Snippings

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If I was smart (and / or 15 years younger) my next major investigation or podcast would be about money laundering in online gaming sites. There have been a few examples exposed already, like this one from 2019, when a major firm realised the vast majority of sales on their sites was likely criminals laundering money.

From: Kids are getting constantly scammed online too.

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Either way, the G7 CEG strongly expects banks to develop a better understanding of the issues, the risks involved, and strategies for mitigating those risks.

From: Banks urged to act now to avoid future quantum catastrophe.

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If I was smart (and / or 15 years younger) my next major investigation or podcast would be about money laundering in online gaming sites. There have been a few examples exposed already, like this one from 2019, when a major firm realised the vast majority of sales on their sites was likely criminals laundering money.

From: Kids are getting constantly scammed online too.

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Corby says the group is “currently waiting to hear if the new UK government will continue with its predecessor’s plan to amend licensing laws to allow for digital proof of age.” At present, while digital credentials can be used for buying all age-restricted goods including energy drinks, vapes, tobacco, lottery tickets, games, fireworks, medicine and alcohol online; accessing age-related travel discounts on trains, coaches and buses; watching age-restricted films at cinemas; entering 18+ gaming or gambling premises; accessing tattoo, tanning and beauty salons; and proving identity for right to work, right to rent and criminal record checks – digital IDs still cannot be used to prove age when buying alcohol on licensed premises.

From: AVPA age verification approach uses signed QR codes to share relevant age data | Biometric Update.

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These successful digital payment brands share common characteristics:

1.     Bank-owned (all except Lydia, Satispay and SOFORT) – a group of banks gives a large percentage domestic populations automatic access to the service.

2.     Large acceptance networks – a critical mass of domestic retailers and billers where consumers make payments gives the service a high utility.

3.     Mobile-first – mobile has become the dominant device for initiating payments.

4.     Cash-like – immediate finality, use anywhere, pay and get-paid (as a person or as a business).

5.     Popular with consumers – convenient and easy to use.

MyBank is an exception (perhaps accounting for its lower value transacted) being available online only and seems to be mainly for B2B payments.

From: (7) We need a Wero! – by Jeremy Light – Agenda: Payments.

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Called Concourse, the platform connects to a business’ financial systems to let finance teams retrieve and analyze data, generate charts, and ask ad hoc questions such as “What’s our non-GAAP revenue?”

But what makes Concourse different, according to Hafemeister, is its ability to execute financial workflows with “complex, multi-step operations.” For example, the platform can retrieve data from a company’s NetSuite dashboard to download CSV files, then copy that data to an Excel spreadsheet.

Concourse will also have to assuage potential customers’ fears of AI-introduced errors and hallucinations. In a poll of U.K.-based executives by HR specialist Peninsula, 40% said inaccuracies from AI tools were a key concern, followed by concerns around data confidentiality.

From: Concourse is building AI to automate financial tasks | TechCrunch.

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Over a period of seven minutes, the scammers pressured Lynne into authorising four transfers worth £160,000… Her employer has spent £70,000 on legal fees trying to get the money back.
An FOS investigator has recommended at least £115,000 should be refunded to them by Revolut, who are contesting the sum. A final decision by the Ombudsman is expected soon.

From: Revolut: More than 100 customers contact BBC about scams – BBC News.

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Trump Signals Skepticism of Google Breakup, Citing Competition With China
The former president also said he would do “something” to make Google “more fair” if he regained the presidency.

From: Trump Signals Skepticism of Google Breakup, Citing Competition With China – The New York Times.

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Cryptocurrency has often been synonymous with a lack of regulation. However, this is rapidly starting to change, with governments around the world now considering rules for digital currencies.

Regulation for crypto assets has been under consideration for some time, but there was a heightened sense of urgency after a series of bank collapses that were tied to crypto asset activities.

From: How are crypto regulations changing around the world? | World Economic Forum.

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Jack says he asked Revolut to show him the image used to authorised the new device. They eventually told him that it wasn’t stored in their system, so there was no way of proving what the fraudsters had done, or what photo was used.
Panorama investigated this apparent vulnerability and found that it appeared to have been fixed.
Jack also believes the fact that 137 individual payments were being made to three new payees in the space of an hour, should have raised concerns with Revolut.

From: Revolut customers say e-money firm failed them after being scammed – BBC News.

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