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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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The product is designed to replace transactions such as guarantees and letters of credit with smart contracts backed by tokenised cash. The completely digital process will enable 24/7 settlements, when predetermined criteria are met, between Citi clients and their counterparties to automatically execute and provide provisional payments.

From: Citi Token Services for Cash goes live.

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Social media groups must do more in the “war of attrition” against financial fraud on their sites, the UK payment regulator has said, adding ministers should consider making platforms liable for compensation to victims.

From: Social media must do more to tackle payment fraud, says UK regulator.

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Britons lost £460mn to APP fraud last year, according to trade body UK Finance, 70 per cent of which involved goods that were ordered online by consumers but did not arrive.

Most purchase fraud comes from false adverts on social media platforms including Facebook Marketplace and Instagram, according to Lloyds Banking Group and TSB.

From: Meta expands data accord with UK banks in push to cut online fraud.

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Pay with Crypto lets you accept stablecoin payments that settle as fiat in your Stripe balance. You can accept USDC payments on Ethereum, Solana, and Polygon without the complexity of holding or converting crypto to fiat yourself. We charge 1.5% of the transaction amount (in USD).

From: Pay with Crypto | Stripe Documentation.

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