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Showing posts from May, 2018

BMO and Simplii hackers demand ransom of $1m in XRP

xxx In the email, the hackers also explain how they acquired the data, using an algorithm to get account numbers, which allowed them to pose as authentic account holders who had forgotten their password. This enabled them to reset the backup security questions and answers and gain access to the account. From BMO and Simplii hackers demand ransom of $1m in XRP . xxx

How Capital One sees digital identity as a business opportunity | American Banker

xxx Much of the banking industry has approached digital identity as a security and liability concern to be managed. Capital One has taken a different tack, spending much of the past year building out a digital identity platform that it can potentially position as a service it would sell to businesses. From How Capital One sees digital identity as a business opportunity | American Banker . xxx

The Financial Foundations of the Productivity Puzzle - Jagjit S. Chadha, Amit Kara, Paul Labonne, 2017

xxx But we can see after the financial crisis that only manufacturing productivity recovered, albeit not back to its earlier more elevated levels. In the seven measured service sectors, which account for the largest share of overall output, there has on average been a fall of 0.6 per cent since the start of the financial crisis. The largest fall has been in the financial sector, where average growth in productivity has gone from 1.1 per cent to −0.2 per cent. From The Financial Foundations of the Productivity Puzzle - Jagjit S. Chadha, Amit Kara, Paul Labonne, 2017 . xxx

Balkanium, the new cryptocurrency aims to revolutionize payment systems and economy in the Balkan region - Press Release - Digital Journal

xxx Balkanium, as the name suggests is the new cryptocurrency for the Balkan region that comprises of countries like Albania, Croatia, Romania, Serbia, some part of Turkey, Greece and more. This digital currency is created with an aim to bring fluidity of ethnic groups in the region and to create a network of shops and entrepreneurs who’ll use Balkanium as a payment method and offer a discount to the users. From Balkanium, the new cryptocurrency aims to revolutionize payment systems and economy in the Balkan region - Press Release - Digital Journal . xxx

Switzerland named as capital of banking secrecy

xxx Switzerland has emerged as the global capital of banking secrecy in the latest Financial Secrecy Index (FSI), published this week. Tax transparency and anti-corruption campaigners Tax Justice Newtwork, which compiled the list, found that: “Switzerland has delayed the implementation of automatic information exchange, and in 2017 lawmakers attempted to stop it altogether with countries they deemed ‘corrupt’.” “As the FSI demonstrates, countries like Switzerland are fundamental to the flow of illicit financial funds, such as the proceeds of corruption From Switzerland named as capital of banking secrecy . xxx

POST Natural persons and unnatural persons

xxx The California bill, B.O.T. Act of 2018 (S.B. 1001), would make it unlawful for any person to use a social bot to communicate or interact with natural persons online without disclosing that the bot is not a natural person. From Should AI Always Identify Itself? It’s more complicated than you might think. | Electronic Frontier Foundation . xxx

Regulation could protect Facebook, not punish it | TechCrunch

xxx "If the government actually wants to protect the public against Facebook abusing its power, it would need to go harder than the Honest Ads Act that would put political advertising on Internet platforms under the same scrutiny regarding disclosure of buyers as the rules for TV and radio advertising. That’s basically just extra paperwork for Facebook." From "Regulation could protect Facebook, not punish it | TechCrunch" . xxx

TSB cancelled direct debits of customers and told firms they died | Daily Mail Online

xxx "TSB has made another major blunder by cancelling some ex-customers' direct debits and telling the firms they were paying they died. Those affected switched from TSB using the Current Account Switch Service, which was supposed to copy over direct debits to their new bank." From "TSB cancelled direct debits of customers and told firms they died | Daily Mail Online" . xxx

EU bankers step up warnings on threat from big tech

xxx "Bankers are worried about being forced to open up their data to third parties in Europe, without getting reciprocal access to big US tech companies such as Amazon, Google, Facebook and Apple, which are expanding into payments and other financial services." From "EU bankers step up warnings on threat from big tech" . xxx

POST Radical transparency

xxx Marc R. Benioff, Chairman and Chief Executive Officer, Salesforce, USA “Trust is a serious problem, we have to get to a new level of transparency – only through radical transparency will we get to radical new levels of trust.” From 17 quotes on the future of technology from Davos 2015 | World Economic Forum . xxx

Irish bank caught in social media spying storm

xxx According to a report in the Irish Independent newspaper, mortgage applicants now have to sign a consent form allowing the bank to check their social media accounts. The banks says that this "helps us to understand your behaviour". however mortgage brokers that spoke to the Independent have hit out at AIB accusing it of playing "Big Brother with their social media information". From Irish bank caught in social media spying storm . xxx

Money20/20 Asia Day Three snapshot | FleishmanHillard in Hong Kong

xxx Jonathan Larsen, CIO of Ping An Group and Chairman and CEO of Ping An’s VC arm Global Voyager Fund, explained that massive value-creation opportunities arise when we reduce or eliminate frictional costs (in mortgage creation, for example). He put forward the view that today’s ICOs (“tokens minus the assets”) will be superseded by “tokens with assets” that will help solve the world’s friction problems. He foresees a data economy where the ability to create value out of data use-cases is more important than traditional distribution, brand, physical assets and even capital itself. From Money20/20 Asia Day Three snapshot | FleishmanHillard in Hong Kong . xxx

Intel Conducting Experiments to Massively Scale Blockchain - CoinDesk

xxx Speaking at the Tomorrow's Transactions conference in London this week, Kelly Olson, director of the distributed ledger technology group at Intel, discussed ways it is possible to use a "secure enclave", similar to what Apple uses for its Touch ID, to increase blockchain security. From Intel Conducting Experiments to Massively Scale Blockchain - CoinDesk . xxx

There’s more than one way to skin a blockchain | Consult Hyperion

xxx Kelly was kind enough to mention Consult Hyperion’s work for Intel on this project. We couldn’t tell you about it before, because it was confidential until very recently, but I hope Kelly won’t mind me saying that Intel’s foresight in starting this project some time ago is impressive. From There’s more than one way to skin a blockchain | Consult Hyperion . xxx

Thousands of voters turned away from polling stations in mandatory ID trials – Electoral Reform Society

xxx Figures from the Electoral Commission show there were just 28 allegations of impersonation in 2017 out of nearly 45 million votes in 2017 – or one case for every 1.6 million votes cast. Only one of these allegations resulted in a conviction. From Thousands of voters turned away from polling stations in mandatory ID trials – Electoral Reform Society . xxx

Uber driver 'who ploughed into 11 people in South Kensington' in court | Daily Mail Online

xxx Nigerian-born Omar was previously charged with dangerous driving, using a motor vehicle without third party insurance and driving without a licence. At Westminster Magistrates' Court today, another charge of possessing a false passport, driving license and a Public Carriage Office licence to prove his identify in order to get a private hire licence was added to the rap sheet. From Uber driver 'who ploughed into 11 people in South Kensington' in court | Daily Mail Online . xxx

Thousands of voters turned away from polling stations in mandatory ID trials – Electoral Reform Society

xxx Based on figures released by electoral observers at ID trial area polling stations [1], the ERS estimate 3,981 people were denied a ballot paper across the five pilot areas (1.67% of those who tried to vote) [2] From Thousands of voters turned away from polling stations in mandatory ID trials – Electoral Reform Society . xxx

POST GDPR huh what is it good for

xxx   Wim Nauwelaerts, a lawyer with Sidley Austin in Brussels, says each country has enough discretion under GDPR that there could still be a lot of differences, forcing companies with operations across Europe to comply with multiple, potentially contradictory privacy regimes. “What was the purpose, then,” Nauwelaerts asks, “of having a GDPR in the first place?” From It’ll Cost Billions for Companies to Comply With Europe’s New Data Law - Bloomberg .   xxx   xxx Consequently, rather than increasing competition, the nature of transaction costs implied by privacy regulation suggests that privacy regulation may be anti-competitive.” It is quite likely, that, blinded by their hatred of the American-dominated tech world, EU lawmakers have elected to ignore this research. From Dealing with the privacy paradox – Monday Note . xxx xxx The world’s 500 biggest corporations are on track to spend a total of $7.8 billion to comply with GDPR, according to consultants Ernst & Y

Futurist Michael McQueen on everyday items that won’t exist soon

xxx While credit card use was already declining thanks to technology like Apple Pay, Mr McQueen said even that will soon be replaced. He said Square’s Pay By Name system, which detects when a known mobile phone is in range, identifies the buyer, and displays his or her face on a screen so that the person behind the register can simply tap the picture to complete the transaction, was the way of the future. But he said mobiles would also be removed from the equation soon, in favour of biometric technology which will recognise our voices, fingerprints or retinas as we walk into a store, which will kickstart the automation process. From Futurist Michael McQueen on everyday items that won’t exist soon . xxx

POST Faster faster fraud

xxx When he called Bank of America’s customer service line, he learned that the $300 had been transferred — to a JPMorgan Chase bank account, whose owner had registered the same phone number Ms. Kemm used. He said he was told that there was nothing Bank of America could do to get his money back. Mr. Kemm filed a police report and a fraud claim with Bank of America. On Nov. 30, the bank sent him a reply: “Our records indicate that we initiated the transfer in accordance with your instructions. As a result, your account will not be credited for this claim.” From Zelle, the Banks’ Answer to Venmo, Proves Vulnerable to Fraud - The New York Times . Now, this shouldn’t really be a surprise because in the UK we have had exactly the same problem for years following the introduction of the Faster Payment System (FPS). And the problem isn’t the payment system, it’s the identity system.