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Hoping to link with tech entrepreneurs and get ahead of a wave of digital innovation, Europe's top banks are setting up multi-million dollar investment funds, hiring scouts in Silicon Valley and hosting "speed dating" sessions.
Josh Smith, a 30-year-old blogger on finance, was in the midst of a career change in 2009 when he sought to refinance US$8,000 (RM29,031) in credit card debt.
The potential for abuse is growing in financial industries such as online lending, where technology is replacing traditional safeguards, the top lawyer in the US Department of Justice's criminal unit said.
Many online lenders have failed to detect the “stacking” of multiple loans by borrowers who slip through their automated underwriting systems, lending company executives and investors told Reuters.