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The Bank of England’s excellent report on the future of finance, released earlier this year, has plenty to say about the Bank’s role in that future. To help finance serve the digital economy, the Bank should: Shape tomorrow’s payment system Our payment habits are shifting as we increasingly use our cards, phones and electronic walletsContinue reading “The future of finance”

xxx A digital identity is a collection of features and characteristics associated with a uniquely identifiable individual — stored and authenticated in the digital sphere — and used for transactions, interactions, and representations online. From The Digital Identity: What It Is, How It’s Created, and How to Benefit from It. xxx

xxx Banga said “we are making good progress” on SRC and testing the system with card issuers and merchants. “We are actively working on Masterpass upgrades to SRC with partners like Tickets.com, Expedia Group, Saks Fifth Avenue, and Norwegian Cruise Lines, and we expect to launch in the United States in the next few months,”Continue reading “Mastercard’s Transaction Volume Jumps 18%; Secure Remote Commerce and Contactless Payments Gain – Digital Transactions”

xxx “In the case of Capital One, the hacker largely tapped the personal information of consumers and small businesses that applied for credit card products between 2005 and 2019, collecting names, addresses and phone numbers, self-reported income, credit scores and payment history, among other personal information. About 1.1m Social Security Numbers and 80,000 linked bankContinue reading “Capital One reports massive data breach after hacking | Financial Times”

xxx “Outside the financial sector, I particularly enjoyed the keynote on the third day from Colleen Manaher from the US Customs and Border Control. She was talking about the use of biometrics and spent some of the time talking about the specific use of biometrics in airports as an interesting example of how to useContinue reading “Know 2019 Vegas | Consult Hyperion”

xxx “Facial recognition technology used by London’s Metropolitan Police incorrectly identified members of the public in 96 per cent of matches made between 2016 and 2018.” From “Met police’s facial recognition technology ‘96% inaccurate’ – inews.co.uk”. xxx

xxx “First, as we saw above, it’s easy to attain high confidence in the incorrect classification of an adversarial example — recall that in the first ‘panda’ example we looked at, the network is less sure of an actual image looking like a panda (57.7%) than our adversarial example on the right looking like aContinue reading “Breaking neural networks with adversarial attacks – Towards Data Science”

xxx “Switch a few pixels here or there, or add a little noise to what is actually an image of, say, a gray tabby cat, and Google’s Tensorflow-powered open-source Inception model will think it’s a bowl of guacamole. This is not a hypothetical example: it’s something the MIT students, working together as an independent teamContinue reading “How we fooled Google’s AI into thinking a 3D-printed turtle was a gun: MIT bods talk to El Reg • The Register”

xxx “SMS has well-known security weaknesses and SMS codes are susceptible to interception by the likes of malware or weaknesses in the SS7 networking protocol. To avoid this, organisations should move to more secure push-based or app-based mobile authentication technology” From “Leading UK networks team up to defeat SMS-based phishing scams”. xxx

xxx “The SMS Phishguard initiative from EE, O2, Three and Vodafone aims to stamp out text message based phishing scams, where fraudsters are able to ‘spoof’ numbers so bogus texts appear to be sent from a bank.” From “Mobile networks aim to stamp out banking text frauds | Financial Times”. xxx