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Australia approved on Thursday a social media ban for children aged under 16 after an emotive debate that has gripped the nation, setting a benchmark for jurisdictions around the world with one of the toughest regulations targeting Big Tech.
The law forces tech giants from Instagram and Facebook owner Meta (META.O), opens new tab to TikTok to stop minors logging in or face fines of up to A$49.5 million ($32 million). A trial of methods to enforce it will start in January with the ban to take effect in a year.

From: Australia passes social media ban for children under 16 | Reuters.

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Dr Elisabeth Carter

Associate Professor of Criminology, Kingston University London xxx

As recognised in the Online Fraud Charter and by UK Finance (2022), three quarters of all online fraud starts on social media platforms, where individuals who engage in their facilities are at risk of exposure to financial or psychological harm at the hands of organised, professional criminals. It is therefore crucial that these platforms take responsibility and be accountable for making their platform a hostile rather than fertile place for fraud criminals, essential as it disrupts the risk/reward balance, and places more barriers between the criminal and their targets; making fraud a less desirable criminal career both on a conceptual and practical level.

From: The role social media platforms could and should have in combatting fraud | Cifas.

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he BRC is advocating for swift action to address these challenges.
Among its key recommendations are:
Regulation of Card Fees: The Payment Systems Regulator (PSR) must implement reforms to cap interchange and processing fees, fostering competition and easing cost pressures on retailers.
Commercial Card Market Review: A thorough investigation into unchecked fee increases for commercial cards is necessary to ensure a fair and functional payments ecosystem.
Advancing Open Banking: Promoting Open Banking as an alternative to traditional card payments can introduce greater competition and cost-efficiency, both online and at points of sale.

From: BRC Payments Survey: Rising cash use and escalating card fees.

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The total fees paid by retailers surged by over 25% in 2023, amounting to £1.64 billion – a £380 million increase compared to the previous year.
The lack of transparency and competition in card fee structures remains a key concern.

From: BRC Payments Survey: Rising cash use and escalating card fees.

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Tap with Vipps is very, very easy. Hold your phone close to the card terminal, and vipps, you’ve paid. It will be possible to set Vipps as the default payment app on iPhone and Android, so you don’t have to open Vipps to pay. On iPhone, you double-click the side button, and on Android, you just unlock your phone.

Vipps MobilePay plans to launch the ‘tap and go’ solution Denmark, Finland and Sweden in 2025.

From: Vipps MobilePay launches the world’s first alternative to Apple Pay on iPhone.

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Digital wallet strategies are pitting payments against identity

From: Digital wallet strategies are pitting payments against identity | Biometric Update.

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Dame Meg Hillier, a Labour MP, wants to invite social media personalities who peddle investment schemes or offer financial advice online for an evidence session, to understand how they operate within existing regulation.

From: MPs should quiz ‘finfluencers’, says Treasury select committee chair.

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NFTs (non-fungible tokens) may have registered as a fad for some consumers, but their authenticity has value in this space. NFTs in ticketing are projected for a 13.67% compound annual growth rate (CAGR) from 2023 to 2031, suggesting a shift toward blockchain-based ticketing. This shift allows tokenized tickets to reduce fraud, improve smart contract automation and control the secondary market by limiting unauthorized resales.

From: Stadiums Adopt New Tech to Improve Security at Live Events.

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nd, since chats with Meta AI are, by definition, chats with Meta, they are not encrypted… ut it still means that the things people say and search there can be used to train Meta’s AI models.

From: How WhatsApp for business changed the world – Rest of World.

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Meta has also built a new AI marketing tool for its ad portal. That feature allows any business to upload a list of phone numbers for customers who have opted in to receive messages. The tool then matches that list against numbers that have been shared on Facebook and Instagram, and uses AI to determine which subset of customers would be the best fit for a given message.

From: How WhatsApp for business changed the world – Rest of World.

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