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Helmut Lackner, CEO of OSD, says Younix Identity is dedicated to delivering secure, user-friendly and legally compliant digital ID products for Austrians. The proof of ID, he says, only contains the first name, last name, date of birth and photo of the holder; “this underlines the data-minimized approach, ensuring a user-friendly solution in full accordance with GDPR standards.”
Lackner says the design of the eAusweise wallet was guided by the EU’s new data regulation, noting that the wallet is “already fully ISO/IEC 18013-5 compliant and ready for future integration within the EU eIDAS 2.0 standard.”

From: Austrian digital wallet can now house national ID, proof of age alongside mDLs | Biometric Update.

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Fifth Third Bank, a large regional US bank headquartered in Cincinnati, is facing a sizable civil penalty because employees routinely engaged in the following misconduct, which the bank has been aware of since at least 2008:

Opening unauthorized deposit and credit card accounts in consumers’ names
Transferring funds from consumers’ existing accounts to new, improperly opened accounts
Enrolling consumers in unauthorized online banking services
Activating unauthorized lines of credit on consumers’ accounts. According to the CFPB, an incentive compensation program tied to unreasonable sales goals, performance ratings and, in some cases, employment caused bank employees to engage in unfair and abusive acts or practices violating several laws, including the Consumer Financial Protection Act.

From: Fifth Third Bank Faces $20M Fine for Fake Bank Accounts and Illegal Car Repossession – CNET Money.

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At fault is a body called the Financial Action Task Force (fatf). Established in 1989 by the g7 as a one-year, fact-finding unit that would catalogue policies to stop money-laundering associated with the illegal drugs trade, fatf has grown into a 40-member outfit central to the global fight against all grubby finance… In principle fatf recommendations are non-binding. In practice almost no country can afford to ignore them.

From: How strongmen abuse tools for fighting financial crime.

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exisNexis Risk Solutions, a data firm, lists 130,000 entities alleged by governments or media to have laundered money. Some 30,000 have had their assets frozen, up from 24,000 last year—the biggest rise in at least nine years. Although some of this increase reflects genuine crime-fighting, international directives create opportunities for large-scale abuse. And evidence suggests that strongmen are becoming increasingly creative in how they wield tools of financial suppression.

From: How strongmen abuse tools for fighting financial crime.

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Gamers adore user-generated content. They love every aspect of it, from community tournaments to fan art, to custom maps to secondary marketplaces. You can see these constantly popping up organically across platforms like Reddit or Discord and many of them eventually even mature into their own whole Websites and ecosystems… If you want to convince gamers and developers of the merits of blockchain technologies, show them how it solves their real problems and meets their real needs right now. Show the strong communities it empowers, show the rich data it provides, and show the opportunities for expansive user-generated content.
Web3 technology truly has a lot to offer to the biggest entertainment industry in the world. The only way to bridge that gap is to meet video games in the reality of what their players and developers actually want, and how Web3 is the best way to deliver it to them.

From: Stop Trying to Sell Gamers What They Don’t Want.

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Despite the anticipation of a decrease in identity fraud following the adoption of digital IDs, the report highlights potential negative impacts identified by respondents. The most significant concern, noted by 50 percent of respondents, is the increased risk of data breaches and cybersecurity threats, emphasizing the critical need for robust security measures in digital ID systems.

From: Study shows optimism for digital IDs in reducing fraud despite security concerns | Biometric Update.

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Verifiable Credentials Data Model (VCDM) and Decentralized Identifiers (DID)

 

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The Science and Technology Directorate (S&T) and the U.S. Citizenship and Immigration Service (USCIS) have joined forces to issue digital credentials using openly developed, free to implement internet standards. Here’s what this means and why it matters.

From: Feature Article: The Question of Who You Are | Homeland Security.

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Target is making a major change to how customers pay for goods at the store.

Starting this month, the Minnesota-based retailer says it will no longer accept personal checks as a form of payment, a spokesperson confirmed to NBC Chicago.

The move was made due to “extremely low volumes,” the spokesperson said, adding that the retailer has taken “several measures” to notify customers in advance.

The change will go into effect July 15, several days after Target’s popular Circle Week event.

From: Target to stop accepting personal checks as form of payment – NBC Los Angeles.

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Vending machines stocked with ammunition have been installed in several grocery stores across the United States.

The machines are made by American Rounds and allow customers over the age of 21 to buy ammunition with the same ease as using an ATM, the company says.

From: Ammunition Vending Machines Appear in Grocery Stores – Newsweek.

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Setting a precedent for other UK banks, NatWest Bank will use OneID’s bank-verified digital identity solution for NatWest’s Structured Finance business in Sweden, Finland and Norway.

From: NatWest takes digital ID to the Nordics.

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