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On the other end of the tech-advancements spectrum, the US military is currently testing an AI-enabled machine gun that is capable of auto-targeting swarms of drones. The Bullfrog, built by Allen Control Systems, is one of several advanced weapons technologies in the works to combat the growing threat of cheap, small drones on the battlefield.

From: Bitfinex Hacker Gets 5 Years for $10 Billion Bitcoin Heist | WIRED.

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Biometrics aren’t the only non-ID option on the table, but it’s not hard to imagine that, given a choice, many people will feel less nervous about a face scan, similar to the one that unlocks their phone, than uploading their licence.

From: Hand over your ID or your facial data? The would-you-rather buried in the teen social media ban – ABC News.

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Initially, the CFPB wanted the rule to cover services that handle more than five million transactions per year. That has been raised to 50 million, meaning it affects seven providers: Apple, Google, Amazon, PayPal, Venmo, Block, and Zelle.

From: CFPB expands oversight of Big Tech payment apps.

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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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