Snippings

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The new standard successfully launched globally in March 2023 with SWIFT CBPR+, and on the European Market Infrastructures of T2 (March 2023), Euro 1 (March 2023) and CHAPS RTGS (June 2023). Early data reveal a healthy level of payment traffic in the new MX format flowing through these market infrastructures.

For instance, in the three months following the SWIFT CBPR+ implementation, a daily average of 600,000 ISO 20022 messages were sent between more than 1,000 senders and 5,600 receivers across 200 countries. CHAPS, one of the largest high-value payment systems in the world, processes an average daily value of £344bn (USD434bn) across 192,000 transactions using ISO 20022. For T2 we see a daily average of 373,468 payments representing €1,877bn (USD2,028bn) in value, while Euro1 reports a daily average volume of 176,418 representing €190bn (USD205bn) in value.

From Shifting from compliance to value with ISO20022 | Accenture Banking Blog.

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A survey conducted by The Motley Fool Ascent found that the speed of transferring funds from the app to a bank account is the most important feature when choosing a digital payment app — which might get a boost in the US with the introduction of FedNow.

From (2) Issue #80: Europe Sees Fintech Funding Drop, JPMorgan Chase Partners With Gusto And Adyen Secures A UK Banking License.

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Vitalik Buterin told a packed audience that builders seeking a niche might consider developing a new type of enterprise blockchain based on Ethereum.

The Ethereum co-founder remarked on the progress made towards adoption of account abstraction, particularly by teams in East Asia building wallet software — part of a growth trend he sees in engineering talent in the region.

From Vitalik Buterin on building safer DeFi experiences, progress in East Asia – Blockworks.

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AT&T has emerged victorious in a lawsuit filed by prominent crypto investor, Michael Terpin, nearly six years ago over his loss of millions in digital assets following a SIM-swapping hack.

In mid-2017, hackers changed Terpin’s phone number to divert calls and messages after they bribed an AT&T employee to swap his SIM settings with their own.

From AT&T Off the Hook in $24M Crypto Sim Swap Case – Blockworks.

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The group stole some three million tokens, worth about $23.8 million. According to the criminal indictment, the tokens ended up in Truglia’s account and were converted to Bitcoin, with the proceeds shared among the participants.

From SIM-swapper gets 18 months, must pay back $20 million he stole from crypto investor.

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Caesars confirmed the breach in an 8-K filing with federal regulators published before the markets opened on Thursday, saying that hackers stole its loyalty program database, which includes customers’ driver license numbers and Social Security numbers for “a significant number of members in the database.” Caesars also said it has “taken steps to ensure that the stolen data is deleted by the unauthorized actor, although we cannot guarantee this result,” implying that the company paid the hackers’ ransom.

From Hackers claim MGM cyberattack as outage drags into fourth day | TechCrunch.

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Nearly $900,000 worth of crypto was reportedly drained from one of the hot wallets belonging to billionaire investor and Dallas Mavericks owner Mark Cuban.

From Mark Cuban loses $870K in hot wallet hack.

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If customer responses suggest the payment is highly likely to be a scam, Westpac will not allow the payment to be processed.

From New scam prevention measures for Westpac customers | Westpac.

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According to American Bankers’ 2023 “Future of Payments” report, one in ten boomers have used a digital wallet in-store compared to one in three millennials and “Ten Zs”. Boomers are also twice a likely to use a credit card and three times as likely to use checks.

After price, acceptance of the preferred payment choice is the next most important factor influencing the purchase choices.

 

Credit cards dominate in-store and online purchases for boomers, which makes sense, since 98% of boomer-owned cards have rewards. Get Z prefers debits cards and only when transactions amounts rise do they move to credit cards and BNPL

Many years ago I wrote a short story about identity as part of a project looking at difference ways to help citizens to understand key issues around security and privacy. I won’t bore you with the details, except to say that the story hinged on the ability of a man escaping his past life (and his creditors) by adopting the identity of a man killed in a traffic accident. Sadly, that story is now antiquarted, defunct, retired, obsolete and consigned to the trash can of history. Once again, advances in biometrics spoil the fun.

 

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A new investigation was launched in 2020 after facial identification software indicated Gonzalez’s face was on two state identification cards.

The facial recognition technology is used by the Maine Bureau of Motor Vehicles to ensure no one obtains multiple credentials or credentials under someone else’s name, said Emily Cook, spokesperson for the secretary of state’s office.

From: Man, 86, accused of assuming dead brother’s identity in 1965 is convicted of several charges | AP News.

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