A library of snippets
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The Financial Action Task Force (FATF) is considering revisions to Recommendation 16 (R.16), its Interpretive Note (INR.16) and the related Glossary of specific terms, to adapt them to the changes in payment business models and messaging standards.
From: Public Consultation on Recommendation 16 on Payment Transparency.
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Which? contacted Revolut for comment. It provided a statement for publication but did not explain why it did not react to the highly unusual volume of transfers in both cases and intervene by freezing the accounts. It also did not explain how scammers were able to pass its various security checks, including its ‘selfie’ ID request.
Both customers have requested copies of the ‘selfie’ photos that passed Revolut’s security checks but were told this isn’t possible under data protection laws.
From: Which? issues Revolut bank account takeover fraud warning – Which? News.
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Both customers have requested copies of the ‘selfie’ photos that passed Revolut’s security checks but were told this isn’t possible under data protection laws.
From: Which? issues Revolut bank account takeover fraud warning – Which? News.
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Both customers have requested copies of the ‘selfie’ photos that passed Revolut’s security checks but were told this isn’t possible under data protection laws.
From: Which? issues Revolut bank account takeover fraud warning – Which? News.
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Which? contacted Revolut for comment. It provided a statement for publication but did not explain why it did not react to the highly unusual volume of transfers in both cases and intervene by freezing the accounts. It also did not explain how scammers were able to pass its various security checks, including its ‘selfie’ ID request.
Both customers have requested copies of the ‘selfie’ photos that passed Revolut’s security checks but were told this isn’t possible under data protection laws.
From: Which? issues Revolut bank account takeover fraud warning – Which? News.
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There are those who think, with some degree of justification, that the US uses the dollar, the world’s reserve currency, as a policy tool to effect its diplomatic aims.
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Two years after the White House teased an executive order on identity theft in public benefits during the 2022 State of the Union, such an order hasn’t materialized, leaving stakeholders frustrated at the lack of action to address vulnerabilities and prevent fraudsters from siphoning off government money.
“We continue to work in this area very rigorously across government,” Clare Martorana, the federal chief information officer, told Nextgov/FCW at an event this week when asked about the state of the executive order. “This is top of mind for all of us. We want to make sure that we accelerate people’s use of digital [to access government], but safely, securely.”
The order as it was previewed two years ago was said to be focused on preventing fraud in government benefits programs, which spiked during the pandemic, in part due to identity theft. The Government Accountability Office estimated in September that up to $135 billion in unemployment insurance alone went to bad actors during the pandemic.
From: White House stalls on digital identity mandate, despite billions in fraud – Nextgov/FCW.
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There’s an interesting 2022 paper about this from Valdimir Mukharlyamov and Natasha Sarin at the UPenn Law School. The paper, “Price Regulation in Two-Sided Markets: Empirical Evidence from Debit Cards”, concludes that regulation to limit that amount banks can charge for debit transactions (ie, the Durbin Amendment of the 2010 Dodd-Frank Act) led to higher checking account fees for consumers (previously subsidized) and accelerated the adoption of credit cards with higher interchange fees (cutting down on potential savings for merchants). In summar, the regulation’s stated objective of enhancing consumers’ welfare through lower retail prices was not met. Having looked at this issue across different markets and over many years, I have to say that I am not surprised and remain convinced that regulators should focus on more competion (from instant payments, for example) than trying to fix prices.
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Specifically, consumers and small businesses sent 2.9 billion transactions totalling $806bn in 2023, both up 28% year-over-year. And some 120 million consumer and small business user accounts leveraged Zelle through their financial institution in 2023. The fourth quarter of 2023 was the largest quarter to date with users transacting more than $219bn across the Zelle Network. That means an average of more than $100m was sent per hour.
From: Zelle transactions rise by 28% y-o-y to hit $806bn – GlobalData.
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the company has been loading more ATMs with $100 bills lately. The note is especially popular among ATMs in barbershops, tattoo shops, hotels and convenience stores.
From: The $100 Bill Is America’s Most Common Currency, and Its Most Annoying – WSJ.
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