Recent BABAR and Belle results on rare B decays involving photons or lepton pairs are reviewed. New preliminary limits from both experiments for B → ργ and B 0 → ωγ, and from BABAR for B − → K − νν and B + → τ + ν τ are presented. Also summarized from the past year are Belle measurements of B → X s ℓ + ℓ − and B 0 → K * 2 (1430) 0 γ, preliminary BABAR measurements of B → X s γ, and preliminary results from BABAR and Belle on B → K ( * ) ℓ + ℓ − . No significant deviations from Standard Model predictions have yet been found.