replacement after trying it out. That sent me searching elsewhere to find an app to track all of my financial accounts, monitor my credit score, track spending and set goals like building a rainy-day fund and paying down my mortgage faster.

If you’re looking for a new budgeting app to get your finances straight, allow Engadget to help. I tried out Mint’s top competitors in the hopes that I’d be able to find a new budgeting app that could handle all of my financial needs, and to see which are actually worth the money.

How we tested budgeting apps

Before I dove in and started testing out budgeting apps, I had to do some research. To find a list of apps to try out, I consulted trusty ol’ Google (and even trustier Reddit); read reviews of popular apps on the App Store; and also asked friends and colleagues what budget tracking apps (or other budgeting methods) they might be using for money management. Some of the apps I found were free and these, of course, show loads of ads (excuse me, “offers”) to stay in business. But most of the available apps require paid subscriptions, with prices typically topping out around $100 a year, or $15 a month. (Spoiler: My top pick is cheaper than that.)

All of the services I chose to test needed to do several things: import all of your account data into one place; offer budgeting tools; and track your spending, net worth and credit score. Except where noted, all of these apps are available for iOS, Android and on the web.

Once I had my shortlist of six apps, I got to work setting them up. For the sake of thoroughly testing these apps, I made a point of adding every account to every budgeting app, no matter how small or immaterial the balance. What ensued was a veritable Groundhog Day of two-factor authentication. Just hours of entering passwords and one-time passcodes, for the same banks half a dozen times over. Hopefully, you only have to do this once.

Best budgeting apps of 2025

Budgeting app FAQs

What is Plaid and how does it work?

Each of the apps I tested uses the same underlying network, called Plaid, to pull in financial data, so it’s worth explaining what it is and how it works. Plaid was founded as a fintech startup in 2013 and is today the industry standard in connecting banks with third-party apps. Plaid works with over 12,000 financial institutions across the US, Canada and Europe. Additionally, more than 8,000 third-party apps and services rely on Plaid, the company claims.

To be clear, you don’t need a dedicated Plaid app to use it; the technology is baked into a wide array of apps, including all of the budgeting apps listed in this guide. Once you find the “add an account” option in whichever one you’re using, you’ll see a menu of commonly used banks. There’s also a search field you can use to look yours up directly. Once you find yours, you’ll be prompted to enter your login credentials. If you have two-factor authentication set up, you’ll need to enter a one-time passcode as well.

As the middleman, Plaid is a passthrough for information that may include your account balances, transaction history, account type and routing or account number. Plaid uses encryption, and says it has a policy of not selling or renting customer data to other companies. However, I would not be doing my job if I didn’t note that in 2022 Plaid was forced to pay $58 million to consumers in a class action suit for collecting “more financial data than was needed.” As part of the settlement, Plaid was compelled to change some of its business practices.

In a statement provided to Engadget, a Plaid spokesperson said the company continues to deny the allegations underpinning the lawsuit and that “the crux of the non-financial terms in the settlement are focused on us accelerating workstreams already underway related to giving people more transparency into Plaid’s role in connecting their accounts, and ensuring that our workstreams around data minimization remain on track.”

Why did Mint shut down?

When parent company Intuit announced in December 2023 that it would shut down Mint, it did not provide a reason why it made the decision to do so. It did say that Mint’s millions of users would be funneled over to its other finance app, Credit Karma. “Credit Karma is thrilled to invite all Minters to continue their financial journey on Credit Karma, where they will have access to Credit Karma’s suite of features, products, tools and services, including some of Mint’s most popular features,” Mint wrote on its product blog. In our testing, we found that Credit Karma isn’t an exact replacement for Mint — so if you’re still looking for a Mint alternative, you have some decent options.

What about Rocket Money?

Rocket Money is another free financial app that tracks spending and supports things like balance alerts and account linking. If you pay for the premium tier, the service can also help you cancel unwanted subscriptions. We did not test it for this guide, but we’ll consider it in future updates.

This article originally appeared on Engadget at https://www.engadget.com/best-budgeting-apps-120036303.html?src=rss