Snippings

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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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The cryptocurrency fintech startup Prime Trust lost the encryption key to its hardware wallet—and the recovery key—and therefore $38.9 million. It is now in bankruptcy.

I can’t understand why anyone thinks these technologies are a good idea.

From: Cryptocurrency Startup Loses Encryption Key for Electronic Wallet – Schneier on Security.

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This gripping tale unfolded when a 36-year-old married woman, hailing from an affluent family, mysteriously vanished from city’s Humayunnagar on June 29, 2018. She evaded detection by meticulously erasing all traces of her digital and personal identity, including her religious affiliation. She even married another man and altered her physical appearance while embarking on a new life working with an NGO in Maharashtra.

From: Hyderabad Crime News: Woman erases digital identity, alters looks, traced 5 yrs later in Goa | Hyderabad News – Times of India.

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One intriguing attempt to do so is Project Liberty, a $100mn not-for-profit initiative backed by the philanthropist Frank McCourt, which has released an open-source protocol allowing developers to build privacy-preserving apps and services.

From: Clean data must be as much of a right as clean water | Financial Times.

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From privacy notices that are never read to data-sharing practices that are never explained to patchy regulations that are rarely enforced, our data economy is a wicked mess. We do not expect to read a water company’s terms and conditions before we turn on a tap. Why should it be different with data? We can, and must, clean up the digital economy.

From: Clean data must be as much of a right as clean water | Financial Times.

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Some drivers and employees may be startled to discover what lies buried deep within the 9,500-word privacy notice of Nissan North America listing all the personal data the car company might collect. The categories extend to “race, national origin, religious or philosophical beliefs, sexual orientation, sexual activity, precise geolocation, health diagnosis data, and genetic information”.

Nissan says it might also draw inferences about psychological trends, behaviours, attitudes and intelligence. And it might share anonymised data with unspecified third-party service providers as well as using it for its own marketing and operational purposes.

From: Clean data must be as much of a right as clean water | Financial Times.

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Some drivers and employees may be startled to discover what lies buried deep within the 9,500-word privacy notice of Nissan North America listing all the personal data the car company might collect. The categories extend to “race, national origin, religious or philosophical beliefs, sexual orientation, sexual activity, precise geolocation, health diagnosis data, and genetic information”.

From: Clean data must be as much of a right as clean water | Financial Times.

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Other key findings from the report:

Non-cash transaction volume globally will reach almost 1.3 trillion by 2023, a nearly 16.6% year-over-year growth rate. By 2027, noncash transaction volumes are expected to reach about 2.3 trillion, doubling since 2022.
Respondents stated that nearly 80% of traditional payment revenue sources (fee, fund, and float income) are stressed.
Globally, the overall value of commercial payment transactions surpasses that of retail payments – 56% versus 44% of total transaction value.
As businesses struggle to access a 360-degree view of their cash, 79% of corporate treasurers complain about lengthy cash conversion cycles. Despite having multiple banking relationships, 70% of corporate treasurers say banks’ cash management services are underwhelming.

* Data referred to in the World Payments Report 2023 comes from two key surveys carried out by Capgemini; the Global Large Businesses Survey 2023 and the Global Banking and Payments Executive Surveys and Interviews 2023. These surveys cover insights from 17 markets across the globe.

From: Why cash management dominates Capgemini’s World Payments Report.

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